The following Private Client practice note provides comprehensive and up to date legal information covering:
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:
non-distributor offshore funds, or (after 1st December 2009)
non-reporting offshore funds
See Practice Note: Offshore funds—anti-avoidance provisions for an introduction to offshore funds and the various anti-avoidance measures that the UK has introduced with the aim of limiting the tax advantages that could accrue to individuals who invest in offshore funds. A key feature of the offshore fund regime is that capital gains are taxed as income. However, the offshore gain remains a capital gain for trust law purposes.
The term 'disposal' includes the redemption of an interest in a non-reporting fund; a distribution from the fund; and death, takeover and reconstructions. Broadly, disposal has the same meaning as it has for capital gains tax (CGT) and gains are computed on the same basis even though taxed as income. Therefore, the inter-spouse no gain/no loss exemption applies to transfers of offshore non-reporting funds between spouses or civil partners. However, there is no tax-free uplift for CGT purposes on the death of an individual or person with a qualifying interest in possession in the offshore fund.
The taxation of capital payments made by offshore trustees to a UK-resident beneficiary is governed by a specific hierarchy of rules. The basic rule is that a distribution of capital is taxed as income
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This Practice Note considers the different categories of contractual damages that may be available for financial loss (pecuniary loss), ie expectation-based damages, reliance-based damages and gains-based damages.For guidance on contractual damages generally, see Practice Note: Contractual
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 examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
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