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Trustee tax rate increase signalled

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The Government has announced its intention to align the trustee tax rate with the 39% top personal rate effective 1 April 2024. A limited exemption is proposed for deceased estates. The following commentary from the Taxation (Annual Rates for 2023–24, Multinational Tax, and Remedial Matters) Bill also explains the proposed exemption for trusts settled for … Continue reading →

Indemnity – a privilege not a right?

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McKean Family Trustee Limited v McKean (No 2) relates to an interlocutory judgment regarding whether the Trustee’s costs to defend removal proceedings and for proceedings seeking amongst other things a direction for the sale of a trust owned farm should be met from the Torwood Family Trust (the Trust). The background is set out at … Continue reading →

Leave to appeal granted in Legler

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The Supreme Court has granted leave to appeal the decision of the Court of Appeal in Legler v Formannoij. For background see The proper corporate trustee and No fraud here. References:

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