The following Private Client Q&A Produced in partnership with Paul Davies of Clarke Willmott provides comprehensive and up to date legal information covering:
From an inheritance tax (IHT) perspective, much will depend on whether the shares qualify for relief from IHT as business property and/or agricultural property.
If the property does not qualify for relief, then when the first spouse dies it is probably better for their shares to be left to the surviving spouse, to take advantage of the spouse exemption. The shares will benefit from a tax-free uplift in value for capital gains tax (CGT) purposes, and the surviving spouse then has the option to make a gift of the shares with a view to mitigating the IHT that would be charged on the shares on their death. To avoid a gain being made by the surviving spouse, some care needs to be taken to ensure the shares given away by the surviving spouse are ‘matched’ for CGT purposes with the shares inherited from the deceased spouse. One way would be for the surviving spouse to give the shares pursuant to a deed of variation that includes a statement that the provisions of section 62(6) of the Taxation of Chargeable Gains Act 1992 will apply
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
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Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
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