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...
AC v DC & ors [2012] EWHC 2032 (Fam)
Wills & Trusts Law Reports | June 2013 #130Mostyn J granted an application by the applicant (W) to set aside transactions pursuant to s37(2) of the Matrimonial Causes Act 1973 that had been made by the first respondent (H) on about 2 December 2010 by which H disposed of his 86.4% shareholding in D Holdings Limited (DH). None of the respondents opposed the application. There was an issue whether or not the effect of the order operated retrospectively for all purposes, including fiscal purposes. Judgment was reserved and further written submissions were invited to determine whether the order setting aside the transact...