Paragraph 4

Where a company is a trustee . . . F1, there are to be disregarded any rights which the company has in its capacity as trustee including, in particular, any right to recover its expenses or be remunerated out of the trust property and any right to be indemnified out of that property for any liability incurred by reason of any act or omission of the company in the performance of its duties as trustee.

F2As this paragraph applies for the purposes of section 23(2) . . . F3, sub-paragraph (1) has effect as if references to a company included any body corporate which is a subsidiary of a company.

As respects sections 145, 146 and 148, sub-paragraph (1) above applies where a company is a personal representative as it applies where a company is a trustee.