Since a partnership has, in English law, no separate legal identity, but is recognised as nothing more than a useful means by which to refer to all the partners who, from time to time, make up the partnership, there would prima facie appear to be no reason for any special provisions to apply to partnerships in relation to income tax; each partner's liability therefor could simply be treated as part of his own individual taxation liability1. For example, where a trade or profession is carried on by persons in partnership, the partnership is not, unless the contrary intention appears,
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This Practice Note provides an introduction to intercreditor agreements and their key provisions. This Practice Note:•explains the purpose of having an intercreditor agreement and when an intercreditor agreement would be used instead of a deed of priority or subordination deed•provides links to
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
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