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Previous blogs have chronicled the lamentable mess that results when trusts settled to benefit parties and their children become deadlocked when the same parties fall out of favour with each other. So what are the parties to do when they remain unwilling co-trustees after the love has gone? One option is to seek the assistance … Continue reading
The discussions around entitlements to a residential care subsidy increasingly take on the status of urban myths. Ayres Legal is presenting a seminar with plain English advise regarding the effect gifts to trusts and other matters have regarding entitlements to residential care subsidies. The seminar will be held on 16 April at the Epsom Community Centre. To … Continue reading
The recent decision in Selkirk v McIntyre raises the largely unappreciated issue regarding the extent to which a trustee can make recovery from a co-trustee on account of liability that has been incurred by the trustee. The case also addresses (once and for all might be an optimistic assessment) whether the fact that a co-trustee … Continue reading
The recent High Court decision in Clayton v Clayton has been appealed and cross-appealed. Leave has also been given for certain appeals to be made out of time. The appeal will be heard on 14 July 2014. In the meantime, Mrs Clayton has served a bankruptcy notice on her former husband in respect of costs … Continue reading
A number of large international businesses are getting some heat at the moment on account of the ostensibly minimal amounts of tax being paid, a problem referred to as the BEPS (base erosion and profit shifting). The issue relates to how existing tax rules in different tax jurisdictions allow taxable profits to be allocated to locations beyond where the … Continue reading
I reviewed a couple of trust deeds today. Nothing unusual, it’s what I do. For the record when reviewing a deed of trust I start of with my trust review check list and I finish off with a summation of what I feel. While the check list elements are helpful in highlighting drafting errors and shaping my … Continue reading
Relationships and trusts make poor bedfellows when relationships come to an end. Trustees who are bitter over the end of a relationship are often unable to acquit the obligations and duties owed as a trustee to a beneficiary who is no longer loved and cherished. Relationships and trusts can make even poorer bedfellows when trustees are … Continue reading
Trustees act personally. If a trustee does not limit his or her liability by agreement the trustee has no right to a limitation of liability by virtue of the trustee not being able to benefit from the trust. This position has been confirmed in numerous decisions. The most recent involves one Mr Hunt and the Bank of … Continue reading
The law of what is and, what is not, charitable can be a complex matter where the devil is very much in the detail. It can be important to be able to evidence that the charity says what it does and does what it says. When considering applications for registration as a charity the Charities … Continue reading
Rules called the associated person rules apply to tax certain capital gains derived from land due to associations between builders, property developers and dealers. These rules were strengthened with general effect from the start of the 2010/11 income year. However, an unintended consequence of the amendments to the associated person rules is that the rules can … Continue reading
Matters of Trust 