The Children’s Investment Fund Foundation (UK) (‘CIFF’) was incorporated as a company limited by guarantee without a share capital on 8 February 2002 with the aim of improving the lives of children in developing countries. It had been founded by two of the respondents, Sir Christopher Hohn and his then wife, Jamie Cooper. Each of them, both of whom were members and trustees, had contributed to the charity’s success. The only other member, though not a trustee, was the Appellant. The present litigation had its origins in the breakdown of the relationship between Sir Christopher Hohn and J...
The claimant was the trustee of an employment benefit trust (the EBT). The trustee had an interest in a company that owned and controlled a business (the utility). The beneficiaries of the EBT were the former and current employees of the utility and other group companies and their dependants. The trustee entered into a sale and purchase agreement for the sale of the EBT’s interest in the company, conditional upon certain relief from the court. Following the sale, there would be a distribution of the trust property amongst various beneficiaries.
Held
The fol...
Continue reading "Trustees: Setting the scope of relief"
Continue reading "Trustees: Clear blue water"
The claimant and first defendant were husband and wife and joint freehold owners of a property in the UK where they lived. Up until March 2006 the claimant and first defendant were treated as domiciled in South Africa. However, from 6 April 2006 they would be treated as domiciled in the UK for inheritance tax purposes. In November 2005 the claimant took advice on mitigating the consequences of being treated as domiciled in the UK for the purposes of inheritance tax. He was advised that his position would be improved if he placed the property into an interest in possession settlement.
...The claimant was a member of a class of objects of a discretionary trust created by the will of Valerie Mary Lee who died on 19 June 2013. The defendants, who were partners in Tanners Solicitors LLP, were the trustees (including the sole proving executor). The relationship between the claimant and her elder sister (who had been added to the class of potential beneficiaries after the death of their mother) was affected by a history of strains between members of the family. The first defendant proved the will on 28 January 2014 in relation to an estate valued at £903,574. The second defend...
Continue reading "Tax: Victory for the taxpayer"
This was an application by two beneficiaries of the Onorati Settlement, a Jersey discretionary trust (the trust), to set aside a deed of appointment distributing the trust fund to them. The application was made under the so-called principle in Hastings-Bass on the basis that the trustee had failed to take into account considerations which they ought to have taken into account when exercising their discretion, namely the UK tax consequences of making the appointment. Their application was on the basis that the Respondent (the trustee) had failed to take adequate tax advice.
<...
Continue reading "Mistake: Facing the consequences"
In 2001 the claimant purchased a house (St Leonard’s Close) with the assistance of a loan from her father. In 2004-5 the claimant’s father agreed to forego the loan. In 2010 the claimant moved out of St Leonard’s Close and into rented accommodation. The claimant wished to buy a different house (Gibbs Green) but she had difficulty selling St Leonard’s Close. Her father therefore agreed to lend her sufficient funds to cover the purchase price of £525,000 and the acquisition costs of £5,000 in respect of Gibbs Green. The claimant’s father made clear, and the claimant agreed, that this was a...