The recent judgement of His Honour Deemster Doyle in the case of AB v CD highlighted an area of uncertainty in Manx trust law by questioning under what circumstances would the Manx courts be willing to interfere with a trustee’s decision which has given rise to unintended consequences, including unintended tax consequences.

AB v CD

AB v CD concerned an application for an order to set aside a number of call options (Options) granted by the Defendant over the assets of eight discretionary trusts established under Manx law (Trusts). The order was applied for under the rule as established by the case of Hastings-Bass (the Hastings-Bass Rule) (also referred to as the proper deliberation rule) or, in the alternative, on the grounds of mistake. The Claimant was the settlor and primary beneficiary of the Trusts and the Defendant was the trustee.

Type

Insight

Locations

Isle of Man

Share
Twitter LinkedIn Email Save as PDF
More Publications
8 Jul 2020 |

Isle of Man Treasury announce new personal injury discount rate

The Isle of Man Treasury has announced that a new discount rate will be applicable to personal injur...

Contributors: Claire Corkish
23 Jun 2020 |

The International Stock Exchange – The home of UK Real Estate Investment Trusts (REITs)?

Real Estate Investment Trusts (REITs) were introduced in the UK under the Finance Act 2006 on 1 Janu...

Contributors: Chris Smedley
19 Jun 2020 |

Warranty Claims: On time, but too late?

A recent decision in the English High Court highlighted the importance of buyers acting quickly if t...

4 Jun 2020 |

2019: The Isle of Man M&A year in review Part 1 – Why is it significant?

In this, the first of a two-part series, Garry Manley considers the significance of mergers and acqu...

3 Jun 2020 |

Appleby’s overview of the key benefits of listing high yield bonds on TISE

In the last few years, an increasing number of issuers of high yield bonds have chosen The Internati...

Contributors: Chris Smedley
16 Apr 2020 |

COVID-19 – Charity AGM restrictions in the Isle of Man

The COVID-19 pandemic and associated restrictions place unprecedented difficulties on Isle of Man re...

Contributors: Kyle Sutherland
6 Apr 2020 |

Isle of Man Charities Registration and Regulation Act 2019

The final provisions of the Charities Registration and Regulation Act 2019 (2019 Act) came into forc...

Contributors: Faye Moffett
31 Jan 2020 |

Brexit Day has arrived: What does that mean for Jersey, Guernsey and the Isle of Man?

Brexit Day has arrived, and at 11 o’clock this evening the UK’s EU membership will come to an en...

2 Dec 2019 |

The International Comparative Legal Guide to Gambling 2020 – Isle of Man Chapter

Appleby has provided the Isle of Man chapter to the ICLG Gambling 2020. The "International Comparati...

Contributors: Sophie Corkish