Innes's Trustees v. Bowen and Others

The second party is over fifty years of age, and it is deemed improbable that the sum withdrawn for her legitim could be fully compensated by the income accruing during her life. 8. Questions have now arisen in regard to whether the first parties are entitled to continue accumulating the income from the trust estate of the testatrix subsequent to 23rd November 1914 in respect of the provisions of the Accumulations Act 1800, generally known as the Thellusson Act, and as to the rights of the second party therein in her capacity as heir-at-law and next-of-kin of the testatrix.”

Lord Justice-Clerk —This Special Case raises a question as to to the effect of the Thellusson Act.

That question has been decided in the affirmative in a case admittedly indistinguishable from the present by Lord Hunter, whose judgment was not reclaimed against but is now challenged as incorrect in law. I am of opinion that Lord Hunter rightly interpreted the Statute of 1800.

This seems to me to be the result of a fair interpretation of the statute which prohibits any person from making a settlement of property so and in such a manner that an accumulation shall result as events turn out for a period in excess of the statutory limit.

In my opinion the cases dealing with such matters as payment of premiums on a policy of insurance or repairing property belonging to the trust are not in any way adverse to the views I have expressed. In the present case the very thing that is being done is to accumulate the produce of part of Page: 89 ↓