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Trust disputes—table of cases

Trust disputes—table of cases Existence and validity of trusts Topic Case name Summary Author Jurisdiction Existence and validity of trusts Provincial Equity Finance Ltd v Dines (née Breda) [2023] EWHC 103 (Ch) News Analysis: ‘By prosperous voyages I often made…And the great care of goods at random left’—resulting trust and the dominion of express trusts (Provincial Equity Finance Ltd v Dines and a Tragedy of Errors)This case demonstrates the practical difficulty of establishing a claim for resulting trust where a chaotic deceased used bank accounts for mixed purposes and establishes that an express trust may supplant the presumption of resulting trust even where the party advancing funds is not a party to the express trust. Nicholas Holland, McDermott Will & Emery UK LLP England & Wales Existence and validity of trusts Attorney General v Zedra Fiduciary Services (UK) Ltd and others [2022] EWHC 102 (Ch) News Analysis: Cy près scheme approved for £600m charitable trust to be applied to reduce the National Debt (Attorney General v Zedra Fiduciary Services (UK)...

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Foreign charitable trusts and other foreign charities

Foreign charitable trusts and other foreign charities For convenience, the term 'foreign charity' has been used throughout the Practice Note to mean any entity of a charitable nature which is not subject to the jurisdiction of the UK courts and cannot, therefore, qualify as a 'charity' for the purposes of the charity law of any part of the UK. For a discussion on what makes a charitable organisation for the purposes of the jurisdiction of courts in England and Wales, see Practice Note: Essentials of a charity. This Practice Note is concerned only with entities that do not qualify as 'charities' under these rules, because they are not subject to the jurisdiction of the courts of any part of the UK. Until 15 March 2023, it was necessary to distinguish between entities of a charitable nature established in other Member States of the EEA (for convenience referred to as 'EEA charities') and foreign charities established outside the EEA, as broadly speaking, gifts to EEA charities qualified for UK...

Exemptions and reliefs from stamp duty

Exemptions and reliefs from stamp duty FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Following the call for evidence in 2020, the resulting outcome published in 2021 and consideration by the relevant HMRC and industry working group, the government again sought views (through a consultation opened on 27 April 2023 as part of Tax Administration and Maintenance Day and which closed on 22 June 2023) on proposals to modernise the stamp taxes on shares (STS) framework. The proposal is to introduce a single self-assessed stamp tax on securities, with the tax collected by CREST for transactions undertaken there or, for non-CREST transactions, through a new online HMRC portal that will provide a unique transaction reference number (UTRN) when the tax has been paid. Many of the key elements of the proposed single tax would adopt what currently applies for SDRT (for example, when the charge arises, adopting the current SDRT treatment of warrants and call options, making the buyer the liable person...

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Execution clause—charities (incorporated)—deed

Option 1 Executed as a deed by affixing the common seal of [insert the name of the charitable company] in the presence of: [allow space to affix common seal] ……………………………………………………………………………… Director ……………………………………………………………………………… [Director OR Secretary] Option 2—corporate director or secretary Executed as a deed by affixing the common seal of [insert the name of the charitable company] in the presence of a director and [insert name of individual], duly authorised by [insert name of director or secretary] to attest to the affixing of the seal on its behalf as [director OR secretary] of [insert name of charitable company]: [allow space to affix common seal] …………………………………………………………………………… Director...

Charity clauses—disposition and execution

Description of parties Unincorporated charity (trust) [Trustee 1], [Trustee 2], [Trustee 3], [etc] all care of [insert charity's address] (in their capacity as trustees of the [insert name of charity]) (a charity registered in England under registered charity no. [insert number]). Unincorporated charity (unincorporated association) [insert name] [of [insert personal address]], [insert name][ of [insert personal address]], [insert name][ of [insert personal address]], [etc][ all care of [charity’s address]] (in their capacity as trustees of the [insert name of charity]) (a charity registered in England under registered charity no. [insert number]). Charitable company [insert company name] (a charitable company registered in England and Wales (Company No. [insert number] and registered charity no. [insert number])) whose registered office is at [insert address]. Official Custodian for Charities The Official Custodian for Charities of the Charity Commission...

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Do all charitable incorporated organisations (CIOs) and charitable companies need to be recognised by HMRC to claim relief from corporation tax on bank interest?

Do all charitable incorporated organisations (CIOs) and charitable companies need to be recognised by HMRC to claim relief from corporation tax on bank interest? The basic rules for tax exemptions available to charities are set out in Part 10 of the Income Tax Act 2007, for income tax purposes (charitable trusts) and in Part 11 of the Corporation Tax Act 2010 for corporation tax (charitable companies). There has been some form of tax exemption for charities in tax legislation for a considerable period of time, but this exemption has not always been in the form it is now. There is an overriding requirement for a claim to be made for exemption and for the income concerned to be applied by the charity for charitable purposes only. Even so, only certain income can be exempt, namely: • profits of charitable trades • profits of small-scale trades and miscellaneous income • profits from fund-raising events • profits from lotteries • property income • savings and investment income and,...

Where a company has been left a residuary legacy within a Will and it is in liquidation and is being wound up, how should the executors deal with the residuary legacy?

Where a company has been left a residuary legacy within a Will and it is in liquidation and is being wound up, how should the executors deal with the residuary legacy? This Q&A assumes that the residuary beneficiary is not a charitable company. In order to be properly protected from potential liability, the executors should consult with the insolvency practitioner appointed as liquidator to deal with the administration of the beneficiary company’s affairs. It assumed that the insolvency is incomplete and that the liquidator would have an interest in these assets, especially if they represent a potential 'debt' due to, or asset of, the liquidation estate.

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Property weekly highlights—6 June 2024

This week's edition of Property weekly highlights includes: publication of the Leasehold and Freehold Reform Act 2024 and cases on transactions defrauding creditors, exemption from the higher rate of SDLT and the reservation of minerals.

Charities Act 2022—third tranche of changes

Private Client analysis: The third tranche of changes to charity law introduced by the Charities Act 2022 (CA 2022) came into force on 7 March 2024. Kirsteen Hook, partner (Charities) at Trethowans LLP explores the impact of these changes which are expected to save time, reduce administrative burdens and simplify processes.