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The decision of the Supreme Court in Futter and another v HMRC established that it will be much more difficult for trustees and other fiduciaries to set aside actions they have taken that have had unfortunate tax consequences. In the Futter case, trustees acted upon professional tax advice which turned out to be incorrect, and they were obliged to accept the consequences. Accordingly, it is more important than ever that the trustees avoid such consequences and that advisers are alert to the problems that might arise from the actions of the trustees.

This note highlights some of the more common issues from a capital gains tax (CGT) perspective; however, it is not a comprehensive list of the possible traps that may give rise to unanticipated tax liabilities.