Family businesses and ownership structures

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Practice notes
On the face of it, there would appear to be no specific impediment, if there is no reason to suppose that a person is without capacity, in them...
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9th Nov
Practice notes
Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...
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9th Nov
Practice notes
The issue of sham is most likely to be raised by the settlor's creditors or former spouse if the settlor is involved in matrimonial proceedings, who...
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9th Nov
Practice notes
A trust is formed either by lifetime gift or on death when a person (the settlor) transfers assets to another person or persons (the trustees) to hold...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...
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Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan
Practice notes
This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...
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Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan
Practice notes
This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...
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Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan
Practice notes
Trust litigation has been classified as being of three types:•a dispute as to the trusts on which trustees hold the subject matter of the settlement•a...
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9th Nov
Practice notes
Where a beneficiary either:•is a minor (ie under the age of 18) and unmarried or•has attained majority or has married under that date but is required...
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9th Nov
Practice notes
Duty to distribute to the correct beneficiariesOn the termination of the trust, the trustees are under a duty to distribute the trust assets to the...
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9th Nov
Precedents
This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...
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9th Nov
Practice notes
When you advise an individual on cross-border issues or offshore tax planning, it is important to establish the 'situs' (ie location) of the assets...
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9th Nov
Precedents
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...
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9th Nov
Practice notes
Liferent trustsA liferent trust (or trust liferent) is a trust which, when settled, confers a use and income benefit, or both, in the trust property...
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Produced in partnership with Peter Murrin of Turcan Connell 12th Jan
Practice notes
An offshore trust is any non-UK resident trust. The liability of trustees of an offshore trust to UK inheritance tax (IHT) is not dependent on the...
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Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan
Practice notes
Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...
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Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Most recent Family businesses and ownership structures content

Practice notes
FORTHCOMING CHANGE: As announced at Spring Budget 2021, Finance Bill 2021 provides that the corporation tax rate will:•increase to 25%, from 1 April...
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13th Apr
Practice notes
When one or more individuals decide to start a business, they have a choice as to what vehicle they operate that business through. In addition to the...
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12th Apr
Precedents
This llp Agreement is made on [insert date and month] 20[insert year]Parties1The parties listed in Part A of Schedule 1 (Initial Members); and2[insert...
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9th Apr
Precedents
This limited partnership Agreement is made on [insert day and month] 20 [insert year]Parties1[insert name of general partner] of [insert address] (the...
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9th Apr
Precedents
This Partnership Agreement is made on [date]Parties1[Name of partner], of [address]2[Name of partner], of [address]3[Name of partner], of...
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9th Apr
Practice notes
What are unapproved share options?Share options are rights to acquire shares which can be exercised when certain conditions have been met (such as the...
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9th Apr
Practice notes
Overview of potential IHT chargesIt is important when establishing or operating an employee benefit trust (EBT) that the potential for Inheritance Tax...
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9th Apr
Practice notes
The EBT as a trustAn employee benefit trust (EBT) is a form of trust. A trust refers to the legal relationship created by a person, the settlor, when...
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Produced in partnership with Jeremy Glover of Fenwick Elliott 9th Apr
Practice notes
A UK limited liability partnership (LLP) is a body corporate for company law purposes, but is generally taxed as though it were a partnership (ie it...
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9th Apr
Practice notes
IntroductionHMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National...
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Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr
Practice notes
Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the self-employed. For more...
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Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr
Practice notes
Summary of tax considerationsThe concept of a close company is intended to capture those companies that are closely controlled (ie by the owners and...
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9th Apr
Practice notes
This Practice Note is about the tax treatment of a general partnership formed under English law (as opposed to a limited partnership, a limited...
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9th Apr
Practice notes
In March 2010, the European Confederation of Directors' Associations (ecoDa) published Corporate Governance Guidance and Principles for Unlisted...
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Produced in partnership with Ken McCracken 9th Apr
Practice notes
Conflict is inevitable…war is notConflict is an inherent part of the human condition. In and of itself, it is neither good nor bad. What matters is...
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Produced in partnership with Ian Marsh 9th Apr
Practice notes
Interest in the use of family investment companies (FICs) as an estate planning vehicle increased following the changes to the tax treatment of trusts...
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Produced in partnership with Deborah Clark of Mills and Reeve LLP 9th Apr
Practice notes
What some consider to be normal business rules do not always apply in a family business context, eg many businesses consider nepotism to be an...
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Produced in partnership with Ken McCracken 9th Apr
Practice notes
The governance of family offices falls into two broad categories:•external compliance—where the activities of the family office fall within the ambit...
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Produced in partnership with the Family Business Consultancy 9th Apr
Practice notes
Conflict is inevitable…war is notWe are all hard wired to strive to survive, to breed, and to put our young in a position to do the same.That reflects...
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Produced in partnership with Ian Marsh 9th Apr
Practice notes
'Govern a family as you would cook a small fish—very gently'. Many would agree that a similar principle applies to managing a family business.The...
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Produced in partnership with Jonathan Riley of Michelmores 9th Apr

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