French usufruits over land i.e. immovable property
November 12th 2018
The main and indeed fatal flaw in HMRC's "view" of usufructuary
dismembemens is exposed in Keyhaven's Tax Planning Review Volume 7
published on 28th October, 2018.
HMRC has no territorial competence, constitutionally, to
adjudicate settlements over foreign immovable property where there
are no trusts in place over the immovable. Pärliament does
not have such jurisdiction, neither do the British Courts or the
Prime Minister or the Chancellor of the Exchequer, as first and
second Lords of the Treasury to whom HMRC are required to report
and from whom they derive their limited powers.
A copy is available on the Overseas Chambers News and Press page
under English articles at
FRENCH USUFRUITS AND S.43(2) IHTA 1984 Carrying
burning coals to Newcastle in the flickering light of
Philipson-Stow v. IRC
Please note the important point which was omitted ifrom the
final edit that the creation of a chose in action over foreign and
also of English land (re. Berchtold) is an immovable chose in
action, not an equitable movable chose in action.
A link to their Lordships judgement in Phlipson-Stow v. IRC
 AC 727 can be found here.