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Private Client & Offshore Services

08 April 2021
Dave Sherwin Economic substance requirements: overview

Cayman Islands - Ogier

The International Tax Cooperation (Economic Substance) Act reflected the Cayman Islands' commitment to its obligations as a member of the Organisation for Economic Cooperation and Development's global Base Erosion and Profit Shifting Inclusive Framework and corresponding EU requirements for no or nominal tax jurisdictions. This article summarises the key elements of the act and draws upon guidance issued by the Tax Information Authority.

Author: Dave Sherwin
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Sandie Lyne Snapshot: 'momentous decision' applications by trustees

Guernsey - Ogier

The terms of a trust deed will usually extend the powers conferred on trustees by the Trusts (Guernsey) Law 2007. When deciding to exercise these powers, trustees must consider all of their legal and fiduciary obligations. However, it is not always that simple; at some point a trustee will be faced with a decision so important or complex that it wishes to seek the blessing of the Royal Court. In Guernsey, such applications are known as 'momentous decision' or 'blessing' applications.

Authors: Sandie Lyne, Mathew Newman, Tehya Morgan
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Sally Edwards Royal Court intervenes to set aside trustee decision

Jersey - Ogier

In a recent case, the Royal Court intervened to set aside a decision of the trustee not to make the spouse of the settlor a beneficiary in her own right. The court's decision has implications for trustees and their obligation to act reasonably despite the trustee setting out reasons for its original decision.

Authors: Sally Edwards, Stephen Lord
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