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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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Geoffrey Shindler comments on the Autumn Statement ‘Of course we have to remember that the whole issue of War Loan was government chicanery at its very worst.’ Remember that old file of papers that you stuffed away in a dirty brown envelope and which you were under matrimonial pressure to consign to the paper recycling …
Continue reading "Musings From Manchester: Good news for hoarders?"
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Sukhninder Panesar explains the importance of the court’s recent decision in Cotton v Cardigan [2014] to trustees’ powers ‘From a practical point of view, the decision reaffirms the need for trustees and their legal advisers to make sure that they have prepared and presented such applications with detailed evidential matters.’ The much publicised sale of …
Continue reading "Trustees: A momentous decision"
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Paul Davidoff sets out the implications of ss177-178 of the Finance Act 2013 ‘The election permitted by ss267ZA and 267ZB IHTA now provides a new way to avoid the otherwise unavoidable limitation on the spouse exemption and the ensuing problems.’Glad tidings of great joy were declared last year for mixed domiciled married couples and civil …
Continue reading "Finance Act 2013: Spouse exemption – good news for mixed-domicile couples?"
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Peter Nellist gives the lowdown on the proposed IHT exemption for emergency services personnel ‘With IHT anticipated to affect about 10% of the population, coupled with the current push by HMRC to maximise tax receipts, the existing exemption is a standard bearer for what is morally right.’ Tucked away in para 2.89 of HM Treasury’s …
Continue reading "IHT: The humane approach"
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Amanda Noyce examines Hart v Burbidge [2014] and its lessons on the presumption of undue influence and lifetime gifts ‘Although the law of undue influence in relation to probate cases is a difficult hurdle to overcome, the law relating to lifetime gifts, where the donor may (or may not) now happen to be dead, may …
Continue reading "Undue Influence: Follow your nose"
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Sheffield v Sheffield clarifies liability for historic breaches of trust. Douglas Rhodes explains ‘There could be no real doubt that the true effect of the 1983 declaration was deliberately concealed from the claimant, as the true effect of the declaration was never explained to him.’ At its core, the facts of Sheffield v Sheffield [2014] …
Continue reading "Trusts: Anything to declare?"
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Dominic Lawrance and Mark Summers review the impact of the UK/Swiss tax co-operation agreement two years on ‘The TCA imposes obligations on Swiss banks which hold assets for trusts where there is a UK resident settlor or beneficiary.’ The UK/Swiss tax co-operation agreement (TCA), or ‘Rubik’ agreement, was brought into force on 1 January 2013. …
Continue reading "Switzerland: Solving the puzzle"
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Geoffrey Shindler considers how much children should know about their parents’ wealth ‘I have the feeling that some of us are more comfortable dealing with beneficiaries and exercising or not exercising the powers of appointment vested in us as trustees than we are dealing with the same issues which confront us as parents.’ WS Gilbert …
Continue reading "Musings From Manchester: Wealth and safety"
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Alexander Learmonth examines the effect of the Supreme Court’s decision on the costs of the claim for rectification of a will in Marley v Rawlings [2014] ‘When advising clients contemplating the risks of litigation, litigators should continue to adopt a cautious approach; clients must be ready to negotiate in good faith, rather than relying on …
Continue reading "Trust And Probate Claims: Counting the cost"
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