SwissIndependent Trustees SA v Robert Sofer & Ors

SwissIndependent Trustees SA v Robert Sofer & Ors

The definition of 'Corpus of the Trust Fund' in clause S1(8a) of each trust (as amended) prevails, and the inconsistent words in the parenthesis in clause A3(1a) are to be ignored as meaningless. This construction gives effect to the intention behind the trust amendments, aligns with the ATO settlement, and avoids an artificial reduction of the tax-free corpus available to beneficiaries.

Parties
Claimant: SwissIndependent Trustees SA; First Defendant: Robert Sofer; Second Defendant: Tamara Wolpert; Third Defendant: Jay Wolpert; Fourth Defendant: Lindsay Perlman; Fifth Defendant: Marissa Serda; Sixth Defendant: Keith Nicholas Dunnell
Jurisdiction
England and Wales
Judgment Date
12 January 2023
Procedural Posture
Part 8 Claim (construction and Rectification of Trust Instruments) / Trial Judgment on Construction Issue
Outcome
Declaration granted in favour of the claimant trustee's construction; rectification claim dismissed as unnecessary.
Legal Topics
Construction of Trust Instruments, Variation of Trusts, Foreign Law References in Trusts, Rectification of Trusts
Trusts Property Law Private International Law Construction of Trust Instruments Variation of Trusts Foreign Law References in Trusts Rectification of Trusts

Case Brief

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Parties

SwissIndependent Trustees SA

Claimant

Robert Sofer

First Defendant

Tamara Wolpert

Second Defendant

Jay Wolpert

Third Defendant

Lindsay Perlman

Fourth Defendant

Marissa Serda

Fifth Defendant

Keith Nicholas Dunnell

Sixth Defendant

Procedural Posture

Part 8 Claim (construction and Rectification of Trust Instruments) / Trial Judgment on Construction Issue

Legal Issues

  1. 1 Proper construction of amended trust clauses regarding corpus of trust fund
  2. 2 Effect of inconsistent definitions within trust instruments
  3. 3 Admissibility and relevance of foreign law (Australian tax law) in construction of English law trusts

Ratio Decidendi

The definition of 'Corpus of the Trust Fund' in clause S1(8a) of each trust (as amended) prevails, and the inconsistent words in the parenthesis in clause A3(1a) are to be ignored as meaningless. This construction gives effect to the intention behind the trust amendments, aligns with the ATO settlement, and avoids an artificial reduction of the tax-free corpus available to beneficiaries.

Court Disposition

Declaration granted in favour of the claimant trustee's construction; rectification claim dismissed as unnecessary.

Orders

  • Declaration that on the true construction of sub-clause A3(1)(a) of the trusts (as amended), the 'Corpus of the Trust Fund' refers to the full extent as defined in clause S1(8a), notwithstanding the inconsistent parenthetical words.
  • Rectification claim dismissed.