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The recent decision in IFM Corporate Trustees Ltd v Helliwell and Mountain (2015 JRC 160) focuses on tax avoidance using trusts.
The Jersey Royal Court may take into account the ethics of aggressive tax avoidance in its future rulings on trusts as a result of the decision in IFM Corporate Trustees Ltd v Helliwell and Mountain (2015 JRC 160).
The case concerned an application to rectify a trust. It was an employee benefit scheme in which the UK employer made discretionary loans to employees then settled its right to repayment into the Jersey trust with cash contributions to the fund. The beneficiary class included specified employees and relatives but omitted other relatives and their spouses.
Bailiff William Bailhache said: “The court was initially concerned that this scheme might have fallen into the category of aggressive tax avoidance.”
If that were so the court might have had to consider whether...
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