Private wealth and trusts

HIGH COURT RULES: HOMEMADE, UNCLEAR WILL IS VALID AND CREATES TRUST RATHER THAN ABSOLUTE GIFT

In the recent case of Vucicevic v Aleksic [2017] EWHC 2335 the High Court (Bristol District Registry) considered the rules relating to gifts in the context of homemade wills. The court concluded that instead of being an absolute gift, the … Continue reading

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Filed under Private wealth and trusts, Wills

ENGLISH HIGH COURT FINDS SETTLOR RETAINED BENEFICIAL OWNERSHIP

In the latest decision in the long running Pugachev dispute, the High Court considered the effect of five trusts set up by Mr Pugachev, and whether the trusts were shams. Birss J held that he would have been prepared to … Continue reading

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Filed under Private wealth and trusts, Trust disputes

Private Groups and Trusts under ATO scrutiny

The ATO in Australia continues to target privately owned and wealthy groups, with specific focus on groups with risky trust structures that exhibit characteristics of tax avoidance or evasion. The ‘Tax Avoidance Taskforce – Trust’ (Taskforce) has been established to … Continue reading

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Filed under Australia, Private wealth and trusts, Tax

Corporate tax rate cut – passive income exclusion

As part of the Australian Government’s Enterprise Tax Plan, the corporate tax rate has been reduced to 27.5 per cent for entities that satisfy the annual turnover threshold requirement, which applies progressively from $10 million in the 2016-17 income year … Continue reading

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Filed under Australia, Private wealth and trusts

HSF private wealth and tax disputes teams bolstered with a raft of new hires

Herbert Smith Freehills’ continued growth in the areas of tax disputes and private wealth has been reflected in a string of new lawyers joining the firm. James Rickards has joined the firm’s London office after 15 years’ practice as a … Continue reading

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Filed under Private wealth and trusts

When not to tell a beneficiary?

In a recently released judgment, In the matter of C Settlement [2017] JRC 035A, the Jersey Royal Court confirmed that, in principle, a trustee can withhold information from a beneficiary with capacity about his rights under a trust. However the … Continue reading

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Filed under Private wealth and trusts, Trust disputes

Richard Norridge has been named as a leading lawyer in the Citywealth Leaders List

We are delighted to announce that Richard Norridge, our Head of Trust & Estates Disputes and Head of Private Wealth – Asia, has been named as a leading lawyer in the Citywealth Leaders List.

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Filed under China, Hong Kong and Singapore, Private wealth and trusts, South East Asia

Privy Council considers proper approach to establishing the beneficial ownership of jointly-held assets

In Marr v Collie [2017] UKPC 17, a dispute arose between a separated same-sex couple about the beneficial ownership of property purchased during the relationship for investment purposes in their joint names. The Privy Council clarified that the principle in … Continue reading

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Filed under Private wealth and trusts

IN THE MATTER OF THE A LIMITED FURBS AND THE B EBT [2017] 21/2017

Summary The recent case of A Limited FURBS decided in the Guernsey Royal Court provides helpful clarification on the question often faced by offshore trustees about whether to submit to the jurisdiction of a foreign court in overseas legal proceedings. … Continue reading

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Filed under Offshore, Private wealth and trusts, Trust disputes

IFC Awards 2018 – shortlist now released

The IFC Awards 2018 has announced the finalists.  We are thrilled to have been shortlisted in Law firm of the Year – Asia.  There are many other trustees and firms who have been shortlisted across different categories. If you wish … Continue reading

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Filed under Hong Kong and Singapore, Private wealth and trusts, South East Asia