Industry News

23 March 2017

The UK Supreme Court has held that the England and Wales Court of Protection (COP) can only choose between the available options for a protected persons' care plan and cannot order third parties to provide or fund care packages against their wishes. N v ACCG (2017 UKSC 22)

23 March 2017

Swiss bank UBS and the French tax authorities have failed to reach a settlement over whether or not the bank should pay EUR1.1 billion in bail sureties over accusations that it helped French clients evade tax.

21 March 2017

The US state of New Hampshire has passed Senate Bill 225 (SB225, Revising the New Hampshire trust code). If enacted, the bill would allow, from October 1, 2017, the formation, registration, and domestication of foundations. Todd Mayo TEP, of Perspecta Trust, says: “By recognizing foundations, New Hampshire would enable families from countries in which foundations are preferable to trusts as wealth management vehicles to avail themselves of a US-based structure.”

20 March 2017

Australia's federal government has published draft laws seeking to remedy some of the unintended consequences of the new foreign investment restrictions introduced at the end of 2015. The December 2015 legislation introduced stricter and more flexible penalties for unlawful purchases by foreign investors; substantial fees for registering purchases; tightening of rules relating to certain sectors such as agriculture and critical infrastructure; and a register for foreign-held interests in agricultural land, later expanded to include foreign-owned water entitlements.

20 March 2017

Two adopted children have used the European Convention of Human Rights to establish their claim to part of their grandfather's estate, even though succession law at the time of his death did not require adopted children to be treated as natural children.

16 March 2017

The UK Supreme Court's has ruled on Ilott v Mitson, in which an adult daughter claimed provision from her estranged mother's estate. The case confirms that, although the provisions of the Inheritance (Provision for Family and Dependants) Act 1975 qualify individual testamentary choice, it is not the case that ‘once there is a qualified claimant and a demonstrated need for maintenance, the testator’s wishes cease to be of any weight’. The decision reaffirms the general principle of testamentary freedom, and clarifies a number of issues under the Act.

16 March 2017

Switzerland's Supreme Court has ruled that the government can comply with a French request for information about a UBS client's bank account, despite the request probably being founded on stolen data.

14 March 2017

La Superintendencia Nacional de Administración Tributaria (SUNAT) de Perú ha anunciado que está llevando a cabo 30 auditorías de personas en la industria del entretenimiento que tienen inconsistencias fiscales por un monto combinado de PEN81 millones (aproximadamente USD24,6 millones).

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