In re Green GLG Trust v [2002] JRC 235 (09 December 2002)

In re Green GLG Trust v [2002] JRC 235 (09 December 2002)

The Hastings-Bass principle is part of Jersey law. The trustee and protector failed to consider relevant UK capital gains tax consequences due to legislative changes. Had they known, they would not have made or consented to the appointments. Therefore, the four capital appointments are void ab initio.

Citation
[2002] JRC 235
Parties
Applicant: Abacus (C. I.) Limited; Settlor: Jonathan Green; Protector: Leslie Schreyer
Jurisdiction
Jersey
Judgment Date
09 December 2002
Procedural Posture
Trust Application / Judgment
Outcome
four capital appointments declared void ab initio
Legal Topics
Hastings Bass Principle, Trustee Discretion, Capital Gains Tax, Void Appointments
Trusts Taxation Hastings Bass Principle Trustee Discretion Capital Gains Tax Void Appointments

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Parties

Abacus (C. I.) Limited

Applicant

Jonathan Green

Settlor

Leslie Schreyer

Protector

Procedural Posture

Trust Application / Judgment

Legal Issues

  1. 1 Is the Hastings-Bass principle part of Jersey law?
  2. 2 Should the four capital appointments to the settlor be declared void under the Hastings-Bass principle?

Ratio Decidendi

The Hastings-Bass principle is part of Jersey law. The trustee and protector failed to consider relevant UK capital gains tax consequences due to legislative changes. Had they known, they would not have made or consented to the appointments. Therefore, the four capital appointments are void ab initio.

Court Disposition

four capital appointments declared void ab initio

Orders

  • The Court declares the four appointments of capital to the settlor void ab initio