Legislation

Brian Holdipp

The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018.

Background In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to economic substance. Bermuda agreed to pass legislation to implement any appropriate changes by 31 December 2018 to avoid being put on an EU list of non-cooperative tax jurisdictions.

Fozeia Rana-Fahy
The Chief Justice has recently considered the impact of the Children Act 1998 (“the Act”) as amended by the Children Amendment Act 2002 (“the 2002 Amendments”) upon the ability of trustees to change the governing law of a foreign law trust to Bermuda. The 2002 Amendments, which came into force in January 2004, created a new rule for construing all instruments, including international trusts. On one reading of the Act, a person can no longer validly give a gift or make dispositions of property to their “legitimate children” only (unless each legitimate child is identified by name), since such a gift/disposition would be construed as a gift/disposition to their legitimate and illegitimate children.

Jordan Knight
Recently in the news there have been increasing reports of rescue efforts and road accidents where members of the public have been praised for assisting the victims until emergency services personnel arrived. For some people, leaping to action in those circumstances is an instinctual response to seeing a fellow man or woman in need. But what happens if in doing so that person makes the matter worse?