As a general principle, the value at any time of any property for inheritance tax (IHT) purposes, is the price which the property might reasonably be expected to fetch if sold in the open market at that time (section 160 of the Inheritance Tax Act 1984 (IHA 1984)) With respect to the ten-year charge, IHTA 1984, s 64 provides that tax is charged on the value of the relevant property in the trust immediately before the anniversary. The charge is on the value after business relief or agricultural relief, if appropriate, of the relevant property comprised in the trust. We have not been able to find any definitive guidance as to whether HMRC

We have assumed that this Q&A relates to registered land and that there is a tenants in common restriction on the title as set out below: ‘No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.’ The effect of the above restriction (which is a restriction in Land Registry standard Form ‘A’) is to prevent dispositions by a sole proprietor where capital money arises. Further, where the above restriction appears on an Official Copy of the Register of title, a disposition may not be registered unless it is made by at least two trustees or a trust corporation or the court authorises it. This Q&A asks whether the above restriction itself also

What is an HMO? HMOs are houses or flats occupied by three or more people who rent a property, are not related and share one or more basic amenities. More than six unrelated people living in a property who share

The Human Rights Act 1998 (HRA 1998) requires public authorities not to act in ways which are incompatible with the rights guaranteed by the European Convention on Human Rights (ECHR). If a body exercises public functions, then it is capable of being held liable for breach of Convention rights in respect of acts which are public in nature. It is assumed that the institutions described are not seeking to act in a manner which is purely private in nature so as to fall foul of the exception noted in HRA 1998, s 6(5). Private acts are excluded as the EHCR was not intended to regulate purely private relationships. Factors to be considered in determining the public or private nature of an act include the extent to which the body is publicly funded, exercises statutory powers, takes the place of central government or local authorities or provides a public service. The general approach In

This Q&A has assumed that 'vested' means that the option has become unconditionally capable of exercise. This is a complex area of law. Broadly, the taxation of options will differ depending on the exact terms of the share options and whether the scheme under which they are granted carry certain tax advantages or not. The main tax-advantaged schemes are: enterprise management incentives schemes, company share option plans, share incentive plans

Visitor visas are for individuals seeking to visit the UK for a short-term period, in most cases up to six months. The rules are contained in Appendix Visitor and Appendix Visitor: Permitted Activities. Visits can be for a number of reasons including: • visiting family and friends • business meetings • work • medical procedures • short-term study Not all individuals are required to seek a visitor visa to enter the UK. Those who do not need to seek prior permission before travelling to the UK due to their nationality are known as non-visa nationals. Those from countries requiring prior permission are known

This Q&A assumes that the creditor in question is aware of the existence of the winding-up petition having undertaken a search of the court records. A simple search has not revealed any authority on the issue of whether service of the petition on the debtor company is required before a copy of the petition can be delivered to a creditor on their request. Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 7.11 is unqualified, ie it does not state that a copy of the petition may only be provided after the petition has been served (or notice of the petition has been given under IR 2016, SI 2016/1024, r 7.10). If a request is made and the standard fee for a copy is a paid, then the mandatory language of IR 2016,

Understanding the source of funds being used in a transaction is a key protection for your firm. Legal Sector Affinity Group (LSAG) guidance encourages you to approach it as an opportunity to protect your firm from being used for money laundering. Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 Requirements in relation to establishing the source of funds/wealth are contained in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692. MLR 2017, SI 2017/692, require you to establish the source of funds involved in a transaction: • in relation to ongoing monitoring (where necessary) (MLR 2017, SI 2017/692,

The rules of the Coronavirus Job Retention Scheme (CJRS) are set out in Treasury Direction No 1 and Treasury Direction No 2, which are supplemented by a series of guidance documents issued by HMRC: • Check if you can claim for your employees' wages through the Coronavirus Job Retention Scheme • Check if your employer can use the Coronavirus Job Retention Scheme • Check which employees you can put on furlough to use the Coronavirus Job Retention Scheme • Work out 80% of your employees' wages to claim through the Coronavirus Job Retention Scheme • Claim for wages through the Coronavirus Job Retention Scheme In order to be eligible to furlough employees under the CJRS, employers must have: • created and started a pay as you earn (PAYE) payroll

EU analysis: Ashurst LLP, partners, David Futter and Nicholas Quoy, together with senior associates William Barrow, Aimi Gold and associate Siân Deighan consider what the EU AI Act says about the definitions of providers and deployers, and why the distinction matters. They also explain how the distinction between providers and deployers can become blurred and if there are any safeguards that businesses can put in place to avoid falling into the scope of the more onerous provisions.

One of the methods of terminating a business tenancy that has security of tenure under the Landlord and Tenant Act 1954 (LTA 1954) is a landlord's notice under LTA 1954, s 25. It

We refer you to Practice Note: Digital assets on incapacity and death which states that individuals can create a memorandum of digital assets with emails, usernames and passwords and store a copy of the memorandum with the Will, enduring power of attorney (EPA) or lasting