Wealth and trusts quarterly digest

Published on 21 August 2018

Welcome to our latest Wealth & Trusts digest. Our quarterly digest is specifically tailored for you and aims to provide up to date commentary, analysis and guidance on key sector developments. It is written by our wealth and trusts teams to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any issues you may have and always welcome feedback on the content of our publications.


Keeping up with changing circumstances: varying trusts and beneficial interests

Once a trust has been settled, circumstances may change so that its provisions are no longer fit for purpose. The terms of a trust may not be set in stone and can sometimes be varied, depending on the express terms of the trust, the position of the existing beneficiaries and the powers of the court. Read more.


New inheritance tax disclosure regime

On 1 April 2018, new rules for the disclosure of tax avoidance schemes came into effect for inheritance tax. These rules aim to notify HMRC of tax avoidance schemes and how they work. Read more.

Trusts Register: HMRC provides clarification on non-UK trusts holding UK residential property

 In response to a query raised by the Society of Trust and Estate Practitioners (STEP), HMRC has clarified the tax position of trustees of offshore trusts that own UK residential property through non-UK companies. Read more.

UK authorities obtain first Unexplained Wealth Orders

In our last update, we discussed the new investigative tool introduced by the Criminal Finances Act 2017, known as Unexplained Wealth Orders (UWOs). UWOs are designed to compel respondents to provide specific information to law enforcement agencies about questionable property. Read more.

Case reports

South Downs Trustees Limited (as trustee of the South Downs Employee Benefit Trust) v GH, IJ and KL

The High Court has approved the decision of a trustee of an employee benefit trust (the Trust) to overrule the provisions of the trust deed in response to unforeseen market conditions. Read more.

Millar & Anor v Millar & Ors

 The principle established by the Supreme Court in Marley v Rawlings and another, that contradictory words in a will must be interpreted as framed by their surrounding factual context, has been applied for the first time by the High Court to a lifetime trust. Read more.

Lewis & Ors v Tamplin & Ors

The High Court has considered the extent to which beneficiaries are able to request information from trustees in relation to a trust and the application of legal professional privilege to any requested documents. Read more.

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