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Imogen Buchan-Smith sets out the key points of the much-anticipated GAAR ‘While the GAAR’s purpose is “the counteraction of tax advantages arising from tax arrangements that are abusive”, and the taxes included within its scope are clear, the actual arrangements that the government intends will fall within its ambit may be less so.’The introduction of …
Continue reading "Tax Planning: Curtailing abuse"
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Dawn Goodman and Geoffrey Kertesz discuss a case that clarifies the grounds upon which protectors can be removed, and also sounds a note of caution for a common practice in the trust industry Protectors who engage in conduct that is beyond their remit (and perhaps trustee-like in nature) may be placing the entire structure at …
Continue reading "Trust Protectors: Above and beyond the call of duty"
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Sharon Kenchington analyses a case that affirms the existence of a judicial ‘safety net’ to protect vulnerable adults who retain capacity so do not fall under the MCA 2005 or the Court of Protection ‘In the Re F decision, Lord Donaldson of Lymington MR affirmed the use of the common law as a ‘great safety …
Continue reading "Mental Capacity: Safeguarding adults at risk"
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Geoffrey Shindler questions the rationale of regulating will writing but not estate administration ‘Professional competence, among the will writing profession and those who are not professionals but who practise will writing, is to be regulated; those who carry out estate administration are not to be regulated. Why are the latter “excused boots”, as they used …
Continue reading "Musings From Manchester: Who regulates?"
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Hannah Herbert weighs up the pros and cons of the new statutory residence test ‘The aim of the legislation was to reflect the law as established in existing statute, case law and HMRC guidance… Now that the SRT is in place, most commentators agree that it is an improvement on the old system.’ When considering …
Continue reading "Statutory Residence Test: Objective, clear, certain?"
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Andrew Francis discusses Gudavadze v Kay, which sheds light on a rarely used jurisdiction of the court to pass over those who would normally be entitled to a grant of representation ‘Gudavadze v Kay makes it clear that s116 is a very useful tool in the probate practitioner’s work box where the absence of a …
Continue reading "Probate: A blast from the past"
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Dominic Ribet reports on whether the amendments to IHT legislation contained in the recent Budget will lead to any unintended consequences ‘The resulting economic impact of changes to the IHT legislative framework could be far greater than the HMRC has anticipated.’ The 2013 spring Budget saw George Osborne take aim at hitherto uncontroversial arrangements that …
Continue reading "Budget 2013: Deal with liabilities before death"
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Lisa Springate and Dina El-Gazzar examine the importance of the landmark decision in Re The Shinorvic Trust ‘With modern family relationships and changed social attitudes, obligations to support financially now extend to a much wider category of people. For example, illegitimate children, stepchildren, and same-sex partners.’ The decision in the recent case of Re The …
Continue reading "Equity: To the rescue"
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Duncan Bailey reviews a case that discusses to what extent a law firm is responsible for unforeseen personal tax consequences stemming from a corporate transaction when private client advice is not part of the remit ‘The introduction of a reasonably competent private client tax team would have led to them advising Mr Swain and his …
Continue reading "Duty Of Care: What is included in your retainer?"
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Manx case IFG International v French clarifies the extent to which trust protectors can be indemnified out of trust assets. Seth Caine explains ‘Counsel for the trustees had argued that any indemnity to which Mr French was entitled as a former protector was limited, and related only to any costs and liabilities incurred by Mr …
Continue reading "Trust Protectors: Obligation to indemnify?"
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