A charity's asset allocation is income-constrained if the need to generate a particular level of income from its investments influences its asset allocation.

Allows a pension scheme member to continue to invest a fund whilst drawing a limited income.

This Income Payments Agreement is made between: 1 [FULL NAME] of [ADDRESS] (the Bankrupt) 2 [FULL NAME] of [FIRM AND FIRM’S ADDRESS] acting as [joint] trustee of the Bankrupt’s estate, including any successor[s] in office, without personal liability (the Trustee) Background (A) On [DATE], a bankruptcy order was made against the Bankrupt in the [COURT] under case number [CASE NO], and on [DATE] the Trustee was appointed to act as trustee of the Bankrupt’s estate. (B) The Bankrupt has provided to the Trustee a statement of their monthly income and expenditure and, having had regard to the reasonable domestic needs of the Bankrupt and [his OR her OR family, the Trustee considers that the Bankrupt has surplus monthly income that can be claimed for the benefit of the Bankrupt’s estate. (C) The Bankrupt has voluntarily agreed to pay [a proportion of] that surplus income to the Trustee under this Agreement made pursuant to section 310A of the Insolvency Act 1986 by way of contribution to the Bankrupt’s estate and acknowledges that such surplus income

An income payments agreement (IPA) is an alternative to an income payments order (IPO), used in circumstances where the bankrupt voluntarily agrees to their surplus income being paid into their bankruptcy estate. To understand IPAs in fuller detail, it is necessary to recall what an IPO is. What is an IPO and when is it used? After the making of a bankruptcy order against an individual, the bankrupt is no longer required to make any further payments directly to their creditors. Often, this allows the bankrupt to have income over and above that needed to pay everyday living expenses. So long as the bankrupt has not been discharged from bankruptcy, the court may make an IPO under section 310 of the Insolvency Act 1986 (IA 1986) claiming for the bankrupt’s estate so much of the income of the bankrupt during which the order is in force as may be specified in the order. Notwithstanding that an IPO cannot be

In the County Court at [Name of county court hearing centre] [Name of the county court hearing centre in which the original Bankruptcy Order was made] Case No: [Full number of case found on original Bankruptcy Order] RE: [Name of Debtor] [Full name of bankrupt as can be found on the Bankruptcy Order] 1 Upon the application of the Trustee [insert full name and address of Trustee] and upon the consent of the above-named bankrupt. 2 And

An income payments order (IPO) made under section 310 of the Insolvency Act 1986 (IA 1986) allows for the court to direct the income (or a proportion of it) of the bankrupt to be paid to any appointed trustee in bankruptcy (trustee). An IPO shall require the bankrupt or a third party to make a payment to the trustee equivalent to a payment as it claimed in the order. A third party for these purposes is usually the bankrupt’s employer. The amount to be paid under an IPO is set on a case-by-case basis. The payments will usually continue for three years but cannot continue beyond that period and may be varied on an application to court by the trustee or the bankrupt (whether before or after the bankrupt's discharge from bankruptcy). In Official Receiver v Baker, on appeal it was held that income received after the date of the bankruptcy order but before the making of an IPO was capable of being included in

See profit and loss account.

Shares which have a higher than average dividend yield or those where a relatively high proportion of the total return is derived from dividend income. Typical examples of income stocks are utilities.

Income tax is a direct tax on an individual’s or certain entities’ taxable income, typically comprising employment income, self‑employed profits, pensions, rental income, savings and investment returns, and certain benefits. It is central to personal tax planning, payroll (PAYE), estate planning and disputes with HMRC or Revenue.In the UK, income tax is principally governed by the Income Tax Acts (including the Income Tax (Earnings and Pensions) Act 2003 and the Income Tax (Trading and Other Income) Act 2005) and related Finance Acts, with rates and bands set by annual Finance Acts and, for certain devolved aspects, by the Scottish Parliament and the Senedd. In Ireland, it is governed mainly by the Taxes Consolidation Act 1997 and subsequent Finance Acts.Key legal features include the concept of residence and domicile, the distinction between income and capital, source rules, reliefs, allowances, and the self‑assessment and PAYE regimes. Usage and core concepts are broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland, though rates, bands, reliefs and certain administrative rules differ by jurisdiction.

Tax analysis: This was an appeal against a Closure Notice in respect of a business loan which HMRC concluded was an ‘extraction of value’ contrary to the Remittance Basis in Part 14 of the Income Tax Act 2007 (ITA 2007). Business Investment Relief (BIR) was therefore not available. The case involved a consideration of Section 809VH whereby a ‘potentially chargeable event’ included an event when the ‘extraction of value’ rule is breached. The extraction of value rule is breached if value (in money or money’s worth) is received by or for the benefit of P or another person. The director and shareholder in question had used a director’s loan account for personal payments. In dismissing his appeal, the Tribunal addressed numerous broader issues, including the principles applicable to the statutory interpretation of tax enactments. Written by Lynne Counsell, barrister at Addington Chambers.

The enterprise management incentives (EMI) scheme is a highly flexible and tax-efficient scheme designed specifically for small or medium-sized companies. While the EMI eligibility criteria are very strict, this is countered by the fact that the income tax and National Insurance contributions (NICs) treatment of qualifying EMI options which have been implemented and operated correctly is extremely favourable. This flowchart

When the estate of a deceased individual is being administered, the assets will often generate income and sometimes gains will accrue. The period of administration runs from the day after the date of death and ends when the estate is effectively wound up. During that period, income received by the personal representatives (PRs) and gains realised on the sale of estate assets are assessed on the estate as a separate entity. It may not be easy to determine when the estate administration period ends. HMRC takes the view that it is the date when the residue has been ascertained, but accepts that the administration may continue beyond that point. For practical purposes, it is a useful rule to apply. The residue is ascertained when all assets are collected and debts and liabilities are agreed. The PRs may still hold assets or cash on behalf of the beneficiaries, but they hold them as bare trustees. In practice, HMRC will often accept whatever date is decided on by the PRs unless it is clearly