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Prest emphasises that it is unfeasible for the Family Division to take a differing approach to other divisions when piercing the corporate veil. Suzanne Todd explains ‘The recent decision of the Supreme Court in the case of Prest has far-reaching effects, way beyond the boundaries of the Family Division.’ Most people are familiar with Jane …
Continue reading "Divorce And Trusts: Trusting Prest"
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Emma Jordan and Patricia Boon assess the impact of the US’s FATCA on trusts ‘The introduction of FATCA may be seen as part of the continued development towards achieving a “white list” standard of tax compliance internationally’.The US government published the final regulations under the Foreign Account Tax Compliance Act (FATCA) in January. The following …
Continue reading "Trusts: Clamping down"
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The Court of Appeal case of Thomas v Jeffery reminds practitioners that even late disclosure does not fetter a judge’s discretion on costs. Laurie Scher reports ‘Thomas v Jeffery [2012] is now an important authority on the way that a trial judge should approach costs in Inheritance Act claims, and on the limited relevance of …
Continue reading "Inheritance Act 1975 Claims: Counting the cost"
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Laura John sets out the lessons to be learned from Challinor v Bellis on handling the client account ‘An escrow arrangement is dependant on an enforceable contract or undertaking not to treat the funds transferred by X as the property of Y unless and until the escrow event or condition is satisfied.’This article considers the …
Continue reading "Client Monies: Ascertaining the money trail"
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Marilyn McKeever examines the UK treatment of usufructs ‘In effect, a usufruct and bare ownership are equivalent to an interest in possession and absolute remainder and this is how HMRC will treat them.’ HMRC has confirmed its view of the inheritance tax status of a usufruct in its Trusts and Estates Newsletter for April 2013. …
Continue reading "Usufructs: When is a settlement not a trust?"
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Alastair Collett and Tim Hayes discuss some of the perils at the intersection of the private client and immigration worlds, perils increased by stringent new rules ‘This evidential test is far more onerous and prescriptive than was previously the case and requires careful planning, which will need to take place well in advance of an …
Continue reading "Private Client And Immigration: Not all plain sailing?"
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Simon v Byford demonstrates that the courts will not set aside lightly a will because the testator has failing cognitive faculties. Harriet Atkinson and Zahra Kanani analyse the case ‘The case highlights that for testamentary capacity to be present, the test in Banks v Goodfellow must be satisfied.’ There has been a sharp rise in …
Continue reading "Testamentary Capacity: Satisfying Banks v Goodfellow"
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Sian Hodgson gives the lowdown on executor’s costs in litigation, with reference to the recent case of Taylor v Saunders ‘An executor who has been involved in the preparation and execution of a will, in which he is also appointed executor, may naturally wish to “defend” that will’ The issue of an executor’s costs in …
Continue reading "Executor’s Costs: Neutrality is key"
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Lynsey Oakdene and Camilla Dalzell discuss the definition of a Quistclose trust and the circumstances in which a court will find that one exists, following Tuthill ‘A Quistclose trust arises in circumstances where a transferor transfers money to another with the intention that the money is to be used for a specific and exclusive purpose.’ …
Continue reading "Quistclose Trusts: Clear segregation"
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Spurling v Broadhurst confirms the court’s current approach in placing emphasis on the intention of the testator rather than strict rules of will construction. Daisy Boulter investigates ‘The court in Spurling took a broad range of evidence into account, including the testator’s characteristics, in deciding how to construe the gift in remainder clause.’ In Spurling …
Continue reading "Residuary Gifts: Intention not precedent"
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