Bond v Pickford [1983] STC 517

Slade LJ

• Says doesn’t turn on distinction whether mere power of advancement or full-blown power of appointment.

• Suggests distinction whether power in the narrow form or power in wider form.

  • Power in the wider form is a power which does expressly or by necessary implication authorise the trustee to remove the assets altogether from trusts of the original settlement and do so without making any person absolutely beneficially entitled.

  • Exercise of narrower form power does not create new settlement.

• Whether the new trusts are exhaustive is an important factor but not decisive - one of the things to be taken into account. 

• Edwin - seems odd that can create new settlement simply by exercise of power in old settlement.