June 8 2015
START DATE
END DATE
November 13 2015
IN THE MATTER OF THE F TRUST AND IN THE MATTER OF THE A SETTLEMENT
COURT:
LAW:
JUDGE(S):
CLAIMANT'S LAWYER:
DEFENDANT'S LAWYER:
The Supreme Court of Bermuda
CIVIL JURISDICTION
IAN RC KAWALEY
Keith Robinson Appleby (Bermuda) Limited
Craig Rothwell Cox Hallett Wilkinson Limited
FACTS OF THE CASE:
The F Trust and A Settlement established in Bermuda appointed D1 as trustee without considering UK tax implications leading to adverse tax consequences. Voluntary disclosure to HMRC was made by Plaintiff Trustees who sought to return the Trusts to their original tax status.
SUMMARY:
Whether the appointment of D1 as trustee without considering UK tax implications constituted a flawed exercise of fiduciary power under section 47A of the Trustee Act 1975.
OUTCOMES:
The court set aside the appointment of D1 as a trustee of the F Trust and A Settlement treating the appointments as never having occurred.
RULED IN FAVOUR OF:
Plaintiff/Claimant
PLAINTIFF/CLAIMANT
DEFENDANT:
DURATION (DAYS):
ISSUES:
RELEVANCE:
RULING:
RULING TYPE:
CASES CITED:
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IN THE MATTER OF THE F TRUST AND IN THE MATTER OF THE A SETTLEMENT
The F Trust and A Settlement established in Bermuda appointed D1 as trustee without considering UK tax implications leading to adverse tax consequences. Voluntary disclosure to HMRC was made by Plaintiff Trustees who sought to return the Trusts to their original tax status.