Oliver Marre successful in claim for rectification
Rectification was granted in the case of German v MPG Properties (Thanet) Limited. Oliver Marre, instructed by Brachers LLP, represented the successful claimants/settlors, who faced HMRC assessments to significant capital gains tax charges as a result of the erroneous transfer into trust of a valuable portfolio of investment properties.
Master Clark agreed that the transfer into a bare trust for the defendant company conflicted with the clear intentions of the settlors; they had instead intended only to assign the rights to receive the rental income to the company. The rectification substitutes a deed of assignment for the declaration of trust.