A beneficiary of an estate may alter the effect of a Will (or the intestacy provisions) by passing to someone else any property that the operation of a Will or the law of intestacy gives them. Section 17 of the Inheritance Tax Act 1984 (IHTA 1984) provides

This Q&A considers whether it is possible to reduce a company’s paid-up share capital using the solvency statement procedure under Chapter 10 of Part 17 of the Companies Act 2006 (CA 2006) and return that capital directly to shareholders, without creating a distributable reserve. It assumes that the company proposing to carry out the reduction of capital is a private company limited by shares, as only such a company may reduce its capital using the solvency statement procedure (CA 2006, s 641(1)(a)). On reductions of capital generally, see: Reduction of capital—overview and, in particular, Practice Note: How to carry out a reduction of capital. Payments following a reduction of capital Upon a reduction of a company’s paid-up share capital using the solvency statement procedure, the resulting funds may be paid to shareholders in one of two ways: • by payment of a dividend in respect of their shares, or

Pursuant to sections 622–625 of the Companies Act 2006 (CA 2006), a company limited by shares may redenominate its share capital or any class of its share capital by shareholders' resolution (which will be an ordinary resolution, unless the company’s articles of association require a higher majority or unanimity (CA 2006, s 281)). A company that passes a resolution to redenominate its share capital may then reduce its share capital by special resolution pursuant to an expedited procedure under CA 2006, ss 626–628 (the expedited procedure). The expedited procedure may only be used to effect a reduction in connection with the redenomination (ie the reduction must be for the purpose of adjusting the nominal values of the redenominated shares to obtain values that are, in the opinion of the company,

Is it possible to refer a question of valuation to an arbitrator? It is indeed possible to refer a question of valuation to arbitration. This approach is often taken, for example, in the context of gas price disputes. Many gas supply agreements will provide for a price review upon the occurrence of specified trigger events, and, in the event of a dispute arising out of that price review (eg whether or not a trigger event has occurred or indeed the level of the revised price), the gas supply agreement will often provide for arbitration as the method of dispute resolution. The gas supply agreement will usually include a clause (or set of clauses) that covers the price review process

It is possible to refer to two properties on one legal charge. By way of example, see Precedent: Real property mortgage: single company chargor—bilateral—specific monies and the associated

Is it possible to register a UK trade mark that is similar to an EU registered trade mark? Under the Withdrawal Agreement (WA), EU trade marks (EUTMs) continue to be protected under UK law. The WA provides that any EUTM existing on the date the WA ceases to have effect must continue to be protected in the UK. Therefore, any current EUTM is (and will continue to be) an earlier trade mark for the purposes of section 6 of the Trade Marks Act 1994 (TMA 1994). For more information about the impact of Brexit on EUTMs (including the position after the end of the implementation period), see Practice Notes: What does IP completion day mean for intellectual property? [Archived] and Trade mark rights before and after Brexit—comparison table. The proprietor of an earlier trade mark can oppose the registration of

For general information on releasing security, see Practice Note: Releasing security and Precedent: Deed of release: for a debenture or mortgage—single company security provider—full or partial release which may be useful for your purposes. It is important to note that release of security is effected by a release document, not by the registration of any release at Companies House. Note in particular the section in the above Practice Note entitled: Security registered at Companies House. This states: ‘There is no statutory requirement for a chargor to notify Companies House that it has either fully

If a property boundary cannot be identified from its title, then, depending on the nature of the boundary, there are well-established legal presumptions which can be used to establish the line of the boundary. All these presumptions are capable of being rebutted. Where land is bounded by a highway, the presumption is that the boundary is drawn down the middle of the highway. This is the usque ad medium filum rule which assumes, in the absence of anything to the contrary, that the owners of land adjoining the highway own the subsoil as far as the middle of the road (subject to the rights of passage over the surface and the rights

The purpose of witness statements in civil proceedings is to significantly reduce the overall length of trials by avoiding the need for witnesses to give evidence in chief under questioning from their legal representative. When a witness is called to give evidence at trial, they will be asked a series of questions to the effect of being asked to confirm that the matters set out in the witness statement are true and that they wish for the witness statement to stand as their evidence. However, if a proposed witness is, or will be, unable to affirm the contents of the statement in oral evidence at trial (for whatever reason), that statement will have the status of hearsay evidence for the purposes of the proceedings. ‘Hearsay’ is a statement

One of the most common ways that an easement is established by prescription is under the Prescription Act 1832 (PA 1832). By virtue of PA 1832, s 2, an easement can be established by the dominant owner showing twenty year’s use without interruption of the servient land. There is, of course, the proviso that this twenty-year use was not achieved by violence or in secret or is dependent upon the will of another person; namely with consent. See Practice Note: Acquisition of easements by long use. The 20-year period

At present the law of England and Wales requires fault for a marriage to be dissolved. Section 1 of the Matrimonial Causes Act 1973 (MCA 1973) requires that the petitioner demonstrate to the satisfaction of the court that the marriage has irretrievably broken down. MCA 1973, s 1(2) sets out the five facts which, if one or more is proved, will establish this. These are: • adultery such that the petitioner finds it intolerable to live with the respondent • unreasonable behaviour • desertion • two years’ separation with consent, or • five years’ separation MCA 1973, s 1(2) specifically provides that the marriage has irretrievably

Section 70 of the Highways Act 1980 (HiA 1980) enables the highway authority for any highway, 'for the purpose of protecting traffic along the highway from danger, or of making the crossing of it less dangerous to, or easier for, pedestrians, [to] construct, light and maintain a bridge over the highway for the use of pedestrians, and may alter, remove or close temporarily any such bridge'. Highways England was appointed as a 'strategic highways company' and a 'highway authority' under section 1 of the Infrastructure Act 2015, and as a highway authority may exercise the powers under HiA 1980, s 70. HiA 1980, s 70(3)(a) provides that 'the supports