A rentcharge is a regular payment due in respect of land to a third party other than a payment by way of rent under a lease or of interest. Rentcharges were historically a way of enabling developers to continue to receive an income from land after it had been developed and sold and remains common in certain parts of the country including around Manchester and the Avon area including Bristol. The Rentcharges Act 1977 (RcA 1977) abolished new rentcharges, subject to limited exceptions, and provided for the extinguishment of existing rentcharges by 2037. Of the exceptions relating to new rentcharges (and to those which do not expire in 2037),

Under the Trade Union and Labour Relations (Consolidation) Act 1992 (TULR(C)A 1992), where an employer is proposing to dismiss as redundant 20 or more employees at one establishment within a period of 90 days or less, it is required to inform and consult with appropriate representatives of affected employees. For detailed information on the duty to inform and consult under TULR(C)A 1992, see Practice Notes: Collective redundancy—the triggers for the statutory consultation obligations and Collective redundancy—statutory information and consultation obligations. If, on a relevant transfer under the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246, the transferee proposes to make transferring employees redundant after the transfer, statutory information and consultation obligations may arise under: • TUPE 2006 itself, and • TULR(C)A

It is assumed that the land is registered and the trespasser had not been in possession for at least 12 years prior to 13 October 2003. A freeholder owner entitled to possession may sue to remove a trespasser. See Practice Note: Trespass—claims and defences. By section 98(1) of the Land Registration Act 2002 (LRA 2002), it is a defence to a possession claim that: ‘(a) on the day immediately preceding that on which the action

In order to be valid, an express trust must satisfy the three certainties: intention, subject matter and objects. Certainty of objects means that there must be identifiable beneficiaries. In the case of a discretionary trust, the requirement is satisfied if it can be said whether any particular person is a member of the class. See Practice Note: Nature and classification of trusts—the three certainties. In most trusts, there will be a default beneficiary. In the unusual situation where there are no living beneficiaries at the time the

As set out in the Practice Note: Trusts—disclosure of beneficial ownership information via the Trust Registration Service (TRS) and record-keeping, trustees of all relevant trusts are obliged to maintain accurate and up-to-date written records of all beneficial owners of the trust and of any potential beneficiaries. The specific information required to be recorded and maintained by trustees, as stated in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, reg 44(1), is set out in: • MLR 2017, SI 2017/692, reg 45(2)(b)–(d)—this is information relating to the beneficial owners of the trust, and • MLR 2017,

STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. The content in this Q&A may have been affected by this change. Section 283(1) of the Insolvency Act 1986 (IA 1986) defines what assets are included in the bankruptcy estate and includes actions for damages except where the action is entirely personal (see Heath v Tang). IA 1986, s 285(1)–(3) provides that any ongoing litigation involving the bankrupt is either stayed or continued subject to directions on how to proceed. In certain circumstances the action may be a valuable asset for creditors and the trustee in bankruptcy (trustee) will want to consider whether or not to make an application to be substituted as claimant in place of the bankrupt

Our Practice Note: Trustees—appointment of trustees contains useful background information. Usually the power to appoint new trustees will be contained in the trust instrument. If there is no express power, new trustees may be appointed under the provisions of section 36 of the Trustee Act 1925 (TA 1925) which creates a hierarchy of categories of people having power to appoint where the original trustee is unable or unwilling to continue in the role (eg due to a lack of capacity). The persons that may appoint a new trustee (in order) are: • the person(s), if any, nominated in the trust instrument • the existing trustees (or their attorney—see below), and if any • the personal representatives of the last or only surviving trustee TA 1925, s 36 makes limited provision for a donee of an enduring power of attorney created

Replacing trustees who have lost capacity If a trustee of a bare trust loses capacity and has a registered Lasting Power of Attorney (LPA) in place, does the trustee need to be replaced, and if so must the Court of Protection (COP) be consulted prior to any replacement, or can the attorneys under the LPA act as trustees for the bare trust without notifying the COP? Is the matter complicated if the trustee and the attorneys are also beneficiaries of the trust? Early Action Capacity is often lost slowly over time. Ideally, and where possible, it is best to take early action before a trustee loses

This Q&A considers a UK resident trust. See Practice Note: Trust expenses, which includes a discussion on income expenses and capital expenses. Although trust manageable expenses (TMEs) are not tax deductible expenses in the same way as trading expenses, those that are deductible against trust income can reduce income tax liabilities as follows: • the amount of income on which an interest in possession beneficiary is assessed is reduced by TMEs. The TMEs do not reduce the trust tax liability but they do reduce the beneficiary’s liability • income used to pay for TMEs in discretionary and accumulation trusts is not subject to the higher trust rate of tax It is therefore important, for tax purposes as well as trust administration purposes, to distinguish between TMEs applicable to capital (which offer no tax relief), and those applicable to income. The

A joint tenancy of a legal estate cannot be severed by the giving of notice by one tenant. However, section 36(2) of the Law of Property Act 1925 (LPA 1925) permits one joint tenant to sever the joint tenancy in equity by the giving of written notice of his wish to do so: ‘No severance of a joint tenancy of a legal estate, so as to create a tenancy in common in land, shall be permissible, whether by operation of law or otherwise, but this subsection does not affect the right of a joint tenant to release his interest to the other joint tenants, or the right to sever a joint tenancy

This Q&A assumes that the university has the appropriate authorisations for its consumer credit regulated activities including for providing loans to students. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (the MLRs), apply to the ‘relevant persons’, listed in MLRs, SI 2017/692, reg 8(2). ‘Relevant persons’ includes ‘financial institutions’ (MLRs, SI 2017/692, reg 8(2)(b)). MLRs, SI 2017/692, reg 10(2)(a) includes in the definition of ‘financial institution’, an undertaking, including a money service business, (other than an excluded listed activity financial institution listed in MLRs, SI 2017/692, reg 10(3) (see below)) when the undertaking carries out one or more ‘listed activity’. ‘Listed activity' means an activity listed in points 2–12, 14 and 15 of the MLRs, SI 2017/692, Sch 2. It includes (at point

In most cases, if a vendor wishes to sell their commercial property, they must obtain an energy performance certificate (EPC) before sale although there are certain limited exceptions. The EPC should be organised before the property is marketed as the regulations provide that the EPC must be commissioned prior to, or within seven days of the property being put on the market. The vendor then has a further 21 days for the carrying out of the necessary inspections by the commissioned contractor and the provision of the EPC itself, but if these provisions are breached the vendor can be fined between £500 and £5,000 based on the rateable value of the building, see Practice Note: Energy performance certificates (EPCs)—what are they and when are they required? Estate