Family businesses—governance

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Practice notes
The term 'relevant property' defines a category of trust property which is subject to a special regime for inheritance tax (IHT). As described in...
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Produced in partnership with Paul Davies of Clarke Willmott 12th Jan
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 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—governance content

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
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
Practice notes
There are different types of family constitution:•unwritten•written or partly written, and•codifiedUnwritten family constitutionMany family businesses...
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Produced in partnership with Ken McCracken 9th Apr
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 9th Apr
Practice notes
The term ‘family office’ embraces a huge range of situations. As such, there is no single accepted definition. However, the Family Firm Institute see...
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Produced in partnership with The Family Business Consultancy 26th Feb
Practice notes
The vast majority of family companies are privately owned. As such, the corporate governance regime applicable to listed companies (including the UK...
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Produced in partnership with Family Business Solutions Ltd, Withers Consulting Group and Family Business Consultancy 26th Feb

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