Private Wealth and Trust Disputes Notes

Australian Taxation Office targets investors seeking to adopt capital gains tax treatment on sale of shares

Australian Treasury's proposed extended significant global entity definition may include trusts

On 20 July 2018, the Australian Treasury released Exposure Draft legislation to extend the definition of a significant global entity (SGE). As a result, …

International bank fined by Jersey court for "intermeddling" in assets of an estate

In a recent case in the Royal Courts of Jersey, a bank was fined for not obtaining the necessary authorisation before transferring the assets of a …

ENGLISH HIGH COURT FINDS TRUSTEES WHO RESISTED A CLAIM FOR THEIR REMOVAL NOT ENTITLED TO COSTS FROM THE ESTATE

TAXING PRIVATE TRUSTS IN AUSTRALIA - A MOVING TARGET

The Australian revenue authorities have been very active recently issuing judgments, making pronouncements and intensifying enforcement activity, all …

Circular trust resolutions – family trusts to be taxed at 47% by Australian Government

Following on from the Australian Government’s announcement in the 2018-19 Budget, an Exposure Draft entitled Treasury Laws Amendment (Measures for a …

NEW ZEALAND SOLICITOR/EXECUTOR CAUSES MISTAKE WHICH LEADS TO COURT PROCEEDINGS – IS HE LIABLE FOR THE COSTS?

In Crawford v Phillips [2018] NZCA 351, the New Zealand Court of Appeal decided that, notwithstanding one of the executors of an estate may have made a …

Dawn raids – how to prepare for the unexpected

The continuing focus and scrutiny of regulators and law enforcement agencies on countering anti-money laundering and counter-terrorist financing …

FATCA: First-ever conviction signals increased enforcement risk

The former CEO of Saint Vincent-based Loyal Bank pleaded guilty and was convicted on 11 September of conspiring to defraud the United States by failing …

NEW ZEALAND COURT OF APPEAL PROVIDES GUIDANCE FOR THE TEST OF RECTIFICATION OF A VOLUNTARY SETTLEMENT AND FINDS THE USE OF THE "BACKDOOR" METHOD TO BE AN ABUSE OF PROCESS

In the two cases set out below, the New Zealand Court of Appeal considered the circumstances in which there may be rectification of a deed entered into …

Australian tax law bites trust law on franking credits

The High Court of Australia has restored sanity in a long running saga in which a trustee purported to separate franking credits from the underlying …

English High Court finds son entitled to family farm based upon proprietary estoppel

In Thompson v Thompson [2018] EWHC 1338, the High Court in London ruled in favour of a son who sought a declaration based on proprietary estoppel that …