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In Mackay v Wesley [2020] EWHC 1215 (Ch), the Claimant, who was instructed by her father to become a trustee of a family trust as part of a tax scheme, failed to obtain from the High Court (1) an order rescinding her appointment as trustee and/or (2) a declaration that she never became a trustee. … Read more
In Fowler v HMRC [2020] UKSC 22, the Supreme Court determined that a statutory fiction created by a deeming provision of UK tax law did not affect how the terms of a bilateral tax treaty should be applied. In particular, the Supreme Court held that although the UK deeming provision in question applied to treat … Read more
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
We asked trust companies questions about the most significant risk and compliance issues they face. The respondents identified tax compliance issues as the fourth most significant challenge. The survey mapped which specific tax compliance issues trust companies struggled with the most. A fairly even share of the vote for most pressing issue (15-17%) was taken … Read more
In the ninth episode of our Private Wealth and Charities podcast series, Richard Norridge, and Nick Clayton discuss the results of our Trust Companies Survey. As our countdown of the most significant risks trust companies face continues, we explore the tax risks faced by the respondents to our survey. Read more
In Henkes v HMRC [2020] UKFTT 7645 (“Henkes”), the First-tier (Tax) Tribunal (“the Tribunal”) held that (a) it could (and would) determine the taxpayer’s domicile status when determining an application for the closure of a domicile enquiry and (b) its determination of that issue would be binding in any substantive appeal against a subsequent tax … Read more
In summary A recent Federal Court decision has put a major stumbling block in the path of non-resident beneficiaries of Australian discretionary trusts. The ongoing use of discretionary trusts for asset protection, flexibility and succession planning is now in jeopardy because of the unnecessary tax cost they create. In detail It has long been a … Read more
In a decision that will be a welcome source of comfort for investors in potentially risky off-plan property developments, the First-tier Tribunal (Tax) (“FTT“) in Lloyd-Webber v HMRC [2019] UKFTT 717 (TC) has held that losses stemming from the purchase of property off-plan are allowable losses for the purposes of capital gains tax (“CGT“). Read more
Welcome to Herbert Smith Freehills’ new monthly private wealth industry updates in Asia. Every month we survey ten Asian jurisdictions for legal developments concerning trust and estate planning which are of interest to the private wealth industry, and provide a succinct summary in a table format. The jurisdictions covered in the update are Hong Kong, … Read more
