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15.   Settlements and wills

Revised Laws of Saint Lucia (2022)

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15.   Settlements and wills

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    (1)   Subject to subsection (3), any income accruing to a trust, where there is no beneficiary entitled to the immediate benefit thereof, shall be included in the assessable income of the trust and the chargeable income ascertained therefrom shall be charged to tax in the name of the trustee.

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    (2)   Subject to section 14, any income accruing to a trust, where there is a beneficiary entitled to the immediate benefit thereof, accrues to the beneficiary and is to be included in his or her assessable income.

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    (3)   Where, under a trust, a beneficiary may be entitled to the benefit of the income thereof at the discretion of the trustee, any income so applied for his or her benefit accrues to the beneficiary and is to be included in his or her assessable income.

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    (4)   Where, in any will or other testamentary disposition, a stipulation is made to the effect that the beneficiaries therein, or one or more of them, shall not receive any income accrued under such will or disposition until the happening of an event, whether fixed or contingent, any such income as would, but for the stipulation, have accrued to the beneficiaries shall, until the happening of that event accrues to the trust and shall be included in the assessable income of the trust and the chargeable income ascertained therefrom is to be charged to tax in the name of the trustee.

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    (5)   Where any deed of donation, settlement or other disposition inter vivos (in this subsection referred to as “the disposition”) made by any person (in this subsection referred to as “the disposer”) contains a stipulation to the effect that the beneficiaries therein, or one or more of them, shall not receive any income accrued under the disposition until the happening of an event, whether fixed or contingent, any such income as would, but for the stipulation, have accrued to the beneficiaries, until the happening of that event or the prior death of the disposer, accrues to the disposer and is to be included in his or her assessable income.

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    (6)   In subsections (1), (2) and (3) “trust” means a trust created—

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      (a)     by will or other testamentary disposition; or

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      (b)     by a deed or donation, settlement or other disposition inter vivos.

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