ADD AT END OF PARAGRAPH: A transaction between a fiduciary and his wife must be shown to have been in the best interests of the fiduciary’s principal in order to be upheld: Newgate Stud Co v Penfold [2004] EWHC 2993 (Ch) at [234]-[244].  Even this may not be necessary if the circumstances of the case are such that the wife ought to be identified as her husband - "there are wives and there are wives": Tito v Waddell (No 2) [1977] Ch 106, 240.

ADD AT END OF PARAGRAPH: For company directors, see now s.177 and s.182, Companies Act 2006, which stands in place of the pre-existing rules on transactions between a director and his company (see also s.175(3), excluding application of that Act's general statutory prohibition on conflicts between duty and interest).