Hot off the presses! May 01 Trusts & Trustees

The May 01 issue of the Trusts & Trustees is now up on Pubget (About Trusts & Trustees): if you're at a subscribing institution, just click the link in the latest link at the home page. (Note you'll only be able to get all the PDFs in the issue if your institution subscribes to Pubget.)

Latest Articles Include:

• Three months in prospect
  - http://tandt.oxfordjournals.org/ 15(3):121 (2009)
  
• Editorial
  - http://tandt.oxfordjournals.org/ 15(3):122-124 (2009)
  
• In brief
  - http://tandt.oxfordjournals.org/ 15(3):125-126 (2009)
  
• Positive recognition for the BVI for its anti-money laundering standards
  - http://tandt.oxfordjournals.org/ 15(3):127 (2009)
  
• The Tax Information Authority (Amendment) Bill, 2008
  - http://tandt.oxfordjournals.org/ 15(3):128 (2009)
  
• Does draft HMRC guidance trap non-residents with a 'permanent establishment'?
  - http://tandt.oxfordjournals.org/ 15(3):129-130 (2009)
  
• Foundations set to make their mark on Jersey's wealth management industry
  - http://tandt.oxfordjournals.org/ 15(3):131-132 (2009)
  An overview of the introduction of the foundation to Jersey law.
• Jersey foundations: the birth of the incorporated trust?
  - http://tandt.oxfordjournals.org/ 15(3):133-139 (2009)
  In this article, the author looks at the genesis of the Jersey foundation and compares some of its features to those of the well-established Jersey trust. Given the island's experience as a centre for trust administration, he questions whether what has been created is not so much a civil law foundation as an incorporated trust.
• The Foundations (Jersey) Law 200[-]
  - http://tandt.oxfordjournals.org/ 15(3):140-147 (2009)
  With the States of Jersey having now passed the Foundations (Jersey) Law 200[-] practitioners and advisors to HNWI's and families need to understand the mechanics of the law, the process of incorporation and the practicalities of what needs to be in each of the constitutional documents of a Jersey Foundation so that they can begin to think about the new opportunities and alternatives the Foundation may provide their clients.
• Tax treatment of foundations in the UK and possible uses
  - http://tandt.oxfordjournals.org/ 15(3):148-151 (2009)
  Jersey is introducing the use of foundations as an alternative to the existing vehicles of trusts and companies. The legal constitution of the new foundation is dealt with elsewhere in this issue and the purpose of this article is to consider the tax treatment of foundations in the UK and based on that analysis, to consider the potential uses that can be made of this new offshore vehicle.
• The rule in Saunders v Vautier and its recent application under Jersey Law
  - http://tandt.oxfordjournals.org/ 15(3):152-161 (2009)
  As a judgment of the English court, the decision in Saunders v Vautier has no direct application under Jersey law. The Island has however been influenced by English law, particularly in the evolution of its trusts law, and judgments of the English courts in this area are persuasive authority in the Jersey courts. There have been a number of recent Jersey cases dealing with the rule in Saunders v Vautier and this case note looks, in particular, at the Mubarak and Turino decisions and the implications of both.
• Post-nups upheld by the Privy Council: MacLeod v MacLeod [2008] UKPC 64
  - http://tandt.oxfordjournals.org/ 15(3):162-166 (2009)
  This case considered the validity and effect of a post-nuptial agreement and highlights the distinctions between post-nups and pre-nups. The couple made three agreements, one pre-nuptial and two post-nuptial. The enforceability of the agreements, in particular the final one, was challenged during divorce proceedings with the court finding that the post-nuptial agreements were to be considered maintenance agreements, which would generally be enforceable though subject to variation on application. Although the existence of a pre-nuptial may be one of the factors to which judges may and increasingly do have regard, the English courts are still not obliged to uphold pre-nuptial agreements and any change in the law is likely to come via legislation rather than in the court.
• Apportioning trust expenses between income and capital: Commissioners for HM Revenue & Customs v Trustees of the Peter Clay Discretionary Trust [2008] EWCA Civ 1441
  - http://tandt.oxfordjournals.org/ 15(3):166-170 (2009)
  One of the central challenges faced by a trustee is frequently the balance he or she must strike between the interests of income and capital beneficiaries. This case concerned the treatment of certain expenses incurred by a United Kingdom resident discretionary trust, which the trustees had charged to income in the year 2000-01, but HMRC alleged should all have been charged to capital. It goes some way to providing clarification for trustees as to how expenses should be treated, and what evidence the courts will require to justify the treatment adopted.
• Onshore: Italy
  - http://tandt.oxfordjournals.org/ 15(3):171-177 (2009)
  
• Offshore: Jersey
  - http://tandt.oxfordjournals.org/ 15(3):178-180 (2009)