We have launched our annual survey to map the major risk and compliance issues facing trust companies. We are looking to identify the key trends in the industry and understand the main risks and challenges trust companies encounter, to help equip the industry with how to best tackle them. The survey takes the form of … Read more
In the recent decision of Watson v Kea Investments Ltd [2019] EWCA Civ 1759 the English Court of Appeal endorsed the approach taken by the High Court in determining the interest rate to be applied to an equitable compensation payment which arose out of a breach of fiduciary duty. The High Court judge had been … Read more
Summary Trustees often seek to limit their liability in the form of exoneration clauses in trust deeds. As such, it is generally difficult for a beneficiary to challenge a trustee’s decision that falls within the scope of the exoneration clause. In Sofer v SwissIndependent Trustees SA [2019] EWHC 2071 (Ch), the England and Wales High … Read more
In the recent case of Begum v Ahmed [2019] EWCA Civ 1794, the Court of Appeal granted permission for the Appellant to bring a claim 12 months out of time to apply for financial provision under section 4 of the Inheritance (Provision for Family and Dependants) Act 1975 (the “Act“), where refusing permission could have … Read more
In Routier and another v Commissioners for Her Majesty’s Revenue and Customs [2019] UKSC 43, the UK Supreme Court overturned an earlier Court of Appeal ruling and held that a testamentary gift of assets in the UK to a charitable trust in Jersey was entitled to inheritance tax (“IHT“) relief. The decision turned on whether … Read more
The Charity Commission has frozen the bank accounts of, and opened separate statutory inquiries into, two grant-giving charities, established for general charitable purposes, with common trustees: The Jalloh Charitable Trust (charity no. 1145466) and The Deacons Charitable Trust (charity no. 1142038). Read more
In Group Seven Limited & Ors v Notable Services LLP & Ors [2019] EWCA Civ 614, the English Court of Appeal held inter alia (overturning a first instance decision) that an accountant member of a multi-disciplinary firm of solicitors was liable as an accessory for dishonestly assisting breaches of trust. The appeal comprised multiple conjoined … Read more
In a recent decision, the English Court of Appeal has found that there was no breach of fiduciary duty where the amount of commission received by a fiduciary was not disclosed to the client. The Court established the following general principles in this case: A principal’s knowledge (even if there is no knowledge of the … Read more
The English High Court has recently issued two apparently inconsistent judgments in relation to out of time claims brought under the Inheritance (Provisions for Family and Dependants) Act 1975 (the “1975 Act“). We consider these further below. Read more
