A little discretion please

The discretionary trust is welcomed by many and hated by some. They are welcomed because they enable trustees to change their policies to individual beneficiaries at any time during the course of the trust's life. However, these trusts make it hard for the Revenue to pin ownership, or quasi ownership, on any one beneficiary. This can then lead to issues in ensuring trustees pay their 'fair' share of the tax burden. What is a discretionary trust? Essentially it is a gift by a settlor to trustees of whatever assets he wishes to be held by those trustees normally among a class of beneficiari...