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Recent legislation and updated HMRC guidance have expanded the scope of trusts that have to register with HMRC’s Trust Registration Service (“TRS“). Given that trust structures are common features in UK real estate ownership, care should be taken to register any relevant trusts before the applicable deadline. This briefing provides a guide to those involved … Read more
Welcome to Herbert Smith Freehills’ 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, Singapore, … Read more
On 15 December 2022, the UK published the Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (the “Regulations“) which amend the UK’s principal regulation imposing sanctions on Russia (the Russia (Sanctions) (EU Exit) Regulations 2019 (“Russia Regulations“)). This post just focuses on the impact of the amendments on trusts, however our colleagues in the … Read more
Welcome to Herbert Smith Freehills’ 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, Singapore, … Read more
Summary In Jennison v Jennison [2022] EWCA Civ 1682 the Court of Appeal determined that an executor of a foreign testator derived their title and authority to bring proceedings in England and Wales from the will of the testator and not from a grant of probate. In particular, the Court of Appeal noted that this … Read more
Summary The Privy Council has recently considered the proper scope of a trustee’s power. In short, the Privy Council held that the exercise of a trustee’s power must be within the proper purpose of that particular power. In its ruling the Privy Council did not consider there was an absolute substratum rule (i.e. a rule … Read more
