Wills & Trusts Law Reports | Summer 2022 #187This action related to a transfer in September 2009 of shares in five Saudi Arabian banks, then collectively worth about US$318m, by Mr Maan Al-Sanea (who at that time held those shares) to Samba Financial Group (Samba). The claimants were the liquidators of Saad Investments Company Ltd (SICL). They alleged that Mr Al-Sanea had at the time of the transfer held those shares on trust for SICL. The claimants brought a number of different actions against Samba in respect of the transfer of the shares, formulating the case on various legal bases in the various different actions. The iteration...
Wills & Trusts Law Reports | Summer 2022 #187W was the founder of WBL, an internationally renowned publisher of children’s books. In 1989 W instructed solicitors to create an employee trust (WBET) for WBL and transferred 51% of the WBL shares into WBET. The remainder of the shares were divided amongst family trusts established by W.
W died in 1991 and the shares in WBL held by the family trusts were distributed to employees and officers of WBL through a qualifying employee share ownership trust and a share incentive plan. Some of those shares were acquired from employees by the WBL Employee Share Ownership Plan (ESOP).
<...
Guy Holland analyses whether a cohabitee’s beneficial interest can be varied by express agreement alone In finding that detrimental reliance was not the only route to establishing unconscionability, Kerr J has identified a clear distinction between the approach to be adopted in single name and joint name cases. It is well established that detrimental reliance …
Continue reading "Trusts: Doing away with the need for detrimental reliance"
This post is only available to members.
Sheila Rusike and Jo Summers outline some interesting trust practice points gleaned from their recent experience for the benefit of other practitioners It is worth checking exactly how the trustees’ names appear on the Land Registry records to make sure any deeds you create (such as a deed of retirement and appointment) match. Trust and …
Continue reading "Practice spotlight: Can you trust your instincts?"
This post is only available to members.
James Sheedy reviews what the trustee needs to know about impact investing A possible solution in answer to the desire of beneficiaries to ‘do good’ with trust funds is for trustees to appoint assets out to beneficiaries for them to then apply them as they deem appropriate. In the last few years, there has been …
Continue reading "Trustees: Call of duty?"
This post is only available to members.
Wills & Trusts Law Reports | Winter 2021 #185In 1994, by a series of trust deeds, Mrs Pesenti established four settlements in the Isle of Man known as the RR1, RR2, RR3 and RR4 Trusts, each of which was for the benefit of one of her children and his/her heirs. The RR2 Trust (the trust), which alone formed the subject of this case, took as its beneficiaries the appellant and her issue born before the perpetuity date, together with two named charities. The dispositive provisions of the trust required the trustees to hold the trust fund and its income on discretionary trusts for all or such one or more exclusively of the others or oth...
Mary Ashley reports on a rare taxpayer win Cases like Marlborough are helpful to reveal how HMRC will form its arguments when it wants a tribunal to look at the overall effect of an arrangement rather than the detail. Marlborough DP Ltd v The Commissioners for Her Majesty’s Revenue & Customs [2021] is a First-tier …
Continue reading "Trusts: Shedding light on remuneration trusts"
This post is only available to members.
Melody Munro reviews a case that exposes the delicate balance trustees have to maintain between beneficiaries’ wishes and what is best for the trust It is, quite rightly, not for the court to impose its own view of the merits of a decision but rather to consider whether the trustee’s decision is one which a …
Continue reading "Trustees: The court’s power to bless decisions"
This post is only available to members.
Robert Lindley and Wesley O’Brien provide a step-by-step guide to dealing with missing or uncooperative beneficiaries It will be important for the trustee to be capable of demonstrating that it has made sufficient reasonable efforts to find and/or contact the relevant person. Trusts exist for the benefit of their beneficiaries and it is to beneficiaries …
Continue reading "Trusts: Making well-documented inquiries"
This post is only available to members.
Wills & Trusts Law Reports | Autumn 2021 #184On 3 August 2016, the appellant made a claim for income-related Employment and Support Allowance, asking for any award to be backdated to 2 June 2016. The appellant was in receipt of regular monthly payments from discretionary family trusts of £600 per month, rising to £750 per month from July 2016. She also received £750 per month from a lodger from July 2016.
Her application was refused on 10 July 2018 on the basis that her income exceeded the limit under the Employment and Support Allowance Regulations 2008. A mandatory reconsideration confirmed the initial outcome, an...
