Gedir v HMRC [2016] UKFTT 188 (TC)
June 2016 #160In 2008, the appellant (A) was employed by Bear Stearns in the risk arbitrage unit before and during the period that it was acquired by JP Morgan. A received an offer from JP Morgan to continue to work in his role at the bank, which he accepted. But ultimately in September 2008, he took up a role with Goldman Sachs instead along with other members of his team at Bear Stearns. On leaving Goldman Sachs in 2010, A received a termination payment of £627,965 which he reported in his tax return.
A claimed foreign service relief on the termination payment. The ‘foreign service’ related t...
Groves v HMRC [2014] UKFTT 858 (TC)
June 2016 #160The appellant (A) in his capacity as executor of an estate appealed against the imposition of a late filing penalty of £400 in relation to a trust and estate tax return for the year 2012/2013.
HMRC sent A a notice on 6 April 2013 requiring submission of a trust and estate return for that year by 31 October 2013 for paper returns or 31 January 2015 if electronically. On 18 February 2014 HMRC sent A a notice of penalty assessment of £100 for failure to submit the return on time. A appealed to HMRC on 4 March 2014 stating that he had written to HMRC on 27 March 2013 clarifying that ...
Haastrup v Okorie [2016] EWHC 12 (Ch)
June 2016 #160This was an application to strike out, or alternatively, for summary judgment in relation to, a claim in relation to the estate of Captain Haastrup brought by the claimant.
Captain Haastrup died on 8 October 2012 in England. On 20 January 2014, the claimant obtained letters of administration in Nigeria. On 20 June 2014, these letters were resealed in Leeds District Probate Registry. It subsequently emerged that the claimant had been injuncted by the Nigerian court to restrain him from relying on the letters of administration or from ‘parading himself as in any way as the administr...
HN v AN [2005] EWHC 2908 (Fam)
June 2016 #160HN (the wife) married AN (the husband) on 30 September 2001. In July 2000 they had chosen a property known as Brooklands Farm (Brooklands) to be their future matrimonial home; it had been purchased in July 2000 for £725,000 by a Bahamian company called WP Ltd, which was owned by a Guernsey trust called the F Trust.
The F Trust was created on behalf of AN’s grandparents by a trust deed dated 19 January 1989. In 1998 various beneficiaries had received distributions in satisfaction of their respective entitlements and from this date only AN remained a beneficiary. In July 2000...
Hood [2016] UKFTT 059 (TC)
June 2016 #160Lady Hood was the lessee of the property in Chelsea (‘the property’) pursuant to a lease (‘the head lease’) dated 21 September 1979 and made between (1) Viscount Chelsea (‘the head lessor’) (2) the Chelsea Land & Investment Company Limited (‘Chelsea land”); (3) Cadogan Holdings Company (‘Cadogan’) and (4) Lady Hood. The head lease contained a covenant by the lessee not to transfer underlet or part with possession of part of the demised premises without consent of Cadogan. The head lease also contained a right for the head lessor or the Company to forfeit the head lease for breaches o...
In the matter of F Trust –
June 2016 #160The applicants, three trustees of the F Trust and the A Settlement (the trusts), applied, pursuant to s47A of the Trustee Act 1975 and/or the inherent jurisdiction of the Court, to set aside deeds of appointment and retirement of trustees executed in 2005 and 2008, respectively, to the extent that they appointed the first defendant as a trustee.
The F Trust and the A Settlement were established in Bermuda with the same corporate trustee in 1958 and 1968 respectively. Individual trustees were subsequently appointed. The first defendant, a British resident, was appointed in 2005 (by...
Smith v Herbert [2014] EWHC 4177 (Ch)
June 2016 #160The claimant was, together with his sister and brother, a beneficiary entitled to an interest in possession in land comprised within the Edmondsham Estate (children’s property) by virtue of a deed of appointment made in 1979 in exercise of a power contained in a settlement dated 17 March 1965 created by the late TAH Medlycott. Each life tenant was given power to settle his or her share on trust for such one or more of his or her children in such shares as should be appointed by deed or will. In default of appointment, each life tenant’s children were entitled to the capital i...
Van der Merwe v Goldman & anr [2016] EWHC 790 (Ch)
June 2016 #160The claimant and first defendant were husband and wife and joint freehold owners of a property in the UK where they lived. Up until March 2006 the claimant and first defendant were treated as domiciled in South Africa. However, from 6 April 2006 they would be treated as domiciled in the UK for inheritance tax purposes. In November 2005 the claimant took advice on mitigating the consequences of being treated as domiciled in the UK for the purposes of inheritance tax. He was advised that his position would be improved if he placed the property into an interest in possession settlement.
...PJV v Assistant Director [2016] EWCOP 7
May 2016 #159This judgment was supplemental to an earlier judgment of Charles J in this case delivered last year ([2015] EWCOP 87). PJV suffered significant cognitive and behaviour problems as a result of non-accidental head injuries he experienced as a baby. His mother made a claim under the Criminal Injuries Compensation Scheme (CICS) for an award in respect of this injury. PJV lacked capacity under the Mental Capacity Act 2005 to litigation or to accept an award from the Criminal Injuries Compensation Authority (CICA). It was determined that the award would be held for PJV on trust as a condition ...
Re SH [2016] EWCOP 2
May 2016 #159SH, who was aged 93, lived with her granddaughter, FJ, in Walthamstow. She had three sons, two of whom, RL and KLC, also lived in London. In April 2002, RL paid the entire purchase price for his mother’s flat and, by a trust deed, SH acknowledged that he was the beneficial owner subject to her right to live there for as long as she wished on payment of all outgoings. Six years later, on 23 April 2008, SH made two lasting powers of attorney (LPAs), one for property and affairs and one for personal welfare, whereby she appointed RL to be her sole attorney. Subsequently, on 17 July 20...