In the matter of the E Trust and the F Trust: mistake
This case concerned an application by the representors, in S and his mother WS to set aside the E Trust on the grounds of mistake. The application was brought by Carey Olsen advocate and partner Andreas Kistler.
The E Trust was established on 1 August 2001 pursuant to an instrument made between WS, who was believed at the time to be a UK resident but non-domiciled, and the trustee. The trust was governed by Jersey law. The initial trust fund was in the sum of £1,000, which was provided by WS. The beneficiaries of the trust were NS, his children and remoter issue and his two sisters. NS’s wife KS, was added as a further beneficiary in 2005.
Shortly after the trust was established NS transferred shares in a property investment company to his mother and she accepted those shares on the basis that she would settle them on trust. NS understood, from the tax advice received, that to do so would allow him to save tax in the UK…
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ESMA has concluded that ‘no obstacles exist to the extension of the passport to Guernsey and Jersey’.