Section 34

Trustees may at any time pay or apply any capital money subject to a trust, for the advancement or benefit in any manner that they may, in their absolute discretion, think fit, of any person entitled to the capital of the trust property or of any share thereof, whether absolutely or contingently on the person attaining any specified age or on the occurrence of any other event, or subject to a gift over on the person’s death under any specified age or on the occurrence of any other event, and whether in possession or in remainder or reversion.

Any payment or application may be made under subsection (1) even though the person’s interest is liable to be defeated by the exercise of a power of appointment or revocation, or to be diminished by the increase of the class to which the person belongs.

The money paid or applied under subsection (1) for the advancement or benefit of any person must not exceed altogether in amount one‑half of the presumptive or vested share or interest of that person in the trust property; and if that person is or becomes absolutely and indefeasibly entitled to a share in the trust property the money so paid or applied must be brought into account as part of such share.

No payment or application may be made under subsection (1) so as to affect any person’s entitlement to any prior life or other interest, whether vested or contingent, in the money paid or applied unless that person is in existence and of full age and consents in writing to the payment or application.

This section does not apply to trusts constituted or created before 1 September 1929.