Trusts and Estates Law & Tax Journal – Page 45 – Law Journals

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Trusts: Consequences of non-compliance

Paul Marshall discusses a case which explores relief from liability for breach of trust under the Trustee Act 1925 ‘Where a vendor’s solicitor has not complied with the requirements of the AML Regulations it will be difficult to escape strict liability for the consequences of breach of trust where their client is a fraudster, however …

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Charity Round-Up: Any change?

Sarah Clune considers the timetable for the introduction of the regulator’s new powers under the Charities (Protection and Social Investment) Act 2016 ‘The Charity Commission has recently updated its guidance on fundraising (CC20), which is essential reading for any charities which raise funds from the public.’The UK government published a timetable during the summer explaining …

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Tax Update: Changing landscapes

Deborah Pennington and James Bromley give the lowdown on tax changes for private clients ‘The “stealth tax” is not a new tax by itself, but is a package of measures which the government says is intended to curb perceived avoidance of tax by offshore property developers. Broadly, the intention is to ensure profits from such …

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Trust Deeds: The deed in the drawer

Lisa Feng examines the implications of Swift v Ahmed [2015] ‘The issue for the court was whether a real and substantial purpose of the deed was to place assets beyond the reach of (or otherwise prejudice the interests of) the trustee’s creditors.’The case of Swift Advances Plc v Ahmed [2016] is an example of what …

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Trustees: Clear blue water

Gillian Christian highlights a landmark Isle of Man judgment that casts doubt on Pitt v Holt [2013] ‘The principle behind Hastings-Bass refers to the jurisdiction of the court to intervene and set aside a transaction entered into by a trustee (and all fiduciaries) on the grounds of “inadequate deliberation” in the exercise of a discretion.’In …

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Asset Protection: Unauthorised access

Peter Steen and Bethan Byrne consider firewall legislation and analyse the continued conflict with the English Family Division ‘This article explores what chinks there are in the armour of offshore jurisdictions and considers how efforts are increasingly being made to sidestep the firewall rules.’ The current buzzwords of the offshore worlds are ‘transparency’ and ‘accountability’. …

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Proprietary Estoppel: Considering detriment

William Batstone examines the Court of Appeal decision in Davies v Davies [2016] ‘Detriment need not be quantifiable financial detriment, but it must be substantial and it must be weighed against any countervailing benefits.’ Tegwyn and Mary Davies have farmed in West Carmarthenshire since 1961 and they continue to do so now in their mid-seventies. …

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Tax Planning: The gain plan

A recent case highlights the importance of meticulous implementation when tax planning. Emma Pearce explains ‘WT Ramsay v IRC [1981] was the leading authority on the approach to statutory interpretation adopted by courts to counter tax avoidance schemes.’ This article discusses the First-tier Tribunal’s (FTT) decision in Trustees of the Morrison 2002 Maintenance Trust v …

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Probate: Laid to rest?

Alexander Drapkin discusses a recent case which indicates the factors the court takes into account in a dispute over where a body should be buried ‘The exercise of their authority in disposing of the deceased’s body would likely still have been subject to control by the court and so it was necessary to establish a …

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Musings From Manchester: The net widens

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A new consultation document from HMRC has important ramifications for the practitioner. Geoffrey Shindler reports ‘If you read through this document further, you will see not only that there is no proper definition of avoidance but rather it is assumed that, in the language of “1066 and All That”, avoidance is a bad thing and …

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