The following Private Client Q&A provides comprehensive and up to date legal information covering:
For the purposes of this Q&A, we have assumed that the settlor’s interest under the trust is an interest under a discretionary trust.
The rules relating to settlor interested trusts are anti-avoidance rules, aimed at ensuring that a settlor cannot avoid tax on assets of which they are not fully divested.
The general rule relating to income that may be treated as the settlor’s own income is contained in section 624 of Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), which is part of what HMRC refers to as the ‘settlements legislation’ (and is also known as the ‘settlements code’ or ‘settlor code’). It is subject to certain exceptions.
ITTOIA 2005, s 624 provides that income ‘a
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This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the
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