The following Family practice note Produced in partnership with David Salter, deputy High Court judge and Recorder provides comprehensive and up to date legal information covering:
This Practice Note summarises the main provisions for the taxation of income, capital gains, gifts and estates on death and stamp duty land tax, assuming an individual taxpayer who is UK-resident and domiciled. Tax law changes frequently: this guide is not and should not be relied on as a substitute for detailed professional advice, where it is necessary.
Individuals pay income tax on their entire income with specific rules applying to different sources of income and expenditure that may be offset against such income.
The principal sources of income are:
employment earnings or profits from a trade, profession or vocation (in respect of which national insurance contributions are also payable)
rent from furnished or unfurnished property or land
interest and dividends
overseas income (on which foreign tax may already have been paid)
A personal allowance is deducted from an individual’s total income before tax is calculated, provided that their annual income (after deductions for pensions and gift aid donations) is less than £100,000. This is subject to tapered relief where income is up to £125,000 in 2019/20 and 2020/21, creating an effective marginal rate of tax of 60% (or 62% including employee’s NIC) between £100,000 and £125,000 (in 2019/20 and 2020/21). This gives tax-free income to everyone (subject to tapering) regardless of their age of £12,500 in 2019/20 and 2020/21. Individuals can transfer 10% of their
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Community order requirementsCommunity order requirements are set out in the Criminal Justice Act 2003 (CJA 2003), as amended by the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO 2012) and the Offender Rehabilitation Act 2014 (ORA 2014). Criminal Justice Act 2003, s 152(2)
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
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