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Geoffrey Shindler welcomes government proposals to review the taxation of trusts ‘So can we please respond to the consultation when it arrives late in 2018 and take a very thick pencil to the taxation of relevant property trusts and start again?’ ‘Modified rapture’. This was the view of Nanki-Poo, the son of the Mikado in …
Continue reading "Musings From Manchester: A chance to start over"
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With an updated non-dom regime due to come into force in April 2018, Claire Randall and Alexis Hille outline the action to take now ‘This rule has been introduced to prevent non-doms from taking advantage of the favourable remittance basis regime indefinitely: it means that each non-dom can only use the regime for a maximum …
Continue reading "Tax: Window of opportunity"
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Laura Abbott discusses legal developments that bring relief for families when someone has disappeared ‘The Guardianship (Missing Persons) Act, which received royal assent in April 2017, will provide the missing piece of the jigsaw once it comes into force.’ Probably the most famous case involving a missing person is that of Lord Lucan who, despite …
Continue reading "Administration Of Estates: Missing, presumed dead"
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Anthony Nixon, Martin Cross and Clementine Burch provide an update on ‘charitable purpose’ outside the UK and the IHT exemption ‘It is clear from other case law that “charitable purposes” could be carried on anywhere in the world, even though this was not stated in the Charities Act 2006.’ The late Beryl Coulter’s executors have …
Continue reading "IHT: Charity begins at home?"
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Richard Adams clarifies the current position on beneficial ownership in the event of relationship breakdown ‘What the case highlights of course is the importance of those in relationships of this nature to document clearly their intentions as to respective ownership, and indeed to do so prior to any investment being made.’ The Privy Council recently …
Continue reading "Jointly Held Assets: Owning it"
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James Macdougald sets out the rules on non-party disclosure, clarified in a case brought by the beneficiaries of an employee benefit trust ‘The Civil Procedure Rules (CPR), r31.17 test has two limbs which operate cumulatively. Even where both are satisfied, the court may exercise its discretion not to make an order under the rule.’ The …
Continue reading "Litigation: Discovery channel"
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Geoffrey Shindler questions whether the hurricane of new regulations will prevent financial crime ‘But unfortunately FATCA was like a virus and a very contagious one. The US could introduce FATCA, Europe could introduce CRS. Yet another set of regulatory requirements.’ We cannot go on like this. Not only have we reached the end of our …
Continue reading "Musings From Manchester: Brace yourself"
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Jo Summers reviews the Law Commission’s will consultation from the point of view of the practitioner ‘Perhaps the most important part of the consultation relates to the question of mental capacity. The paper notes that the legal test for testamentary capacity comes from the case of Banks v Goodfellow which is hardly recent.’ On 13 …
Continue reading "Law Reform: Will-making for the modern age"
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A recent Privy Council case indicates how the court will determine remedies and damages for breach of fiduciary duty. Joseph de Lacey explains ‘The case shows the flexibility of the concept of constructive trusts, and how they can be and are used to protect those to whom fiduciary duties are owed.’ On 27 March 2017 …
Continue reading "Fiduciary Duties: Staying virtuous"
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Robert Sheridan discusses current thinking on interpreting homemade wills ‘If the personal representatives are unsure how to distribute the testator’s estate, an application to the High Court under Part 64 may be the most appropriate course to follow.’ At the time of his death, the testator, Mr Veljko Aleksic, was a very wealthy man. He …
Continue reading "Wills: The perils of cutting corners"
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