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Amanda Mochrie and Erin Trimble-Cregeen highlight how trustees can protect themselves from the consequences of an ‘insolvent’ trust ‘Trustees and their advisers would be well advised to review those trusts where they are a Guernsey trustee of a Jersey law trust and to consider changing the law of the trust.’ The recent judgment in the …
Continue reading "Trustees: Island exposure"
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Geoffrey Shindler looks forward to a break from the cares of practice this holiday season ‘At least on holiday we are spared from worrying about the complexities of modern legislation and can sit in our deck chairs contemplating the simplicities of those who lived a 100+ years before us.’ As far back as springtime we …
Continue reading "Musings From Manchester: R & R"
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Marilyn McKeever finds an absence of ‘joined-up thinking’ in current tax policy concerning residential property ‘Over the last couple of years, the rules have changed with alarming rapidity and as fast as property owners and their trustees react to one lot of changes, the goalposts whizz off in a different direction.’The hallmarks of a good …
Continue reading "Opinion: Ever-moving goal posts"
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Benedict Sefi outlines the lessons to be learned from Fischer v Diffley [2013] ‘In some cases of disputed wills and perfected transactions the disputed events may be many years before the trial and witnesses may be few: in some cases the burden of proof may be of critical importance.’ On 18 December 2013 His Honour …
Continue reading "Testamentary Capacity: Caution is key"
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Lloyds Trust Co (CI) Ltd v Fragoso [2013] provides clarification for Jersey on how trustees hold assets derived from bribes in a trust. Alexa Saunders gives the lowdown ‘In Fragoso [2013], the Royal Court of Jersey was in a position to make its own decision as to whether to follow Reid [1993] or Sinclair [2011].’ …
Continue reading "Bribery And Constructive Trusts: Channelling dirty money"
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Sarah Saunders considers where the powers of HMRC could lead ‘HMRC are introducing intelligent technology, including the Connect system, to spot suspected tax evaders… This will be very effective if they are trained to understand that this kind of technology can only throw up probabilities, not guaranteed answers.’ It was a bright cold day in …
Continue reading "Tax: Big Brother is watching you?"
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Geoffrey Shindler finds the idea that HMRC is allowed access to bank accounts without a court order incompatible with our parliamentary democracy ‘HMRC tell us that these powers will affect only 17,000 people a year and only if the debt is over £1,000 and, further, only if there is £5,000 or more left in the …
Continue reading "Musings From Manchester: Smash and grab"
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Marilyn McKeever gives the lowdown on the Fourth Money Laundering Directive ‘Like motherhood and apple pie, combating money laundering and tax evasion must be “a good thing” but it should not be assumed that trusts are automatically used for these purposes.’ Trustees these days could be forgiven for developing a persecution complex. It seems to …
Continue reading "Opinion: Too much information"
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Suzanne Todd and Luca Del Panta examine the future of pre-nups in the light of the Law Commission’s report ‘“Needs” in the context of a pre-nuptial agreement can be significantly less than they would otherwise be. But where the guillotine falls in any given case is intensely fact-specific.’ When, in October 2010, the Supreme Court …
Continue reading "Pre-Nuptial Agreements: Turning of the tide"
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The scope of the retainer is in question in Mehjoo v Harben Barker. Kate Rees-Doherty explores the implications ‘This case serves as an important reminder for us all of the need not only to couch our retainer/engagement letters in appropriate terms but also to consider whether there are any specific issues on which we are …
Continue reading "Tax: City limits"
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