Data protection for Private Client

Individuals, trustees, personal representatives and their advisers are subject to increasingly numerous and far reaching compliance and regulatory obligations. While seeking to navigate the regimes aimed at increasing transparency and minimising tax evasion worldwide, at the same time as ensuring compliance with data protection rules, trustees must have regard to their fiduciary duties and other trust law principles, such as confidentiality.

Data protection and the EU and UK General Data Protection Regulations

On 25 May 2018, the EU General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) came into effect in the UK, along with many parts of the Data Protection Act 2018 (DPA 2018). The EU GDPR introduced several changes to the data protection regime, including:

  1. an increase to the territorial scope of EU data protection law

  2. additional and extended data subject rights

  3. additional obligations and liabilities for data controllers and data processors

  4. increased powers for the supervisory authorities (such as the Information Commissioner's Office)

Retained Regulation (EU) 2016/679 (UK GDPR) replaced the EU GDPR, from 11 pm (UK time) on 31 December 2020. Assimilated law

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Powered by Lexis+®
Latest Private Client News

All in? Court confirms when a settlement is 'made' for the purposes of excluded property (Accuro Trust (Switzerland) SA v The Commissioners for HMRC)

Private Client analysis: This case considered the meaning of 'relevant property' under the settlements regime of the Inheritance Tax Act 1984 (IHTA 1984) and, in particular, the time at which this definition is to be tested. The question arose as to whether the trustees of an offshore trust established by a non-UK domiciled settlor were subject to the UK settlements regime in respect of property added to the trust after the settlor became deemed domiciled in the UK, or whether they were exempt from such charges as the trust consisted solely of excluded property. The First-tier Tribunal (FTT) held that whether trust property is excluded property is based on the status of the trust at the time that it was established, not at the time that the property in question was added to the settlement. As a result, the trust in this case did consist solely of excluded property and no inheritance tax (IHT) charges arose as a result of either the ten-year anniversary or capital distributions. The FTT was also asked to consider whether their jurisdiction was appellate, or supervisory only. The FTT held that, while their jurisdiction was supervisory, the questions raised by the trustees were relevant in establishing whether HMRC had acted reasonably and that the outcome (ie that the paid IHT should be refunded and that no further IHT was due) would be the same in either case. Written by Katherine Willmott, senior associate solicitor at Foot Anstey LLP.

View Private Client by content type :

Popular documents