Bainbridge v Bainbridge [2016] EWHC 898 (Ch)
Wills & Trusts Law Reports | July/August 2016 #161The claimants, who were father and son, farmed together in partnership Seamer Grange Farm. They were advised to place this property in trust and that there would be no capital gains tax chargeable on the transfer. The first claimant, who held the legal title, transferred the partnership land to the trustees of a discretionary trust which was created by a trust deed dated 24 June 2011. Unfortunately, the advice which they had been given was incorrect; capital gains tax was exigible on the transfer, amounting to more than £200,000 plus interest and possible penalties. The claimants and def...
Libertarian Investments Ltd v Hall FACV Nos 14 & 16 of 2012
Wills & Trusts Law Reports | March 2015 #147W and the defendant embarked on a project with the aim of acquiring a substantial interest in an English company, TSE, which started with the acquisition of 125,000 TSE shares in 2002 (the first tranche). In 2003 they attempted to make additional acquisitions of TSE shares, such attempts involving three of W’s companies, including the plaintiff. The overall scheme was that funds would be provided by one company, Assanzon, for the acquisition of shares for another company, Momentum, which were held for its beneficial owners which were principally the plaintiff company, Libertarian. The fu...