Family businesses and ownership structures

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Government response to Law Commission report ‘Technical Issues in Charity Law’

The following Private Client news provides comprehensive and up to date legal information on Government response to Law Commission report ‘Technical Issues in Charity Law’

Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

The following Private Client news provides comprehensive and up to date legal information on Appointment of administrator pending suit following difficulties financing former family home (Ugolor v Ugolor)

Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

The following Private Client news provides comprehensive and up to date legal information on Bankruptcy annulment and divorce (Lin v Gudmundsson (a bankrupt) and others)

Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

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Featured Private Client content

Creation of trusts—blind trusts

What is a blind trust?A blind trust is a trust that is aimed at preventing conflicts of interest arising. Usually, the settlor and beneficiary of the...

Nature and classification of trusts—the three certainties

CertaintyIn order for a settlor to create a private express trust the three certainties must be present, namely:•certainty as to the intention of the...

Lifetime gifts

A lifetime gift is a gratuitous transfer of ownership of any property between living persons and not made in expectation of death. In contrast, gifts...

The meaning of relevant property

The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...

Practice notes

Capacity to litigate

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...

9th Nov

Practice notes

Offshore trusts—offshore income gains (OIGs)

Offshore income gains (OIGs) are gains realised on the disposal of interests in offshore funds which are either:•non-distributor offshore funds, or...

9th Nov

Practice notes

Trust disputes—sham trusts

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...

9th Nov

Practice notes

What is an offshore trust?

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...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Beddoe applications

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...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

Bermuda trusts

This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust...

Produced in partnership with Vanessa Lovell Schrum and Caljonah Smith of Appleby, Bermuda 12th Jan

Practice notes

Cayman Islands STAR trusts—common uses

This Practice Note provides guidance on Cayman Islands STAR trusts. For general information about the Cayman Islands, see Practice Note: Private...

Produced in partnership with Mourant Ozannes and Carey Olsen 12th Jan

Practice notes

Trust disputes—court jurisdiction and procedure

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...

9th Nov

Practice notes

Trustees—power of advancement

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...

9th Nov

Practice notes

Termination of trusts—beneficiaries

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...

9th Nov

Precedents

Deed of appointment terminating discretionary trust

This Deed of Appointment is made on [date] by [trustee] of [address] and [trustee] of [address] (the Trustees).Background(A)This Deed is supplemental...

9th Nov

Practice notes

Situs of assets for succession and IHT

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...

9th Nov

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...

9th Nov

Practice notes

Liferent trusts—Scotland

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...

Produced in partnership with Peter Murrin of Turcan Connell 12th Jan

Scottish Law

Practice notes

UK taxation of offshore trusts—inheritance tax

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...

Produced in partnership with Jenny Wilson-Smith and Emma Haley of Boodle Hatfield 12th Jan

Practice notes

Creation of trusts in Scotland

Express creation of trustsA trust is constituted expressly where the owner of property (the truster) transfers property to trustees to hold for...

Produced in partnership with Yvonne Evans, Law Lecturer, Solicitor (non-practising), TEP, University of Dundee 12th Jan

Scottish Law

Most recent Family businesses and ownership structures content

Practice notes

Tax influences on choice of business vehicle

FORTHCOMING CHANGE: As announced at Spring Budget 2021, Finance Bill 2021 provides that the corporation tax rate will:•increase to 25%, from 1 April...

13th Apr

Practice notes

Forms of business vehicle—tax summary

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...

12th Apr

Precedents

Limited liability partnership agreement—general

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...

9th Apr

Precedents

Limited partnership agreement

This limited partnership Agreement is made on [insert day and month] 20 [insert year]Parties1[insert name of general partner] of [insert address] (the...

9th Apr

Precedents

Partnership agreement

This Partnership Agreement is made on [date]Parties1[Name of partner], of [address]2[Name of partner], of [address]3[Name of partner], of...

9th Apr

Practice notes

Unapproved share options

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...

9th Apr

Practice notes

Employee benefit trusts and inheritance tax considerations

Overview of potential IHT chargesIt is important when establishing or operating an employee benefit trust (EBT) that the potential for Inheritance Tax...

9th Apr

Practice notes

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 created by a person, the settlor, when...

Produced in partnership with Jeremy Glover of Fenwick Elliott 9th Apr

Practice notes

Taxation of UK LLPs

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...

9th Apr

Practice notes

Disguised remuneration—structure of the regime and its implications in practice

IntroductionHMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National...

Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr

Practice notes

Disguised remuneration and the self-employed

Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the self-employed. For more...

Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr

Practice notes

Tax consequences for close companies

Summary of tax considerationsThe concept of a close company is intended to capture those companies that are closely controlled (ie by the owners and...

9th Apr

Practice notes

Taxation of general partnerships

This Practice Note is about the tax treatment of a general partnership formed under English law (as opposed to a limited partnership, a limited...

9th Apr

Practice notes

Family businesses—family governance

In March 2010, the European Confederation of Directors' Associations (ecoDa) published Corporate Governance Guidance and Principles for Unlisted...

Produced in partnership with Ken McCracken 9th Apr

Practice notes

Resolving family business disputes

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...

Produced in partnership with Ian Marsh 9th Apr

Practice notes

Family investment companies

Interest in the use of family investment companies (FICs) as an estate planning vehicle increased following the changes to the tax treatment of trusts...

Produced in partnership with Deborah Clark of Mills and Reeve LLP 9th Apr

Practice notes

Employing family members in a family business

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...

Produced in partnership with Ken McCracken 9th Apr

Practice notes

Family offices—governance and regulation

The governance of family offices falls into two broad categories:•external compliance—where the activities of the family office fall within the ambit...

Produced in partnership with the Family Business Consultancy 9th Apr

Practice notes

Guarding against family business disputes

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...

Produced in partnership with Ian Marsh 9th Apr

Practice notes