Published on 01 Feb 15
by "THE TAX SPECIALIST" JOURNAL ARTICLE
The rule against perpetuities, which operates to invalidate interests which vest too remotely, has been modified by statute in some jurisdictions, and abolished, in whole or in part, in others. The purpose of this article is to examine what problems may arise in the establishment of an investment trust in the form of a discretionary trust to be governed by the law of a jurisdiction that has abolished the rule, with a view to dispensing with the usual vesting date for such a trust. For purposes of illustration, the article refers to the laws of Queensland, South Australia and Missouri, and deals with issues that such a trust would raise in respect of investment property (real or personal) locally situated in Australia.
The article discusses the rule against perpetuities, questions of choice of law, and the application of the Hague Convention on the Law Applicable to Trusts and on their Recognition
Lister Harrison QC, of the Brisbane Bar, was senior counsel for the unsuccessful respondents in Broadbeach Properties.
- Current at
14 July 2011