Roadchef is a straightforward application of Hastings Bass to an EBT, finds Marilyn McKeever ‘This sorry tale is a reminder to the trustees of employee benefit trusts, pension schemes and, indeed, family trusts that they have onerous duties which they must exercise in the interests of their beneficiaries.’ In the case of Roadchef (Employee Benefit …
Continue reading "Trusts: Trust comes first"
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Brudenell-Bruce offers salutary lessons about the self-dealing rule, as Simon Atkinson explains ‘Brudenell-Bruce provides a restatement of the law relating to estoppel by deed and applies principles of construction to deeds and consent orders.’ For chancery practitioners Brudenell-Bruce (Earl of Cardigan) v Moore and Cotton [2012] provides valuable guidance in a number of areas. The …
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Wills & Trusts Law Reports | July/August 2013 #131The 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...
Marilyn McKeever discusses the implications of the Supreme Court decision in Futter v Futter and Pitt v Holt ‘The Hastings-Bass jurisdiction applies where the trustee or other person has failed to take into account any relevant considerations or took into account irrelevant considerations and would not have taken the action they did but for that …
Continue reading "Trustees: Back on the right course?"
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Wills & Trusts Law Reports | January/February 2013 #126The first plaintiff (TMW) and members of his family are the beneficiaries under the Ta-Ming Wang Trust (the trust). The trust was intended to take advantage of a well-established tax-saving structure under which a foreign national such as TMW immigrating into Canada could obtain a five-year Canadian tax holiday on foreign source income earned by a non-resident company, owned by a non-resident trustee; ie on income by way of dividends paid by the company to the trust during the five-year tax holiday. It was established by a settlement dated 2 May 1996 made between TMW’s mother as settlor ...
Paul Whitehead compares current attitudes towards trusts around the world ‘The trust has always had significant flexibility enabling it to be tailored to different client requirements and providing the possibility of higher degrees of control by a settlor or protector, as long as it’s consistent with the trust concept overall and adhered to in practice.’ …
Continue reading "Guest Editorial: ‘There is nothing like…’ a trust ?"
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Antoaneta Proctor outlines the facts and ramifications of Pitt & anor v Holt & anor ‘In Pitt & anor v Holt & anor Lloyd LJ reached a conclusion that what has become known as the rule in Hastings-Bass is actually not a correct statement of the law.’ Can a receiver of a patient whose offices …
Continue reading "Trustees: Unanticipated outcomes"
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Marilyn McKeever looks at the implications for trustees and their advisers in the pivotal case Futter v Futter ‘The purpose of the rule in Hastings-Bass was to protect the beneficiaries, not the trustees. The effect of the new rule in Futter is to reduce that protection significantly.’ In Futter & anor v Futter & ors …
Continue reading "Trustees: Hastings-Bass overturned?"
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