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Arun Estate Agencies Ltd v Kleinwort Benson (Guernsey) Trustees Ltd

October 2010 - Real Estate & Property. Legal Developments by Ogier .

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The Applicant applied to the Court to have an EmployeeBenefit Trust (“EBT”) set aside and all the monies held bythe trustees to be returned to the Applicant. The EBT hadbeen set up to provide the Applicant’s employees withincentive and pension benefits.  

While the EBT was not driven by tax mitigation purposes, the Applicant had believed that it would be entitled to claim a deduction for corporate tax purposes. However, following a letter from HMRC that the Applicant would not be able to claim tax deductions and following the decision of Gresh v RBC Trust Company (Guernsey) Limited and HMRC (16th September 2009), the Applicant sought to have the EBT deed set aside based on an error contained in one of the clauses.

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