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Geoffrey Shindler argues that HMRC should be as honest about errors as the rest of society is encouraged to be ‘I hope that when we make mistakes, as we do, we rectify them at our own expense, or the expense of our insurers, without having to incur our clients in any form of proceedings all …
Continue reading "Musings from Manchester: System error"
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Sean Wakeman gives an update on the Common Reporting Standard ‘The danger for HMRC is that the whole system employed for pursuing overseas non-compliance becomes completely clogged pursuing mundane, meaningless and ultimately valueless accounts that are held for reasonable purposes.’ Amid the turbulent clouds of Brexit and UK political disharmony, the beacon of international cooperation …
Continue reading "Common Reporting Standard: A blueprint for success"
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In the first part of two articles Amanda Noyce discusses a series of recent proprietary estoppel claims concerning farms ‘There are six recently reported cases involving the concept of proprietary estoppel, where the principles emphasised (although not established) in Thorner have been honed.’ Proprietary estoppel appeals to those of us involved in Chancery work – …
Continue reading "Proprietary estoppel: Where there’s muck there’s brass"
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Geoffrey Shindler urges trust practitioners to be less retiring ‘We have got to stop paranoid regulatory officials from preventing the sensible running of our business.’ Welcome to 2019, the year of… well who knows but in cricketing terms The Ashes in England and the World Cup, none of which involves any country lying south of …
Continue reading "Musings from Manchester: Le modèle français"
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The Office of Tax Simplification has published the first part of its report into IHT. Sarah Murphy discusses ‘These observations drawn from the OTS review certainly seek to move the system into a position whereby it is future proofing its relevant application.’ In January 2018 the Chancellor asked the Office of Tax Simplification (OTS) to …
Continue reading "IHT: Bringing tax into the digital age"
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Peter Shaw QC explores the principles of ascertainment of beneficial ownership in a property purchase tainted with illegality ‘Having found that Mr and Mrs Kliers were the true beneficial owners, it would perpetuate the fraud to leave the property in Mr Schmerler’s ownership (without making a declaration of beneficial ownership). The illegal activities were required …
Continue reading "Beneficial ownership: Honesty is the best policy"
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Alessia Paoletto outlines the implications of the latest ECJ judgment ‘The ECJ’s judgment in Oberle follows on the footsteps set by Mahnkopf. However, it is set to have much further reaching effects than its predecessor, in that it does not deal exclusively with a question concerning an individual provision of national law, but rather, with …
Continue reading "European Succession Regulation: And then there were three"
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David Rees QC and Joseph Rich examine a case that highlights common problems with lasting powers of attorney ‘If the court determines that an LPA contains a provision which would be ineffective, it must either sever the provision or direct the Public Guardian not to register the instrument.’ The Public Guardian v DA; BP [2018] …
Continue reading "Lasting powers of attorney: Pay close attention"
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Dominic Lawrance and Catrin Harrison highlight the unsettling reality of protected settlements ‘In light of this latest statement from HMRC, the issue of offshore income gains (OIGs) may now lead to litigation, if there is a foreign-domiciled settlor with sufficient tax exposure and sufficient temerity.’ Recent Finance Acts have made major changes to the UK’s …
Continue reading "Taxation of offshore trusts: Gremlins in the legislative machine"
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Julie Bell reviews the latest edition of STEP’s Accounting Guidelines STEP Accounting Guidelines Jonathan Cooke Published by STEP and CLT International, 3rd ed (30 July 2018) ISBN-10: 0955026288 ISBN-13: 978-0955026287 The aim of the STEP Accounting Guidelines is to establish common standards in England and Wales for the preparation of both estate accounts and trust …
Continue reading "Book review: A useful account"
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