Continue reading "Offshore: Deed of gift set aside on account of a fundamental mistake"
Bhaur & ors v Equity First Trustees (Nevis) Ltd & ors [2023] WTLR 851
Wills & Trusts Law Reports | Autumn 2023 #192In March 2007 Safe Investments Management UK (Safe), an unlimited company, transferred its shares in Gooch Investment (Gooch) to Equity Trust (BVI) Ltd, a trust company (2007 transfer), to be held on the terms of a settlement for the benefit of qualifying employees of Safe (First Staff Remuneration Trust). This transfer followed the transfer of interests in UK business assets (the estate) from the first and second appellants (Mr and Mrs Bhaur) to Safe and from Safe to its subsidiary Gooch. All these transfers took place as part of a tax scheme (scheme) promoted by Mr O’Toole, who operate...
Bhaur & ors v Equity First Trustees (Nevis) Ltd & ors WTLR(w) 2022-01
Wills & Trusts Law Reports | Web OnlyDukeries Healthcare Ltd v Bay Trust International Ltd & ors [2021] WTLR 809
Wills & Trusts Law Reports | Autumn 2021 #184The claims concerned various tax avoidance schemes that had been established as ‘Remuneration Trusts’ for the claimants by Baxendale Walker LLP. The claimants were a successful businessman, Mr Levack, and various businesses of which he was a director and/or shareholder. In each case, one of the claimants was the ‘founder’ of the relevant trust. The defendants were various corporate entities having had a role in the trusts, together with HMRC.
The claimants maintained that the Remuneration Trusts had been entered into on the basis that they would offer various tax benefits, and wou...
Trustees: Mistaken loyalty
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Smith & anr v Stanley & ors [2020] WTLR 1059
Wills & Trusts Law Reports | Autumn 2020 #180The testator died in March 2015. By his last will of 14 March 2015 (the will) the testator gave the sum of £4.2m (the legacy fund) to his trustees to be held upon trust to pay the income to his widow for life, subject to an overriding power of appointment in clause 4 of the will for the benefit of a class of discretionary beneficiaries including the testator’s sister. The testator left a letter of wishes for his trustees which indicated how he wanted his estate to be shared between the various members of the discretionary class. By clause 19 of the will the statutory power of advancement...
Hartogs v Sequent [2020] WTLR 505
Wills & Trusts Law Reports | Summer 2020 #179The first defendant was trustee of two trusts established by the claimant and named The Milky Way Settlement Trust (Milky Way) and the Mercurius Settlement (Mercurius). Each of the second and third defendants was a company wholly owned by the first defendant as trustee. The trusts were established by the claimant following estate planning advice given to him by professional advisers at Attendus Trust Company AG (Attendus).
Milky Way was part of an offshore trust structure, established in 2009 by the claimant to acquire and hold property in England for the occupation of the claiman...
Trustees and mistake: Where are we now?
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Trustees: Back on the right course?
Continue reading "Trustees: Back on the right course?"