Although variations to the terms of an enterprise management incentives (EMI) option can be a disqualifying event, this will only be the case where the variation either increases the market value of the shares under option, or results in the requirements of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 no longer being met in relation to the option—neither of which should be relevant in this case. For further detail, see Practice Note: EMI and disqualifying events. Nevertheless, the waiver of a performance target could cause difficulties if HMRC consider that there has been a change to the fundamental terms of the option which has given rise to the grant of a new option right. If the new option is unable to meet EMI requirements then this could mean that the waiver has indeed triggered a loss of EMI status. This potential issue arises because HMRC take the view that any change to the fundamental

Once an asset has been validly appropriated to a beneficiary, even where the legal title remains with the personal representatives (PR) of the estate pending transfer, the beneficial interest is the beneficiary’s and any subsequent sale of the assets is made on behalf of the beneficiary and assessed as against the beneficiary rather than the PRs of the estate. In this way,

As data controller, the employer must comply with the eight data protection principles in relation to personal data (including sensitive personal data). In accordance with the first data protection principle, personal data must be processed fairly and lawfully and, in particular, must not be processed unless: • at least one of the conditions in Schedule 2 is met, and • in the case of sensitive personal data, at least one of the conditions in Schedule 3 is also met A key component of fairness is that individuals should know who is processing data about them and the purpose of the processing. Processing activity should generally be within the reasonable expectations of an individual, should be explained in a fair processing or privacy notice, and people should not be misled about how their data is used. Disclosure of personal data is a type of data processing, and should

If the estate administration period has not ended, the persons appointed as trustees of the residuary estate would hold a chose in action, that is the right to the due administration of the estate by the personal representatives. The personal representatives could appropriate property within the residuary estate to the trustees, which would have the effect of advancing the end of the administration period in relation to that property. The trustees could then exercise their power of appointment within the terms of the trust, usually by means of a deed of appointment, in favour of the beneficiaries who wish to sell

The death of a party to private law children proceedings will obviously be a tragedy for all concerned, particularly the children. The impact on those proceedings substantively and procedurally will depend upon the issues in the particular case and consideration may need to be given to the locus standi of the solicitors for the deceased party. However, and perhaps surprisingly, there is no guidance in the Family Procedure Rules 2010, SI 2010/2955 regarding such a situation. Where there are no welfare concerns about either parent, and the surviving parent has parental responsibility, it will often be the case that the child will live with that parent, though this will not always be the case. There are situations where, for example, a child is living with a relative, or the surviving parent was having only sporadic contact. In those circumstances an application might be made by the relative

Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, Pt 7 apply in respect of applications for matrimonial orders, which includes petitions for divorce. FPR 2010, SI 2010/2955, 7.14 provides that a respondent who wishes to make an application for a matrimonial order must make the application for that order within 21 days beginning with the date by which their acknowledgment of service is required to be filed, unless the court gives permission for this to be done at a later date. Such an application is treated as an application in the same proceedings. Section 20 of the Matrimonial

For further information, generally, see Practice Note: Fixed-term employees. When it comes to terminating/not renewing the contract of a fixed-term employee, it will be necessary to consider: • the terms of the employee’s contract in relation to the duration of the contract/circumstances in which contract expires or terminates (see, eg, Precedent: Employment contract basic version, clause 1.4, and the associated drafting note) • whether the contract has been previously renewed, and if so, the overall length

From the chargor's perspective, it is advisable to consult with the chargee as to what their preferred approach would be. There would not seem to be any detriment to either chargor or chargee of having duplicate charges registered as the duplication is likely to be clear to any third party checking the register. Filing an MR04 (ie satisfaction of charge) is unlikely to be

Section 43(3) of the Landlord and Tenant Act 1954 (LTA 1954) provides that security of tenure for business tenancies does not apply to: 'a tenancy granted for a term certain not exceeding [six months] unless— (a) the tenancy contains provision for renewing the term or for extending it beyond [six months] from its beginning; or (b) the tenant has been in occupation for a period which, together with any period during

An introduction to deeds The requirements of a deed are set out under section 1 of the Law of Property (Miscellaneous Provisions) Act 1989 (LP(MP)A 1989). To be a deed, an instrument must: • be in writing • make it clear on its face that it is intended to be a deed • must be validly executed as a deed by the parties (or by persons authorised to execute it in the name or on behalf of the parties), and • be delivered as a deed Deeds must be delivered in order to take effect. See Practice Note: Deeds. Execution of contracts/deeds Companies can execute deeds in their own name and in their own right by way of: • fixation of the company seal • signature of two authorised signatories • a

A lasting power of attorney (LPA) enables a person to delegate decision-making in respect of personal welfare and/or property and finances. The LPA takes effect from its registration and empowers the attorney to make decisions for a person who has lost capacity and act in their stead. In the case of Whittaker v Hancock, Master Shuman considered a claim by an LPA attorney wishing to be appointed as substitute personal representative in place of their mother, who had lost capacity. In that case, it was contended that the LPA only gave certain powers about ‘your property and financial

It is a fundamental principle of trust law that a beneficiary must be able to enforce the trust and to make the trustees account for their conduct in the administration of the trust. The beneficiaries can only take that action of they have sufficient information about the trustees and their rights and interests