The claimant sought damages for breach of trust against the defendant solicitors, who had acted as trustees under deeds of trust. They claimed for losses incurred by way of penalties for the late payment of capital gains tax. The defendants said that there should be offset the sums earned by the unpaid tax by way of interest.
Held: Whether a breach of trust had occurred was to be decided as at the date of the alleged acts constituting the breach, but the damages fell to be caculated with respect to the situation as at the date of the hearing. Accordingly the sums received could be set off. Courts of equity did not award damages, but ordered restitution.
Richard Seymour QC, J
England and Wales
Cited – Target Holdings Ltd v Redferns (A Firm) and Another HL 21-Jul-1995
The defendant solicitors had acted for a purchaser, Crowngate, which had agreed to buy a property from a company called Mirage for andpound;775,000. Crowngate had arranged however that the property would first be passed through a chain of two . .
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Updated: 22 January 2021; Ref: scu.179023