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A Matter of Trust

Issue 6: April 2025

A Matter of Trust

Editor's note

Peter Steen

Welcome to the second 2025 edition of our Matter of Trust newsletter - on topics and news from the Mishcon Private department on a range of subjects relevant to fiduciaries. 

This edition includes: a discussion on the forfeiture rule in inheritance law; the recent decision relevant to fiduciaries in Rukhadze & Ors v Recovery Partners GP Ltd & Anr and updates on the ever changing legal and political landscape with the non-dom tax regime and the impact of US tariffs on the art market.  

We hope that you enjoy this edition and welcome your feedback. If there is anything in this newsletter that you wish to discuss further, please don't hesitate to contact a member of the Private Wealth Disputes or the Private Wealth and Tax team. 

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A new era for non-doms: UK/US landscape

Patrick Harney and Hannah Dart discuss the UK's new tax regime's impact on US citizens, who face worldwide taxation. Despite concerns, interest remains high. They highlight strategies to prevent double taxation and mitigate UK inheritance tax through treaties, and advise seeking UK tax advice to navigate potential liabilities under the "FIG regime.

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Fiduciaries beware as Supreme Court confirms there's no escape from accounting for profits

Richard Leedham and Frances Beddow discuss Rukhadze & Ors v Recovery Partners GP Ltd & Anr [2025] UKSC 10 where the UK Supreme Court reaffirmed the strict accountability of fiduciaries, rejecting a "but for" causation test for profits made from fiduciary relationships. The ruling emphasises that fiduciaries must account for all profits unless informed consent is obtained, underscoring the importance of understanding fiduciary obligations.

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The move towards greater transparency in the courts

Just days after reporting restrictions were formally lifted in the family courts, the case of Tickle v Surrey County Council [2024] (Tickle) has thrown the issue of transparency in legal proceedings into the spotlight.

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Trump, tariffs and the art world

US President Donald Trump's tariffs have sent global financial markets into turmoil. It has been reported that on 10 March the US stock market lost $4 trillion in value due to anxiety over tariffs, and has continued to suffer, as investors, consumers and businesses navigate the confusion.

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