Oates & anr v HMRC [2014] UKUT 0409 (LC)
Wills & Trusts Law Reports | January/February 2015 #146Mr and Mrs Oates (the appellants) were taxpayers who had sold their home together with a substantial piece of scrub land with development potential for £725,000. The gain on the sale of the appellants’ home and garden was exempt under s222 of the Taxation of Chargeable Gains Act 1992 (TCGA) but capital gains tax was payable on the land. Section 52(4) TCGA required the apportionment between the value of the land and the house to be on a ‘just and reasonable basis’ however no method is laid down in the legislation to assess this.
<...Re English & American Insurance Co Ltd; Re the Trustee Act 1925 HC13C02801
Wills & Trusts Law Reports | January/February 2014 #136This was an application by the trustees of a trust arrangement forming part of Schemes of Arrangement following the insolvency of English & American Insurance Company Ltd (EAIC). The trustees were unable to make distributions to the vast majority of beneficiaries under the trust owing to the existence of a small subset of beneficiaries who potentially had rights under the fund. Accordingly the trustees made an application under s57 of the Trustee Act 1925 for power to apportion the trust fund or alternatively for power to make interim distributions either under the court’s...