Jersey Leads The Way With Hastings-Bass Legislation

The States of Jersey has this week approved the latest amendment to the Trusts (Jersey) Law 1984 which will codify the Hastings-Bass principle as it has been developed in the Jersey courts and will also codify the principles developed in relation to mistake.  The amendments to the Law, the plans for which were announced only a few months ago, will have retrospective effect and will provide welcome certainty to settlors, trustees, other fiduciaries and beneficiaries of Jersey trusts, particularly in the wake of the Supreme Court decision in Pitt v Holt and Futter v Futter [2013] UKSC 26.

The amendment (Trusts (Amendment No.6) (Jersey) Law 201- ) which, subject to Privy Council sanction, is likely to be in force before the end of 2013. Click here to read the provisions relating to transfers or dispositions into trust as well as exercises of powers in relation to a trust.