Personal tax / Trusts
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.
What is the role of the Royal Court of Jersey in trustee applications for directions regarding disclosure of trust information? download
A recent application has raised the issue of the function of the court, namely whether the court was exercising its own discretion in supervising, and intervening, in the administration of a trust.
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.
The team at Mills & Reeve comprises six partners and 17 solicitors, all dedicated to helping you put together the right arrangements to safeguard your assets.
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.
We can sensitively guide you on how to pass on your wealth in a protective manner and how to efficiently manage the administration of an estate or an existing trust.
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