November 2016 #181 – Law Journals

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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Musings From Manchester: How far will technology take us?

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Geoffrey Shindler muses on the pace of change ‘We cannot be too far away from a time when we dictate into a machine and the typed version appears out the other end. I know this is available but who has tried it, and whose PA/secretary has ensured that there is some form of major malfunction …

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FATCA: In FATCA we trust

Paul Crean asks whether the FATCA and Common Reporting Standard status of all trusts is being considered ‘As with so many areas, the impact of Brexit is unknowable, but given Common Reporting Standard is a global standard, trusts should expect that it will continue to apply in some form regardless.’Many smaller entities, in particular trusts, …

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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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