January/February 2015 #163 – Law Journals

Trustees: A momentous decision

Sukhninder Panesar explains the importance of the court’s recent decision in Cotton v Cardigan [2014] to trustees’ powers ‘From a practical point of view, the decision reaffirms the need for trustees and their legal advisers to make sure that they have prepared and presented such applications with detailed evidential matters.’ The much publicised sale of …

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Finance Act 2013: Spouse exemption – good news for mixed-domicile couples?

Paul Davidoff sets out the implications of ss177-178 of the Finance Act 2013 ‘The election permitted by ss267ZA and 267ZB IHTA now provides a new way to avoid the otherwise unavoidable limitation on the spouse exemption and the ensuing problems.’Glad tidings of great joy were declared last year for mixed domiciled married couples and civil …

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IHT: The humane approach

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Peter Nellist gives the lowdown on the proposed IHT exemption for emergency services personnel ‘With IHT anticipated to affect about 10% of the population, coupled with the current push by HMRC to maximise tax receipts, the existing exemption is a standard bearer for what is morally right.’Tucked away in para 2.89 of HM Treasury’s Budget …

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Undue Influence: Follow your nose

Amanda Noyce examines Hart v Burbidge [2014] and its lessons on the presumption of undue influence and lifetime gifts ‘Although the law of undue influence in relation to probate cases is a difficult hurdle to overcome, the law relating to lifetime gifts, where the donor may (or may not) now happen to be dead, may …

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Trusts: Anything to declare?

Sheffield v Sheffield clarifies liability for historic breaches of trust. Douglas Rhodes explains ‘There could be no real doubt that the true effect of the 1983 declaration was deliberately concealed from the claimant, as the true effect of the declaration was never explained to him.’ At its core, the facts of Sheffield v Sheffield [2014] …

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Switzerland: Solving the puzzle

Dominic Lawrance and Mark Summers review the impact of the UK/Swiss tax co-operation agreement two years on ‘The TCA imposes obligations on Swiss banks which hold assets for trusts where there is a UK resident settlor or beneficiary.’ The UK/Swiss tax co-operation agreement (TCA), or ‘Rubik’ agreement, was brought into force on 1 January 2013. …

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Musings From Manchester: Good news for hoarders?

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Geoffrey Shindler comments on the Autumn Statement ‘Of course we have to remember that the whole issue of War Loan was government chicanery at its very worst.’Remember that old file of papers that you stuffed away in a dirty brown envelope and which you were under matrimonial pressure to consign to the paper recycling department? …

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