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Helen Ratcliffe analyses the UK/Swiss tax agreement and the implications for trusts ‘The agreement provides for enhanced exchange of information between the tax authorities of the two countries, beyond that already provided by the existing double taxation agreement.’ Many UK-resident individuals will have family money in Swiss bank accounts that may have been there for …
Continue reading "Switzerland: Off-piste pragmatism"
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Austin v Woodward clarifies the limits of ‘clerical error’ as a ground for rectification, as Michael O’Sullivan explains ‘Many cases of rectification are effectively uncontested because the solicitor draftsman and their insurers have an interest in the application succeeding.’ The case of Austin v Woodward & anor [2011] concerned an application for rectification of a …
Continue reading "Will Drafting: Proceed with caution"
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In his concluding article Sukhninder Panesar examines the impact of Sinclair Investments Holdings SA v Versailles Trade Finance Ltd & ors ‘Despite the decision of the Privy Council in Reid, there was a considerable body of academic opinion that suggested that a claimant’s right to trace property in equity depended not only on the finding …
Continue reading "Equitable Tracing: A change in English law"
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Amin v Amin is an interesting application of the test in Stack v Dowden, as Sofie Hoffman discusses ‘This article considers only a discrete part of the judgment relating to the determination of the beneficial interests in Kingswood Manor, particularly given the complex family relations, both business and domestic, which were governed by a mixture …
Continue reading "Constructive Trusts: House rules"
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Geoffrey Shindler looks ahead to divine what regulators might have in store for wills and estate administration ‘Core elements that seem to be involved in regulating will writing are: education of the will writer, responsibility of the office holder within the firm, conduct rules (particularly conflicts of interest), CPD, monitoring compliance with the rules, redress …
Continue reading "Musings From Manchester: New Year’s regulations"
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George Hodgson sets out the current position of FATF on trusts ‘It is worth saying at the outset that STEP is unaware of any evidence that points to trusts representing a major problem with respect to money laundering. Indeed, a recent report on worldwide trends in corruption by the World Bank found the evidence “suggests …
Continue reading "Regulating Trusts: Regulating trusts"
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Chris Walton explains why a review of online assets is an essential part of the will-making process ‘Many individuals overlook their digital assets and online profiles when making wills, perhaps because they are not so tangible as property or finance.’ Just ten years ago, the way in which we used the internet was very different. …
Continue reading "Wills: Virtual presence"
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Morley-Clarke v Brooks & ors elucidates the court’s approach to the capitalisation of a life interest under an intestacy after the time limit has expired, as Fenner Moeran outlines ‘ Morley-Clarke v Brooks & ors [2011] covers the question of the position of a spouse where the marriage was voidable for reasons of capacity or …
Continue reading "Probate: From Russia with love"
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Gill Steel examines pension by-pass trusts ‘The principle of the by-pass trust is simple. When a pension scheme member dies the lump-sum death benefit can be paid to the member’s spouse/civil partner by the scheme trustees free of inheritance tax (IHT).’Many clients have pension arrangements that provide death benefits. These clients may be thinking of …
Continue reading "Pensions: Pass it on"
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In the first of two articles, Sukhninder Panesar discusses different approaches to equitable tracing in light of the Court of Appeal decision in Sinclair ‘Until the decision of the Privy Council in AG for Hong Kong v Reid [1994], English law had argued that the right to assert equitable ownership over unauthorised gains in the …
Continue reading "Equitable Tracing: Proprietary base needed?"
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