Futter & anr v HMRC; Pitt & anr v HMRC [2013] WTLR 977
Wills & Trusts Law Reports | July/August 2013 #131The first appeal concerned two settlements, made with non-resident trustees, by Mr Futter. Considerable ‘stockpiled’ gains were rolled up while the trusts were non-resident and, in exercise of the powers conferred by the trusts, new resident trustees were appointed and capital was distributed to Mr Futter and his children in the mistaken belief that the ‘stockpiled’ gains, which would be attributed to them, would be absorbed by allowable losses that had been realised, so that no liability to capital gains tax would arise. In advising as to the effect of s87 of the Taxation a...
Bradbury & ors v Taylor & anr [2012] EWCA Civ 1208
Wills & Trusts Law Reports | January/February 2013 #126William Samuel Taylor (deceased) and his late wife lived in a large property, set in 15 acres of grounds, called Lower Manaton (property), near Callington in Cornwall. The deceased made a will in 1998 by which the defendants, who were his nephew and niece, were to be allowed to occupy the property for seven years after his death, on stated terms and conditions. At the same stage in late 2000 the deceased proposed that the defendants, who lived in Sheffield, should move to Cornwall and occupy part of the property with their two children. The first defendant favoured the idea; the second d...