-
Subscribe
Subscribed
Already have a WordPress.com account? Log in now.
The Supreme Court has granted leave to appeal the majority decision of the Court of Appeal (see 2 to 1) allowing the appeal of the ground breaking decision of Gwyn J that held that a parent can owe fiduciary obligations that survive into adulthood and that property transferred in breach of this duty will be … Continue reading
Inland Revenue has reviewed information from the returns filed to meet domestic trust reporting obligations and has identified a number of common reporting errors including: Trust returns with any of these errors must be amended. This can be done through the software packaged being used or in myIR. See Additional reporting requirements References:
The background to Legler v Formannoij is set out in No fraud here. For practical purposes the relevant background is canvassed at [24] as follows: Fundamentally Legler v Formannoij considers whether the appointment of a corporate trustee of which a beneficiary is the sole director is improper. This question needs to be considered in light … Continue reading
If the terms of a charitable trust whose purposes have become frustrated contain a power of variation the trustees are confronted with whether to vary pursuant to the terms or to seek approval for a scheme under Part 3 of the Charitable Trusts Act 1957. In Re Trevor Wilson Trustee Limited [2022] NZHC 2118 Dunningham … Continue reading
The Privy Council has allowed the appeal in Grand View Private Trust Company Limited v Wong. By way of background, the former individual beneficiaries of a substantial private discretionary trust sought to a challenge the trustee’s decision to appoint the Wang Family Trust (a perpetual purpose trust) as a new beneficiary, and to then transfer … Continue reading
Matters of Trust 