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Partners Subject to Forfeiture Principle – Landmark High Court Ruling

It is established law that agents who breach their duties can be deprived of their remuneration. However, following a landmark High Court ruling, that forfeiture principle has been extended to profit shares paid to equity partners and members of limited liability partnerships (LLPs). Following an investment manager’s retirement from the highly successful...

Inheritance Tax Charity Exemption Does Not Extend to Overseas Trusts

In a decision of importance to charities and to any British citizen who is domiciled abroad, but who has assets in the UK, the Court of Appeal has ruled that £600,000 in Inheritance Tax (IHT) was properly charged on a woman’s bequest of over £1.8 million for the benefit of elderly Jersey residents. The woman was domiciled in Jersey and, at the date of her...

Third Party Litigation Funder’s £1.94 Million Success Fee Recoverable

Litigation is expensive and there is sometimes no option but for those involved to rely on third party funding that is available in the marketplace. In a test case concerning such an arrangement, the High Court ruled that a 300 per cent success fee charged by one such funder was recoverable in the context of a commercial arbitration. An arbitrator had found...

Paid Employee or Equity Partner? High Court Guidance

The sometimes blurred distinction between paid employees and equity partners can store up trouble for the future and that is one reason why it is important to take legal advice so that clarity can be achieved and everyone knows where they stand. That point could not have been more clearly made than in a High Court case involving a son who joined his father’s...

British Gas Salesman Scores Landmark Victory in Holiday Pay Dispute

Thousands of sales personnel and other workers who rely on commission payments for much of their earnings could be in line for substantial increases in their holiday pay following a landmark Court of Appeal ruling. The case concerned a British Gas (BG) salesman whose basic salary was dwarfed by his success-based commission payments. BG, however, assessed his...