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James Hardaker and Daniel Baker look at a case which demonstrates the difficulties trustees face when dealing with tax on royalties ‘Where trustees receive income which is to be accumulated or which is payable at the discretion of the trustees or any person, that income is taxable at the special trust rate or at the …
Continue reading "Tax: Practically perfect in every way?"
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Christine Cooper examines a case which highlights the preferred approach of the court when considering the variable wishes of those without mental capacity ‘Money was being withdrawn from GW’s bank account at a time when he did not have the capacity to manage his financial affairs.’ This article examines the approach of the Court of …
Continue reading "Court Of Protection: Protecting the vulnerable from financial exploitation"
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Basil Dearing sets out the lessons from Wright v Waters [2014] ‘When taking into account all s3 factors, the judge’s valued judgment was that Patricia Wright’s conduct outweighed all of the factors in her favour.’ In the recent case of Wright v Waters, a daughter’s claim against the estate of her mother, who had, by …
Continue reading "1975 Act Inheritance Claims: The price of estrangement"
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Catherine Ball examines the argument for reform of inheritance tax relief after two revealing reports ‘The NAO’s report, published in April, shows that the value of these two reliefs has grown faster than the amount of IHT collected. APR and BPR were two out of the four tax reliefs that had increased by more than …
Continue reading "IHT: NAO problem"
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Martyn Frost sums up the current position on MCA 2005 v Banks v Goodfellow ‘The test from Banks v Goodfellow is, after all, a common law test and as such capable of modification and development by judges as is appropriate to modern circumstances and modern needs.’ It is perhaps a sad reflection that almost ten …
Continue reading "Capacity: The last round?"
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The Guernsey Court of Appeal affirms the scope of the jurisdiction conferred by Article 51 of the Trusts (Guernsey) Law 2007. Hannah Southon and Alison Meek explain ‘While some of the considerations discussed in BCD may be relevant, a more flexible test is required in order for the court to achieve justice on behalf of …
Continue reading "Trusts: The importance of judicial discretion"
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Sarah Clune sets out the lessons from the Amy Marion Dwyer Will Trust ‘While the trustees did take the necessary steps to register the will trust as a charity once the inquiry was opened, the trustees failed to carry out their duties and responsibilities in relation to dealing with the PDSA claims.’ In July, the …
Continue reading "Charities: It is sage to engage"
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Simrun Seehra looks at IHT exemptions on gifts to charity, with reference to Routier ‘It is clear that the relief to an EU charity should not be refused provided the relevant conditions are met and the taxpayer is able to provide sufficient evidence.’ Lawyers in the wills and estate planning field commonly advise their clients …
Continue reading "Tax Relief: Consider jurisdiction"
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Keith Dudley summarises the private client aspects of Sham Transactions The excellent introduction by the editors sets the scene and the following chapters 2-5 contain some fascinating and historical information and background. Some years ago Willoughby’s Misplaced Trust (second ed) by James Wadham was published by Gostick Hall Publications. As the title suggests, this book, …
Continue reading "Book Review: The real deal"
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Andrea Lynch considers AIB Group (UK) v Mark Redler & Co Solicitors, which has lessons on equitable compensation for breach of trust ‘As the Supreme Court noted, an awful lot has been written on the question of whether (and how) common law principles and remedies (especially in a commercial context) interact with equitable doctrines and …
Continue reading "Remedies: Hitting the target"
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