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Trust Quarterly Review (TQR)

A quarterly technical digital publication, the TQR provides in-depth technical analysis containing the latest papers from leading practitioners.
STEP TQR June 2019

On behalf of the editors, welcome to the June 2019 edition of the Trust Quarterly Review. This edition examines the tax treatment of foreign trusts in Italy, and explains the use of trusts, principally the endowment, or ‘hekdesh’, in Israel. We also delve into the nascent body of foundation law emerging in the UAE, provide a run-down of the differences in trust law between Scotland and England and Wales, and offer review of two cases where civil-law structures have unfavourably interacted with UK taxation and English and Welsh law.

June 2019

An introduction to this edition from the Editors. Read more

In this article, Fiona Clarke TEP summarises the principal differences between trust law in Scotland, where a mixed legal system draws on civil- as well as common-law principles, and England and Wales, where common law is the norm. Read more

Since a trust under Israeli law is not considered a legal entity, it is common practice to use an underlying company to hold trust assets. Dr Alon Kaplan TEP and Meytal Liberman TEP review the Israeli trust, with emphasis on the endowment or ‘hekdesh’, and its use, while investigating the recognition of foreign trusts under Israeli law. Read more

Paolo Ludovici TEP presents the main legal and tax ramifications to trusts, their settlors and their beneficiaries in Italy, including the recognition of trusts for civil-law purposes and the treatment of trusts for income and inheritance tax purposes. Read more

This review of a recent case, from Richard Frimston TEP and Paolo Panico TEP, concerns the ownership of London real estate by the Luxembourg royal family. While the fundamental issue is common (who gets property on a divorce), the legal issues surrounding the rules on divided Crown ownership raise interesting questions that may become more significant as the world moves forward with anti-money laundering rules. Read more

This article reports on the introduction of new foundation laws in the UAE that encourage regional wealth preservation for both Muslim and non-Muslim investors. Ismael Hajjar TEP, Midya Omar and Suzanne Reisman TEP explain these new laws, under which foundations will generally be treated as local legal entities having their own legal framework based on the common law of England and Wales, and their own independent courts. Read more

Penelope Reed QC TEP reviews Tristram and Coote’s Probate Practice, 31st edition, main work and second supplement. Read more