Pearse Trust Blog



Protector & Trustees - The Relationship

Posted by Pearse Trust on Wednesday, May 20, 2015


In a previous blog we examined the role and powers of trust protectors. We will now examine the relationship between protectors and trustees.

In recent years, settlors are increasingly appointing protectors on the settlement of trusts. There are a number of reasons for such an appointment:

  1. They may have yet to build a relationship with the proposed trustee;
  2. They wish to safeguard their wishes on settlement of the trust; and
  3. To oversee the proper administration of the trust.
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Tags: Legal, Trusts

US Tax Reform: Will It Happen?

Posted by Pearse Trust on Wednesday, May 06, 2015


Lawmakers across the political spectrum in the United States are generally agreed that the tax code is in need of an overhaul. A comprehensive tax reform plan that both parties in Congress can rally around is proving very elusive, however.

A Complex Code

It has been less than 30 years since the last major simplification of the tax code, and the National Taxpayer Advocate says that the total time burden of tax compliance has reached 6.1bn hours. That is the equivalent of approximately 3.05m employees working 40-hour weeks year-round with just two weeks off. The total cost of complying with the tax code is calculated at USD224.3bn a year.

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Tags: Legal, Tax, USA

UK Charges Registration – Some Key Points

Posted by Pearse Trust on Wednesday, Apr 01, 2015


­A charge is the security which a company gives for a loan and unless specifically excluded, such charges must be registered with Companies House.

Charges which are excluded are as follows:

  • A charge in favour of a landlord on a cash deposit given as a security in connection with the lease of land;
  • A charge created by a member of Lloyds (within the meaning of Lloyd’s Act 1982) to secure its obligations in connection with its underwriting business at Lloyd’s; and
  • A charge that any other act or legislation specifically excludes from registration.
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Tags: Legal, United Kingdom

UK Bribery Act 2010 - Overview

Posted by Pearse Trust on Wednesday, Mar 25, 2015


­The Bribery Act 2010 (“the Act”) came into effect in the UK on 1 July 2011. The Act supersedes previous bribery legislation, including the Public Bodies Corrupt Practices Act 1889 and the Prevention of Corruptions of Acts 1906 and 1916.

The Act was introduced to modernise the law on bribery in order to enhance the effectiveness by which prosecutors and the courts manage anti-bribery cases.

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Tags: Legal, United Kingdom, Economy

The Value Of Intellectual Property

Posted by Pearse Trust on Wednesday, Mar 11, 2015


Understanding the value of your company’s Intellectual Property (“IP”) can be a complex but rewarding process. There are many situations where you may need to ascertain the value of your IP; when selling it, using part of it as security, or where the IP needs to be quantified for the purposes of awarding damages in court proceedings. It is also important to correctly declare the value of your IP when reporting to your local taxation authority.

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Tags: Legal, Intellectual Property

Settlors’ & Protectors’ Control Over Trust Assets

Posted by Pearse Trust on Wednesday, Mar 04, 2015


This blog examines the powers that settlors and protectors may wish to retain over assets vested in a trust. However, as most trust professionals are aware, the extensive transfer of powers to a settlor or a protector has a downside. To give substance to a trust, it is essential that the trustee is able to perform its fiduciary duties, honestly and in good faith for the benefit of the beneficiaries.

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Tags: Legal, Trusts

US FTC Charges Data Brokers With Facilitating Of Data Theft

Posted by Pearse Trust on Wednesday, Feb 25, 2015


In an interesting case developing in the United States, the Federal Trade Commission (“FTC”) has issued proceedings against a data broker, LeapLab, for the selling of sensitive personal information of hundreds and thousands of consumers to third parties. The FTC allege that these third parties had no legitimate need for the information.
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Tags: Legal, Intellectual Property

New Residency Rules For New Zealand Limited Partnerships

Posted by Pearse Trust on Wednesday, Feb 18, 2015


Changes To The Limited Partnerships Act 2008

The Limited Partnerships Amendment Act 2014 (and Amendment Regulations) came into force on 1 September 2014 and introduced some important changes for New Zealand Limited Partnerships (“LPs”). One of the principal changes is the introduction of new residency requirements for general partners, which is summarised below.

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Tags: Legal, New Zealand, Limited Partnerships

The Small Business, Enterprise & Employment Bill – PSC Register

Posted by Pearse Trust on Wednesday, Feb 11, 2015


The Small Business, Enterprise and Employment Bill (“SBEE”) has now passed through the UK House of Commons and is currently under consideration by the House of Lords. The SBEE will implement a UK Government commitment to promote an agenda of corporate transparency and international tax reform.

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Tags: Legal, Corporate Governance, United Kingdom

Changes for New Zealand Companies – Companies Amendment Act 2014

Posted by Pearse Trust on Wednesday, Feb 04, 2015


Changes To The Companies Act

The Companies Amendment Bill, which creates the Companies Amendment Act 2014 (“the Act”) was passed into law by Royal assent on 2 July 2014.

The legislation will introduce important changes affecting the registration of New Zealand Limited Liability Companies. It aims to prevent the misuse of New Zealand companies, particularly “shell” companies, by criminal organisations and also to enhance the powers of the Registrar of Companies.

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Tags: Legal, Directors, Corporate Governance, New Zealand