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Australian Treasury’s proposed extended significant global entity definition may include trusts

On 20 July 2018, the Australian Treasury released Exposure Draft legislation to extend the definition of a significant global entity (SGE). As a result, the extended definition of an SGE may include members of large private groups headed by unlisted … Continue reading

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Herbert Smith Freehills Private Wealth Seminar – Jersey, 10 July 2018

Herbert Smith Freehills LLP is pleased to announce that we are holding a Private Wealth Seminar at lunchtime on 10 July 2018 in Jersey. The seminar will be considering the current and future focus of HMRC in connection with estate planning and key … Continue reading

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NEW ZEALAND COURT GRANTS INTERIM ORDER TO PREVENT CREMATION AFTER WEIGHING BALANCE OF CONVENIENCE

In Clark v Cottingham [2018] NZHC 773, the New Zealand High Court considered an oral and without notice application for an interim order to prevent a cremation which was to be held in the afternoon on the same day of … Continue reading

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HSF Private wealth team boosted by three promotions

Herbert Smith Freehills’ highly regarded private wealth team has been boosted by the promotion of Joanna Caen and Gareth Keillor to Partner and Of Counsel respectively.  HSF’s private wealth team specialises in trusts, estates, charities, family company and mental capacity … Continue reading

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Unexplained Wealth Orders: How might this new investigative tool affect you?

From 31 January 2018, UK authorities can use new and expansive investigative powers to require both individuals and corporate bodies to provide information as to how they acquired property. Known as Unexplained Wealth Orders (“UWOs”), these new obligations to disclose … Continue reading

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Filed under Injunctions, Private wealth and trusts, Uncategorized

UK Supreme Court considers test for dishonesty in criminal cases

The Supreme Court of England and Wales in its recent decision in Ivey v Genting Casinos [2017] UKSC 67 (“Ivey“) took the opportunity to reassess the approach in criminal cases to determining whether a defendant has acted dishonestly. The Supreme … Continue reading

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Citywealth Magic Circle Awards 2018 – Herbert Smith Freehills shortlisted in two categories

Citywealth has just announced its finalists for its Magic Circle Awards 2018.  We are thrilled to have been shortlisted twice. Herbert Smith Freehills has been shortlisted in International Law Firm of the Year – non UK and Richard Norridge has … Continue reading

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China Has Released Guidelines on Outbound Investment

Four key Chinese authorities, i.e. the National Development and Reform Commission (NDRC), the Ministry of Commerce (MOFCOM), the People’s Bank of China (PBOC) and the Ministry of Foreign Affairs (MFA), jointly issued the Notice on Further Guiding and Regulating the … Continue reading

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Australian Tax Office takes action on assurance for Private Groups

The Australian Tax Office’s ("ATO") focus on large privately owned and wealthy groups ("Private Groups") is in full swing with no sign of slowing down in the 2017 year. With the top 320 large Private Groups holding A$112 billion of net … Continue reading

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OUTGOING TRUSTEE HAD NO RIGHT TO RETAIN TRUST ASSETS OR RECEIVE A CONTRACTUAL INDEMNITY FROM THE SUCCESSOR TRUSTEE

The Supreme Court of Bermuda has held that a trustee has no general right to retain trust assets to meet its potential liabilities when a successor trustee is appointed. The Court also held that a former trustee has no general … Continue reading

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