January/February 2021 #220 – Law Journals

Musings from Manchester: May you live in interesting times

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Geoffrey Shindler looks ahead to 2021 and the possibility of a new wealth tax The problems of a wealth tax in 2021 are not fundamentally different from the issues that were faced and rejected in 1974. I will lay a pound to a penny that when you woke up on 1 January 2020 you did …

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Wealth Tax Commission: A taxing question

Jo Summers and Ramandip Kaur examine whether it is time for a wealth tax The report highlights that wealth has been rising in the past 70 years, which has made the introduction of a wealth tax potentially more lucrative. A lot has been said recently about the state of the UK’s finances and how Rishi …

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Proprietary estoppel: An unusual plot

Katie Alsop discusses a proprietary estoppel claim that succeeded despite little documentary evidence and the claimants not being family members With the benefit of hindsight, this case would have been eminently suitable for mediation. It does act as a stark reminder of the obligation on practitioners to discuss with clients the expectations of the court …

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Beneficial ownership: Marring the deal

Context is everything when defining the common intention constructive trust. Aidan Casey QC and Tom Poole discuss recent case law Marr has changed the way courts should approach disputes about the beneficial ownership of family-owned investment property portfolios. It has been recognised since the decisions of the House of Lords in Pettitt v Pettitt [1970] …

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Trusts: Keeping up with the times

The interests of illegitimate or adopted persons can be problematic when dealing with older settlements. Richard Dew explores an illuminating case An issue which all the beneficiaries and the trustees wished to be resolved in favour of the illegitimate child was resolved by means of a relatively straightforward appointment and application to court rather than …

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Offshore: Roadtesting the law

Robert Lindley and Wesley O’Brien give the view from the Cayman Islands on how trustees should deal with extraterritorial questions about a trust The basis for seeking Beddoe relief was in accordance with the firewall provisions, whereby all questions arising in relation to a Cayman law trust are to be determined in accordance with Cayman …

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Jersey trusts: To submit – or not?

Katherine Neal and Damian Evans investigate whether trustees can take comfort from a recent Jersey decision on involvement in foreign proceedings Only in exceptional circumstances would the Royal Court direct a trustee to take part in foreign proceedings where the assets of the trust could be recovered by a third party. In a world of …

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Trustees: Going the extra mile

A Cayman court judgment has affirmed the expectations levelled upon a responsible trustee. Lisa Vizia explains A devout Muslim, it was the settlor’s express wish that on his death his assets should be dealt with in accordance with Islamic (shari’a) inheritance laws. A trustee’s work is seldom straightforward and perhaps never truly ends. The professional …

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