Wed11222017

Last updateTue, 24 Feb 2015 5pm

Alastair Collett and Richard Inston review the tax implications of making disposals from a wine collection

A near decade of record low interest rates has seen some investors’ attentions turn to alternative investments: Knight Frank’s annual The Wealth Report includes a luxury investment index which includes in its asset classes wine, classic cars, art, watches and coins. With clients moving into alternative investment classes it is important that advisers ensure they are fully informed as to the tax treatment afforded to these trophy assets.

Claims against the estate will turn on the facts, whatever the circumstances. Sabina Haag discusses the outcome of a case in which abused children were disinherited

Inheritance issues can arise in families with a history of sexual abuse. Sometimes the sexual abuse does not come to light for many years and disinheriting the victim can be seen as a final act of control or retribution for reporting the abuser to the police.

Michael Firth provides some pointers on the valuation of shares

As a general rule, lawyers like rules. Rules can be expressed in black-and-white terms, interpreted and applied. There are often grey areas and difficulties of interpretation, but there are more rules (rules of interpretation) to assist with these problems and, at the end of the day, courts/tribunals of law to tell us which interpretation is the correct one.

Anthony Turner and Adam Carvalho give the lowdown on the sale of corporate assets by trustees

It is not unusual for trustees to hold shares in private companies whose activities may range from a single purpose vehicle owning real property to a multi-national trading business. It follows that there will be times when trustees will consider a sale; there are any number of reasons for this but commonplace reasons are to realise value from an investment, to allow the trust to make substantial distributions or to diversify or otherwise de-risk trust assets.

Filippo Noseda explains the fundamental changes wrought by the implementation of the 4th EU Anti-Money Laundering Directive and the Common Reporting Standard

As regular readers will know, Trusts and Estates Law & Tax Journal seeks to provide:

Geoffrey Shindler reminds practitioners of the beauty of well-crafted writing

It is a great shame that we never were able to hear the great advocates in their prime; not even via a phonographic wax cylinder. How convincing was Marshall Hall and the other advocates of that era: was he able to sway a jury to deliver a verdict favourable to his clients in the face of all the evidence? Now, from my infrequent visits to court, I hear excellent presentations of the case in question, both for and against, but not what I would call stirring advocacy. There is probably no need for it. To use the cliché, ‘The facts speak for themselves.’ All that is needed is to set them out in a logical and coherent manner.

John Dickinson assesses whether a proprietary estoppel solution can replace the need for a binding contract

HHJ Matthews, sitting as a judge of the High Court, handed down judgment on 11 August 2017 in the Chancery Division of the Bristol District Registry in the case of Legg v Burton [2017]. The claimants established a constructive trust under the doctrine of mutual wills, under which the estate of their deceased mother was held for the claimants, rather than being held under her last will for various grandchildren and others.

Iain Managhan examines recent case law on the capacity test to revoke a lasting power of attorney

The recent decision by District Judge Glentworth in the case of SAD v SED [2017] is an important one; it is the first reported case to consider the issue of capacity when revoking a lasting power of attorney (LPA) since the introduction of the Mental Capacity Act 2005 (MCA). The case involved an application brought by two attorneys who were appointed under a property and financial affairs LPA by their mother who had suffered with bipolar disorder for a number of years.