Representation of Yianni 07-May-2021 [2021] JRC 133 (07 May 2021)

Representation of Yianni 07-May-2021 [2021] JRC 133 (07 May 2021)

Article 25 of the Probate (Jersey) Law 1998 empowers the Court to vary a disposition arising by survivorship, and the Court exercised its discretion to sever the joint ownership of shares so that the widow received two-thirds outright, ensuring the spousal exemption applies for UK inheritance tax purposes.

Citation
[2021] JRC 133
Parties
Representor: Janet Yianni; Representor: Nick Yianni; Beneficiary: John Yianni; Beneficiary: Emma Yianni; Beneficiary: Elena Christofides Yianni; Company: Giannco Investments Limited
Jurisdiction
Jersey
Judgment Date
07 May 2021
Procedural Posture
Probate Variation Application / Post Hearing, Reasons for Directions Given
Outcome
Application granted; disposition of shares varied as sought.
Legal Topics
Variation of Disposition, Joint Ownership and Survivorship, Spousal Exemption for Inheritance Tax, Rectification of Share Register
Probate Company Law Taxation Variation of Disposition Joint Ownership and Survivorship Spousal Exemption for Inheritance Tax Rectification of Share Register

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 6 Party arguments 2 Amounts and remedies 3
Sign in to unlock

Parties

Janet Yianni

Representor

Nick Yianni

Representor

John Yianni

Beneficiary

Emma Yianni

Beneficiary

Elena Christofides Yianni

Beneficiary

Giannco Investments Limited

Company

Procedural Posture

Probate Variation Application / Post Hearing, Reasons for Directions Given

Legal Issues

  1. 1 Whether Article 25 of the Probate (Jersey) Law 1998 empowers the Court to vary a disposition arising by survivorship
  2. 2 Whether the Court can sever joint ownership of shares post-mortem for tax efficiency
  3. 3 Whether the spousal exemption applies fully to shares passing by survivorship to widow and son jointly

Ratio Decidendi

Article 25 of the Probate (Jersey) Law 1998 empowers the Court to vary a disposition arising by survivorship, and the Court exercised its discretion to sever the joint ownership of shares so that the widow received two-thirds outright, ensuring the spousal exemption applies for UK inheritance tax purposes.

Court Disposition

Application granted; disposition of shares varied as sought.

Orders

  • Joint ownership of shares severed on death; Anthony Nicholas Yianni to hold one-third as owner-in-common, Janet Louise Yianni and the Deceased to hold two-thirds jointly for themselves and the survivor.
  • Title to two-thirds of shares passed to Janet Louise Yianni as surviving joint owner.