Category: trusts

The Savile Estate Saga – Sovereign Chambers

Posted March 26th, 2014 in charities, child abuse, executors, news, personal injuries, sexual offences, trusts, wills by sally

‘Jimmy Savile died on 29 October 2011. The current value of his estate, after allowing for a range of expenses that have been incurred, was about £3.3 million. Jimmy Savile left a will. The executor of the will and Jimmy Savile’s personal representative was National Westminster Bank plc (“the Bank”). Various individuals were named in the will as beneficiaries (“the individual beneficiaries”). These included a small number of close relatives and friends, each of whom was given a relatively modest bequest. However, under the will, the bulk of the residue of Jimmy Savile’s estate was left to the Jimmy Savile Charitable Trust (“the Trust”). That Trust was intended to serve a number of very worthwhile and valid charitable causes, including Help for Heroes.’

Full story

Sovereign Chambers, 19th March 2014

Source: www.sovereignchambers.co.uk

Recent Developments In Tax Planning From A European Perspective: The Impact on Off Shore Jurisdictions – Six Pump Court

Posted March 10th, 2014 in disclosure, EC law, money laundering, news, taxation, trusts by sally

‘As part of a pan European project to cut down on alleged illicit money laundering through financial institutions and legally created entities such as companies, foundations and trusts, the European Union has launched its fourth anti-money laundering Directive.’

Full story

Six Pump Court, 7th March 2014

Source: www.6pumpcourt.co.uk

Pullan v Wilson and others – WLR Daily

Posted March 5th, 2014 in fees, law reports, proportionality, remuneration, trusts by sally

Pullan v Wilson and others [2014] EWHC 126 (Ch); [2014] WLR (D) 107

‘An automatic entitlement of a professional trustee to charge his normal hourly rates at least unless those rates had been specified and sanctioned by other trustees and principal beneficiaries before the relevant work was undertaken would deprive a court of equity of any effective control over that trustee’s remuneration.’

WLR Daily, 28th January 2014

Source: www.iclr.co.uk

Judge approves Savile compensation scheme – Daily Telegraph

Posted February 27th, 2014 in banking, compensation, executors, news, trusts, victims by sally

‘Victims of serial sex offender Jimmy Savile are a step closer to getting compensation after a judge sanctioned a scheme to award payouts.’

Full story

Daily Telegraph, 26th February 2014

Source: www.telegraph.co.uk

In re West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme Board of the Pension Protection Fund v Board of the West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme and another

Posted February 13th, 2014 in law reports, ombudsmen, pensions, third parties, trusts by sally

In re West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme
Board of the Pension Protection Fund v Board of the West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme and another [2014] EWHC 20 (Ch); [2014] WLR (D) 58

‘Considerations of fairness and reasonableness could not be imported into the process of construing the provisions of a Levy Determination issued by the Pension Protection Fund (“PPF”) which set out, pursuant to section 175(5) of the Pensions Act 2004, the rules for calculating the annual levy on defined pension benefit schemes eligible to receive compensation from the PPF. If the relevant rule in the Levy Determination did not permit the board of the PPF to interfere in any individual case so as to procure what might be said to be fair or rational in the calculation of the levy, the ombudsman was similarly constrained on a reference.’

WLR Daily, 23rd January 2014

Source: www.iclr.co.uk

Inheritance Tax Planning and Trusts – New Square Chambers

Posted December 3rd, 2013 in consultations, inheritance tax, news, trusts by sally

‘The Finance Act 2006 introduced significant changes to the Inheritance Tax (IHT) treatment of
trusts with effect from 22 March 2006. The purpose of this paper is to investigate estate planning
opportunities which are still available both (a) during the lifetime of an individual and (b) on death.’

Full story

New Square Chambers, 28th November 2013

Source: www.newsquarechambers.co.uk

Professional Negligence and Purchases of Property in Joint Names – Zenith Chambers

Posted December 3rd, 2013 in cohabitation, conveyancing, negligence, news, trusts by sally

‘The purpose of this article is to consider the increasingly common situation where purchasers buy property in their joint names, subject to an express declaration of trust, and where one party has contributed significantly more towards the purchase price (or may have provided all of the funds for the purchase). The same principles apply whether the purchase is by cohabitees, family members or friends.’

Full story

Zenith Chambers, 27th November 2013

Source: www.zenithchambers.co.uk

High Court moves to hotel room as frail father sues sons – The Independent

Posted November 26th, 2013 in courts, families, hotels, news, trusts by tracey

‘The barristers removed their wigs and gowns, the judge presided over the hearing in a suit and the usual wood-panelled backdrop was replaced with a conference suite when the High Court moved to a luxury London hotel yesterday. The unusual venue was granted for an extraordinary feud involving members of the Singh family, the owners of part of the Radisson Blu hotel chain.’

Full story

The Independent, 26th November 2013

Source: www.independent.co.uk

Role of Equity in Mistaken Transactions – Speech by the Chancellor of the High Court

Posted November 25th, 2013 in causation, contracts, equity, mistake, rectification, restitution, speeches, trusts by tracey

‘Role of Equity in Mistaken Transactions – Speech by the Chancellor of the High Court. ACTAPS lecture 2013, delivered 20th November 2013.’

Full speech

Judiciary of England and Wales, 21st November 2013

Source: www.judiciary.gov.uk

Marwaha and others v Singh and others – WLR Daily

Posted November 12th, 2013 in appeals, charities, law reports, trusts by tracey

Marwaha and others v Singh and others: [2013] WLR (D) 429

“Where on the true construction of a trust, the trustees have a duty to exclude ineligible persons from membership and they breach that duty, the court is not prevented from intervening. The court has power to vary a scheme pursuant to the general supervisory power of the court in relation to charities.”

WLR Daily, 6th November 2013

Source: www.iclr.co.uk

Strengthening the legal duties on financial professionals to act in the best interests of savers – Law Commission

Posted October 29th, 2013 in consultations, fiduciary duty, financial advice, Law Commission, news, pensions, trusts by sally

“Today [22 October] the Law Commission publishes a consultation paper reviewing how ‘fiduciary duties’ apply to investment intermediaries. The paper traces a chain of intermediaries from an individual, saving for a pension, to the registered shareholder of a UK company. It looks at the obligations of those in the chain to act in the interests of savers.”

Full story

Law Commission, 22nd October 2013

Source: www.lawcommission.justice.gov.uk

Fiduciary Duties of Investment Intermediaries – Law Commission

Posted October 22nd, 2013 in consultations, fiduciary duty, Law Commission, pensions, trusts by tracey

“Consultation reviewing the obligations on investment intermediaries to act in the interests of savers.”

Full consultation

Law Commission, 22nd October 2013

Source: www.justice.gov.uk/lawcommission

Regina (Lewisham London Borough Council) v Secretary of State for Health and another; Regina (Save Lewisham Hospital Campaign Ltd) v Same – WLR Daily

Posted August 6th, 2013 in health, hospitals, law reports, local government, ministers' powers and duties, trusts, ultra vires by sally

Regina (Lewisham London Borough Council) v Secretary of State for Health and another; Regina (Save Lewisham Hospital Campaign Ltd) v Same [2013] EWHC 2329 (Admin); [2013] WLR (D) 331

“The words ‘the trust’ in sections 65F(1), 65I(1) and 65K(1) of the National Health Service Act 2006, as inserted, meant the particular failing trust to which a Trust Special Administrator had been appointed and not any other NHS trust.”

WLR Daily, 31st July 2013

Source: www.iclr.co.uk

Piercing the Corporate Veil: Ramifications of the SC Decision in Prest v Petrodel Resources Limited – 11 KBW

Posted July 31st, 2013 in company law, divorce, financial provision, news, Supreme Court, trusts by sally

Presentation

11 KBW, 24th July 2013

Source: www.11kbw.com

Opening Up Mistake – New Square Chambers

Posted July 22nd, 2013 in appeals, mistake, news, Supreme Court, trusts by sally

“Robin Mathew’s article above discusses the decision of the Supreme Court in Pitt v Holt and Futter v Futter so far as it dealt with ‘inadequate consideration’ by trustees. But the court also dealt with the general law of mistake in dispositions of property. Here it disagreed with the Court of Appeal.”

Full story (PDF) (see p. 2)

New Square Chambers, June 2013

Source: www.newsquarechambers.co.uk

A heresy extinguished: Hastings-Bass reformed – New Square Chambers

Posted July 19th, 2013 in appeals, news, professional conduct, Supreme Court, trusts by sally

“A heresy usually derives from the earnest application of principle without the benefit of perspective. Addressing the rule in Hastings Bass, and its heretical application over many years by the High Court, the Supreme Court in Pitt v Holt and Futter v Futter [2013] uKSC 26 has greatly narrowed its use and effect.”

Full story (PDF)

New Square Chambers, June 2013

Source: www.newsquarechambers.co.uk

Bigamist avoids jail over £900,000 inheritance tax fraud – Daily Telegraph

Posted July 12th, 2013 in bigamy, community service, false accounting, fraud, inheritance tax, news, suspended sentences, trusts by tracey

“Ayse Akgun was convicted for trying to make a fraudulent claim on her second husband’s £2.6 million estate when he died.”

Full story

Daily Telegraph, 12th July 2013

Source: www.telegraph.co.uk

A matter of trust… New Law Journal

Posted June 28th, 2013 in company law, financial provision, matrimonial home, news, Supreme Court, trusts by tracey

“To widespread surprise, the Supreme Court allowed the wife’s appeal in Prest v Petrodel Resources [2013] UKSC 34, [2013] All ER (D) 90 (Jun) although on a different basis from the decision of Mr Justice Moylan at first instance. For those law “nerds” amongst us, the new Supreme Court live feed added an extra frisson, with social media abuzz with speculation as to what it might mean that Lord Sumption was to give the lead judgment. It quickly became clear that this may be a red herring (for Lady Hale to give the lead judgment would have been too obvious a clue). However, a more detailed consideration of the judgment may lead us to conclude that Lord Sumption was a clue indeed and that the corporate veil has survived fully intact, albeit it with the Supreme Court wedging open some doors for family lawyers on the issues of trusts and inferences to be drawn from both pre- and post-litigation behaviour.”

Full story

New Law Journal, 27th June 2013

Source: www.newlawjournal.co.uk

Trustees of the Lehman Brothers Pension Scheme and another v LB Re Financing No Ltd and another – WLR Daily

Posted June 25th, 2013 in appeals, law reports, pensions, time limits, tribunals, trusts by sally

Trustees of the Lehman Brothers Pension Scheme and another v LB Re Financing No Ltd and another [2013] EWCA Civ 751; [2013] WLR (D) 248

“When the Pensions Regulator, acting by the determinations panel, made a determination about a financial support direction in relation to a pension scheme, the trustees of that scheme, by virtue of their office, were persons “directly affected” by that determination for the purposes of section 96(3) of the Pensions Act 2004, and accordingly had standing as of right to refer that determination to the Upper Tribunal under that provision. Further, where any person referred such a determination of the Regulator to the Upper Tribunal under section 96(3) of the Act, the two-year time limit in section 43(9), which, prior to amendment by the Pensions Act 2011, required the Regulator to issue a financial support direction within two years of the time which he selected for determining whether the preconditions in section 43(2) for the issue of a direction had been fulfilled, did not apply to any directions which the Upper Tribunal might give regarding a financial support direction under section 103(5) and (6), or to any order made on appeal from those directions.”

WLR Daily, 21st June 2013

Source: www.iclr.co.uk

In re MF Global UK Ltd (in special administration) (No 3); MF Global UK Ltd (in special administration) v Heis and others – WLR Daily

Posted June 18th, 2013 in administration orders, administrators, insolvency, law reports, trusts by sally

In re MF Global UK Ltd (in special administration) (No 3); MF Global UK Ltd (in special administration) v Heis and others [2013] EWHC 1655 (Ch); [2013] WLR (D) 236

“The court had an inherent jurisdiction to give such directions as would enable the administrators of a regulated investment firm, holding client money under rules imposing a statutory trust, to put in place a client money distribution procedure for dealing with rejected claims and unknown claims which could provide a degree of certainty and protection and ensure a timely return of client money.”

WLR Daily, 14th June 2013

Source: www.iclr.co.uk