Welcome to the first instalment of our Guernsey Quarterly Trust Update. In 2018 we will be providing a quick fire summary of the key developments from each quarter which we think our trustee clients should be aware of.
In this edition we will be discussing the latest requirements being imposed by the UK government on offshore trustees (see our notes on the Requirement to Correct and the Register of Beneficial Owners of Overseas Companies). We have also commented on the Second Edition of the CRS Implementation Handbook which the OECD released on 5 April. The latest edition provides some useful additional guidance on identifying "Controlling Persons" of trusts.
We also have a number of case updates from the Guernsey courts this month, including a helpful judgment on trustee fees and when these might not be recoverable and a review of two decisions which are the first cases to consider the operation of the Hastings-Bass principle in Guernsey. We have also had a look at two of the latest judgments handed down in the ongoing Tchenguiz Discretionary Trust litigation – including a comment on the Privy Council decision handed down on Monday.
Finally, we have news on Angela Calnan's upcoming presentation in Dubai on 30 April with Smith & Williamson and ZEDRA and an introduction to the newest member to the Collas Crill trusts team.
We hope you enjoy!
Christian Hay David O'Hanlon Angela Calnan Ben Havard
Thomas Cutts-Watson Emma Taylor Gregory Haddow