I am going to deal today with the real difficulties that beneficiaries have in trying to impeach the exercise of discretions by trustees, so that the position of trustees is not as onerous as at first appears. However, it struck me that the first thing I should deal with – particularly to attract your attention – is the situation where it is not the beneficiaries who are suing the trustees for improper exercise of the trustee’s discretions, but the recent development where it has been the trustees who have been taking themselves to court, smacking themselves on their hands and wearing their hair-shirts and saying they had not exercised their discretion properly, so that the court should undo decisions that they had made. Magically, they have been able to undo disastrous tax conduct whereas other taxpayers are not in such a privileged position, which makes you think "Isn’t that too good to be true?". One fundamental rule of life, I think, is that if something looks too good to be true,
