Re The K Trust Guernsey Judgment 31/2015

Wills & Trusts Law Reports | September 2016 #162

The settlor established a discretionary settlement (K Trust) under the laws of Guernsey in 1990. The protector, who was the first respondent, and the original trustee were friends and advisors of the settlor. B1, who was the first applicant, married the settlor in 1991 but they did not have any children. When the settlor died in 2001, B1 was the only beneficiary of the K Trust. She requested that consideration be given to adding some of her relatives as beneficiaries. The second respondent (who had replaced the original trustee in 2002), with the consent of the protector, added B1’...

University of London v Prag & anr [2014] EWHC 3564 (Ch)

Wills & Trusts Law Reports | May 2015 #149

This decision concerned the construction of a trust deed dated 28 November 1944 (the deed) made between Eric Max Warburg on behalf of the Warburg family, Viscount Lee of Fareham on behalf of the Warburg Society, and the University of London (UOL). There arose questions about the scope of the deed, the ownership of property, the status of funding and the propriety of the administration by UOL under the deed. UOL brought a construction summons to determine these questions at the behest of HM Attorney General (the second defendant). The first defendant was Professor John Prag, of the Univer...

Mclaughlin v HMRCC [2012] UKFTT 174 (TC)

Wills & Trusts Law Reports | June 2012 #120

James Albert McLaughlin (taxpayer), who was UK resident, engaged in a marketed planning scheme to avoid tax on a capital gain that he had made on the sale of a business. The scheme involved the acquisition by exchange of shares for overseas registered loan notes issued by two subsidiaries of Skandia UK Ltd (loan notes). The taxpayer then transferred the loan notes to SG Hambros Trust Company Ltd (trustee) to hold on the trusts of a settlor-interested settlement that he had established on 5 February 2003. By a deed of addition made a month later, the trustee added Adrian Gower, who was do...