Trustees of the P Panayi Accumulation & Maintenance Settlements v Commissioners of Her Majesty's Revenue and Customs

Trust and trustee – Administration of trust. The provisions of the FEU Treaty relating to freedom of establishment precluded legislation of a member state, such as that at issue in the main proceedings, which provided for the taxation of unrealised gains in value of assets held in trust when the majority of the trustees transferred their residence to another member state, but failed to permit payment of the tax payable to be deferred. The Court of Justice of the European Union so held in determining a preliminary issue referred to it.

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