The following Tax practice note provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Tax?
The EIS is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax reliefs to individual investors purchasing newly issued shares in those companies.
The EIS regime is prescriptive and sets out numerous requirements that must be met, including in relation to:
the individual investors (see Practice Note: EIS—conditions for relief: individual investor conditions)
the issuing company (see Practice Note: EIS—conditions for relief: issuing company), and
the issued shares, the funds raised and the arrangements in general (see Practice Note: EIS—conditions for relief: issued shares, the funds raised and the arrangements in general)
A pervasive requirement is that the issuing company (or its group) must carry on a qualifying trade for the purposes of which the EIS funds are raised and ultimately spent. The trades that qualify are restricted so as to exclude those considered to be low
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Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
Express and implied contractual terms distinguishedContractual terms may be either express or implied:•express terms—are terms which are actually recorded in a written contract or openly expressed in an oral contract at the time the contract is made (or there may be a combination of written and oral
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
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
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