A trustee who is a mere repository of the trust property with no active duties to perform.

This Practice Note considers the meaning of 'bare trust' and the inheritance tax (IHT) treatment of such a trust. For information on the income tax and capital gains tax (CGT) treatment of a bare trust, see Practice Note: Bare trusts—income tax and CGT. What is a bare trust? The term ‘bare trust’ applies to an arrangement where the legal ownership of property is in a different name from that of the person beneficially entitled to it. The person entitled to it has absolute rights to both capital and income, but the legal owner will conduct the management of it. Some of the situations in which a bare trust might arise are described below. Assets held for minors (children) Bare trusts increased in popularity following the changes in the IHT treatment of settlements effected by the Finance Act 2006 (see Practice Note: Finance Act 2006 changes to trust taxation [Archived]). Minors do not have the legal capacity to enter into contract or give a valid receipt. Property which, in equity, belongs to a child must be held in the name

This Practice Note explains how trustees of bare trusts are treated for income tax and capital gains tax (CGT) purposes. Although a bare trust is, in equity, a type of trust, for both income tax and CGT purposes its existence is ignored. This means that no tax liability falls on the trustees in respect of their income and chargeable gains. Rather, the two tax regimes target and tax the beneficiary of such a trust at the beneficiary's rates of tax. Income tax The legislation, in the Income Tax Act 2007 (ITA 2007), which sets out the income tax rules for settlements, excludes bare trusts from those rules. There are various provisions in ITA 2007 which treat the actions of a bare trustee as if they are actions of the absolute beneficial owner. The following rules are established by case law: • any income arising to a bare trustee is assessable on the beneficiary as they are absolutely entitled to that income (with the exception of income arising during the life of the settlor and paid

A bargaining unit is the grouping of workers for the purposes of collective bargaining with an employer, typically represented by a recognised trade union. In practice, it defines which employees are covered by a collective agreement on pay, hours, and other terms and conditions of employment.In England, Wales and Scotland, the concept is central to the statutory recognition regime under the Trade Union and Labour Relations (Consolidation) Act 1992 and related regulations. The Central Arbitration Committee (CAC) (or the Scottish CAC panel) may determine whether a proposed bargaining unit is appropriate, taking into account factors such as compatibility with effective management and the desirability of avoiding small, fragmented units.In Northern Ireland, similar principles apply under corresponding industrial relations legislation, with the Industrial Court performing an equivalent role to the CAC.In Ireland, the term is widely used in industrial relations practice, although statutory frameworks differ and recognition of trade unions is largely voluntary, save in specific sectors or under particular legislation.Defining the bargaining unit correctly is a key strategic and legal issue in union recognition disputes, collective bargaining procedures and employment restructuring.

A joint investigation by the National Crime Agency Accredited Financial Investigator (NCA AFI), local councils, Sky UK and the Federation Against Copyright Theft (FACT), has resulted in POCA confiscation orders totaling £410,000, which were issued at Snaresbrook Crown Court. The case, involving illegal IPTV distribution from Ilford, led to prison sentences of seven and five years for two defendants. One defendant, who fled to Pakistan, was sentenced in absentia.

A commercial risk-measurement system used by many asset managers to determine whether their portfolios are within the risk parameters allowed by their client mandates.

Any material placed between radioactive substances and the environment in order to prevent or restrict dispersal.

The obstacles faced by potential entrants wanting to enter and compete in a new market, which will vary in type and complexity from market to market. Barriers to entry are normally considered by competition authorities in the course of assessing dominance under Article 102 TFEU and/or section 18 of the Competition Act 1998.

Law360, London: Barristers could face disciplinary proceedings or legal claims if they rely too heavily on ChatGPT and other generative artificial intelligence (AI) software, the Bar Council has warned as it outlined some of the limitations of such technology.

This Practice Note explains the circumstances in which a court can refuse to grant a decree in nullity proceedings. It covers the general bar that applies to all cases and the three bars that apply to specific cases. The question of estoppel in nullity proceedings is also covered. On 6 April 2022, the provisions of the Divorce, Dissolution and Separation Act 2020 (DDSA 2020), came into effect. Although DDSA 2020 made changes to the law in relation to proceedings for divorce, dissolution and (judicial) separation, it did not make any substantive changes to the law regarding nullity proceedings. The grounds on which a marriage or civil partnership may be void or voidable therefore remain unchanged. There were some consequential changes made to the procedure under the amended Family Procedure Rules 2010 (FPR 2010), SI 2010/2955 affecting applications for nullity and nullity of marriage orders that were issued on or after 6 April 2022, but proceedings issued by the court on or before 5 April 2022 continued to progress under the pre-DDSA 2020 procedure

This Practice Note is about the VAT implications of supplies of land and buildings where the consideration is something other than money (barter transactions). Why does this matter? Barter transactions can create unanticipated VAT liabilities, and may have other unwelcome VAT consequences, of which the parties need to be aware. VAT clauses in contracts relating to transactions of this type may need careful drafting. What to look for The issues arise where consideration for a supply is not, or is not wholly, in money; so the monetary consideration (if any) is likely to be less than one would expect to receive for such a supply. In a commercial context, transactions that are described as gifts, or are for a low price or a low rent, will usually be part of a barter, whether or not the parties have thought of it in those terms. Some barter transactions, such as an exchange of one plot of land for another,

The constant amount of power required to meet a continuous minimum electricity demand.