Family businesses and ownership structures

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Latest Private Client News

Consultation response on increasing the NMPA—key aspects and implications for pension schemes

The following Family news provides comprehensive and up to date legal information on Consultation response on increasing the NMPA—key aspects and implications for pension schemes

Private Client weekly highlights—29 July 2021

The following Private Client news provides comprehensive and up to date legal information on Private Client weekly highlights—29 July 2021

US-UK tax treaty still recognises residents as Europeans

The following Private Client news provides comprehensive and up to date legal information on US-UK tax treaty still recognises residents as Europeans

Order authorising the sale of a minor’s property (Re Shanavazi)

The following Family news provides comprehensive and up to date legal information on Order authorising the sale of a minor’s property (Re Shanavazi)

Featured Private Client content

Types of income for income tax purposes

Types of income for income tax purposesThe main types of income are:•employment income•pension income•social security income•trading income•property...

Trust disputes—breach of trust

Trust disputes—breach of trustIt is a fact of life that beneficiaries and trustees fall out. Often this is due to misunderstandings but occasionally...

Trust disputes—action for breach of trust

Trust disputes—action for breach of trustBreach of trustBeneficiaries may consider proceedings either to restore a trust fund or obtain compensation...

Trustees—duties

Trustees—dutiesNature of dutiesThe difference between a duty and a power is:•the performance of a duty is obligatory•powers are to a greater or lesser...

Practice notes

Capital gains tax issues on death

Capital gains tax issues on deathSTOP PRESS: The Office of Tax Simplification published its first report on the review of capital gains tax (CGT) on...

19th May

Practice notes

Taxation of age 18–25 trusts—IHT

Taxation of age 18–25 trusts—IHTThe special category of age 18–25 trusts was introduced by Finance Act 2006 (FA 2006) to offer some compensation for...

Produced in partnership with Paul Davies of Clarke Willmott 19th May

Practice notes

Private Client—Luxembourg—Q&A guide

Private Client—Luxembourg—Q&A guideTaxation regimeWhat factors determine tax liability in your jurisdiction (eg domicile, residence or...

Produced in partnership with Eric Fort of Arendt & Medernach 19th May

Practice notes

CGT—reliefs

CGT—reliefsFORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek...

19th May

Practice notes

Beddoe applications

Beddoe applicationsWhen trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 19th May

Precedents

Partial deed of revocation of lasting power of attorney

This partial deed of revocation is made on [date] by [donor] of [address].1I granted a Lasting Power of Attorney for [Financial Decisions/Health and...

19th May

Precedents

Deed of revocation of ordinary power of attorney

This Deed OF REVOCATION is made on [date] by me [name of donor] of [address of donor].This Deed provides:1Revocation...

19th May

Practice notes

Trustees—removal of trustees

Trustees—removal of trusteesA trustee may be removed against their will in any of the following ways:•under an express power in the trust...

19th May

Q&As

At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?

At what stage and to whom can a Deed of Appropriation take place when selling a second property in an estate?We assume you refer to the situation when...

19th May

Practice notes

Creation of trusts—blind trusts

Creation of trusts—blind trustsWhat is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the...

Produced in partnership with Michael O’Sullivan of 5 Stone Buildings 19th May

Practice notes

Termination of trusts—methods of termination

Termination of trusts—methods of terminationDuration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules...

19th May

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore trusts—offshore income gains (OIGs)Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are...

19th May

Practice notes

Statutory Wills—Court of Protection applications

Statutory Wills—Court of Protection applicationsWhat is a statutory Will?Where a person is incapable of making a valid Will for themselves, the Court...

19th May

Precedents

Deed of retirement and appointment of new trustees (no separate appointor) (no continuing trustee)

This Deed is made on [date]Parties1[insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and2[insert name]...

19th May

Practice notes

Trustees—power of advancement

Trustees—power of advancementWhere a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married...

19th May

Practice notes

Beneficial ownership registers—private clients and trusts

Beneficial ownership registers—private clients and trustsCORONAVIRUS (COVID-19): Certain aspects of the PSC regime are affected by temporary measures...

19th May

Most recent Family businesses and ownership structures content

Q&As

How should shares in a private limited company be apportioned where the Will provides for equal division between three beneficiaries, but the shares cannot be split three ways without giving rise to fractional entitlements?

How should shares in a private limited company be apportioned where the Will provides for equal division between three beneficiaries, but the shares...

1st Aug

Q&As

What is the Business Property Relief position with regard to running a business on land owned personally by the sole shareholder?

What is the Business Property Relief position with regard to running a business on land owned personally by the sole shareholder?Business Property...

Produced in partnership with Ward Hadaway 1st Aug

Q&As

A trust owns two US Limited Liability Companies (LLCs). The LLCs jointly own a Scottish limited partnership (SLP) which holds UK situs assets. The SLP is going to register under The Scottish Partnerships (Register of People with Significant Control) Regulations 2017. If no UK-source income is paid to the trust, do the trustees need to register the trust with HMRC under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017?

A trust owns two US Limited Liability Companies (LLCs). The LLCs jointly own a Scottish limited partnership (SLP) which holds UK situs assets. The SLP...

1st Aug

Scottish Law

Q&As

Are unvested stock options included as taxable assets for IHT purposes on the death of the option holder? Does it make a difference if the option agreement provides that a portion of the options will lapse and become unexercisable in the event of death? Also, stock options are taxed as income when they are exercised. Is any tax discount applied to avoid a double charge where an option has been taxed for IHT at death, and then again for income tax when exercised?

Are unvested stock options included as taxable assets for IHT purposes on the death of the option holder? Does it make a difference if the option...

1st Aug

Q&As

What would be the tax position on the death of a partner of a two-partner general partnership where the partnership agreement provides for the deceased partner's interest to vest in a third party and for a new partnership to be deemed to be formed automatically between the surviving partner and the third party?

What would be the tax position on the death of a partner of a two-partner general partnership where the partnership agreement provides for the...

Produced in partnership with Graham Stott of gunnercooke LLP 1st Aug

Q&As

In circumstances where the sole shareholder and sole director of a private limited company has died and the deceased’s personal representatives (PRs) have the power under the company’s articles of association to appoint a director, can the PRs appoint a director who is also a beneficiary of the Will where a grant has been obtained, which is in the process of being contested?

In circumstances where the sole shareholder and sole director of a private limited company has died and the deceased’s personal representatives (PRs)...

1st Aug

Q&As

What steps are required in order to transfer a deceased’s share in a limited liability partnership to their heirs?

What steps are required in order to transfer a deceased’s share in a limited liability partnership to their heirs?Termination of membershipA person...

1st Aug

Q&As

What are the rights of a beneficiary under a discretionary trust in respect of shares held by the trustees?

What are the rights of a beneficiary under a discretionary trust in respect of shares held by the trustees?Under a discretionary trust, trustees are...

1st Aug

Q&As

Can a trust over policy proceeds be implied when trust documentation was not completed?

Can a trust over policy proceeds be implied when trust documentation was not completed?Case studyWhere shareholders of a private company had an...

1st Aug

Practice notes

Employee benefit trusts and inheritance tax considerations

Employee benefit trusts and inheritance tax considerationsOverview of potential IHT chargesIt is important when establishing or operating an employee...

1st Aug

Q&As

Can a private company be incorporated with only redeemable shares as its share capital?

Can a private company be incorporated with only redeemable shares as its share capital?Pursuant to the Companies Act 2006 (CA 2006), a limited company...

Produced in partnership with Louise Wolfson 1st Aug

Q&As

What issues (tax and non-tax) need to be considered if a majority shareholder wishes to leave their shareholding on a qualifying interest in possession for their spouse, remainder to a child from a previous marriage?

What issues (tax and non-tax) need to be considered if a majority shareholder wishes to leave their shareholding on a qualifying interest in...

1st Aug

Q&As

Can a negligible value claim under section 24(4) of the Taxation of Chargeable Gains Act 1992 be made in respect of an irrecoverable loan from a shareholder to their company, which is now in financial difficulty?

Can a negligible value claim under section 24(4) of the Taxation of Chargeable Gains Act 1992 be made in respect of an irrecoverable loan from a...

1st Aug

Practice notes

Unapproved share options

Unapproved share optionsWhat are unapproved share options?Share options are rights to acquire shares which can be exercised when certain conditions...

1st Aug

Practice notes

Employee ownership trusts

Employee ownership trustsWhat is an employee ownership trust?An employee ownership trust (EOT) is a particular type of employee benefit trust (EBT)...

Produced in partnership with Stephen Woodhouse of Pett Franklin 31st Jul

Practice notes

Employee benefit trusts—on-shore and offshore trusts and tax implications

Employee benefit trusts—on-shore and offshore trusts and tax implicationsTrustees are generally treated as UK resident if all the trustees are...

Produced in partnership with Jeremy Glover (Share Schemes) 31st Jul

In-house

Q&As

If there is a family business owned solely by the deceased and the business passes to one beneficiary and there is still one staff member being employed (after death), is the beneficiary (as the new owner) responsible for making payment of ongoing wages, etc rather than the estate?

If there is a family business owned solely by the deceased and the business passes to one beneficiary and there is still one staff member being...

Produced in partnership with Chris Bryden of 4 King’s Bench Walk 31st Jul

Practice notes

What is an employee benefit trust?

What is an employee benefit trust?The EBT as a trustAn employee benefit trust (EBT) is a form of trust. A trust refers to the legal relationship...

Produced in partnership with Jeremy Glover (Share Schemes) 31st Jul

Q&As

Can land be held on trust for a partnership by a person who has yet to be admitted as a partner?

Can land be held on trust for a partnership by a person who has yet to be admitted as a partner?Partnership propertyA partnership will normally be...

Produced in partnership with Lynne Counsell of 9 Stone Buildings 31st Jul

Q&As

Are there any disguised remuneration consequences of leaving shares to an employee under a Will?

Are there any disguised remuneration consequences of leaving shares to an employee under a Will?This Q&A considers whether the provisions set out in...

Produced in partnership with Christopher Snell of New Square Chambers 31st Jul

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Family businesses and ownership structures

View Private Client by content type:

Latest Private Client News

Consultation response on increasing the NMPA—key aspects and implications for pension schemes

Private Client weekly highlights—29 July 2021

US-UK tax treaty still recognises residents as Europeans

Order authorising the sale of a minor’s property (Re Shanavazi)

Featured Private Client content

Types of income for income tax purposes

Trust disputes—breach of trust

Trust disputes—action for breach of trust

Trustees—duties

Most recent Family businesses and ownership structures content

Popular documents

Breach of statutory duty

Provisional sums

Pre-trial and case management hearings in the Crown Court

Negligence—when is the duty of care breached?

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