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Katherine Hallett highlights a case that demonstrates the weight the court gives to the fact matrix when considering a possible declaration of trust ‘Practitioners should not refer to a “trust” unless they do actually intend to import the full legal meaning of that word into their document.’ Mr and Mrs Singha divorced in 2010. A …
Continue reading "Trusts: When is a ‘trust’ not a trust?"
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James Lister and Fenner Moeran QC analyse a case that demonstrates how a Beddoe order is applied in practice ‘The trustees were faced with a significant difficulty: how to realise the interests of the beneficiaries to divide the property equally between them when one of them was in occupation of the property to the exclusion …
Continue reading "Wills: Pub talk"
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Guy Rendell and Graeme Fraser give the lowdown on parents helping children to buy property ‘There is a broad array of options for parents to assist their children. Selecting the right option will often be a case of balancing the somewhat competing interests of tax efficiency and asset protection.’With stagnant wages and high property prices, …
Continue reading "Tax And Asset Protection: The bank of mum and dad"
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Julie Melia outlines the procedure for will-making and probate in Jersey, and the consequences where it is not followed ‘While a will drawn anywhere is the world may, provided that it complies with the requirements of the jurisdiction of the deceased’s domicile, be accepted for Jersey probate purposes, a will dealing with immovable property must …
Continue reading "Jersey: Independent process"
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Simrun Garcha discusses the lessons from Routier on inheritance tax charity relief and jurisdiction ‘The words “held on trust for charitable purposes” contained a requirement that a qualifying charitable trust must be governed by the law of some part of the UK and subject to the jurisdiction of the UK courts.’The Court of Appeal’s recent …
Continue reading "IHT And Charities: A matter of interpretation"
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The current political language of stark opposites is nothing new to the practitioner. Geoffrey Shindler explains ‘The most important conflict and contrast of the day is between tax planning and tax avoidance. To my mind both are legitimate with or without vituperative epithets like “aggressive”. But HMRC appear to take a different view of the …
Continue reading "Musings From Manchester: Compare and contrast"
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Simon Goulding examines the interaction of the principle of survivorship with claims under s9 of the Inheritance (Provision for Family and Dependants) Act 1975 ‘Where a will or the rules on intestacy have failed to provide a reasonable level of financial provision for a dependant, a potentially powerful statutory provision which may reverse the effects …
Continue reading "Survivorship: The importance of the matrimonial home"
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Hannah Southon explores a judgment concerning a rarely used power of the court to direct the division of jointly-owned chattels ‘The case serves to underline the fact that if it is important to a donor who desires to dispose of assets by gifting them outright, rather than settling them on trust.’What relief is available from …
Continue reading "Chattels: Cutting the Gordian knot"
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Geoffrey Shindler muses on the pace of change ‘We cannot be too far away from a time when we dictate into a machine and the typed version appears out the other end. I know this is available but who has tried it, and whose PA/secretary has ensured that there is some form of major malfunction …
Continue reading "Musings From Manchester: How far will technology take us?"
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Paul Crean asks whether the FATCA and Common Reporting Standard status of all trusts is being considered ‘As with so many areas, the impact of Brexit is unknowable, but given Common Reporting Standard is a global standard, trusts should expect that it will continue to apply in some form regardless.’Many smaller entities, in particular trusts, …
Continue reading "FATCA: In FATCA we trust"
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