Grandkids of Thomas the Tank Engine’s creator just won a landmark tax battle, with the High Court ruling that royalties are capital assets—not just income—saving them millions in taxes. Reverend Wilbert Awdry set up a 1987 trust to pass on his story royalties to his seven grandchildren, who were to receive their full shares at age 45. HMRC argued the royalties were income, seeking 45% of the value, but the judge sided with the family, calling it “obvious” that turning 45 was a key turning point. Using the tree-and-fruit analogy, the judge ruled royalties are the fruit of the copyrights, making them the capital of the trust. HMRC is now rethinking its case after this major legal win, preserving more of Awdry’s legacy for the next generation.
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