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 9th Nov
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 Jovana Nedeljkov of Bankside Chambers 9th Nov
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 9th Nov
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 9th Nov
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
Duration of a trustThe duration of an express trust is subject to the restrictions imposed by the rules against remoteness of vesting and against the...
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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
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 9th Nov
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 9th Nov
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 9th Nov

Most recent Family businesses and ownership structures content

Practice notes
It is important that the most appropriate form of vehicle is chosen to carry on a business; the choice of vehicle may have a bearing on the business’s...
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19th Nov
Precedents
DRAFTING FOR BREXIT: For the latest information on the impact of Brexit on the drafting, negotiation and enforceability of this Precedent, see...
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5th Nov
Practice notes
This Practice Note considers the nature of shares in a company and the classes into which they can be divided. If a company has shares of different...
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5th Nov
Practice notes
A company’s share capital comprises the number of shares it has issued and allotted to shareholders at any given time. This Practice Note considers...
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5th Nov
Practice notes
A minority member in a company does not have much power to influence its management or any majority member(s) and, therefore, sometimes their...
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5th Nov
Practice notes
A company having a share capital may have separate classes of shares. As a general rule, a type of share will form a separate class from other shares...
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5th Nov
Practice notes
It will almost always be advisable for the partners of a limited liability partnership (LLP) to enter into a limited liability partnership agreement...
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5th Nov
Practice notes
A limited liability partnership (LLP) is not a partnership but a body corporate that is formed under the Limited Liability Partnerships Act 2000 (LLPA...
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5th Nov
Practice notes
A charitable incorporated organisation (CIO) is a form of legal entity that is only available to charities. It is a ‘body corporate’ but not a...
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14th Oct
Q&As
Non-tax reasons for holding a company in trustA shareholder trustee has all the same rights and duties of a shareholder who is absolutely entitled to...
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8th Oct
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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8th Oct
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 6th Oct
Practice notes
The examples given in this Practice Note are based on a UK company that is privately owned but the same issues arise for families who own other types...
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Produced in partnership with Ken McCracken 30th Sep
Practice notes
What is an unlimited company?An unlimited company is a private company whose members are not limited in their liability to contribute to the...
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29th Sep
Q&As
A negligible value claim can be made where an asset has become of negligible value (worth next to nothing). It allows the shareholder to claim a...
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28th Sep
Q&As
In answering this Q&A our research has been limited to cover only the IHT implications for the estate of the grantor of the option.Inheritance...
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28th Sep
Q&As
Case studyWhere shareholders of a private company had an intention and mutual understanding to write life and critical illness policies in trust for...
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28th Sep
Q&As
Business Property Relief (BPR)The legislation for BPR relief from Inheritance Tax (IHT) is to be found in sections 103–114 of the Inheritance Tax Act...
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Produced in partnership with Ward Hadaway 28th Sep

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