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A will apparently executed in 2012 by John Payne, leaving most of his estate to his son by his first marriage, has been overturned on the grounds that the attesting witnesses' evidence was unreliable. The England and Wales Court of Appeal instead admitted to probate an earlier will leaving everything to Payne's second wife, despite significant doubts about that will's execution and attestation, too. FATTO

FATTO

Currency repatriation requirements were extended on 14 April to cover loans issued by Russian residents to foreign borrowers, reducing the opportunities for businesses to shift funds abroad through non-repayable loans.

NETHERLANDS: Measures against 'letterbox companies' seek to improve country's reputation

Limited partnership structures can be set up in the BVI from early 2018, in the hope of attracting private equity funds and joint venture vehicles, for which onshore tax transparency is required. They do not need to have a BVI-based general partner.

TRUST - LUXEMBOURG: Movement on beneficial ownership registers

INTERNATIONAL - UK: Alarm over extension of property taxes to non-residents

INTERNATIONAL - UK, TRUSTS: online trusts register is delayed

INTERNATIONAL - GERMANY: Restriction of loss relief declared unconstitutional

INTERNATIONAL - UK TRUSTS: Law implementing registers of trusts in force on 26 June 2017

INTERNATIONAL - EU: Court of Justice rules on dynamic IP addresses

INTERNATIONAL - Cayman Islands: Beneficial ownership regime ready for launch

INTERNATIONAL - European Union: Taxation at source must take into account non-resident taxpayer's domestic costs

New Zealand to enact tighter foreign trust disclosure rules

The following are examples of what needs to be included in a proposal for sale or purchase and in a preliminary contract: - the precise description of the asset or assets; - the exact identification of the owner or owners and of the purchaser or purchasers; - the obligations of the vendor and of the purchaser; - the price of the sale and method of payment; - the conditions of the conveyance and relevant guarantees; - documentation of the history of the asset or assets; -

Notaries and citizens

For many years now, in Italy and throughout the world,  the associative phenomenon has encountered ever greater consideration, in addition to a growing enthusiasm. The explanation of this progressive attention may be found in the ever more widespread awareness that the ideas, dreams and projects that each individual nourishes in the course of his/her existence may be concretely expressed, not only through acting in isolation, also by following a path which leads a number of persons to join f

Since 12 September 2002, the Consiglio Nazionale del Notariato has been registered in the public list of certifiers of digital signatures held by AIPA, as the certification authority for Italian notaries. The digital signatures of Italian notaries may be verified on the site http://ca.notariato.it. Based on the rules and the certification authority's operations manual, CNN certifies notaries' digital signatures in the exercise of their functions and so guarantees to third parties not only

The vendor has the right to receive the full amount of the agreed price from the purchaser at the time the sale contract is settled. Frequently the vendor has already received an advance payment on that price, generally as a deposit: in that case he will have the right to receive the difference to make up the full agreed price. The vendor has the option to allow the purchaser a deferral of payment, with or without interest. It is up to the discretion of the vendor (based on the trust h

As from 1 January 2006, it has been possible to meet the taxation requirements on some real estate transfers at the land registry's valuation, regardless of the price agreed and shown in the contract. The rule that first introduced the price-value concept was Article 1, Paragraph 497 of Law no. 266 of 23 December 2005 (2006 Budget); there were two subsequent amendments: Article 35, Paragraph 21 of Legislative Decree no. 223 of 4 July 2006, converted with modifications into Law no. 248 of

One of the essential elements in the negotiation of a home loan is the delay allowed for  repayment of the capital, i.e. the duration. In general terms, one may say that the longer the duration of a home loan the lower the amount of each repayment instalment, which gives the borrower more breathing space; all this, however, means paying overall a larger amount in  interest, precisely because the capital is repaid more slowly. The practice also is that a longer duration

The new law that is discussed below, and in particular the duty to take out a surety bond, applies to all types of real estate negotiations and hence it applies to purchases, exchanges, divisions, allotments by cooperative companies …, also and in particular to all forms of agreement that are made before the purchase and actual delivery of the property, such as preliminary agreements, promises to sell, leasing contracts, unilateral promises, advance payments, …. (article 1, paragraph 1, lett

After long years of waiting, the decree-law that introduces greater protection for the purchasers of houses that are in the process of being built has finally been published in the Official Gazette (6 July 2005, n° 155).  The measures introduced under this new law will have a major impact: indeed, according to estimates made by trade associations, since 1995 more than 200,000 Italian families have been involved in thousands of bankruptcies of construction firms. Decree Law n° 122 of 20 Ju

In general the purchase/sale is the contract having the purpose of transferring the ownership of a house or the transfer of some other right for the equivalent of a price;  more generically it could be said that the purchase/sale of real estate is the formal agreement by means of which one party, called the seller, transfers to another, called purchaser, the ownership of a given property against payment of the price agreed on. Our juridical system, in view of the extreme importance of rea

In recent times, by computerizing the documentary processes of interest to its activity and its interaction with the Public Administration, the notarial profession has contributed responsibly and professionally to improving citizens' lives in terms of the quantity and quality of services, in the time saved in dealing with the various types of transactions and the fulfilling of formal requirements, and in legal certainty obviating subsequent litigation: - 0.0 % corporate litigation; - 0

A home loan is a contract whereby one party, called the lender (usually a bank), transfers a given sum of money to a second party known as the borrower, so that the latter may use it for a given time in exchange for paying the former an amount representing interest. To this outline of the essential structure and functions of the contract must be added that a home loan includes various clauses that are not always immediately comprehensible but are necessary for regulating all the relations

The sale contract includes the personal data of both the vendor and the purchaser, including their fiscal codes, the description of the property to be transferred with an indication of its location, its nature and its boundaries, as well as its identification at the land titles office and a number of obligatory pieces of information regarding town planning and building regulations. The vendor must declare whether the property was built before 1 September 1967; if the building took place a

As has been seen above, in order to determine the type of tax and the amount and means of payment of the sums due for duties on the purchase of a so-called primary residence, one must first of all take into account the nature of the vendor. When the vendor is the company that built (or renovated) the property and four years have not elapsed since completion, the conveyance is subject to VAT that the purchaser must pay directly to the company and not to the notary, along with the payment o

A joint-stock company must be set up through a public deed which must clearly indicate who the parties to the contract are. Such parties may be individuals but also legal entities (as for instance other joint-stock companies, partnerships, cooperatives or other bodies).The Memorandum of Association must indicate the Municipality in which the company has its registered office, which is where it operates, and the name of the company which must contain the wording “"società per azioni" or "s.p.

The limited liability company is intended for smaller companies than joint-stock companies, and the equity participation in the company has a personal connotation which is absent in the s.p.a.  In fact, it has a limited number of shareholders who are not personally responsible for the social security liabilities, even if they have acted in the name and on behalf of the company.The legislation in place as of 1 January 2004 has had a major impact on the limited liability company, which is an e

With the provisions that entered into force as of 1 January 2004, the dissolution of companies with share capital is governed by new rules.A company may be dissolved because: its term of duration has expired,  the corporate aims have been achieved or circumstances have set in that make it impossible to achieve them, the shareholders’ meeting cannot or will not function, the share capital has dropped to values below the minimum legal requirements (but the company may decide to reconstitute th

In early 2003 the Italian legislator issued a law decree (n° 6 of 17 January 2003) which thoroughly reformed companies limited by shares.  The declared aim was to simplify, where appropriate, and enrich, wherever possible, the rules governing such companies, with a view to increasing their competitiveness on both domestic and international markets.Many changes were made and the following results have been achieved:  a better, though still not complete, co-ordination between the rules governi

From the historic and regulatory point of view, the joint-stock company is the prototype of the company with share capital whose body of rules apply to the limited partnerships with share capital (s.a.p.a.), with which it is compatible, and in some respects they are very close to the rules that govern the limited liability company, which however makes little reference to the rules on joint-stock companies, which consequently do not directly apply. The joint-stock company (s.p.a.) differs fro

In general partnerships too it may happen that, in the course of the company’s existence, the partners may wish to amend the partnership deed.Unless otherwise agreed, such changes must be adopted unanimously (except for when the company is turned into a company with share capital, or when mergers or demergers are carried out),  and must be written in a public deed or in an authenticated private contract, just like the partnership deed, since the law prescribes that also these amendments must

The rules described for the s.n.c. also apply to the establishment of an s.a.s.The Memorandum of Association must comply with the same requirements, in form and content, as those laid down for the s.n.c.An additional requirement is that the unlimited partners and the limited partners be distinctly indicated.The Memorandum of Association of the s.a.s. are to be entered in the Register of Companies. If this is not done the partnership is irregular and the provisions that shall apply are less favou

Co-operatives are associations of persons which are protected in the Italian Constitution:  in fact Article 45 of the Italian Constitution states: “the Constitution recognises the social function of co-operative societies that are based on the values of solidarity and that do not pursue goals of private profit”.In co-operatives predominant importance is ascribed to the social function, which consists in implementing a democratic decentralisation of the power of organisation and management of

The essential requirements for entering a partnership deed are three:- contributions;- jointly carrying out a business activity;- sharing in the earnings.