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Emma Jordan and Patricia Boon assess the impact of the US’s FATCA on trusts ‘The introduction of FATCA may be seen as part of the continued development towards achieving a “white list” standard of tax compliance internationally’.The US government published the final regulations under the Foreign Account Tax Compliance Act (FATCA) in January. The following …
Continue reading "Trusts: Clamping down"
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The Court of Appeal case of Thomas v Jeffery reminds practitioners that even late disclosure does not fetter a judge’s discretion on costs. Laurie Scher reports ‘Thomas v Jeffery [2012] is now an important authority on the way that a trial judge should approach costs in Inheritance Act claims, and on the limited relevance of …
Continue reading "Inheritance Act 1975 Claims: Counting the cost"
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Laura John sets out the lessons to be learned from Challinor v Bellis on handling the client account ‘An escrow arrangement is dependant on an enforceable contract or undertaking not to treat the funds transferred by X as the property of Y unless and until the escrow event or condition is satisfied.’This article considers the …
Continue reading "Client Monies: Ascertaining the money trail"
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Marilyn McKeever examines the UK treatment of usufructs ‘In effect, a usufruct and bare ownership are equivalent to an interest in possession and absolute remainder and this is how HMRC will treat them.’ HMRC has confirmed its view of the inheritance tax status of a usufruct in its Trusts and Estates Newsletter for April 2013. …
Continue reading "Usufructs: When is a settlement not a trust?"
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Alastair Collett and Tim Hayes discuss some of the perils at the intersection of the private client and immigration worlds, perils increased by stringent new rules ‘This evidential test is far more onerous and prescriptive than was previously the case and requires careful planning, which will need to take place well in advance of an …
Continue reading "Private Client And Immigration: Not all plain sailing?"
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Simon v Byford demonstrates that the courts will not set aside lightly a will because the testator has failing cognitive faculties. Harriet Atkinson and Zahra Kanani analyse the case ‘The case highlights that for testamentary capacity to be present, the test in Banks v Goodfellow must be satisfied.’ There has been a sharp rise in …
Continue reading "Testamentary Capacity: Satisfying Banks v Goodfellow"
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Geoffrey Shindler discusses the current focus on business ethics and cultural attitudes and how these affect the private client relationship ‘I question the relevance to doing a functional job beyond doing that job efficiently, politely and above all correctly.’This year may – or then again may not – be remembered as the year of the …
Continue reading "Musings From Manchester: Giving value for money?"
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Sarah Clune examines the Charity Commission’s consultation on rules for total return investment ‘In a total return investment investors can manage their investments to make the most of the return they generate, regardless of whether this comes from dividends, interest or capital gains.’ Significant changes are afoot for permanently endowed charities. Section 4 of the …
Continue reading "Charities: New powers to invest"
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Geoffrey Shindler contemplates how trust and estate practice has changed over the last 15 years ‘Regulation was invented to deal with the evils of the world: drug trafficking, extortion, prostitution, etc. But legislative creep has occurred and that has lead us to where we are.’If you were asked what have been the most important changes …
Continue reading "Musings From Manchester: The evolution of legislative creep"
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Philip Youdan and Russell Simpson look at Page v Hewetts, which provides guidance on issuing a claim in accordance with the Limitation Act 1980 ‘The judgment in Page v Hewetts provided important clarification on what is necessary to issue a claim in compliance with the Limitation Act 1980.’ The recent case of Page v Hewetts …
Continue reading "Estate Administration: Know your limits"
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