HMRC GUIDANCE ON STATUTORY RESIDENCE TEST AND COVID-19

HMRC has updated its guidance on the Statutory Residence Test (“SRT”) to extend the exceptional circumstances exception to cover COVID-19. When calculating the number of days spent in the UK for SRT purposes, individuals may disregard any days spent in the UK as a result of: being quarantined or self-isolated following advice from a health … Read more

Herbert Smith Freehills launches major new trust companies survey

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

English Court of Appeal endorses High Court approach to determining interest rate applicable to equitable compensation payment arising out of breach of fiduciary duty

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

TRUSTEES TAKE COMFORT – HIGH COURT UPHOLDS BROAD SCOPE OF EXONERATION CLAUSES

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

Court of Appeal confirms test for dishonesty in dishonest assistance claims

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