The expenses of trustees, the right of indemnity and the role of taxation: making the equation work |
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| Authors: | Hanson Timothy |
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| Institution: | * Timothy Hanson is an advocate of the Royal Court of Jersey and partner in the Jersey law firm Hanson Renouf. He is also an associate tenant of Number 5 Chambers, Birmingham from where he continues to practise as a barrister. He appeared as the advocate for Sheikh Fahad in the appeal of In Re Internine Trust [2007] JCA 164. |
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| Abstract: | The purpose of this article is to examine a Trustee's indemnityin respect of its expenses and liabilities incurred in connectionwith the Trust and how beneficiaries are able to have them scrutinized.This article considers, in particular, specific assessment proceduresthat have evolved in England, Jersey and Guernsey and, further,difficulties that have arisen in ensuring that any assessmentprocedure is consistent with the Trustee's right of indemnity.In Jersey, all these issues came to the fore in the case ofRe Internine Trust 2007] JCA 164 that is examined in particulardetail. |
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