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Millions of people who invest their pension pots in annuities can ultimately rely on the law to guarantee their financial security. In a case on point, the High Court overruled financial regulators and refused to sanction the transfer of about 370,000 annuity policies from one insurance company to another. The policies had all been taken out with a long-established insurer (insurer 1) which, with a view to reducing its regulatory capital requirements, wished to transfer them to a relatively recent entrant into the annuities market (insurer 2). The scheme involved...

In a case illustrating the importance of candour regarding financial circumstances in divorce proceedings, a husband who failed to disclose the true extent of his wealth to family judges was subsequently ordered to pay his ex-wife a seven-figure lump sum, despite challenging the decision. The couple married in 1995 and separated in 2016. They had three children who remained financially dependent on them. After their acrimonious separation, the judge considered that, if possible, it was 'imperative' for there to be a complete clean break between the parties. The husband had...

Investors using the popular online financial investment platform Hargreaves Lansdown (HL) may not have heard that the 'loyalty bonuses' they receive from HL have been deemed by the Upper Tribunal (UT) to be taxable income in the hands of the recipients and therefore subject to withholding tax for Income Tax purposes. HL argued that the bonuses were rebates of management charges, but HM Revenue and Customs were successful in persuading the First-tier Tribunal that they represent a continuing source of income. HL appealed that decision to the UT and lost. The practical...

New homes built in the grounds of existing residences make a valuable contribution to meeting burgeoning housing demand. However, as a decision of the First-tier Tribunal (FTT) showed, restrictions lurking in antique title deeds can stand in the way of such projects. A couple were granted planning permission to build a four-bedroom detached house in the garden of their home. However, their proposal came up against what appeared to be an immovable object in the form of a conveyance, dating back to 1954, which contained a common form of restrictive...