Rule in Hastings-Bass meaning

In this issue: Key DR Developments Court information Claims and remedies Costs and funding Cross-border disputes Evidence and disclosure Dates for your diary Useful information Daily and weekly news alerts Key DR Developments King’s Speech 2024 Key announcements: The Prime Minister’s Office has issued briefing notes on the King’s Speech 2024. They outline the Arbitration Bill, its territorial reach, and steps to implement the 2022 Law Commission’s recommendations on Arbitration Law. Commentary on the Bill’s inclusion is provided by Matthew Saunders, partner at Ashurst LLP, and Jason Raeburn, partner at Paul Hastings LLP—see: LNB News 17/07/2024 63—King’s Speech 2024—key Arbitration announcements. CPRC minutes June 2024 minutes of the CPR Committee meeting: The Civil Procedure Rule Committee met on 7 June 2024 in a hybrid format at The Rolls Building (Royal Courts of Justice) and via video conference, covering several topics, including changes to CPR 25 (interim remedies and security for costs) and...

In this issue: Arbitration in England & Wales International Arbitration Institutional and ad hoc arbitration and related news Daily and weekly news alerts New and updated content Arbitration in England & Wales King's Speech 2024—key arbitration announcements The Prime Minister’s Office has released background briefing notes for the King’s Speech 2024 containing details of the Arbitration Bill. The notes set out the Bill’s territorial reach and its purpose—namely to implement the proposals arising from the Law Commission’s 2022 review of Arbitration Law, and to do so across the specified jurisdictions. Commentary on the Bill’s inclusion is provided by Matthew Saunders, partner at Ashurst LLP, and Jason Raeburn, partner at Paul Hastings LLP. See: LNB News 17/07/2024 63. CIArb—recommendations for UK government following 2024 election The Chartered Institute of Arbitrators (CIArb) has presented seven proposals for the UK government after the 2024 general election. Highlights are reaffirmed backing for the rule of law; reinstatement of the Arbitration...

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...

This Practice Note summarises Bermuda trust law at a high level and signposts its distinctive characteristics, including expansive reserved powers rules, codified Hastings Bass measures, and adaptable perpetuity provisions. Bermuda’s trust legislation Trustee Act 1975 (TA 1975) – addresses, among other matters, trustees’ powers, entitlements and duties, together with the Bermuda courts’ supervisory jurisdiction in trust matters. Trusts (Special Provisions) Act 1989 (TSPA 1989) – sets out Bermuda’s broad reserved powers regime, firewall protections, and rules on purpose trusts. Perpetuities and Accumulations Act 2009 (Bermuda) (PA 2009) – states that trusts created on or after 1 August 2009 may exist indefinitely provided they do not own Bermuda land, and permits the disapplication of the rule against perpetuities for earlier trusts. Trusts (Regulation of Trust Business) Act 2001 – requires the licensing of persons conducting trust business in Bermuda. Who can serve as trustee? There is no need for trustees to be resident in Bermuda, although appointing licensed local trustees...

The courts of equity have a well-recognised jurisdiction to grant relief against the consequences of mistakes and ambiguities in a variety of contexts relating to trusts. Such matters seldom involve adversarial contention. Ordinarily, petitions for this kind of relief amount to ‘friendly litigation’, with participants collaborating to resolve the difficulty through the court process. A shadow claim in professional negligence can sit in the background, quite often against an adviser whose guidance, or omission of it, produced the error. In those circumstances, professional indemnity insurers often meet the cost of the application, providing the necessary funding. When uncertainty or an error emerges, the initial task is to identify the character of the problem so as to determine the available remedy in principle. Does it concern the wording of an instrument, or the legal effect of that instrument or a broader transaction undertaken? If the wording is in issue, the court will look to construction (for ambiguity or obscurity) or rectification (where the written terms mis-state the agreement). If the...