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Trust Compliance: The Risks That Arise Long After The Trust Deed Is Signed
Increasingly, trust administration is no longer simply a matter of maintaining records and considering occasional distributions. Trustees are operating within an environment of enhanced transparency, ongoing reporting requirements, and tax compliance obligations. Failure to identify and manage these responsibilities can lead to delays, unexpected costs and, in some cases, regulatory or tax consequences.
United Kingdom Tax
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Brodies
Article
Scottish Judicial Rate Increases By 22.8%: What It Means For Defenders’ Reserves In Personal Injury Cases
When a party is found liable to pay the costs (known as ‘expenses’ in Scotland) of another party in Scottish court proceedings, those costs are usually quantified through a process known as taxation. Taxation is the formal legal process conducted by an Auditor of Court, who assesses, verifies, and quantifies the reasonable amount of legal costs, fees, and outlays owed to the receiving party after a case concludes. In preparation for taxation, the receiving party prepares a ‘judicial account’. Taxation is not required in every case.
United Kingdom Litigation
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Brodies
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