GLOSSARY
Trust definition
What does Trust mean?
An equitable obligation (ie a duty imposed by the law of equity), binding the trustee to deal with property over which he has control (the trust property), for the benefit of persons (the beneficiaries), of whom the trustee may be one, and any one of whom may enforce the obligation.
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Tier 1 (Investor): investment requirements for pre-6 November 2014 Rules applicants at indefinite leave to remain
Tier 1 (Investor): investment requirements for pre-6 November 2014 Rules applicants at indefinite leave to remain This Practice Note looks at the eligibility requirements in relation to money and investments that will be relevant for a Tier 1 (Investor) migrant applying for indefinite leave to remain, where their last leave was granted under the pre-6 November 2014 Immigration Rules covering the category and they are applying before 6 April 2022. This includes what investments will qualify (including relevant restrictions), how the qualifying investments should be maintained, and the evidence needed to show that the qualifying investments and, if relevant, any balancing funds have been maintained over the relevant specified continuous period. It should be read in conjunction with Practice Note: Tier 1 (Investor): applying for indefinite leave to remain. The same requirements will apply where an applicant in this situation misses the 6 April 2022 deadline. As this route was closed to any further initial applications on 17 February 2022, through Statement of Changes in Immigration Rules CP 632, in part due to the concerns the route facilitated the transfer of illicitly obtained wealth, extension and settlement applications may face increasingly high levels of scrutiny. For further information, see: LNB News 17/02/2022 76. Investment within three months of the specified date If a person wishes to rely upon the date of first entry after being granted entry clearance,
Part 36 offers—what are they, why make them?
Part 36 offers—what are they, why make them? Note: This Practice Note is relevant only to Part 36 offers as considered under CPR 36 in force as from 6 April 2015. For guidance on transitional provisions, see Practice Note: Illustrating the changes—the transitional provisions for the revised Part 36 in force as of 6 April 2015 [Archived]. This Practice Note explains what a Part 36 offer is, the reasons behind making one and the costs consequences of Part 36 offers made by claimants and defendants, as considered under the CPR 36 in effect as of 6 April 2015. Which set of CPR 36 rules apply? A revised CPR 36 came into force on 6 April 2015 replacing the old set of rules governing Part 36 offers. See News Analysis: The New Rule 36 in force from 6 April 2015 for an analysis of the revised regime. For a Part 36 offer made on/after 6 April 2015, therefore, the revised CPR 36 rules apply and all references to provisions of CPR 36 in this Practice Note are, unless specifically stated otherwise, references to the CPR 36 in force as of 6 April 2015. To understand the changes as between the pre-6 April 2015 regime and the revised CPR 36 in force as of that date, see Practice Note: April 2015 revisions to CPR 36—table of changes [Archived]. Part 36 offer made before
FCA consultation paper tracker—2017
FCA consultation paper tracker—2017 This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation Authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Authorisation, approval and supervisionFees and leviesPayment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out its policy decision on the way it will collect its regulatory fees in 2018/19 and in subsequent years, and consulting further on its proposed fees allocation method. 15 December 2017 26 January 2018 PS expected Summer 2018Handbook Notice 53 (23 March 2018)CP18/8: PSR regulatory fees (23 March 2018) Consumer credit, mortgage and home financeFCA conduct requirements CP17/43: Credit card market study: Persistent debt and earlier intervention remedies—feedback on CP17/10 and further consultation The consultation derives from the FCA findings in its July 2016 credit card market study, in which the FCA set out significant concerns about the scale, extent and nature of problem credit card debt and firms’ limited incentives to reduce this. The
Real estate—United Kingdom - England & Wales—Q&A guide
Real estate—United Kingdom - England & Wales—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to real estate in United Kingdom - England & Wales published as part of the Lexology Getting the Deal Through series by Law Business Research (published: January 2022). Authors: Fried Frank Harris Shriver & Jacobson LLP—Patrick Williams; Jons F. Lehmann; Devina Rana 1. How would you explain your jurisdiction’s legal system to an investor? England and Wales have a common law legal system. Investing in England and Wales is highly favoured given its system of compulsory land registration and just legal system. The laws governing real estate are predominantly statute based, and these are constantly developed through case law. International law is relevant to a limited extent (eg, matters concerning merger control are dealt with by international treaties that the United Kingdom is a part of). It is unclear how Brexit will impact this. In England and Wales, land contracts need to be in writing, to incorporate all relevant terms of sale, and to be signed by both seller and buyer. Oral contracts for the sale of land are usually unenforceable. Contracts for land are 'exchanged', with the legal transfer of ownership taking place on completion of either a deed of transfer or grant of a lease. 2. Does your jurisdiction have a system for registration or recording of ownership, leasehold and security interests in real
Interim injunctions—cross-undertakings in damages
Interim injunctions—cross-undertakings in damages This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further Court specific guidance below. In particular, this Practice Note provides guidance on the undertaking in damages that must be given by an applicant seeking an interim injunction. For guidance on undertakings in interim injunctions generally, see Practice Note: Interim injunctions—undertakings. What is the cross-undertaking in damages and when is it given? Applicants for an interim injunction are required to give a particular undertaking to the court in all but a handful of circumstances. This undertaking is referred to by different names by the courts: • ‘the usual undertaking’ (for example, Tucker v New Brunswick Trading Co of London at page 252) • ‘undertaking as to damages’ (for example, Hoffmann-La Roche v Sos For Trade and Industry at page 1149) • ‘cross-undertaking in damages’ (for example, Hone v Abbey Forwarding at para [27]) • simply ‘cross-undertaking’ (for example, Financial Services Authority v Sinaloa Gold plc at para [29]) Regardless of the precise name used, the reference is to an undertaking that, if the court later finds that the interim injunction had been wrongly granted and that the respondent suffered loss as a result, the applicant will comply with any order the court
Costs capping orders (prior to April 2013) [Archived]
Costs capping orders (prior to April 2013) [Archived] ARCHIVED: This Practice Note has been archived. It addresses provisions revoked on 1 April 2013 and is for historical purposes only. Costs capping orders and protective costs orders Costs capping orders (CCOs) and protective costs orders (PCOs) both place limits on the amount of costs to be paid in proceedings. However, it is important to distinguish between them, as the source of the court’s power in respect of the two is entirely separate, and the function and purpose of the two types of orders are very different. The general rule in respect of CCOs is now in r 44.18. In summary: • CCOs limit the level of costs a party can recover pursuant to a costs order subsequently made • PCOs limit the level of costs a losing party will have to pay Note: this rule does not apply to PCOs (r 44.18(3)) The introduction of CCOs On 6 April 2009, the CPR introduced new rules relating to costs capping orders. These are contained in r 44.18 - 44.20 and section 23A of the Costs Practice Direction. These codified the common law jurisdiction to cap costs. The case law pre 2009 on CCO can be found in Leeds Teaching Hospital and Telegraph Group. When will a CCO be made? CCOs limit the amount of future costs (including disbursements) which a party may recover pursuant to an order for
Drafting the particulars of claim
Drafting the particulars of claim This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below. This Practice Note provides guidance on drafting the particulars of claim. It should be read in conjunction with Practice Note: Drafting statements of case, which provides guidance on drafting statements of case in general, including formatting requirements, the need for a statement of truth, and electronic filing of statements of case. Particulars of claim—part of claim form or separate document? The particulars of claim can be included in the claim form or attached to the claim form as a separate document (CPR 7.4). If the particulars of claim are in a separate document they must either be served with the claim form, or within 14 days after service of the claim form; in any event, they must be served no later than the latest date for service of the claim form (CPR 7.4). In addition, the claim form must state that the particulars of claim will follow (CPR 16.2(2)). Particulars of claim served separately to the claim form must include the name of the court in which the claim is proceeding, the claim number, the title of the proceedings and the claimant’s address for service (CPR
Real estate—United States—Tennessee—Q&A guide
Real estate—United States—Tennessee—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to real estate usa in USA - Tennessee published as part of the Lexology Getting the Deal Through series by Law Business Research (published: May 2022). Authors: Bradley Arant Boult Cummings LLP—Brooks R. Smith 1. What types of holding right over real estate are acknowledged by law in your state? Real estate in Tennessee may be held by individuals, by tenants in common, by entireties (husband and wife owning land jointly), and by entities, including corporations, general and limited partnerships, and limited liability companies. Tenn. Code Ann. § § 66-1-107; 66-1-109; 66-22-107; 108. 2. Are rights to land and buildings on the land legally separable? Land rights and building rights are considered separately as real property. Tenn. Code Ann. § 67-5-501(10)(A). 3. Which parties may hold and exercise rights over real estate? Do any special rules, restrictions or requirements apply to foreign owners of property in your state? Entities, including corporations, general and limited partnerships, and limited liability companies can exercise rights over real estate. Tenn. Code Ann. § § 66-22-107; 108. Limited liability companies and corporations are most frequently used to hold real estate assets, due to their flexible management structures and the benefits of limited liability and partnership tax treatment. Real Estate Ownership: Tennessee, Practical Law State Q&A w-019-4840. Real estate investment trusts are permitted and are becoming
Resolving a dispute—initial considerations
Resolving a dispute—initial considerations Pre-action protocols and Practice Direction Pre-Action Conduct and Protocols Once you have a dispute to resolve (as opposed to an abstract question of law—see: Ainsbury v Millington, as referred to in para [3] of Tapster v Nursing And Midwifery Council), the way you should manage your case pre-action will be governed by the Practice Direction Pre-Action Conduct and Protocols and/or one of the specific pre-action protocols which apply to particular types of dispute. For more information on these, see Practice Notes: • The pre-action protocols and when they apply • Pre-action behaviour in non-protocol cases—Practice Direction Pre-Action Conduct and Protocols In particular, such pre-action provisions encourage parties to exchange information and establish the extent to which it might be possible to settle the dispute without the issue of proceedings. Unless you have good cause, your client will be criticised in the event that you fail to engage with the other side and issue proceedings without having complied with your client’s pre-action obligations. For further information on the consequences of non-compliance, see Practice Note: Non-compliance with pre-action provisions. There are also various other matters to consider which may dictate whether or not you litigate and, if so, how you conduct the litigation. These matters are considered below. Limitation Consider the limitation period applicable to your claim (the statutory period within which a claim must be brought) and decide the
Insurance litigation—United Arab Emirates—Q&A guide
Insurance litigation—United Arab Emirates—Q&A guide This Practice Note contains a jurisdiction-specific Q&A guide to insurance litigation in United Arab Emirates published as part of the Lexology Getting the Deal Through series by Law Business Research (published: March 2022). Authors: HFW—Sam Wakerley ; John Barlow 1. In what fora are insurance disputes litigated? Following the implementation of the UAE Insurance Authority (IA) Resolution No. 33 of 2019 concerning the Regulation of the Committees for the Settlement and Resolution of Insurance Disputes amended by Board of Directors Decision No. 9 of 2020, a new Insurance Disputes Committee (IDC) has been established to hear disputes between UAE licensed insurers, insureds and beneficiaries of a UAE insurance policy. The Dubai Court of First Instance has confirmed that in accordance with article 110(3) of Federal Law No. 6 of 2007 on the Regulation of Insurance Operations, insurance-related disputes will not be accepted by the local UAE courts unless they have first been considered by the IDC (although there are caveats). The IDC is not authorised to adjudicate the following types of claims: • Claims for summary relief or attachment orders; • Insurance disputes that began before the Decision came into force; • Insurance disputes that are subject to a (valid) arbitration clause; • Subrogated claims bought by an insurer against: (1) a third party causing damage for which the insurer is liable; or (2) the insurance company of the
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Property warranties (short-form) in an asset purchase
Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties means the freehold properties, described in Part [insert number] of Schedule [insert number] and Freehold Property means any one of them; Lease means the lease and any supplemental documents under which any Leasehold Property is held, further details of which are set out in Part [insert number] of Schedule [insert number] and Leases means more than one of them; Leasehold Properties means the leasehold properties described in Part [insert number] of Schedule [insert number] and Leasehold Property means any one of them; Properties means the Freehold Properties and the Leasehold Properties described in the Schedule [insert number] and the Property means any one of
No partnership or agency clause
1 No partnership or agency—short form Nothing in this agreement constitutes, or will be deemed to constitute, a partnership between the parties n
EMI share option scheme rules
EMI share option scheme rules Rules of the [insert name of company granting EMI options] enterprise management incentives Scheme 1 Definitions and interpretation 1.1 Definitions In this Scheme, except where the context otherwise requires, the words and expressions set out below will bear the following meanings, namely: Acquiring Company • has the meaning ascribed to it in paragraph 39 of Schedule 5; Agreement • means the agreement entered into by an Eligible Employee, the Company and, where different, the person which grants an Option, in such form as the Directors will from time to time determine; Closed Period • means a period when the Directors are prohibited from dealing in shares under the Market Abuse Regulation (Retained Regulation (EU) 596/2014) or any other regulation, act, guidance or code on transactions in securities which applies to the Company, including any share dealing code of the Company; Committed Time • has the meaning given in paragraph 26 of Schedule 5; Company • [name of company granting options] (Company No [insert registered number]); Control • has the meaning ascribed to it in Schedule 5 and derivative terms shall be construed accordingly; Date of Grant • in respect of the Option, means the date on which the Agreement is entered into by all the relevant parties; Directors • means the board of directors of the Company from time to time or a duly authorised committee of such directors; Disqualifying Event • means the first to occur of an
Enterprise management incentives (EMI) qualification questionnaire
Enterprise management incentives (EMI) qualification questionnaire Enterprise management incentives suitability questionnaire in respect of [insert name of company] (the Company) The Company Purpose of granting the options Question Response 1 It is a requirement that the EMI options are granted for commercial reasons in order to recruit or retain an employee in a company, and not as part of a scheme or arrangement the main purpose (or one of the main purposes) of which is the avoidance of tax.Please confirm that whether this is the case. See drafting note The Company’s independence Question Response 2 Is the Company a 51% subsidiary of another company (ie does another company hold more than 50% of the ordinary share capital of the Company)? See drafting note Question Response 3 Is the Company in any way under the control of another company or another company and person(s) ‘connected’ with that other company (ie does another company, or another company and persons connected with that other company, have the power to ensure that the Company’s affairs are conducted in accordance with its wishes)?‘Connected’ for these purposes has a wide meaning and encompasses interests held by a spouse, relative, settled trust etc.Please provide details on the Company’s current shareholders and any expected future changes in its shareholding. See drafting note
Systems integration agreement—pro-supplier
Systems integration agreement—pro-supplier This AgrEement is made on [date] Parties 1 [insert name of supplier], a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert address] (Supplier); and 2 [insert name of customer], a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert address] (Customer) (each of the Supplier and the Customer being a party and together the Supplier and the Customer are the parties). Background (A) The Customer wishes to procure software, [hardware], software configuration and development services, installation services and other related services. (B) The Customer has agreed to procure the Services from the Supplier and the Supplier has agreed to provide the Services to the Customer on the terms and conditions of this Agreement. The parties agree as follows: 1 Definitions and Interpretation 1.1 In this Agreement the following terms have the following meanings: Acceptance • means that: (a) the Customer confirms in writing that the Software has passed or is deemed to have passed the relevant Software Acceptance Tests; and/or (b) the Supplier confirms in writing that the Supplied Hardware has passed or is deemed to have passed the relevant Hardware Acceptance Tests, as the context so requires, and Accept shall be construed accordingly; Acceptance Criteria • means the criteria to be satisfied to demonstrate that: (a) the Software Acceptance Tests have been successfully completed as determined pursuant to
Software support agreement—pro-customer
Software support agreement—pro-customer This Agreement is made on [date] Parties 1 [Insert name of supplier], a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert address] (Supplier); and 2 [Insert name of customer], a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert address] (Customer), each of the Supplier and the Customer being a party and together the Supplier and the Customer are the parties. Background (A) The Supplier is [the licensor of certain software applications]. (B) The Customer is [insert details of Customer’s background/background to the relevant transaction]. (C) The Supplier has granted a licence to the Customer[, members of its group] [and certain authorised third parties] to use certain software applications and agrees to provide support and maintenance services for such software on the terms of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: Authorised Third Parties • means any third party (including agents and contractors) engaged to provide services to the Customer or to any Customer Affiliate including any supplier to whom the Customer or any Customer Affiliate has outsourced any part of its business; Business Day • means a day other than a Saturday, Sunday or bank or public holiday in England; Commencement Date • means the date of this Agreement; Confidential Information • means any and all confidential information (whether in oral, written or
Confidentiality and personal data sharing agreement—one-way—pro-recipient
Confidentiality and personal data sharing agreement—one-way—pro-recipient This Agreement is made on [date] Parties 1 [Insert name of party] [of [insert address] OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (the Recipient); and 2 [Insert name of party] [of [insert address] OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (the Discloser), each of the Discloser and the Recipient being a party and together the Discloser and the Recipient are the parties. Background (A) The Recipient carries on the business of [insert details] and the Discloser the business of [insert details]. (B) The Discloser intends to disclose Shared Data to the Recipient for the Purpose. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: [Authorised Person • means any of the officers, directors, members, partners, employees, consultants, agents, representatives, sub-contractors or professional advisers of the Recipient or of any of the Recipient’s direct or indirect sub-contractors and any other persons whom the Discloser designates in writing as authorised;] Business Day • means a day other than a Saturday, Sunday or bank or public holiday in England or Wales; Confidential Information • means (subject to clause 3.5) Shared Data that is disclosed after the date of this Agreement which is: (a) confidential in nature and designated [in writing by the Discloser OR in Schedule
Sales and marketing agency agreement for services—exclusive—pro-principal
Sales and marketing agency agreement for services—exclusive—pro-principal This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (Principal); and 2 [insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (Agent), (each of the Principal and the Agent being a party and together the Principal and the Agent are the parties). Background (A) The Principal supplies the Services (as defined below). (B) The Principal wishes to appoint the Agent as its exclusive agent in the Territory (as defined below) for the [marketing OR marketing and sale] of the Services on the terms of this Agreement. (C) The Agent has agreed to [market OR market and sell] the Services in the Territory on the Principal’s behalf on the terms of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Affiliate • means any entity that directly or indirectly Controls, is Controlled by, or is under common Control with, another entity; Agreement • means the main body of this Agreement, its schedules and appendices, as each may be amended from time to time in accordance with their terms; Bribery Laws • means the Bribery Act 2010 [and associated guidance published by the Secretary of State
Deed of covenant: for a ship mortgage
Deed of covenant: for a ship mortgage This Deed is made on [insert day and month] 20[insert year] Parties 1 [insert name of Owner], a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Owner); and 2 [insert name of Mortgagee] a company incorporated in [England and Wales] with registered number [insert company number] whose registered office is at [insert address] (the Mortgagee) Background (A) The Mortgagee and the Owner have entered into a loan agreement dated [insert date] (the Loan Agreement) [a copy of which is attached to this Deed as Schedule 3] in which the Mortgagee has agreed to make a loan of [insert amount of loan] to the Owner to [re-] finance the [purchase OR construction] of the m.v. [insert name of ship] registered as a United Kingdom ship in the name of the Owner under official number [insert ship number] (the Ship). (B) To secure the performance by the Owner of its obligations under the Loan Agreement and this Deed including the payment to the Mortgagee of all principal, interest, costs and other amounts which are or may at any time in the future become due and owing to the Mortgagee from the Owner under the Loan Agreement and this Deed (the Secured Indebtedness), the Owner as beneficial owner and registered owner of sixty-four (64)
Guarantee and indemnity: single company guarantor—bilateral—all monies
Guarantee and indemnity: single company guarantor—bilateral—all monies This Deed of guarantee and indemnity is made on [insert day and month] 20[insert year] Parties 1 [Insert name of Guarantor], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Guarantor); and 2 [Insert name of Lender], of [insert address] (the Lender). BACKGROUND (A) The Lender has provided facilities to the Company (as defined below) under various financing arrangements. (B) It is a condition of the Lender making the facilities available to the Company that the Guarantor enter into this Deed in favour of the Lender. It is agreed as follows: 1 Definitions and interpretation 1.1 Definitions In this Deed[, unless otherwise provided]: Business Day • means a day, other than a Saturday, Sunday or public holiday on which banks are open for business in London; Company • means [insert name of the borrower company to whom the Lender is making financing facilities available], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address]; Legal Reservations • means: (a) the principle that the granting or not of equitable remedies is at the discretion of a court; (b) the time barring of claims under any limitation acts in any jurisdiction; and (c) any other principles of law applicable to companies generally; [Material Adverse Effect • means a material adverse effect on: (a) the
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Can a long leaseholder who is also co-owner of the freehold extend their lease under the Leasehold Reform, Housing and Urban Development Act 1993?
Can a long leaseholder who is also co-owner of the freehold extend their lease under the Leasehold Reform, Housing and Urban Development Act 1993? The Leasehold Reform, Housing and Urban Development Act 1993 (LRHUDA 1993) grants leaseholders, amongst other things, the right to add a 90-year term to their existing lease at a peppercorn rent provided that the leaseholder meets certain qualifying requirements. The right is individual to the leaseholder, so does not need collective action by other leaseholders in the building. Provided the necessary formalities are complied with, the landlord is compelled to grant a lease extension. Where there are disagreements, such as in respect of the premium due to the landlord as a result of the lease extension, those disputes can be referred to the First Tier Tribunal (Property Chamber) for determination. The requirements for a tenant to be entitled to the right to extend the lease are contained in
In a situation where trustees wish to terminate a trust but cannot distribute its assets as the sole beneficiary is uncontactable, what can be done to relieve them of their duties?
In a situation where trustees wish to terminate a trust but cannot distribute its assets as the sole beneficiary is uncontactable, what can be done to relieve them of their duties? It is assumed the trust has come to an end and that all that is required is a distribution of its assets. For a general discussion on the duties of trustees, see Practice Note: Trustees—duties. As can be seen, a principal duty is to preserve the asset but it is understandable that trustees in this situation may require relief from this and their other duties where they are unsure when those duties
Can a gift be made to an unincorporated association or because it isn't a legal entity in its own right does the gift need to be made to the members of the association by name?
Can a gift be made to an unincorporated association or because it isn't a legal entity in its own right does the gift need to be made to the members of the association by name? We have assumed
Can a TPDO be made over a solicitor client account held for the debtor and his wife in respect of the sale proceeds of a house?
Can a TPDO be made over a solicitor client account held for the debtor and his wife in respect of the sale proceeds of a house? A third party debt order (TPDO) is a method of enforcement by which a judgment creditor may enforce a debt against money due and owing to the judgment debtor by a third party who is within the jurisdiction. This includes money held in the judgment debtor's name in a bank or building society or money owed to a self-employed judgment debtor in the course of his trade. The court has a discretion whether to grant a third party debt order and whether they do so will be dependent on the circumstances at the time of enforcement. See Practice Note: What is a third party debt order (TPDO)? As indicated in Practice Note: Third party debt
Where an individual dies who had remarried following the death of their spouse, can the executors of the estate use the nil rate band of the individual's former spouse instead of that of the individual?
Where an individual dies who had remarried following the death of their spouse, can the executors of the estate use the nil rate band of the individual's former spouse instead of that of the individual? Case study A was married to B. After B’s death, A got remarried to C. On A’s death, the executors wish to preserve A’s NRB for the executors of C’s estate to claim on C’s death. Transferable nil rate band (TNRB) Each person’s estate is exempt from inheritance tax (IHT) up to a certain threshold, known as the nil-rate band (NRB). The NRB is £325,000 for the tax year 2016/17, and it will be frozen at this level until 5 April 2021. If a person (A) dies after 9 October 2007, it is possible for the unused percentage of the NRB from A’s late spouse or civil partner (B) to be transferred to A’s estate. This called the transferable nil rate band (TNRB). The TNRB can increase the NRB available to the surviving spouse’s estate by up to 100%. Additionally, if a lifetime [transferable] gift made by A becomes chargeable after A’s death, B’s TRNB can be claimed against its value. If B (the first spouse) died before 1975, the full NRB may not be transferrable due to the limited spouse exemption that existed at that time. However, as long as it is post-9 October 2007,
If a trust’s sole asset is shares in a private company, how can expenses of the trust be paid without the trustees receiving a dividend, or borrowing funds which at some point may need to be written off?
If a trust’s sole asset is shares in a private company, how can expenses of the trust be paid without the trustees receiving a dividend, or borrowing funds which at some point may need to be written off? This Q&A considers a UK resident trust. See Practice Note: Trust expenses, which includes a discussion on income expenses and capital expenses. Although trust manageable expenses (TMEs) are not tax deductible expenses in the same way as trading expenses, those that are deductible against trust income can reduce income tax liabilities as follows: • the amount of income on which an interest in possession beneficiary is assessed is reduced by TMEs. The TMEs do not reduce the trust tax liability but they do reduce the beneficiary’s liability • income used to pay for TMEs in discretionary and accumulation trusts is not subject to the higher trust rate of tax It is therefore important, for tax purposes as well as trust administration purposes, to distinguish between TMEs applicable to capital (which offer no tax relief), and those applicable to income. The solution might include selling the trust assets or to borrow, unless the trustee can successfully request that the directors declare a dividend. As a dividend is a subject to income tax, it may need to be grossed up to meet the expenses. For further reading, see Practice Notes: • Trusts as a vehicle for holding
Where a 50% beneficial interest in a residential property was left on discretionary Will trust and within two years was appointed to the surviving spouse for life, but with no provision made as to the remainder interest, what happens on the surviving spouse’s death? In particular, is the residence nil rate band and transferable residence nil rate band available on the surviving spouse's death?
Where a 50% interest'>beneficial interest in a residential property was left on discretionary Will trust and within two years was appointed to the surviving spouse for life, but with no provision made as to the remainder interest, what happens on the surviving spouse’s death? In particular, is the residence nil rate band and transferable residence nil rate band available on the surviving spouse's death? We have assumed that • the surviving spouse’s own 50% beneficial interest in the property passes by their own Will to their children or other lineal descendants • the residence nil rate band (RNRB) was not used on the first spouse’s death, such that a full 100% RNRB was available to be transferred to the surviving spouse’s estate on their death • neither estate exceeds the £2m taper threshold for the purposes of claiming the RNRB The destination of the trust assets (ie the first spouse’s 50% beneficial interest in the property) following the cessation of the surviving spouse’s life interest (due to their death) will depend on the precise wording of the first spouse’s Will and that of the subsequent deed of appointment. If not disposed of adequately by the deed of appointment, the assets may revert to be held on the original terms of the discretionary trust created by the first spouse’s Will. See: Administration of trusts—overview. If the remainder of the trust assets
If a person is appointed as both executor and trustee but has power as executor reserved in the grant, would they need to retire as trustee from an ongoing life interest trust as they did not take out the grant?
If a person is appointed as both executor and trustee but has power as executor reserved in the grant, would they need to retire as trustee from an ongoing life interest trust as they did not take out the grant? A trust is created where one or more persons (the trustees) are under an obligation to hold property in their name or under their control (the trust fund) and to administer that property in accordance with the provisions of the trust, which can be enforced by the beneficiaries for the interests of those persons entitled under
If: (a) a Will creates a life interest trust with the remainder interest contingent on the remainder beneficiary surviving the life tenant, (b) the remainder beneficiary predeceases the life tenant, (c) there is no substitute remainder and (d) there is a gift of residue, would the remainder interest pass under the gift of residue or under the intestacy rules?
If: (a) a Will creates a life interest trust with the remainder interest contingent on the remainder beneficiary surviving the life tenant, (b) the remainder beneficiary predeceases the life tenant, (c) there is no substitute remainder and (d) there is a gift of residue, would the remainder interest pass under the gift of residue or under the intestacy rules? In summary, the remainder interest falls into residue and will pass to the beneficiary of the residue, subject to what is stated below. The gift to the trustees under the Will is a form of specific legacy and it is assumed that the gift was fully constituted, thereby creating a valid trust. The contingency attached to the gift of the remainder interest does not affect the initial validity of the trust. As the remainder beneficiary has failed to survive the life tenant (so the interest never vested in them) and there is no
In a fatal PI claim where the deceased died intestate and a grant has been obtained naming two administrators (A and B) but A is reluctant to continue acting, can A instruct the acting solicitors to take instructions from B alone? Alternatively, can A transfer his power as administrator to somebody else and, if so, how and to whom? What are the consequences to the administrators if A refuses to provide instructions?
In a fatal PI claim where the deceased died intestate and a grant has been obtained naming two administrators (A and B) but A is reluctant to continue acting, can A instruct the acting solicitors to take instructions from B alone? Alternatively, can A transfer his power as administrator to somebody else and, if so, how and to whom? What are the consequences to the administrators if A refuses to provide instructions? Powers of joint administrators generally Section 21 of the Administration of Estates Act 1925 (AEA 1925) provides that: ‘Every person to whom administration of the real and personal estate of a deceased person is granted, shall, subject to the limitations contained in the grant, have the same rights and liabilities and be accountable in like manner as if he were the executor of the deceased’. We have assumed that the grant of letters of administration is not limited. Co-executors are treated as being a single legal person, essentially stepping into the shoes of the deceased. Subject to statutory exceptions, any one co-executor can validly act on behalf of the estate—in Re Houghton. AEA 1925, s 21 strongly suggests joint administrators should be treated in the same way, and this was assumed to be the law in Fountain Forestry Ltd v Edwards. It follows that in general where two administrators are bringing a claim there is
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EU study into medical AI highlights the key risks and shortcomings of legal frameworks
Life Sciences analysis: Harriet Hanks, senior associate, Andrew Austin, partner, and Victor Garcia Lopez, consultant, at Freshfields Bruckhaus Deringer discuss the new study from the European Parliament Parliamentary Research Service, which examines medical artificial intelligence (AI) and the particular opportunities and risks that it poses. The authors’ clear view is that AI in the healthcare domain poses specific risks that merit separate consideration from the perspective of legal frameworks and allocation of accountability. They also find the current and proposed frameworks lacking when it comes to medical AI.
Property weekly highlights—30 June 2022
This week's edition of Property weekly highlights includes: more on the recent Supreme Court judgment on the Electronic Communications Code, a reminder of the commencement of the Leasehold Reform (Ground Rent) Act 2022 and the Building Safety Act 2022 and release of a new version of CPSE6.
DWP launch consultation on online pension portals
Law360: The Department for Work and Pensions (DWP) has floated the possibility of a 90-day countdown for the launch of new pensions dashboards for retirement savers following concerns that the prospect of bottlenecks could undermine public trust in the system.
Employment weekly highlights—30 June 2022
This week's edition of Employment weekly highlights includes: (1) developments on industrial action law, comprising: (i) regulations increasing from 21 July 2022 the damages limits that may be awarded against a trade union in any proceedings in tort; (ii) draft regulations which will permit employment businesses to supply temporary workers to employers to perform the work normally carried out by workers on strike; and (iii) a legal opinion on the government’s involvement in rail dispute pay negotiations, (2) an analysis of the new Bill of Rights introduced by the Ministry of Justice, (3) a judgment from the EAT concerning state immunity from claims in the context of military bases in the UK that are run by a foreign state, (4) a report on the future of remote working from the Migration Policy Institute, (5) an analysis of an employment tribunal decision finding that an employee with long COVID symptoms was disabled for the purposes of the Equality Act 2010, (6) a new Retained EU law (REUL) dashboard published by the Cabinet Office, (7) an Equality Impact Assessment (EIA) from the Home Office on digital-only right to work and rent checks, (8) updated Sponsor Guidance on Global Business Mobility (GBM) routes, (9) the launch of an inspection of the immigration system in relation to the agricultural sector, (10) the results of the 2019 Employers’ Pension Provision Survey published by the Department for Work and Pensions, (11) HM Treasury’s Women in Finance annual review, (12) dates for your diary, (13) updates to our case, consultation and legislation trackers, as well as to our Employment horizon scanner, and (14) new Q&As.
Tax weekly highlights—30 June 2022
This week's edition of Tax weekly highlights includes: (1) new regulations and guidance on remote observation of court and tribunal hearings and (2) HMRC removing Moscow university from the list of R&D qualifying bodies.
Private Client weekly highlights—30 June 2022
This week’s edition of Private Client highlights includes: (1) Companies House’s blog ‘Explaining the secondary legislation for the Register of Overseas Entities—part 1; (2) Lavinia Deborah Osbourne v (1) Persons Unknown (2) Ozone Networks Inc, in which the court granted an injunction over stolen NFTs held on constructive trust; (3) Official Receiver v Obaigbena, which considered the principles governing the disqualification period for directors in insolvency proceedings; (4) Analysis of Royal Commonwealth Society for the Blind v Beasant, which concerned the construction of a legacy determined by reference to the nil rate band; (5) The Department for Work and Pensions’ call for evidence on helping pension scheme members to understand pension choices; (6) Analysis of the Bill of Rights Bill and its implications for human rights in the UK, and (7) Devall v Ministry of Justice, which concerned the systemic and operational duties owed by a public authority to the deceased pursuant to Article 2 and 8 of European Convention on Human Rights.
Children, young people and the Mental Capacity Act
Local Government analysis: The government has recently launched a consultation into a new draft Mental Capacity Act 2005 (MCA 2005) Code of Practice. This briefing will focus on the application of the Act as it applies to children and young people. The Code of Practice defines ‘children’ as anyone below the age of 16, and ‘young people’ as those aged 16 or 17. Andrew Parsons and Rhys Barton of RadcliffesLeBrasseur LLP (now merged with Weightmans) consider the MCA 2005 provisions which allows decisions to be made on behalf of young persons, Liberty Protection Safeguards (LPS) and its application to young people. This article forms part of a series of analyses on the Mental Capacity Act by RadcliffesLeBrasseur LLP.
Dispute Resolution weekly highlights—30 June 2022
This week's edition of Dispute Resolution weekly highlights includes: analysis of a number of key DR developments and key judicial decisions including the long awaited judgment in Osbourne v Persons Unknown (are NFTs property?) as well as that of the Court of Appeal in AIG Europe SA v John Wood (anti-suit injunctions to support contractual agreements); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.
In-house Advisor weekly highlights—30 June 2022
Welcome to this week’s edition of the In-house weekly highlights, a curated summary of news analysis and new content from across the legal landscape. These highlights focus on key risk & compliance, commercial, corporate, information law and employment developments that will be relevant to most in-house lawyers.
Share Incentives weekly highlights—30 June 2022
This week's edition of Share Incentives weekly highlights includes (1) a reminder of the 6th July filing deadline for HMRC’s annual share schemes returns and (2) HMRC’s publication of its employee share scheme statistics for the tax year ending 2021.
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