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International Edition

Nabarro partner moves to Boodle Hatfield

Boodle Hatfield has strengthened its corporate practice with the hire of Nabarro partner Richard Beavan. Beavan, who will join the West End firm tomorrow (1 September), focuses on fundraisings, takeovers, acquisitions and disposals, venture capital, restructuring and corporate governance.
2 minute read

International Edition

Privately optimistic - An audience with... Private client

A gathering of leading private client lawyers has given the UK coalition Government's emergency budget a cautious thumbs-up, despite the tension generated by clear differences in the pre-coalition taxation policies of the Conservatives and Liberal Democrats. Leaders from the private client legal community gathered at the May Fair Hotel in London on 29 June - a week after the emergency budget was delivered - to debate the impact of the package of tax changes unveiled by Chancellor George Osborne.
4 minute read

International Edition

A&O private client spin-off adds partner duo with in-house hires

Allen & Overy (A&O) private client spin-off Maurice Turnor Gardner (MTG) has bolstered its ranks with the hire of two new partners for its trusts and pensions practice. Jenny McKeown and Helena Berman are set to join the boutique's partnership in September from pensions and HR consultancy Mercer, where they are currently senior in-house pensions litigators.
2 minute read

International Edition

Trust and estates

Hastings-Bass and the law of mistake, the growing use of common law trust by Islamic investors, and a report from Legal Week's Trust and Estates Litigation Forum...
1 minute read

International Edition

Trust and estates: Informing opinions

In her opening remarks at this year's Legal Week Trust and Estates Litigation Forum, co-chair Shan Warnock-Smith QC noted that there are a number of recurring themes that seem to surface when talking about trust and estates law. This year's hot topics were in fact the re-emergence of issues that have been on the agenda in various forms for many years.
10 minute read

International Edition

Trust and estates: Family matters

The last decade has seen a dramatic increase in the use of trusts by Islamic families and considerable efforts have been made by banks and independent trust companies alike to ensure compatibility of their products with the principles of Sharia law. But why has the trust, exported to common law jurisdictions over the past few centuries, suddenly found such favour in the Middle East? To understand the attraction, we first have to understand the nature of Sharia law and particularly the rules governing succession. The vast majority of countries apply a system of succession based upon a combination of residence, domicile and the location of the assets in question. A few, such as Lebanon, will drill down further and apply different rules to different religions.
8 minute read

International Edition

Trust and estates: Core distinction

The so-called 'rule in Re Hastings-Bass' has become a workhorse for setting aside mistaken trustee decisions. It was memorably described by Lord Neuberger at last year's Chancery Bar Association conference as a "magical morning-after pill [for] trustees suffering post-transaction remorse" and has very recently been described by Justice Norris in the following terms: "When the court of appeal fashioned for the trustees of the 1947 settlement upon Captain Hastings-Bass a stout shield against an attack upon the validity of their decisions by the Inland Revenue, the members of the court cannot have supposed that they were creating for such trustees a powerful weapon enabling them to attack their own decisions in the face of objections by the Inland Revenue. But that, of course, is what has occurred in the development of what is called 'the rule in Hastings-Bass' (Re Hastings-Bass [1975] Ch 25)".
9 minute read

International Edition

Private client/family team of the year

"What really impressed me was their sensitivity and understanding of the broader issues." So said Terence Fane-Saunders of Farrer & Co's work acting on the disposal of Titian's Diana and Actaeon to the National Gallery and National Galleries of Scotland. At £50m this was the UK's biggest ever sale of art in private hands to the nation. Farrers' entry for this category was replete with glowing client references and evidence of top quality work and clients.
2 minute read

International Edition

A taxing debate

When it comes to tax advice, lawyers frequently find themselves crossing with accountants and financial advisers. But when it comes to regulation, to what extent lawyers are treated as financial advisers is a key question. Increasing levels of legislation - both that which has come about in the last year-and-a-half and that on the horizon - was at the front of advisers' minds at Legal Week's Private Client Forum, held last month in Italy.
6 minute read

Legal Week

A taxing debate

When it comes to tax advice, lawyers frequently find themselves crossing with accountants and financial advisers. But when it comes to regulation, to what extent lawyers are treated as financial advisers is a key question. Increasing levels of legislation - both that which has come about in the last year-and-a-half and that on the horizon - was at the front of advisers' minds at Legal Week's Private Client Forum, held last month in Italy.
15 minute read

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