Futter v HMRC and Pitt v HMRC: an offshore perspective
On 9 May 2013 the Supreme Court of England and Wales handed down its judgment in the jointly heard appeals of Futter v HMRC and Pitt vHMRC UKSC 26. The judgment has provided the courts of England and Wales with certainty on the so-called ‘rule in Hastings-Bass’ and on the setting aside of voluntary dispositions on the grounds of mistake.
The judgment does not have a direct impact upon offshore jurisdictions, but those working in the fiduciary industry will inevitably wish to take note of the Supreme Court’s decision, of the potential for offshore courts to follow suit and of the possible legislative responses. This article seeks to explain the key findings of the Supreme Court and what they may mean for those working offshore…
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