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Never look a gift horse …

The Court of Appeal decision in MSD v Broadbent takes a considered and principled approach to whether MSD can assess “notional” income on assets that have been transferred to family trusts.  For the background to this case see Notional income knocked back.  [Note that the decision relates to part 4 of the Social Security Act 1964 (the … Continue reading

So close to Jasmine you can smell it

CDT 12 Limited v Millar doesn’t answer the Jasmine question, but does raise considerable doubt as to whether Jasmine applies in New Zealand.  For the background to the “Jasmine” issue, see Two trustees go down to the woods … one is discharged, one is not and Exit stage left. Mallon J’s decision on the papers in … Continue reading

Beddoe late than never

In the Matter of the Stingray Trust relates to complex inter-jurisdictional trust proceedings hard in the Cayman Islands.  It is noted that the Cayman Islands, like the Jersey and Guernsey Islands provide a wealth of considered trust jurisprudence due to the number of cases heard and the similarity of the underlying statuary and common law … Continue reading

Ink vs litigation

On first glance Almond v Read, appears to have it all.  Arguments were made relating to the parties common intention, a constructive trust and breaches of fiduciary duty in the context of family owned land that was acquired with best of intentions.  However, over time, different parties adopted different views of the basis upon which a … Continue reading

To gift or not to gift – that is the question

The case of The Church of Jesus Christ of the Latter-Day Saints Trust Board v CIR considers whether donations made in connection with a missionary application are charitable gifts for the purposes of s LD1 of the Income Tax Act 2007. The crux of the matter for consideration is whether gifts made by church members … Continue reading

Changing of the guard

It can be necessary to change trustees for many reasons. Regardless of the circumstances that require a change of trustee, the decision as to appropriate trustees can be complicated and requires a careful balancing of a range of considerations. The interim judgment in Thomson v Riley provides a useful insight into how a court balances … Continue reading

Challenging estate boundaries

Whether or not a blended family is involved, if provision is not made for a child or if a trust has been settled notwithstanding the degree of relationship, then a remedy with the assistance of the court can be difficult, if not impossible. While the Family Protection Act 1955 can provide an opportunity for children who … Continue reading

Revisions to the Trusts Bill

The Justice Select Committee has reported back to Parliament (following two time extensions). The recommended amendments to the Bill are largely minor in effect, dealing with definitions or clarification of proposed provisions, although there are adjustments to maximum duration periods for resettlements and the addition of a “guiding principle” for trust duties. Key points are: … Continue reading

Is debt forgiveness on account of a loan to a charity a gift that allows a tax credit?

In Roberts v CIR the question for the court is whether the forgiveness of debt a monetary gift for the purposes of s LD 3(1)(a) of the Income Tax Act 2007? Background The Oasis Charitable Trust (the Trust), a registered charitable trust, was settled by Mrs Roberts and her late husband on 14 October 2007 to facilitate the … Continue reading

Supervision does indeed mean supervision

The inherent jurisdiction of the High Court includes the supervision of trusts. However, the temporal aspect of the jurisdiction and the ability for this to provide a longer-term administrative solution is a useful aspect of the jurisdiction. Such a case is Matheson v Clare Matheson Trust Limited, which concerned an application by a settlor and … Continue reading

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