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Historically, absent a specific anti-avoidance provision, trustees have been unclear as to whether resident withholding tax (RWT) credits must be allocated in proportion to interest income or if the credits could be “streamed” for better effect. A recent amendment to the Income Tax Act 2007 has clarified the position and now provides that a trustee can … Continue reading
Gifts made when insolvent can be voided, that is the gift is reversed. This means that if a person is bankrupted any gifts made within the 2 years prior to bankruptcy are voidable as against the Official Assignee (this means that any gifts must be paid back to the bankrupt’s “estate” and can be used … Continue reading
The words “breach of trust” are frequently bandied around in the context of trusts. It is generally accepted that such breach is bad and is to be avoided. However, the full cost of a breach of trust is not always fully appreciated. While it is understood for the best part, that if a trustee does … Continue reading
Matters of Trust 