Glossary of UK trust and taxation law terms for international clients
Glossary of UK trust and taxation law terms for international clients

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • Glossary of UK trust and taxation law terms for international clients
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • More...

A

AdministrationThe process starting on the date of the deceased's death and ending on the date the deceased's affairs are finalised by his personal representative(s).
See Practice Note: The type of grant needed.
The Scottish law equivalent is executry.
AdministratorA personal representative of a deceased person where the deceased did not leave a Will, the Will did not appoint an executor or the executor is unable or unwilling to act.
See Practice Note: Definition of a personal representative.
The Scottish law equivalent is executor dative.
Agricultural property relief (APR)A relief for inheritance tax purposes which to reduce the value for inheritance tax purposes of a transfer of ‘agricultural property’ by the appropriate percentage (ie 100% or 50%) of the value of that transfer which is attributable to the ‘agricultural value’. Agricultural property relief also applies to charges arising under the relevant property regime.
See Practice Note: IHT—agricultural property relief.
Alternative investment market (AIM)Alternative investment market is a sub-market of the London Stock Exchange. It allows the shares of small, mid-cap and growing companies to be traded with a more flexible regulatory system than is applicable to the main market.
See Practice Note: Tax incentives for individuals investing in AIM companies.
Arising basisThe taxation of income and capital gains as and when they arise. See also remittance basis below.
Annual tax on enveloped dwellings (ATED)Annual tax on enveloped dwellings is

Popular documents