Personal tax / Trusts
New amendments to the Russian Tax Code regarding de-offshorisation will enter into force on 1 January 2015.
These two cases are helpful in terms of how the court sees the inter-relationship between the new article 47 test for mistake and the pre-existing provision of the TJL at article 11.
Memery Crystal’s Tim Crosley and Naomi Lawton give their views on the 2014 Autumn Statement and the Draft Finance Bill 2015 clauses for PLCs
Katie Hooper was sworn in before the Royal Court of Jersey on 1 December and Matt McManus was admitted as a solicitor on 18 December.
Governments’ efforts to curb what they perceive to be aggressive international tax planning is leading many multinational companies to question their tax advice.
Extended through the end of this year are a host of tax-related deductions and credits that affect businesses and individuals, among them the work opportunity tax credit.
Spain reforms its tax regime download
Spain’s recently published tax reform measure modifies the tax regime for companies, individuals and non-resident taxpayers.
What must the Crown plead and how must she plead it? This question became an issue in the Tax Court’s recent decision in Legge v The Queen.
Shepherd and Wedderburn Financial’s Sarah Tory, a personal financial adviser, has welcomed the recent proposals on tax.
The Ogier partner was named in Eprivateclient’s list of the top 50 most influential people and Who’s Who Legal: Private Client 2014.
The DIFC has released a month-long public consultation on its draft rules relating to succession and inheritance matters for non-Muslims with assets in Dubai.
Update — VAT on pension costs download
On 25 November, HMRC issued two Revenue & Customs Briefs. Eversheds has set out the background and a suggested way forward.
This briefing is primarily intended to help service providers and charities understand how the law might affect them, and how they should respond.
Gateley’s Manchester office has welcomed four new lawyers to its private client team.
This briefing note provides a summary of the additional text provided in bulletin 2014/1.
It should go without saying that everyone should have a will. The consequences of dying without one (intestacy) can be disastrous.
Estate planning: an investment download
Arguably, your will is the single most important document you will sign during your life.
The complainant’s daughter was employed by the Royal Borough of Kensington and Chelsea (RBKC) and was a member of the LGPS.
Changes are to be made to the 55 per cent tax charge that applies when some lump-sum death benefits are paid from a registered pension scheme to a member’s estate.
Last month, there were two positive regulatory updates relevant to the domestic funds industry.
Jan Golaszewski, a dispute resolution and litigation specialist, has been promoted to partner in Carey Olsen’s Cayman Islands office.
Ed Balls has pledged to introduce a ‘genuine deterrent’ for those seeking to aggressively avoid tax, if the Labour Party wins the next general election.
A shot in the arm for investment funds? Tax pass-through status for a contributory trust, regarded as revocable transfer download
The Bangalore Bench of the Income Tax Appellate Tribunal has provided much needed clarity on the scheme of taxation of investment funds structured as trusts.
Alison MacKrill has been given a Founder’s Award for Outstanding Achievement from the Society of Trust and Estates Practitioners (STEP).
Is the Canada Revenue Agency (CRA) entitled to notice of a rectification application? In Brogan Family Trust, the Ontario Superior Court of Justice said ‘no’.
Conyers has been awarded eight top rankings in The Legal 500’s 2015 edition. The firm’s offices in Bermuda, the BVI, Dubai and Hong Kong all received a tier-one ranking.
Chambers UK has placed Wragge Lawrence Graham & Co in 43 categories, 17 of which are in Band 1.
Ogier is expanding in Jersey with the recruitment of partner Matthew Shaxson from Mourant Ozannes.
Guernsey’s Court of Appeal has handed down a further judgment in the long-running Guernsey litigation concerning the Tchenguiz Discretionary Trust.
Mourant Ozannes has announced three internal promotions to group partner with effect from February.
Jersey private trust companies download
This briefing note considers key issues relating to the establishment and use of a Jersey PTC in the context of private wealth management.
Five of the practice groups at B P Collins have been awarded a band-one ranking in the 2015 edition of Chambers UK.
This article looks at some issues that often arise with property being gifted in wills. It looks at some of the pros and cons of the most common types of gift of property.
In a recent case, a Devonshire business woman was found guilty of forging her partner’s will after he took his own life — in order to prevent his estate going to his estranged wife.
Paul Christopher, Hong Kong managing partner at Mourant Ozannes, recently joined a delegation from Guernsey Finance in China.
Jersey is a leading jurisdiction for the establishment and management of trusts.
This act makes a number of changes to the rules relating to intestacy; the Inheritance (Provision for Family and Dependants) Act 1975; and trustees’ powers.
The firm has reinforced its pre-eminent position in Leeds and Manchester, securing more Tier One rankings than any other law firm.
Purpose trusts have become an increasingly important part of the Trusts (Jersey) Law 1984 (as amended).
Following a six-year project by the Law Commission, the Inheritance and Trustees’ Powers Act 2014 came into force on 1 October.
Duties of private trustees download
A private trustee’s duties can be onerous and it is important that a trustee is aware of them before accepting the office of trustee.
Trusts and Trustees Journal has published an article by Outer Temple Chambers’ David Russell QC.
Sally Edwards, partner and head of the private client and trusts team at Ogier, has been shortlisted for the Citywealth Power Women Awards 2015.
An increase in the inheritance tax threshold could be on the horizon, after David Cameron dropped a hint in the Commons that he might favour such a move.
Mourant Ozannes has advised Pershing Square Holdings Ltd on all Guernsey-related aspects of its conversion from an open-ended to a closed-ended registered fund.
It has been more than a year since the introduction of the ‘charitable incorporated organisation’ or CIO. The new structure has proved a success.
Employee benefit trusts — why they continue to be a useful tool for companies looking to deliver benefits to their employees download
A well-structured employee incentive arrangement operated through an employee benefit trust can still deliver real value to a company and its employees.
Wragge Lawrence Graham & Co’s contentious trusts team has won The Legal 500’s Private Client Specialism of the Year award.
Wragge Lawrence Graham & Co’s French tax experts address some of the main issues that individuals owning French residential property should consider.
Doing Business in Australia download
This guide provides sound, practical advice on the relevant laws and regulations for foreign companies looking to invest in Australia.
In certain situations, the taxpayer and the CRA may take a different view on the interpretation and effect of a document, which could lead to an unintended tax result.
According to The Legal 500, following the merger of Wragge & Co and Lawrence Graham in May 2014, the firm has ‘more strength and depth as well as wider international coverage’.
The Security Interests (Jersey) Law 2012 came into force on 2 January 2014. It updates the current law relating to security interests in intangible movable property.
B P Collins has been named as a ‘regional heavyweight’ for the first time in the 27th annual Legal 500 league tables and achieved top-tier status in five practice areas.
Inheritance tax is generally paid on the value of a person’s estate when they die, although rather confusingly it can also be payable during someone’s lifetime against trusts or gifts.
The Law Commission has called on the government to create new rules giving trustees of charities the explicit, statutory power to make social investments.
The new release of The Legal 500 UK has ranked Carey Olsen in tier one across all of its 16 practice categories in the Channel Islands.
New inheritance laws take effect download
The government has simplified the laws that deal with the estates of people who die without leaving a will behind.
A frequent question for pension lawyers is the extent to which trustees are required to give reasons for their decisions.
A study released by Investec Wealth & Investment Management earlier this year found that almost two thirds of UK adults have not written a will.
In various courts, convicted criminals may face the possibility of a confiscation order being made against them so as to prevent them from benefitting from their crimes.
The Royal Court of Jersey has on four occasions clarified the extent and effect of its powers, both new and existing, in relation to mistaken dispositions of property to a trust.
The Royal Court has declined to strike out proceedings brought by the successor trustee and manager of three unit trusts against the former trustee and manager of those unit trusts.
The Guernsey Court of Appeal has recently confirmed that the court has the power to require beneficiaries to provide information to trustees.
Crociani is a significant ruling with far-reaching effects for contentious and non-contentious trust lawyers all over the world.
A comparison of limitation/prescription periods in the BVI, the Cayman Islands, Guernsey and Jersey download
In this briefing, Mourant Ozannes provides a comparison of the applicable limitation/prescription periods in the BVI, the Cayman Islands, Guernsey and Jersey.
The basis of inter vivos trusts in South Africa is that a trust is created by the disposal by a person of assets to a person or persons to be administered for the benefit of a specified category of persons.
Barnea & Co has extensive experience in advising on trusts and estates and on the legal issues arising in the management of family wealth.
GRATA Law Firm managing partner Rashid Gaissin has attended the InvestPro — Kazakhstan 2014 conference, which was held in Almaty.
Bankruptcy and liquidation trusts: under what conditions can they be recognised in the Italian legal system? download
The Italian Supreme Court of Cassation has ruled that trusts can be recognised in Italy, when the settlor is insolvent, only if they are consistent with the purposes of the procedure.
Eprivateclient’s ‘Top 35 Under 35’ list recognises Wragge Lawrence Graham & Co private capital associates Alistair Robertson and Katie Coles.
The department dealing with private equity, trusts and mergers and acquisitions is one of King & Capital’s most active teams.
Comparison between the forthcoming private wealth foundation and the philanthropic foundation in Luxembourg download
This article aims at differentiating the respective characteristics of each kind of foundation and highlighting their compatibility.
The government has accepted almost £125m worth of works of art and other heritage objects in lieu of inheritance tax, according to official figures.
Minter Ellison SA/NT has announced another strategic lateral partner appointment — the third in three months. Jeremy Rees joins the firm’s corporate team.
On 17 May 2011, the National Assembly adopted the Law on Notary Public, which came into effect on 1 September 2014.
A private trust company is a privately owned corporate trustee whose sole purpose is to act as trustee to a trust or group of ‘connected’ trusts.
The Bermuda government recently approved an amendment to Bermuda’s trust legislation.
Our tax team is integral to the way the firm serves its clients and has particularly close working relationships with all the firm’s departments involved in a transaction.
Partner — Manchester
Shepherd and Wedderburn has announced the first in its series of wealth management briefings, which will run in both Edinburgh and Glasgow.
This briefing discusses some of the issues to be considered by trustees of Guernsey trusts and their advisers when foreign couples connected with the trust divorce.
Africa InBrief — August 2014: the use of evidence obtained from social media; immigration lockdown; and more download
Eversheds has published the August 2014 issue of its Africa InBrief publication.
This team provides comprehensive and clear advice on what is often a challenging and complex area of law to clients around the world.
Employers, pension managers, pension fund chairs and independent trustees all choose our award-winning pensions team for a tailored service.
This is an experienced, commercially focused team with a network of international offices.
Investec Trust (Guernsey) Ltd et al v Glenalla Properties Ltd et al: Guernsey Court of Appeal holds trustee not personally liable download
The Court of Appeal of Guernsey has overturned the decision holding the Guernsey-based former trustees of a Jersey law trust personally liable to repay debts amounting to £183m.
Boyanov & Co provides advice in connection with wealth management, tax planning, business and personal relocation, family law matters and employment law advice.
Families of missing people could soon be allowed to take control of their absent relative’s legal and financial affairs.
A recent case involving two Arcadia pension schemes shows the court allowing a switch from RPI to CPI, for both past and future service.
Budget 2014: legislation published download
Hot on the heels of the government’s response to consultation in July, we now have a draft Taxation of Pensions Bill.
A recent decision dealt with the validity of amendments made to a trust deed and offers up some useful general principles for interpreting pension scheme documents.
This judgment in the Court of Appeal considered an appeal on one part of the judgment of Lieutenant Bailiff Chadwick (the Judge) of December 2013.
Simon Newsham, partner in Winckworth Sherwood’s tax team, has been quoted in the Daily Mail in relation to inheritance tax.
A lasting power of attorney gives authority to another person to make decisions on behalf of the donor if the donor loses mental capacity.
BWB’s legacies and probate disputes team is made up of experienced lawyers from a range of disciplines.
Craig Williams, partner and wills and litigation expert at B P Collins, has warned about the potential risk of ‘DIY probates’.
With a flurry of reading material and a hailstorm of new acronyms, the draft Taxation of Pensions Bill has been published for consultation.
Our private client team takes time to understand your needs and will translate your wishes into clear and concise legal documents that meet your objectives, now and in the future.
Our private client team advises private clients and their families on all matters relating to matrimonial property and succession law.
From 1 October 2014, new rules are expected to come into force to help streamline the presumption of death procedure in England and Wales.
Included in the Queen’s Speech on 4 June were announcements of two new pension bills: the Private Pensions Bill and the Pensions Tax Bill.
Inheritance tax hits record level download
ONS statistics have revealed that households paid more in inheritance tax last year than at any other point since the beginning of the recession in 2008.
Verkhovna Rada has approved Law #4309a ‘On amendments to Tax Code of Ukraine and other legislative acts (on improvement of certain provisions)’.
From April 2015, individuals will have total freedom over how they use their pension savings.
The government has published its response to the ‘Freedom and choice in pensions’ consultation. Individuals aged 55 or over will be able to access their entire DC pension flexibly.
This case serves as a useful reminder to trustees on how to exercise their discretionary powers and the importance of proper process.
The government has published a response to its consultation on the radical changes to the pensions system announced as part of the Budget 2014.
The government has issued its response to the consultation on the Budget proposals to introduce pension flexibility for DC pension savings from April 2015.
Partner and head of tax and estate planning
The Trusts (Special Provisions) Amendment Act 2014 provides certainty regarding how far settlors can go without calling the validity of the trust structure into question.
The summer edition of Eversheds’ UK Pensions Agenda is out. It summarises 10 key issues affecting UK pension plans and plan sponsors.
The Inheritance and Trustees’ Power Bill received royal assent on 14 May to become the Inheritance and Trustees’ Power Act 2014.
Collyer Bristow can assist you in ensuring that your assets are preserved for future generations, taking into account issues such as taxation.
Starting on 1 April 2014, the New York estate tax exemption (in addition to amounts passing to, or to a qualifying trust for, a surviving spouse or a charity) was increased from $1m to $2m.
Thouron v US: Third Circuit holds reliance on counsel may relieve penalties for late payment of taxes download
In Thouron v United States, the Court of Appeals for the Third Circuit held that reliance on tax advice may establish a reasonable cause defence to failure to pay penalties.
Carey Olsen has promoted seven lawyers, including three in Guernsey, one in London and three in Jersey, with effect from 1 July 2014.
Statistics suggest that more than 450,000 cross-border successions occur in the EU every year, representing a value estimated to be worth more than €120bn.
Who can inherit if someone dies without leaving a will: new intestacy rules in force October 2014 download
From October, different rules come into force on how assets should be distributed when someone dies without making a will.
Tantular v AG: Royal Court in Jersey provides clarification as to the impact of saisies judiciaires on discretionary trusts download
A saisie judiciaire may not be granted over the assets of a discretionary trust merely on the grounds that the offender (or suspected offender) is a beneficiary.
The Law Commission has issued its report on the fiduciary duties of investment intermediaries. The focus of the report is on pension scheme trustees.
Carey Olsen has been recognised as Offshore Firm of the Year by The Lawyer magazine.
Conyers Dill & Pearman has announced the appointment of Dennis Ryan as head of corporate services in its Dubai office, effective 1 July 2014.
Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators download
The definition of money purchase benefits is changing, as are the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’.
This article looks at the implications for a trustee in Jersey faced with the difficult situation where it is suspected that trust assets may be the proceeds of crime and/or a civil fraud.
The topics considered in this update have, by accident rather than design, an anti-money laundering flavour to them.
Finding a solution to the crisis is both a high economic and political priority, especially with congressional elections just four-and-a-half months away.
Video: how to administer an estate when a loved one has passed away — key probate, wills and inheritance tax issues explained download
In this video, solicitor Susan McCulloch from IBB’s wills, trusts and probate team discusses key probate, wills and inheritance tax issues.
Q&A: charities and property download
In this article, Lesley Robinson from Bates Wells Braithwaite answers frequently asked questions on the subject of charity and property.
Under new HMRC plans, settlements of property made during the settlor’s lifetime would be subject to only one nil-rate band.
Tax Newsletter: June 2014 — tax relief and rates for social security contributions in Serbia download
The Serbian Parliament adopted amendments to the Law on Personal Income Tax and the Law on Mandatory Social Security Contributions on 30 May 2014.
Under subsection 118.5(1) of the Income Tax Act, an individual taxpayer may claim a tax credit in respect of certain qualifying tuition fees.
HMRC has issued a third consultation document entitled ‘Inheritance tax: a fairer way of calculating trust charges’ on the inheritance tax regime for trusts.
By now, any ‘financial institution’ would need to have had its head in the sand in order not to be aware of the impact of FATCA and its need to comply with this new regime.
With a strong, dedicated team, we offer advice to private individuals and families throughout the UK and overseas.
Thirteen Carey Olsen lawyers have been named in the ninth annual Citywealth Leaders List 2014.
Addleshaw Goddard discusses four recent decisions regarding disclosure and privilege, including Rawlinson and another v Akers and another.
The DWP has outlined in its ‘Command Paper: Better workplace pensions: Further measures for savers’ new quality standards and charge-capping measures.
Before purchasing real estate in the Cayman Islands, very careful consideration should be given as to how to take title to the real estate to be purchased.
In Eastlands Homes Partnership Limited v Cunningham the EAT confirmed the correct approach to determine whether a claimant has been unfairly dismissed for gross misconduct.
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.
Should a trustee appeal a decision of the Royal Court in administrative proceedings? In the matter of the R and RA Trusts download
The Court of Appeal in Guernsey has handed down an important judgment in non-contentious trust proceedings commenced by way of application made by the trustees.
Assuming that the older generation can afford it, the ‘children’ will always welcome some financial help, for example for investing in a house.
Unless it would be obviously apparent that a guarantor lacked mental capacity when entering into a guarantee, the guarantee is binding.
Both Ogier Legal and Ogier Fiduciary Services won awards at the Citywealth Magic Circle Awards 2014, which were held on 8 May at the Grange Hotel in London.
The Royal Court in Jersey has ruled that a private trust company seeking to bring claims for breach of trust could not benefit from empêchement d’agir.
The Taxation (Exchange of Information with Third Countries) (Amendment No. 7) (Jersey) Regulations 2013 came into force on 6 November 2013.
The Royal Court of Guernsey was asked to consider the circumstances in which trustees could be personally liable to repay loans obtained in their capacity as a trustee.
Update on Maryland estate tax download
Maryland governor Martin O’Malley has signed into law HB 739, which contains revisions to the Maryland estate tax law.
On 31 March 2014, the New York State legislature passed and governor Andrew Cuomo signed into law the New York State 2014–15 Budget Bill.
Australian Budget 2014–15 download
The Australian coalition government has presented the 2014–15 Federal Budget, which includes changes to personal tax rates and the fuel excise rules.
The new Hungarian Civil Code regulates the trust generally and also provides specific rules to the security trustee structure.
Private Client Bulletin — sharing the summer holidays; don’t take a risk drink-driving; give a lasting power of attorney; and more download
IBB Solicitors has released the spring 2014 issue of its Private Client Bulletin.
Khaitan & Co assists clients in tax-efficient wealth management and estate planning and also efficient business succession planning.
The Law Society of Jersey, the statutory regulatory body for advocates and solicitors of the Royal Court, has appointed Jonathan Speck as its new president.
In this case there had been a succession of fundamental errors in the administration of two Jersey trusts, both given the same name and having the same terms and beneficiaries.
First Mistake Case Post Trust Law Amendment No: 6 — In the matter of Strathmullan Trust  JRC 056 download
This decision is the most recent Jersey decision to consider setting aside a trust on the ground of mistake.
Can a Royal Court blessing be given to a momentous decision by directors of an underlying company to a trust? download
It is helpful for trustees to know that where they provide directors to a company underlying a trust, they can still get the protection of the court where a momentous decision is to be made.
In a landmark ruling, the Court of Appeal has clarified what is meant by ‘exclusive jurisdiction’ and ‘forum for administration’.
Feltham v Bouskell provides a cautionary tale for lawyers regarding the need to act quickly upon the receipt of instructions from elderly or ill clients.
The Czech Republic has become one of the few countries in continental Europe whose legal system can offer a vehicle with the same nature as mudarabah or musharakah.
Anthony Collins Solicitors has announced a workshop on how to make real the forthcoming regulatory requirements on asset registers and living wills.
In the 2014 Budget, several changes to the tax rules for DC pensions were announced that will give greater flexibility to individuals saving in DC pension plans.
Deadlines coming for multinationals’ retirement plans and US taxpayers with foreign financial interests download
In 2010, the US enacted a sweeping change in enforcement of its tax laws on foreign financial interests, the Foreign Account Tax Compliance Act.
For many people, their home is their most valuable asset and can give rise to a significant inheritance tax liability on their death (or the death of the surviving spouse).
If you are planning to purchase a foreign property, there are some legal issues you should consider first, including how you will own the property, taxation and inheritance.
Our family law department offers the highest quality of service to our clients, stemming from the experience and talent of outstanding family lawyers.
Our specialist team has established a reputation for advising and assisting on a range of issues relating to personal injury trusts, capacity and deputyships.
Partner — Guernsey
Partner — Guernsey
The government has removed what has been a significant capital gains tax downside that applied on the death of the vulnerable beneficiary of certain types of disabled person’s trust.
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Jersey
Partner — Guernsey
Families passing significant assets to the next generation want expert advice so they can feel confident about the security and ultimate disposition of their assets. Financial institutions handling estates of clients need expert, confidential legal advice as to avoiding, or handling, disputes. These are among the situations in which Dentons’ trusts, estates and wealth preservation group excels.
In the complex world of tax, our role is simple: to serve as an extension of your business. At Dentons, our value comes from seeing your business as you do and collaborating with you every step of the way.
Wealth Structuring 20:20 2014 download
This feature publication aims to tap into the issues facing high-net-worth individuals around the globe, and investigate the themes and challenges affecting this elite group.
HMRC is introducing new registration and self-certification requirements for both new and existing share plans effective from 6 April 2014.
Partner — Jersey
Partner (LLP) — London, Jersey
Pensions Matter — April 2014: the Pensions Regulator publishes further guidance on asset-backed arrangements
Guidance from the Pensions Regulator (TPR) on asset-backed arrangements confers the steps TPR considers trustees should take before entering into such an arrangement.
The Liechtenstein Disclosure Facility is a tax disclosure facility for UK taxpayers. It is open to those with unpaid UK tax liabilities who had assets outside the UK as at 1 September 2009.
Anthony Collins Solicitors has announced that its Personal Planning Management Team adheres to the STEP Code for Will Preparation in England and Wales.
We work with our clients to help them solve problems and ensure they comply with the law and charity best practice.
IBB Solicitors gives you the reassurance that your documents are correctly authenticated and accepted as legally binding for their intended purpose.
At IBB Solicitors, our wills, trusts and probate solicitors are here to help you plan for your family’s future.
Appleby has appointed Caren Pegg, Keith Robinson, Andrew Jowett, Clive Langley, Camilla Neal, Steven Rees Davies, Juan Thornley and Anthony Williams.
Our pre-eminent litigation practice in the Cayman Islands, Guernsey and Jersey advises clients on the full spectrum of contentious, semi-contentious and advisory work.
Whatever stage of the employment relationship in which you require advice, our employment, pensions and incentive team can assist you.
We advise on all fund structures including open and closed-ended, limited partnerships, unit trusts and companies in the BVI, the Cayman Islands, Guernsey and Jersey.
Our established private client team offers clients confidence that their legal advisers are pure specialists in their fields.
Our regulatory lawyers advise clients in financial services and other industry sectors on regulatory issues that affect their businesses in the BVI, the Cayman Islands, Guernsey and Jersey.
Whether you’re a director, a debtor, a secured or unsecured creditor or an insolvency practitioner, we offer a proven track record of working with you and your advisers.
Whether you’re a private individual or a commercial enterprise, our trust and fiduciary lawyers work with you and your advisers to establish the appropriate structure.
Mourant Ozannes is to co-present two trust and private client conferences — one in Guernsey and one in Jersey.
Interpretation of ‘issue’ in wills download
The bailiff was recently asked to consider an application from Mrs Le Cras for a ruling from the court as to the interpretation of her late father’s two wills.
Bermuda regards itself as one of the most highly developed and sophisticated jurisdictions in which to conduct trust business.
Guernsey: all potentially interested parties to be considered by the court when blessing a decision of trustees download
The Guernsey Court of Appeal has upheld a decision blessing a trustee’s decision to pay for the costs of refinancing a trust asset from the assets of a family trust.
At the end of February 2014, the Law Commission released its long-awaited report titled ‘Matrimonial Property, Needs and Agreements’.
On 19 March, there were some rather significant announcements affecting the tax and personal finance landscape.
Budget Summary: spring edition 2014 download
Winckworth Sherwood has released the 2014 spring edition of its Budget Summary.
The amended California custody rule will come into effect on 1 April 2014.
The US Foreign Account Tax Compliance Act (FATCA) creates a new tax information reporting and withholding regime for payments made to certain Foreign Financial Institutions (FFIs) and other ‘foreign’ persons.
Budget update 2014 download
George Osborne has delivered his fifth Budget speech to the House of Commons, but despite speaking for nearly an hour the result was somewhat underwhelming.
Update: joint ownership of property — a round-up of the major decisions in the wake of Jones v Kernott download
This briefing provides a brief summary of the major reported cases that have followed in the wake of Jones v Kernott.
The Guernsey Court of Appeal has reinstated an asset restraint order made over assets in a trust, where a beneficiary of that trust faced criminal proceedings in South Africa.
Costs of trustees and beneficiaries: Trilogy v YT Charitable Foundation (International) Ltd download
Mourant Ozannes has examined the principles relating to costs in non-adversarial trust proceedings.
Budget 2014 download
Following the 2014 Budget, Taylor Wessing has set out a summary of some of the main announcements.
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information? download
The Royal Court of Jersey has blessed the decision of the trustee of the Y Trust to refuse disclosure of information concerning the trust to the first respondent.
Collyer Bristow has recruited experienced international private client tax specialist William Hancock from Speechly Bircham.
Appleby has appointed Anne Freeman as a senior associate (solicitor, England and Wales) in its corporate and commercial team.
Financial institutions in Bermuda will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of US and UK resident clients.
BDK’s tax group offers advice on a full range of tax issues in local and cross-border contexts and is accustomed to questions that require new solutions.
Withers provides a reminder of the nasty but often overlooked traps that it regularly comes across on UK domicile.
It is time for long-term UK residents to think about whether they are coming up to their deemed domicile date for UK inheritance tax purposes.
Grantor-retained annuity trusts download
A GRAT provides an alternative means to transfer property to selected beneficiaries, with minimal US federal gift tax owed, and results in substantial tax savings.
FATCA update for UK trustees download
FATCA will apply to all financial institutions in the UK and will require all financial institutions to file reports.
Expatriation of minors download
Recent coverage has failed to highlight the increasing number of minor US citizens and green-card holders relinquishing their US citizenship.
The Court of Appeal has handed down its decision in Santander UK plc v RA Legal Solicitors.
From 15 March 2014, Hungarian law will recognise the concept of trust, and the problems with securing syndicated loans under Hungarian law seem to be solved.
The EU Parliament has voted to introduce a trust registry as part of new anti-money laundering provisions.
Following Mr Grantham’s passing, his family discovered that he had written a will leaving his entire estate to Battersea Dogs Home.
US tax reform update: House Ways and Means chairman tax reform discussion draft and new building blocks for eventual US tax reform download
The last two weeks have seen significant developments in building the blocks for what could eventually form the base of US tax reform.
Ilyashev & Partners has been successful in numerous litigations with the tax authorities and the Main Control and Revision Office of Ukraine.
Schoenherr’s tax practice group advises domestic and international clients on their most sophisticated and challenging tax matters.
Ogier BVI and Bryan Cave have advised a private investor group led by Peak Hotels & Resorts Group on the acquisition of Aman Resorts.
The recent re-codification of Czech civil law has introduced a new legal instrument called a trust fund or simply a trust.
Case law round-up — Pensions Matter, March 2014... an overview of key pension cases and their practical implications
In McCoy, it was held to be reasonable for the trustees of a SIPP to require the beneficiary of a lump-sum death benefit to complete a form of discharge prior to paying out the discretionary benefit.
Mourant Ozannes has a new Guernsey advocate. Matthew Guthrie, a senior associate within the international trusts and private client practice, has been sworn in at the Royal Court of Guernsey.
Mourant Ozannes has announced the promotion of three litigation lawyers in the Cayman Islands to senior positions within the firm.
This judgment deals with the in-camera element of a complicated piece of litigation involving a complex trust structure with a substantial portfolio of investments.
The recent judgment in the Guernsey case of (Investec & ors v Glenalla & ors) deals with the risks faced by the trustees of an insolvent trust.
The Royal Court of Jersey recently faced a trustee’s application seeking the court’s blessing of its refusal to disclose trust information to a former beneficiary.
This article considers the important distinction between breaches of trust and breaches of a trustee’s duty of care.
House Ways and Means Committee chairman Dave Camp this week introduced a draft of the most comprehensive reform of the Internal Revenue Code in decades.
As set out in Public Trustee v Cooper, there are four categories of administrative application.
Tax Guide 2014–15 — South Africa download
This guide details the thresholds for a variety of taxes, both personal and business, in South Africa from 1 March 2014 onwards.
Two years on from DLA Piper’s report The Trust Deficit: Views from the Boardroom, the firm returns to the theme and asks how companies can foster a culture of trust in a post-crash economy.
Trusts (Capital and Income) Act 2013 download
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.
The Bermuda decision of Stiftung Salle Modulable & Rutli Stiftung v Butterfield Trust (Bermuda) Ltd contains important points relevant to the question of litigation funding.
If you do not make a will, then you lose control over what happens to your estate following your death.
Royal Court clarifies limits of customary law exception in respect of time-barred breach-of-trust claims brought by incoming trustee download
Where a newly incorporated PTC recently appointed as successor trustee seeks to bring claims for breach of trust against predecessors, it will not be able to benefit from empêchement d’agir.
Williams v Central Bank of Nigeria download
The court looked at the issue of whether a stranger to a trust, who dishonestly assists in a breach of trust, is a ‘trustee’ within the meaning of s21(1)(a) of the UK Limitation Act 1980.
Hogan Lovells has advised Mishmeret Trusts Company in its role as trustee and security agent for the high-yield issuance of $800m of senior secured notes due 2021 by B Communications.
There is an increasing focus on defined-contribution investment issues.
Direct disclosure obligations resulting from joinder of adult beneficiaries to matrimonial proceedings affecting trusts download
The trustees had applied to the Royal Court of Jersey and the Eastern Caribbean Supreme Court for the approval of their decisions not to participate in the English financial remedy proceedings.
It is not unusual for a settlor to impose confidentiality conditions upon trustees by the terms of the trust. However, there are limits to the extent to which information may be withheld from beneficiaries.
Browne case: Pensions Ombudsman rules on liability for unauthorised payment charges resulting from payment of a death benefit download
An unauthorised payment charge arose because a pension scheme had not made payment of a death benefit within two years of a member’s death.
This is a follow-up to the article on the joinder of beneficiaries to English divorce proceedings in Withers’ Family Law News of September 2013.
Pensions Pieces: Pensions Regulator/ICAEW publish draft framework for master trusts for consultation download
The Pensions Regulator and ICAEW have published a draft reporting framework to help employers better understand the governance and administration arrangements of master trusts.
Ben Jones, tax expert at Eversheds, has commented on concerns that the introduction of an EU-wide financial transactions tax could hit UK savers.
Taylor Wessing has acted on behalf of Lord and Lady Tanlaw and their family trusts in relation to the sale of Fandstan Electric Group to New York-listed Wabtec.
Taylor Wessing has been named one of eprivateclient’s Top 25 Most Admired Companies.
Public register on EU trusts download
The European Parliament is due to vote on the fourth Money Laundering Directive. An important feature is the suggestion to establish a public register for all trusts held in the EU.
A recent case has emphasised the importance of getting the drafting of loan agreements right.
Mourant Ozannes has assisted lead adviser Clifford Chance in advising Electra Private Equity on its £180m acquisition of Ogier Fiduciary Services.
Withers has been named ‘Law Firm of the Year — Hong Kong’ at the Citywealth International Financial Centre Awards.
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
The Luxembourg private foundation download
The bill of law number 6595 submitted to parliament on 22 July 2013 intends to introduce in Luxembourg the private foundation, which has been in development for two years.
Appleby has been named ‘Caribbean Law Firm of the Year’, ‘Isle of Man Law Firm’ and ‘Trust Company of the Year’ at the Citywealth International Financial Centre Awards 2014.
Jim Edmondson will join Mourant Ozannes’ international trusts and private client practice as a consultant based in London.
Ogier has won the Law Firm of the Year Award 2014 for Jersey at the Citywealth International Financial Centres awards, which focus on the private wealth sector.
The Security Interests (Jersey) Law 2012 provides Jersey with a modern, efficient regime for the creation and enforcement of security interests in intangible property.
Tax Update — January 2014 download
In this Tax Update, Arendt & Medernach focuses on both Luxembourg and international news.
Employee and executive incentives: an overview of incentive arrangements in the Middle East download
This briefing highlights the benefits of trust-based plans and illustrates the fact that plans can be tailored to meet specific employer or country requirements.
This briefing highlights the benefits of trust-based share plans and shows how schemes can be tailored to meet employer or country specific requirements.
Executive share plans: guide to executive share plans to motivate a broad range of employees download
This guide highlights the variety of share plans in the market and illustrates the way in which these can be tailored to meet specific requirements as needed.
Assets bequeathed or the manner in which they are bequeathed can lead to unnecessary costs and complications for the beneficiaries.
Look out for charitable trusts download
Land was given to Dartford Borough Council in 1903 ‘to be appropriated and used in perpetuity as a public recreation ground and for no other purpose whatsoever’.
It’s important to think about how your assets will be managed after death — and that’s where having an estate planning strategy can prove beneficial.
Shameer Jasani has been appointed as a partner in the Cayman Islands office while Ray Ng joins the BVI and Asia office as partner and head of litigation.
CSSF issues press release on the enforcement of the 2013 financial information prepared by issuers of securities download
The CSSF has issued press release 14/02 concerning the enforcement of the 2013 financial information prepared by issuers of securities, subject to the Transparency Law.
Appleby has advised on two of the UK’s largest transactions, including one of the largest single-asset transactions in UK real-estate history.
Conyers Dill & Pearman has announced that Paul Smith has relocated to the law firm’s Cayman Islands office to further support its litigation practice.
The creation of security over intangible movables under Jersey law is now governed by the Security Interests (Jersey) Law 2012.
Conyers has hired Zoe Hanson, who has worked in the trust and corporate management services industry in Bermuda for 10 years, to its Bermuda private client and trust practice.
Autumn Statement 2013: tax summary download
This briefing contains a summary of the main tax points of interest with draft legislation enacting the proposed changes to be published on 10 December 2013.
This briefing from Mourant Ozannes focuses on the Hastings-Bass principle in Jersey.
Conyers Dill & Pearman has been named among the leading law firms in Bermuda, the British Virgin Islands and the Cayman Islands.
The decision of the Supreme Court in London in the divorce proceedings of Prest v Petrodel Resources Ltd and Others was awaited with eager anticipation.
Naomi Rive, a partner from Appleby, has been listed in the 2014 Top 50 Most Influential Offshore Professionals list, which has been compiled by eprivateclient.com.
Conyers Dill & Pearman has has hired Raymond Davern, a senior practitioner in the field of trusts and private client work, to its Cayman Islands office.
Ogier has announced that partners Steve Meiklejohn and Philip Le Cornu have been included in Private Client Practitioner’s Top 50 Most Influential list.
Jersey Court of Appeal confirms rights of non-trustee fiduciaries to an indemnity out of the trust fund download
On appeal from the Royal Court, the Jersey Court of Appeal held that a fiduciary in relation to a trust had an identical right of indemnity in equity out of the trust fund as a trustee.
The new guidance explains in detail how charity trustees should approach making decisions affecting their charity.
Appleby has acquired two of Coutts’ trust businesses as part of its strategy to grow its fiduciary and administration business.
Clifford Chance has elected a new global tax, pensions and employment (TPE) head to replace outgoing chief David Harkness.
Ogier has been promoted to a top-tier firm in Guernsey and continues to hold top slots in Jersey in the Chambers UK 2014 rankings.
GAAR: the general anti-abuse rule download
On 17 July 2013, the UK introduced a new general anti-abuse rule (GAAR).
Appleby has had two lawyers listed as Most Highly Regarded Individuals in the Who’s Who of Private Client Lawyers 2013.
David Russell QC of Outer Temple Chambers is set to speak at the Society of Trust and Estate Practitioners’ special interest group annual half-day conferences on 5 December 2013.
The application of the Hastings-Bass principle in Jersey following the decision in Pitt v Holt download
This judgment relates to an application to the Royal Court under the ‘so-called’ Hastings Bass principle brought by two beneficiaries of a sub-fund of the Onorati Settlement.
In The International Who’s Who of Private Client Lawyers, Conyers Dill & Pearman was named one of the world’s most highly regarded firms for private client work.
Ogier Fund Services has been highly commended in the 2013 Fund Services Awards for the category of Best Specialist Fund Service Solution.
Stephenson Harwood has appointed a legal director and two consultants to its offices in China.
Guide to foundations in Guernsey download
The Foundations (Guernsey) Law 2012 came into force on 8 January 2013 and the Guernsey Registry has been accepting applications for registration since 9 January.
Minter Ellison’s national tax team provides clients with innovative tax structuring and advisory services that are independent and cost effective.
It’s important to think about how your assets will be managed after death — and that’s where having an estate-planning strategy can prove beneficial.
Amendments to the BVI trust regime download
VISTA has achieved significant traction in succession planning for family businesses and individuals from a civil law background.
Ogier has improved its Guernsey rankings and maintained top positions in Jersey in Legal 500 2013.
Principles applicable to legal costs incurred in trust-related proceedings in Jersey by trustees, other fiduciaries and beneficiaries download
The Jersey Court of Appeal has provided a clear view of the principles that apply to costs awards in trust proceedings for parties acting in a fiduciary capacity.
The Court of Appeal considered the way in which the matrimonial property regime in Russia would be recognised in respect of English property held in a Cayman law trust.
Under English law, all individuals have what is called a ‘domicile’, and not more than one domicile, at any one time.
In the latest results, the Legal 500 has moved Appleby Guernsey up its rankings of commercial and banking and trusts practice groups.
The so-called ’rule in Hastings Bass’ has been considered in Jersey for the first time since the Supreme Court’s judgment in Pitt v Holt and Futter v Futter.
Andrew Hine, a partner in Taylor Wessing’s private client practice, has been listed in Spear’s magazine’s ‘Top Ten Tax and Trust Lawyers’.
Andrew Goodman, a partner in Taylor Wessing’s Private Client team, has been confirmed as part of the line-up for WealthBriefing’s upcoming Breakfast Briefing.
Robert Dobbyn, an associate at Ogier, has been listed in Private Client Practitioner’s Top 35 Under 35.
Kirstie McGuigan, a partner in Taylor Wessing’s private client team, has been named one of Private Client Practitioner’s Top 35 Under 35 2013.
Jersey boasts an ever-evolving trust law and remains at the forefront of the international trust and private client market.
The Royal Court set aside an instrument of appointment excluding beneficiaries from a trust as being a decision which no reasonable trustee could have taken.
This case is a useful refresher on the topic of provision of information by a trustee to a beneficiary.
Ogier’s Sally Edwards and Fiona Barrie have been included in Citywealth’s IFC Power Women Top 100.
Appleby has become the only firm to clinch four places in magazine Citywealth’s International Financial Centres Power Women Top 100 list.
Former Niederer Kraft & Frey (NKF) partner Edgar Paltzer has pleaded guilty to a single count of engaging in a conspiracy to committ offences against the US Internal Revenue Code.
Offshore law firm Mourant Ozannes, has been shortlisted in three categories for the Citywealth International Financial Centre Awards.
A cross-practice team at Ogier in Jersey and Guernsey has been formalised to create Ogier Local Legal Services.
FIRB has issued a press release announcing changes to the exemption provided under the regulations for small interests in Australian urban land trust estates.
Finance Bill 2013 now in force download
The Finance Bill 2013 received Royal Assent on 17 July 2013, triggering a number of private client measures to come into force.
The protector's right to indemnity download
Both the Isle of Man and Jersey courts have recently considered the office of protector and the protector’s right to indemnity.
Traditionally, a valid trust requires at least one beneficiary capable of benefiting. The reason for this restriction lies in the enforceability of the trust.
On 16 July 2013, the States of Jersey (the island’s parliament) passed an amendment to the Trusts (Jersey) Law 1984.
A public directory of beneficial ownership would be an attack on the freedom of privacy to achieve nothing
The States of Jersey has this week approved the latest amendment to the Trusts (Jersey) Law 1984.
This memorandum has been prepared for the assistance of those who are considering the formation of a private trust company in the Cayman Islands.
Bermuda has a sterling reputation as a leading offshore jurisdiction in which to develop trust and wealth structures for both local and overseas persons.
Recent case law only highlights the subjective nature of what constitutes breach of contract download
Recent case law has confirmed the level of difficulty encountered when attempting to persuade the courts to intervene at an early stage in trust disciplinary proceedings.
Ogier’s Trust, fund and company administration business is divided into four distinct but complementary business groups.
Ogier’s specialist team of lawyers caters specifically for the needs of trustees, fiduciaries, settlors, beneficiaries and family offices.
The long awaited draft Finance Bill for 2013 has finally been published, providing further information as to the way UK residential properties valued at over £2 million will be taxed from April 2013.
On 2 November 2012, the Trusts (Amendment No 5) (Jersey) Law came into force, making a number of changes to the Trusts (Jersey) Law 1984.
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.
In March 2011 our Jersey office reported on the death of ‘Hastings-Bass’ in the UK as a remedy for trustee ‘mistakes’.
The April 2013 issue of King & Wood Mallesons’ China Bulletin is available now.
Taxation is one of Dacheng’s traditional fields of expertise and one that the law firm is particularly adept at handling in today’s ever-changing and complex commercial environment.
Antitrust is a newly emerging legal practice area in China and Dacheng stands at the cutting edge of this field.
Could Cayman’s firewall legislation stand up to challenges similar to those seen, for example, in Jersey. Are its provisions fit to face up to the current realities of the offshore trusts industry?
Taylor Wessing has announced the addition of a lateral hire to its private client practice. Sanjvee Shah is set to join the firm on 7 May 2013.
Mourant Ozannes’ third annual International Trusts & Private Client Conference will be held on 4 October 2013 in the Cayman Islands.
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
Mills & Reeve has announced six new internal partner appointments, which will take effect from 1 June 2013.
Appleby’s Carlos de Serpa Pimentel has provided an overview of offshore PC&T developments in the Cayman Islands and BVI in 2012.
Guide to Guernsey foundations download
This guide is intended to provide basic information needed to answer questions on Guernsey foundations and the migration of foreign law foundations to Guernsey.
Mourant Ozannes recently hosted a forum dedicated to international trusts and private wealth management in Jersey.
Conyers Dill & Pearman has compared the trust laws in Bermuda, the British Virgin Islands and the Cayman Islands.
A guide to takeover and reconstruction transactions involving an Australian listed trust.
Keeping it in the family download
A number of high-profile English cases have recently shone the spotlight upon the treatment of inherited property in divorce proceedings.
Tax — recent news highlights download
The Serbian government has decided to further amend the law on personal income tax and the law on property tax.
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
In the Budget, the Chancellor stuck to his promise to come down like a “tonne of bricks” on wealthy individuals who are seen as not paying their fair share of SDLT by buying valuable residential property in corporate vehicles and eventually selling the shares in those corporate vehicles free of SDLT.
An overview of developments in tax law in Montenegro and Serbia.
An overview of developments in tax law in Serbia.
Inheritance tax update download
The Treasury has announced that the Nil Rate Band of £325,000 — the current amount of an estate that can be inherited tax free — is to remain the same until 2019 and will not increase in line with inflation.
Our Tax Law practice assists national and multinational corporations, industrialists and financial institutions, fund promoters, sponsors and investors in private equity and real-estate transactions.
We assist our clients in securing approvals from the competent regulating authorities for mergers, acquisitions and joint ventures.
The Curtis trusts and estates team structures the affairs of its US and international clients to achieve their wealth preservation objectives.
Mayer Brown offers a world-class range of tax, estate, business planning and charitable advisory services.
Appleby’s Private Client & Trusts group provides trust services to high-net-worth individuals, families, international private banks and trust companies. We advise on all aspects of trust law, including the establishment, restructuring and winding up of private, charitable, purpose and commercial trusts.
The publication last month of the draft clauses to be included in the Finance Bill 2013 due to come into force this April confirmed the measures proposed for the taxation of high value residential property in the 2012 Budget.
Mourant Ozannes’ International Trusts & Private Client practice group (ITPC) is led from the firm’s London office by former barrister and international trusts litigation specialist Douglas Close.
Residential property taxation: Introducing the new Annual Residential Property Tax and extended Capital Gains Tax rules for ‘non-natural persons’ download
The Finance Bill 2013 was published on 11 December, along with the Government’s much awaited response to their consultation on “Ensuring the fair taxation of residential property transactions”.
King v HM Procureur decision strikes down extra-territorial effect of Guernsey restrain orders.
Trustees may still be penalised in costs even where the court blesses their decisions: Y Trust  JRC 135 download
Trustees may still be penalised in costs even where the court blesses their decisions.
Community Infrastructure Levy (“CIL”) is a form of tax levied by a local planning authority or public body e.g. the Mayor of London, (a “charging authority”) on commencement of development of land.
Gifts out of surplus income download
Most people will know that they are entitled to give £3,000 in any one year (or £6,000 if they have not made a gift in the previous year) without there being any inheritance tax implications.
An introduction to the tax laws surrounding capital call subscription credit facilities.
UK property investment can be highly attractive for overseas investors.
On 8 October 2012, the Chancellor of the Exchequer announced plans for the introduction of a new form of employment relationship – the “employee-owner”.
A number of foreign residents living in Switzerland benefit from an advantageous tax regime called régime du forfait, an attractive alternative to the tax based on the real income of the taxpayer.
French draft budget for 2013 download
On 28 September 2012, the French government released its much-awaited draft budget for 2013, which, unsurprisingly, contains significant tax increases, targeting wealthy individuals and large businesses.
The world of international taxation becomes more transparent with every passing year.
Former partners of Dewey & LeBoeuf’s London base are attempting to minimise their financial blow from the US firm’s collapse by using its 2012 losses to slash their tax bill.
A recent Privy Council ruling will give pause for thought over the inclusion of reserved powers in trusts, says Stephen Moverley Smith
Trustees must keep abreast of developments in cross-border confidentiality disclosure requirements, say Robert Shepherd and Matthew Guthrie
Professional trustees can no longer rely on the Hastings-Bass principle as a cure-all for their mistakes. Michael Alden and Sue Savill report
Changes to the Government’s policy on philanthropy are in the spotlight as the Big Society agenda takes shape, say Christopher Groves and Alana Lowe-Petraske
A recent pension law upgrade could be a game-changer in terms of advising clients on how their wealth is transferred. By Julie Hutchison