Unravelling trust transactions – the party’s still on in Jersey
I previously reported on the English Court of Appeal’s decision in the combined appeals of Futter v Futter and Pitt v Holt which clarified (or so we thought) the approach to setting aside transactions for mistake under English law.
The Jersey Royal Court has since considered the English position and has come to a different conclusion.
In my latest Legal Alert, I comment on the gap that has now opened up between English and Jersey law and the likely result that advisers could tend to use Jersey-based trusts and trustees to mitigate the risk of professional negligence claims.
No sooner had this Jersey decision been handed down, news followed that Futter v Futter and Pitt v Holt are now going to the Supreme Court. The judgment is unlikely to be handed down until next year but we await the Supreme Court's decision with interest.