Wills & Trusts Law Reports | Spring 2023 #190The claimant trustees sought to set aside two deeds of appointment dated 31 May 2013 and 22 July 2014 on the grounds of operative mistake, excess of powers or lack of proper consideration.
The trust was settled in 1992 when taking out a policy of life insurance, and provided that subject to and in default of any exercise of the trustees’ powers of appointment, the trust fund and its income was held absolutely for the ‘Immediate Beneficiaries’ as defined in the deed. The settlor died in 2004 but the trustees did not become aware of the policy until late 2012. The trustees discussed...
Lawrence Hiller-Wood and Richard Dew discuss the High Court’s current approach to setting aside mistakes Care should always be taken when dealing with or amending pre-2006 interests in possession to ensure that there are no unintended or costly consequences. The recent High Court decision in Hopes v Burton [2022] is a helpful reminder of the …
Continue reading "Tax: Operative mistakes and unintended consequences"
This post is only available to members.
Is a transaction one by which one party intended bounty on another with a false belief of the outcome of the transaction? Donna Matthews considers this question recently considered by the High Court of Justice of the Isle of Man The equitable jurisdiction is normally invoked where a disposition into a trust has unforeseen consequences …
Continue reading "Offshore trusts: Equitable mistakes and undoing the past"
This post is only available to members.
Wills & Trusts Law Reports | Spring 2022 #186Mr Khadem’s employer established a pension plan for him, with HMRC approval, which was tailored for employees who may retire abroad. On his retirement in 2004 he remained in England as his wife continued to work as a consultant and professor. As his wife approached her retirement they discussed where they should live and decided to move to the UAE, which Mr Khadem did in March 2018.
The claimant and Mr Khadem each took tax advice on 12 December 2018. It was to the effect that the UAE only provides a tax domicile certificate covering the period up to the date of the application for...
