Articles & Video
It is trite law that a trust has no legal personality - it is the trustees who are personally liable for the debts (and other liabilities) of a trust, subject to a right of indemnity from the trust fund where such liabilities are properly incurred.
Litigation and Privilege: when is there really a dispute?
The cloak of privilege can be an invaluable tool in any legal matter providing the security of knowing that communications or advice will not at some later date become disclosable to an adverse party.
Trust Law Amendments
The Trusts (Amendment No. 7) (Jersey) Law 2018 (the Amendment Law), which came into force on 8 June 2018, refines and further enhances Jersey's trusts legislation, the Trusts (Jersey) Law 1984 (the Law). Here, Carey Olsen senior associate Nichola Aldridge summarises the key provisions of the Amendment Law.
The Court of Protection in Re HH  has returned to the vexed question of the court’s power to retrospectively approve payments made by attorneys who have exceeded the very limited powers of gifting prescribed by the Mental Capacity Act 2005 (MCA 2005).
Hastings Bass in the Channel Islands
The rule (or principle, as it is often referred to) is taken from the decision in Re Hastings Bass in the English Court of Appeal in 1975.
Setting aside subsequent transfers to trusts - Jersey's statutory law of mistake in operation
The enactment of the Trust (Amendment No 6) (Jersey) Law 2013 (Amendment 6), saw Jersey introduce a statutory basis for relief to be granted for mistake in the form of Article 47E of the Trusts (Jersey) Law 1984 (the Law). There have been a number of decisions of the Royal Court in this area since then, although until the decision in In the Matter of the D, E and F Trusts those cases were decided on the basis of the pre-existing law.
Variations of Jersey trusts: relevance of settlors’ views and public policy
The Royal Court of Jersey has recently approved (on behalf of minor, unborn and unascertained beneficiaries) variations of two trusts established by a late Settlor whereby the beneficial class of each trust was to be widened beyond the parameters that the Settlor had set out during his lifetime.
In considering the application, the Court made observations about the relevance of the Settlor’s firmly held views to the Court’s discretion to approve the variation, and also addressed potential issues of public policy.
Probate in international litigation
Several recent decisions have highlighted some of the issues that can arise where those claiming through a deceased person are parties to proceedings in a place other than the place where the deceased was domiciled.
Hot off the Press: On SRIP trusts, Singapore blinks… Or, is that a wink?
On 18 July, Singapore published adjustments to its OECD CRS FAQs (available here), featuring modification of the guidance on settlor reserved investment power (SRIP) trusts. In the prior version of the FAQ (as analysed in my blog of 25 April), the Inland Revenue Authority of Singapore (IRAS) stated in FAQ B.5 that a SRIP trust would not qualify as an FI because the manager of the assets held by the trust (i.e., the settlor) would not itself be an FI. The revised version is no longer so certain.
Beddoe Relief: Case study from the Grand Court of the Cayman Islands
In the case of X (as Trustee of the A Trust) v Y (as Beneficiary of the A Trust) (unreported) 15 March 2017, Smellie CJ, the Grand Court of the Cayman Islands granted Beddoe relief to a trustee in circumstances where a successful third party claim would have exhausted trust assets. Partner Rachael Reynolds and Associate Shaun Maloney assess the decision's potential ramifications
The Difficulties (but not impossibility) of Challenging Wills Prepared by Solicitors
In recent years we have noticed an increase in claims being brought which challenge the validity of a will. The reasons for this increase have been previously commented on by many, but the general feeling is that an increasing elderly population, an increase in the diagnosis of medical conditions such as dementia, and even perhaps a growing sense of entitlement by hopeful beneficiaries are all contributing factors.
Disclosure to Successor Trustees
The Investec litigation in Guernsey has done much to enrich our trust law, not to mention our trust lawyers. Numerous points have come before the Royal Court and the Court of Appeal and some are slowly trundling towards the Privy Council.
GFOS' Responses To The Further Consultation Paper Of 19th August
The UK is the world’s leading financial centre and is a destiny of choice for many ultra-high net worth (UHNW) individuals
If the UK wishes to capitalise on its strengths and send a consistent and clear message to the world that it is open for business, it needs to understand where it is, where it wishes to go and how to get there, post Brexit.
IHT & Non-UK Charities: Was the residue of an estate ‘given to charities’ for IHT purposes?
The Court of Appeal has confirmed that a legacy to non-UK charities did not qualify for the inheritance tax exemption in IHTA 1984 s.23 as it was not ‘given to charities’. The question of whether this interpretation complies with EU law was deferred to a later hearing
Client Notifications Concerning International Tax Compliance
International Tax Compliance: Regulations have been issued requiring financial institutions and service providers, such as tax advisers, to issue notifications to those who are ‘specified clients’ on 30 September 2016.
Onshore Vs Offshore Jurisdictions – Is There Really A Battle?
Over the past few months the issue of offshore jurisdictions and the role they play in the global economy has come under extreme scrutiny, especially from onshore governments seeking to increase tax revenues. The recent Panama Papers Leak has only served to fuel the flame and has resulted in more people who know very little or nothing at all about offshore jurisdictions calling for their demise.
Worldwide Disclosure Facility: Offshore Assets Last Chance New Disclosure Facility Offers ‘Last Chance’ For Those With Undeclared Offshore Interests
Last week HMRC launched the new Worldwide Disclosure Facility (WDF) – a new online facility which provides a ‘last chance’ to those who want to disclose a UK tax liability that relates wholly or partly to offshore interests. Unlike previous facilities, the WDF offers very little in the way of carrot, and rather more in the way of stick given the new sanctions that are set to be introduced in 2018.
AEOI: Status of Implementation in Switzerland
Last month, the Swiss Federal Tax Administration (SFTA) published the much anticipated draft version for the Guideline: Standard for the Automatic Exchange Of Information with regard to financial accounts - Common Reporting Standard ("Draft AEOI-Guideline").
The Stiglitz Factor
Now we have the unfortunate resignation in August of Messrs. Stiglitz and Pieth from the Panama Papers committee, an embarrassment to the Panamanian government and which has been widely covered by television, blogs and newspapers.