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
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Glossary of UK trust and taxation law terms for international clients

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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
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