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John Elliott gives the lowdown on some essential admin for trusts and estates ‘The R185 shows the income received in the trust or estate and the rate and amount of tax that the trustees or executors have paid on this income. The beneficiary uses this information to offset their own tax liability.’ The R185 (Trust) …
Continue reading "Tax: Using HMRC forms wisely"
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Kelly v Brennan [2020] provides welcome guidance on whether the court can rectify a foreign will and on time limits. Josh Lewison explains ‘Rectification is often run in the alternative to a construction claim. Construction claims have no time limit, so that if the court were inflexible in granting time extensions, the temptation would be …
Continue reading "Rectification: Which law applies?"
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Elizabeth Neale urges practitioners to speak up for trusts ‘Trusts allow the big picture to be looked at and if trustees and beneficiaries can work together, then the original 12th century objective – the long-term protection of beneficiaries and assets – can be achieved.’ Trust practitioners might be forgiven for feeling somewhat under siege. A …
Continue reading "Guest editorial: Much misunderstood"
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Elizabeth Ovey examines the position on the exercise of discretionary powers for an improper purpose ‘In practice, it does not usually matter whether a restriction not expressed in the relevant instrument is imposed as an implied term through a process of construction or by reference to the improper purpose test; in either case the exercise …
Continue reading "Trustees: Unanswered questions"
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Timothy Sherwin examines the importance of s53 of the Trust (Guernsey) Law and the rule in Saunders v Vautier Discretionary beneficiaries cannot be said to have an immediate, vested and indefeasible interest in the trust property. This article considers the decisions at first instance and on appeal, in Rusnano Capital AG (in liquidation) v Moland …
Continue reading "Trusts: When is a beneficiary not a beneficiary?"
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IHT is seen by many as a divisive tax. Alison Cartin reports on the radical options put forward for change ‘The APPG report recommends abolishing domicile as a connecting factor for IHT and replacing it with long-term residence.’ There is growing speculation that changes to the inheritance tax (IHT) rules are likely following recent reviews …
Continue reading "Guest editorial: Death trap?"
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The parable of the prodigal son has resonance in modern probate disputes. Alex Troup discusses ‘The judge’s finding that the deceased had deliberately broken the agreement to equalise the balance between her two children explained the difference between her old will and the disputed will.’ The parable of the prodigal son has all the makings …
Continue reading "Probate: Promises, promises"
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Laura Abbott sets out what needs to be considered when challenging the validity of a will prepared by a professional ‘The court will require the strongest of evidence to find a will to be invalid and it is extremely difficult to succeed where the medical records and solicitors’ evidence are all supportive of validity.’ As …
Continue reading "Wills: A risky business"
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Christopher McNall analyses a recent First-tier Tribunal judgment that demonstrates the importance of thorough evidence in cases where the bases for reliefs are tested ‘The key issue, upon which the tribunal focused, was whether there existed “a functional connectivity” between Mr Gill’s occupation of the house and the agricultural activities that took place on the …
Continue reading "APR and BPR: Attention to detail"
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The Court of Appeal rules on whether the Quincecare duty can be excluded by a bank’s terms and conditions. Jolyon Connell and Oliver Blundell explain ‘Even for commercial clients, to be valid, any limitation or indemnity clause will need to be in clear and prominent language within the terms and conditions.’ Bank fraud is an …
Continue reading "Duty of care: Terms and conditions apply. Or do they?"
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