Spotlight on private wealth - April 2020

Published on 02 April 2020

Our quarterly update is designed to keep you up to speed with developments in the private wealth world.

In this edition we explore sham trusts, heritage property and removing trustees. We also keep pace with the latest developments in the art sector. If you have any feedback on this update or would like to know more about the issues covered, or anything else, get in touch.

Explore the latest edition

The big question

Is it all a sham? It is common for property to be transferred into a trust for tax planning reasons and for the individual creating the trust (the settlor) to retain a degree of control over who benefits from their wealth. However, a trust may be an invalid “sham trust” if it is intended that the settlor will effectively retain complete control over the trust, despite the terms of the trust documents. Read more

What’s hot?

  • Delay, delay, but it’s all ok. Read more
  • A strange signature, an impersonation and an invalid will. Read more

RPC asks

  • Trusts registration and MLD5- what’s happening? Read more
  • How do you remove trustees if you are not a beneficiary? Read more
  • Heritage property – special IHT treatment? Read more 

And in the art world

  • Sotheby’s, settlement and a fake Franz Hals. Read more
  • Anti-money laundering compliance hits the art market. Read more

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