However, in practice regard is usually had as to what might reasonably be expected to have occurred if the relevant scheme had not been entered or carried out in determining whether the taxpayer has obtained a tax benefit. In this context the High Court in FCT v Peabody (1994] held that: 'A reasonable expectation requires more than a possibility. It involves a prediction as to events which would have taken place if the relevant scheme had not been entered into or carried out and the prediction must be sufficiently reliable for it to be regarded as reasonable.' ccordingly, in applying the reasonable expectation test the High Court in FCTv Peabody (1994] held that it could not reasonably be concluded that the relevant taxpayer would have received an assessable amount as the beneficiary of a trust had the scheme not been implemented. However, it should be noted that the application ofthe reasonable expectation test is very much driven by the facts of each case