Absolute entitlement: part of trust fund: Lloyds Bank v Duker
In the case of shares this was applied in Lloyds Bank Ltd v Duker,  3 AllER 193, not a tax case. The estate of a deceased person consisted mainly of virtually all the share capital of an unquoted company. D was entitled to a large enough share of the estate to give him more than 50 per cent of the shares in the company on a strict apportionment. The Court held that the personal representatives should not distribute the shares pro rata to the beneficiaries under the will, because that would mean what D received was proportionately greater than what the others would receive, because the value of the majority holding, per share, was far greater than the value of the minority holdings per share. Instead they should sell the shares, giving D first refusal, and distribute the proceeds.