We have assumed that the individual holds the shares as a bare trustee for his wife and children. Broadly speaking, entrepreneurs' relief (ER) is a relief that reduces the rate of capital gains tax (CGT) payable by business owners on a disposal of their business. Trustees are able to claim ER on the disposal of business assets held by them in the same manner that individuals can. For more information on the availability of ER on a disposal by individuals and the conditions for entrepreneurs' relief generally, see Practice Note: Taxation of trusts—CGT business asset disposal relief (formerly entrepreneurs' relief). If a husband is a bare trustee, the husband, wife and children can claim ER if they individually satisfy the conditions set out in section 169I of the Taxation of Chargeable Gains Act 1992 (TCGA 1992). In most cases, this would require each individual satisfying the personal

The Finance Act 2004 (FA 2004) sets conditions for pensions and lump sums to be authorised payments. A member’s pension from a registered pension scheme must not commence before the member has reached their normal minimum pension age unless the ill-health condition is satisfied. Similarly, most lump sums cannot be paid before the member’s normal minimum pension age. Normal minimum pension age was 50 when FA 2004 came into force on 6 April 2006. It was increased to age 55 with effect from 6 April 2010 and will increase again to 57 with effect from 6 April 2028 (but not in relation to uniformed services pension schemes (army, navy, air force, police and firefighters)). Transitional provisions protect members’ subsisting rights to start receiving scheme benefits before age 55. This is known as a protection pension age. The Pensions Tax Manual is clear that, to have a

We refer you to Commentary: Variations: Tolley's Administration of Estates, in particular paragraph [G9.57], which states: 'The case of Harris (trustee of Harris Family Charitable Trust) v Revenue and Customs Comrs [2010] UKFTT 385 (TC), [2010] SFTD 1159, provides an example of the tax tribunal effectively confining the statutory fiction created by section 142 IHTA 1984 to the internal workings of inheritance tax. Even where such relief applied for inheritance tax purposes, the tribunal stated that, for income tax purposes, regard could still be had to the inheritance tax that would have been due in the absence of the post-death variation. In the Harris case, the beneficiaries had effected a variation in favour of a charity, in consequence of which there was a reduction in the

As to whether the administration sale is a substantial property transaction (SPT), see Practice Note: Substantial property transactions—requirement to obtain members’ approval. As stated in the Practice Note, one of the circumstances when an SPT may arise is where a substantial non-cash asset is acquired or is to be acquired (directly or indirectly) from a company by a director of that company or by a person connected with a director of that company. For the definition of what is meant by ‘persons connected with a director’, see sections 252–254 of the Companies Act 2006 (CA 2006). However, as also stated in the Practice Note, (see section:

The Immigration (Restrictions on Employment) Order 2007, SI 2007/3290, art 4A and the Schedule to the Order provide a statutory excuse to a civil penalty to an employer where they have both: • checked a prospective applicant’s original application registration card (ARC) issued by the Home Office stating that the holder is permitted to take the employment in question, and • obtained a Positive Verification Notice from the Home Office Employer Checking Service (ECS) which indicates that the person named in it is allowed to stay in the UK and

Under section 72 of the Employment Rights Act 1996 (ERA 1996): • an employer shall not permit an employee who satisfies prescribed conditions to work during a compulsory maternity leave period • the compulsory maternity leave period is to be calculated in accordance with regulations (ie the Maternity and Parental Leave etc Regulations 1999 (MAPLE Regs 1999), SI 1999/3312) that will secure that the two-week compulsory leave period will fall within an ordinary maternity leave (OML) period MAPLE Regs 1999, SI 1999/3312, reg 8 provides that the prohibition against permitting an employee to work during the compulsory maternity leave period applies in relation to an employee who is entitled to ordinary maternity leave only (see the section: ‘Entitlement to maternity leave’ of Practice Note: Maternity leave). Compulsory

As explained in Practice Note: Termination payments qualifying for £30,000 exemption, where a compensatory payment for loss of office or employment is made in circumstances where the payment is not taxable as: • earnings under section 62 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) (for more information, see Practice Note: Termination payments taxed as earnings) • benefits-in-kind (for more information, see Practice Note: How employment income is taxed—non-cash earnings or benefits) • benefits from an employer-financed retirement benefits scheme • employment-related securities (for more information, see: Employment-related securities—overview) • disguised remuneration, if the payments or benefits on termination are provided by a third party (such as an employee benefit trust) rather than the employer itself (for more information, see: Disguised remuneration and EBTs—overview), or • restrictive undertakings (see Practice Note: Taxation of payments for restrictive covenants or undertakings), and • for

The role of executor and trustee are separate legal appointments but often confused. The executor appointed under the Will is charged with protecting the estate, gathering in the assets, paying the liabilities and distributing to the beneficiaries. An executor need not take up the role and may formally renounce their right to take the grant of probate. An executor may choose to reserve their powers to others who are jointly appointed. The executor who reserves their power has a right at any stage during the estate administration to call back in their powers by obtaining a double grant of probate. A double grant allows the executor to play a full role in the estate

Access to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEISS) will be via HMRC. The CJRS is a scheme designed for employers whose operations have been severely affected by coronavirus to claim reimbursement for wages paid to employees who have been placed on furlough. Eligible employers will need to submit information to HMRC about their employees that have been furloughed, and their earnings, through an online portal specifically created for this purpose. For further information about which employers are eligible for the scheme, see: • Practice Note: Coronavirus Job Retention Scheme (original version to 30 June 2020) [Archived] • HMRC guidance: Guidance for employers: Claim for your employees' wages through the coronavirus job retention scheme The SEISS scheme applies only to those individuals who are self-employed or members of a partnership. Other relevant criteria include that they must have a trading profit of less than £50,000 in 2018-19

Individuals who are UK resident and domiciled are liable to pay UK income tax on their worldwide income and capital gains tax (CGT) on their worldwide gains in the tax year in which that income or those gains arise (the arising basis). Individuals who are resident but not domiciled (non-doms) in the UK may be taxed on the remittance basis instead. If they claim the remittance basis of taxation, the individual will not be subject to UK tax on non-UK source income and gains realised on the disposal of non-UK assets unless such income and/or gains are remitted to the UK. See Practice Note: The remittance basis—summary for further guidance. On 8 September 2017, the government published a second Finance

Information on right to work checks generally can be found in the following Practice Notes: • Right to work checks: when and why • Right to work checks: how to conduct the check • Illegal workers—civil and criminal sanctions Under section 15(1) of the Immigration, Asylum and Nationality Act 2006 (IANA 2006), it is unlawful to employ an adult subject to immigration control if they have: • not been granted permission to enter or stay in the UK, or • permission that is invalid, expired or otherwise ceased to have effect (eg cancelled or curtailed) or which is subject to a condition preventing them from accepting employment For more information, see the section of Practice Note: Right to work checks:

For information: • on the Kickstart Scheme generally, see Practice Note: Kickstart Scheme—CLOSED • on employment status, see Practice Note: Employee status Employers can apply under the Kickstart Scheme for funding to cover the following employment costs for six months: • 100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week • associated employer National Insurance contributions • minimum automatic enrolment pension contributions See