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A firm of solicitors needed personal taxation advice for two of its clients, but did not have a private client department. The clients were from overseas. They were buying a property in the UK and required advice on:
PWT Advice Limited was happy to help the law firm advise its clients on these issues.
A financial advisory company has received correspondence from HMRC raising assessments against a number of its clients. HMRC was arguing that offshore pensions set up by these clients were in fact 'settlor interested settlements' so that the clients should be taxed on the income and gains arising overseas. PWT Advice Limited was happy to be helping the financial advisers respond to HMRC's enquiries, to explain why offshore pensions do not fall foul of the settlement rules.
An overseas trust company had set up a pension under the new Qualified Recognised Overseas Pension Scheme rules. PWT Advice Limited advised the trust company on the impact of the new QROPS rules and on transferring assets from UK pensions to the offshore QROPS in appropriate circumstances.
This case is important on two levels. From a practical perspective, it is a stark reminder to all trustees of the importance of keeping accurate and up-to-date records of their beneficiaries. Equally the case shows how vital it can be to take out insurance on the winding-up of a trust.
From a technical perspective, the case is important because it confirms, for the first time, that the protection afforded by section 27 of the Trustee Act 1925 can be extended to trustees of pension schemes. However, trustees cannot rely on the s27 protection when they have already had ‘notice’ of a claim. The judgment examines what constitutes notice for these purposes.