Crociani & ors v Crociani & ors [2014] UKPC 40

Wills & Trusts Law Reports | July/August 2015 #151

By a trust deed dated 24 December 1987 (trust deed) Edoarda Crociani (settlor) settled a promissory note on herself and others for the benefit of her daughters, Cristiana Crociani (Cristiana) and Princess Camilla de Bourbon des Deux Siciles. The trust deed conferred extensive powers on the trustees in respect of both capital and income, including power to pay the whole or any part of the trust funds to another trust. Originally, it was provided that the forum for the administration of the trust and its construction should be governed by the law of the Bahamas. Clause 12(6), howe...

Futter & anr v HMRC; Pitt & anr v HMRC [2013] WTLR 977

Wills & Trusts Law Reports | July/August 2013 #131

The first appeal concerned two settlements, made with non-resident trustees, by Mr Futter. Considerable ‘stockpiled’ gains were rolled up while the trusts were non-resident and, in exercise of the powers conferred by the trusts, new resident trustees were appointed and capital was distributed to Mr Futter and his children in the mistaken belief that the ‘stockpiled’ gains, which would be attributed to them, would be absorbed by allowable losses that had been realised, so that no liability to capital gains tax would arise. In advising as to the effect of s87 of the Taxation a...