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When Irrevocable Becomes Revocable: Jersey Royal Court Blesses Reversal of Settlor Exclusion Following Abolition of the Non-Dom Regime Background The Article 47 variation The B Trust The Article 51 Blessing Comment
In In the Matter of the Affinity Trust and the V Trust, the Jersey Royal Court approved the variation of a discretionary trust to reverse the irrevocable exclusion of its settlor as a beneficiary and blessed the trustee's decisions to re-admit the settlor and distribute approximately £4.8 million to him.
The decision addresses the application of Articles 47 and 51 of the Trusts (Jersey) Law 1984 in the context of trust restructurings prompted by the abolition of the UK Non-Dom regime.
The V Trust was a Jersey discretionary trust established in 2001. In 2017, the Settlor was irrevocably…
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