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Paul Saunders looks at when trustees should submit details of trust income to HMRC ‘It is in the interest of HMRC staffing levels for checking returns to have a wide definition of “mandated” although, of course, the wider the definition the more resources may be required to actively police compliance.’ What does ‘mandated’ mean when …
Continue reading "HMRC: Have you mandated?"
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Siân Hodgson considers the differing statuses of spouse and cohabitee in claims under the Inheritance (Provision for Family and Dependants) Act 1975 ‘While one judge may exercise his or her discretion in a different way from that of another judge (making 1975 Act claims inherently risky), it is the factors which a judge takes into …
Continue reading "The 1975 Act: Discretion to dispose"
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Claire Blakemore and Jemma Thomas give the lowdown on trusts and divorce ‘There are examples of cases where the trust was not managed consistently with all of the trust documents. This can be damaging to those seeking to protect trust assets on divorce.’ Establishing whether the court is likely to view the trust as a …
Continue reading "Nuptial Settlements: Consistency is key"
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Ruth Hughes explores the notion of ‘doing the right thing’ in a will ‘In the absence of evidence to the contrary the court was entitled to assume that P would want to put their affairs in order by making a will and that they would want to do the right thing and not leave their …
Continue reading "Wills: The prodigal daughter?"
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Edward Cumming and Timothy Sherwin bring the doctrine of deathbed gifts up to date ‘It is in the very nature of a donatio mortis causa (DMC) that it is conditional on the donor’s eventual death, and that it is the donor’s death which perfects the gift.’ In this article, we consider donationes mortis causa (DMCs), …
Continue reading "Donationes Mortis Causa: Where there’s no will, there’s a way"
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Mark Pawlowski considers the case for accepting backwards tracing as part of English law ‘A debt is an asset in the hands of the creditor and so can provide a basis for tracing in relation to the creditor’s assets.’ In Bishopsgate Investment Management Ltd (in liquidation) v Homan [1994], the Court of Appeal held that …
Continue reading "Equitable Tracing: Overdrawn accounts and backward tracing"
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The Cayman Court has provided clarity over what happens in the event of absent or defective protector consent. Robert Lindley explains ‘There was potential for payments to beneficiaries and trustees, investment decisions, and the administration of business assets to be considered invalid as they had been made without the authority of all of the trustees.’Any …
Continue reading "Trusts: 30 years’ flaw"
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Fiona Campbell-White and Henrietta Watson discuss the current approach of the courts to the construction and rectification of wills ‘When interpreting a contract, the aim is to identify the intention of the party or parties to the document by interpreting the words used in their documentary, factual and commercial context without reference to any subjective …
Continue reading "Wills: Flexible interpretation"
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Steve Appleton and Joshua Eaton outline HMRC’s new approach to trusts and the taxation of index-linked loans ‘The nature of an index-linked loan between trustees and the surviving spouse represents a personal contractual relationship rather than a commercial one.’Before the introduction of the transferable nil rate band (TNRB) on 9 October 2007, the nil rate …
Continue reading "Tax: Testing the waters"
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Simrun Garcha reports on the charitable status and disposal of assets of a now defunct religious sect ‘While this case does not decide new matters of principle, it is likely to be of interest to charity law practitioners given that it provides an insight into some complex issues.’The High Court’s recent decision in Buckley v …
Continue reading "Charity Law: What is charitable?"
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