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Results: 1-10 of 22

The UK Supreme Court rules on the ability to set aside transactions in the case of trustees' errors

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • May 15 2013

Where trustees have undertaken transactions with unintended consequences (usually unwanted or unexpected tax consequences), they have been able to

Errors by trusteessetting aside transactions

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • May 9 2013

Where trustees have made errors, in some circumstances, they have been able to make use of the "Hastings Bass rule" to make an application to the

Suitability and systems: UK FSA fines wealth management firm as further thematic review work continues

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • November 19 2012

Following on from its initial thematic work on wealth management firms, the FSA has fined Savoy Investment Management Limited (Savoy) £412,000 for failures to take reasonable care to ensure the suitability of the investment portfolios of its wealth management clients between April 2010 and 31 January 2012, in breach of Principles 3 and 9 and the rules set out in COBS 9.2.1R, 9.2.2R and 9.2.3R

Accessing offshore trust assets: equitable execution over the power of revocation

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • November 17 2011

It is common for Fraud claims to involve attempts by the Claimant to set aside or get access in some way to money that Defendants have placed in trusts

New UK investment trust company tax regime - final regulations

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • November 10 2011

The Investment Trust (Approved Company) (Tax) Regulations 2011 (the Regulations) have been published

Davies, James and Gaines-Cooper Supreme Court found HMRC guidance on residence in booklet IR 20, properly construed, did not mean what the taxpayers contended it meant

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • October 28 2011

It was a majority verdict 4 against 1, the leading speech was delivered by Lord Wilson, Lords Hope, Walker and Clarke supporting and Lord Mance dissenting

Taxation of non-domiciled individuals

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • September 27 2011

Under current rules, non-UK domiciled individuals are liable to UK tax only on the income and gains which arise in the UK

Proposals for a UK statutory residence test and changes to the rules applying to non-domiciled individuals to allow remittance to the UK to encourage investment

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • June 22 2011

The Government has released the much anticipated consultation documents on the proposals for a statutory residence test (SRT) and reform to the taxation of nondomiciled individuals

Freezing orders: when can trust assets be frozen?

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • June 8 2011

When a court grants a freezing injunction, its order will be based in large part upon the “standard form” freezing injunction wording

New offshore fund regulations confirm that offshore fund rules should not apply to certain disposals made by private equity funds

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • May 10 2011

Final offshore fund regulations released on Friday confirm that where certain conditions are satisfied, a disposal by a private equity fund of an SPV holding an unlisted trading company or group should not give rise to an offshore income gain

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