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Geoffrey Shindler reflects on changing practices and definitions in tax law ‘At what point do we derive less out of the state than we put into it? Only 50% of the country are truly taxpayers. The other 50% take more out of the state than they put into it.’It is now that time of the …
Continue reading "Musings From Manchester: Summer escape?"
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Keith Wallace makes the case for using a trust corporation ‘Any risk-averse professional firm should be seeking to consolidate its trusteeship work centrally to avoid regulatory and reputational exposure for any non-compliance.’UK trusts are said to number 170,000, according to gossip around the register of trusts being compiled by HMRC. Most of these will be …
Continue reading "Trusts: A long-term solution"
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The courts will sometimes give effect to oral agreements for the transfer of land. David Sawtell examines recent case law ‘The courts have afforded some considerable protection to trustees and beneficiaries of land from the inadvertent creation of informal rights over property. The unanimity principle has achieved some prominence as a consequence.’ In order to …
Continue reading "Constructive Trusts: More than words?"
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Geoffrey Shindler finds the current public funding predicament all too familiar ‘What we regard as the basics of our civilisation is under such a severe challenge that we are all being asked to contribute to provide what we thought we were providing by way of our general taxation contribution.’Two articles caught my eye in a …
Continue reading "Musings From Manchester: Counting the coppers"
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Michael Young considers the eighth edition of Professional Conduct in Relation to Taxation ‘Were it not for the “shortcomings” and lack of a clear intention in much tax legislation, half the subsequent anti-avoidance and clarifying provisions would not be needed.’ According to Wikipedia, one of the distinguishing features of a professional is the requirement that …
Continue reading "Professional Standards: Revolution or evolution?"
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Gillian Coumbe QC discusses a recent case where the New Zealand Supreme Court considered the principles governing disclosure of trust information to beneficiaries ‘There is no absolute right to any trust document. However, where the request is made by a close beneficiary for access to core documents such as the trust deed and accounts there …
Continue reading "International Trust Law: Disclose or withhold?"
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Katherine Pymont reflects on the lessons from Roberts v Fresco [2017] ‘In order for a personal representative to bring a claim, a cause of action must have vested in the deceased before his or her death.’The High Court has held in Roberts v Fresco [2017] that a husband or wife’s right to claim under the …
Continue reading "1975 Act Claims: Dead end"
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Nigel Sanders examines changes of trustees and protectors in contentious circumstances ‘The court held that the appointment of the new trustee and removal of the trustees were such closely linked decisions and exercises of the powers of appointment, that they stood and fell together.’Most modern trust instruments will contain provisions which grant certain individuals the …
Continue reading "Trusts: Do your homework"
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Simon Edwards sums up key recent guidance of which practitioners should be aware ‘So far as attorneys are concerned, the terms of the power should make it clear whether or not the attorney can make decisions on the donor’s behalf even if the donor has capacity to make those decisions.’ March heralded not only spring …
Continue reading "Guidance Update: Practice tips"
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John Greenfield and Elaine Gray outline recent Channel Island decisions on the personal liability of trustees ‘Under the Art 32(1)(a) regime, the trustee remains liable in law on the obligation and is the person against whom an action must be brought by the creditor.’ This article reviews a series of judgments delivered in 2014 and …
Continue reading "Trustees: Who pays?"
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