A taxable non-monetary benefit provide by an employer to an employee or by a company to a director or shadow director.

ARCHIVED: This Practice Note describes the state benefits that may be available to older clients and explains the means testing in relation to income and capital. It also considers the principles governing deprivation of income and capital both in the context of social security benefits and local authority charging for care under the Care Act 2014. Benefits for older clients fall into three categories: • Contributory benefits-these depend on sufficient National Insurance Contributions(NIC) • Non—contributory, non means—tested benefits—dependent on status such as age or disability • Means-tested benefits—these depend on the claimant’s income and capital Relevant Benefits Pension and pension related benefits • New State Pension • Graduated Retirement Benefit(historic entitlement) • Guaranteed Minimum pension—contracted out rights • Pension Credit—guarantee credit and saving credit • War pensions—where applicable Disability—related benefits • Attendance Allowance • Personal Independence Payment(for those below State Pension age) • Industrial Injuries Disablement Benefit Means-tested benefits • Pension Credit • Housing Benefit—for claimants over the State Pension age • Council Tax reduction • Universal Credit- working age claimants and some mixed age couples • Income-related

Parties to a 'construction contract' have the right to refer any dispute that has crystallised to adjudication at any time. For more information, see Practice Notes: • The right to adjudicate • Adjudication—is there a ‘dispute’? • What is a construction contract under the HGCRA 1996? If the right to adjudicate exists, a party should next consider whether adjudication would be a practical way of resolving it. There is a statutory 28–day timetable for adjudication, which may make it unsuitable for large or highly complex claims. This constraint can be overcome to an extent by the parties agreeing to extend the time in which the decision must be reached, or by the referring party dividing the claim into more than one adjudication. Nonetheless, if the claim cannot be fairly determined in the limited period that adjudication allows, it may not be the right approach. Assuming a party has a right to commence an adjudication and the dispute is capable of resolution by adjudication, what are the main benefits and risks when compared to litigation

The table below compares the features and benefits of a scheme of arrangement (see: Schemes of arrangement—overview) with two alternate processes available in England and Wales, the company voluntary arrangement (CVA) (see: Company voluntary arrangements—overview) and administration (see: Administration—overview). While CVAs and schemes are truly alternatives, in that they cannot be jointly pursued, administration is a distinct insolvency process that may be combined with either a scheme or CVA (see Re Petropavlovsk plc (in administration) where schemes were used to exit from the administrations). Scheme of arrangement CVA Administration Control of process A scheme of arrangement is not a formal insolvency proceeding and the making of an application for the court in a scheme has no effect on the management of the company. A CVA is implemented under the supervision of the nominee/supervisor, who must be an insolvency practitioner; however, the directors remain in control of the company. An administration is a formal insolvency process in which an insolvency practitioner, the administrator, displaces the directors and

Entry conditions For informal restructuring to be an option (as opposed to a restructuring using one of the formal restructuring tools such as a Part 26A restructuring plan), you need: • a viable underlying business, although it may currently be saddled with too much debt • early recognition of the distress, such as a financial forecast showing a likely covenant breach • liquidity whilst restructuring is investigated—usually the company will draw down fully under any existing facilities as soon as possible • support from the main stakeholders—usually the secured creditors plus existing shareholders The reason for the current distress is also relevant. Informal restructuring may provide a solution when, for example: • an asset or part of the business (eg a legacy factory unit) is loss-making and draining resources • rapid growth by acquisition means new businesses have not been properly integrated • there is loss of a major customer • there is loss of a major supplier • pensions liabilities are high • base costs have increased (eg many airlines were hit

Rationale In any cross-border case involving a formal insolvency procedure, practitioners will assess which jurisdictions are available for the proceedings, looking at the advantages and disadvantages of each (see Practice Note: Table of advantages and disadvantages of restructuring in various jurisdictions worldwide). The use of the concept of centre of main interests (COMI) in the EU Recast Regulation on Insolvency, Regulation (EU) 2015/848 (EU Recast Regulation on Insolvency) and the UNCITRAL Model Law on Cross-Border Insolvency (see: UNCITRAL Model Laws—overview) means that if time permits, practitioners may consider forum shopping to move the COMI of a company (regardless of where it is incorporated in the world) to a jurisdiction with a more favourable restructuring or insolvency regime (see Practice Note: Forum shopping and practical ways to move COMI). World Bank/UNCITRAL findings The World Bank worked with UNCITRAL to publish in April 2021 their Principles for Effective Insolvency and Creditor/Debtor Regimes. The principles are a distillation of international best practice on design aspects of these systems, emphasising contextual, integrated solutions and the policy choices involved

A benevolent fund is an institution, including a body of trustees, which holds funds on trust for the purpose of relieving poverty amongst a defined group of individuals. The nexus between that group of individuals could be a common employer (as in Gibson), or a common trade or profession, or membership of a particular members’ club (as in Re Young), unincorporated association or friendly society (as in Re Buck), or even a common family member - so called ‘poor relations’ cases (as in Re Scarisbrick’s Will Trust). Most benevolent funds are registered charities. However, a benevolent fund will only be charitable, with all the attendant advantages of charitable status (not least in regard to taxation), if it satisfies the requirements of Charities Act 2011 (CA 2011). Benevolent funds can be constituted, and generate their assets, in a number of different ways, as illustrated by the opening paragraphs (paragraphs 5 to 13) of Attorney General v Charity Commission. Relief of poverty Whether or not a particular trust or gift qualifies as a charitable benevolent

An order that the personal representatives may distribute the estate on the footing that certain events have or have not happened.

MLex: Bennett Verby, an accounting firm in the north of England, faces a trial in September 2027 over allegations that it failed to prevent tax evasion, in the first prosecution of the offence in the UK. Representatives for the company appeared at a court in Manchester on 7 August 2025.

Bequeath refers to the act, in a will, of leaving personal property (movable property, including money, shares and chattels) to a beneficiary on death. It is commonly used in drafting to distinguish from “devise”, which traditionally relates to gifts of real property (land and buildings), though modern practice often uses “gift” or “leave” for both. In England and Wales, Northern Ireland and Ireland, bequests (or legacies) are standard features of wills and are governed principally by succession legislation and common law, rather than by a single statutory definition of “bequeath”. The term covers specific, general, demonstrative and residuary gifts of personalty. In Scots law, the equivalent concept is a “legacy” of moveable property under a testament, and the verb “bequeath” is understood but less central in technical drafting. Bequests are subject to formal will‑making requirements, rules on ademption, lapse and satisfaction, and, where applicable, family provision and succession rights (including legal rights in Scotland). The wording used to bequeath assets is critical to determining the nature of the beneficiary’s entitlement and the administration of the estate.

A bequest is a gift of personal property (including money, chattels and, in modern usage, sometimes residue) left to a beneficiary under a will, taking effect on the testator’s death. In everyday practice, practitioners often use “bequest” and “legacy” interchangeably to refer to testamentary gifts other than land.In England and Wales, Northern Ireland and Ireland, “bequest” is not exhaustively defined in core succession legislation, but is a well‑established term in wills drafting, probate practice and case law. It commonly covers specific legacies (identifiable items or sums), general legacies (non‑specific sums of money), demonstrative legacies (from a particular fund) and residual gifts. The term is important when construing wills, determining ademption, abatement and priority between competing gifts.In Scotland, succession law traditionally distinguishes “legacies” (of moveable estate) and “devises” (of heritable property), and the expression “bequest” is used more descriptively than technically. Usage across the UK and Ireland is broadly consistent, but local statutory terminology and case law should be consulted when interpreting the effect, enforceability and rank of a bequest.

A special category of trust (also known as a trust for bereaved minors (TBM)) which was introduced by Finance Act 2006 to provide inheritance tax concessions for trusts in favour of children with a deceased parent.