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The law of formalities is really a series of ad hoc responses to problems raised by revenue considerations. There is simply no real sense of a judicial development of equitable principles.
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The law of formalities is really a series of ad hoc responses to problems raised by revenue considerations. There is simply no real sense of a judicial development of equitable principles. I will start my essay off by explaining what formality is all about and then explain its requirements under S.53 (1) (c) LPA 1925 and I will also use case examples for explanation and to make my point. My essay will also cover situations issues regarding Inland revenue. I will give my conclusion at the end of the essay. The main purpose of formality requirements is the prevention of fraud through hidden transactions of equitable interests, particularly oral transactions and when the legal interest remains with trustees and the equitable interest moves elsewhere, any lack of writing makes the trust difficult if not impossible to enforce at the suit of those who are, or at least reputed to be beneficially entitled....
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