The Notes on Trust and Estates UK Property, available from www.gov.uk, which provide guidance on how to fill out form SA903, confirm that for the purposes of this Q&A income includes receipts in cash or in kind and is taxable when it is earned, even if the trust or estate does not receive the money until later. See the notes for Box 3.20. Trustee duties Trustees of the deceased tenant in common are under a duty to recover the trusts half share of the rental income. The common law duty of care requires a trustee when managing the affairs of a trust, to take 'all those precautions which an ordinary

If property is purchased in the joint names of two or more co-owners, a statutory ‘trust of land’ arises. Where property is held on a trust of land, the legal estate and equitable estate are separate. The legal co-owners (as trustees) must hold the legal estate as joint tenants. A legal joint tenancy cannot be severed and when one joint tenant dies their legal interest in the property automatically passes to the remaining joint tenants. However, co-owners can hold the beneficial interest in the legal estate on trust for themselves (and any additional co-owners) as: • joint tenants, or • tenants in common Joint tenants are each entitled to the whole of the property. The key feature of a joint tenancy is the right of survivorship. When one joint tenant dies, their interest

This Practice Note looks at a sponsor’s role in the UK listing regime as it applies to a company with a listing of equity shares in, or applying for admission of equity shares to, the equity shares (commercial companies) listing category. The sponsor regime applies to three listing categories of the Official List: the equity shares (commercial companies) category, the closed-ended investment funds category and the equity shares (shell companies) category as set out in UK Listing Rule 4 (Sponsors: responsibilities of issuers) and UK Listing Rule 24 (Sponsors) of the UK Listing Rules (UKLR). This Practice Note focuses on the sponsor’s role in the equity shares (commercial companies) category. Definition of a sponsor The sponsor regime derives from section 88 of the Financial Services and Markets Act 2000 (FSMA 2000) which gives the FCA the power to make listing rules relating to sponsors, maintain a list of sponsors and discipline sponsors. A sponsor is defined in FSMA 2000, s 88(2) as a person approved by the FCA for the purposes of the listing rules. The glossary to the

ARCHIVED: This Practice Note has been archived and is not maintained. A significant restructuring of the UK listing regime came into effect on 29 July 2024 which included the removal of the premium and standard listing segments and the creation of a single listing category for equity shares in commercial companies. The commercial companies category is heavily disclosure-based and sits alongside other listing categories such as the shell companies, secondary listing and closed ended investment fund categories.  The UK Listing Rules sourcebook came into force to implement the changes and the previous Listing Rules sourcebook was revoked. For further information see Practice Note: Reform of the UK listing regime—fundamentals. This Practice Note reflects the listing regime prior to 29 July 2024 and has been retained for reference purposes. This Practice Note looks at the regulatory regime applying to sponsors, including becoming a sponsor, sponsor competence, the principles for sponsors, systems and controls and the responsibilities of the sponsor to the issuer and the Financial Conduct Authority (FCA). The sponsor regime derives

If it has been determined that there is a notifiable transaction for stamp duty land tax (SDLT) purposes (for information on notifiable transactions, see Practice Note: SDLT—notifiable transactions) you should then consider if any reliefs or exemptions are available to reduce or remove the liability to pay SDLT. As an initial point, we note your

In 2013, the then President of the Family Division, Sir James Munby, appointed a drafting group under the leadership of Mostyn J to produce a comprehensive set of orders that it was intended would, in due course, become mandatory in the Family Court and the Family Division. The President's rationale behind the project was to avoid the time and money that is wasted in the process of drafting orders that could, and therefore should, be standardised. Standard orders have subsequently been produced by the drafting group appointed by the President and endorsed by the President. The use of the standard orders is not obligatory, but is strongly encouraged. See Practice Note: Standard orders—general principles. In his guidance dated 30 November 2017, the then President of the Family Division, Sir James Munby, said: ‘…a standard order may

It is assumed that the question refers to clause 50 of Precedent: Standard order 2.1—financial remedy order, namely, ‘Undertaking to leave by Will/make financial arrangements on death’, which states: ‘ … a. The [respondent OR applicant] shall [forthwith OR by [time] on the date [number] days from the date of this order] enter into an irrevocable deed of covenant with the [applicant OR respondent], which shall be binding on the executors and trustees of [his OR her] [estate OR Will], that in the event of [his OR her] death during the subsistence of order(s) for periodical payments at paragraph(s) [para number] below in respect of [the [applicant OR respondent] AND/OR the child[ren] of the family], [he OR she] shall make arrangements [that shall continue the financial provision made in those paragraph(s) for [the [applicant OR respondent] AND/OR the child[ren] of the family] until

The wording referred to above is a penal notice, in that it warns the litigants that they are at risk of committal, with its ensuing consequences, if they fail to comply with the terms of the order made. However, this warning is not directed at a particular party, does not warn them of their right to get legal advice and does not specify which of the directions in particular would trigger a committal order being made. In contrast the wording on the standard order: has a more comprehensive penal notice, similar to the warning

This practical guidance relates to the Procurement Act 2023 regime As of 24 February 2025, the main provisions of the Procurement Act 2023 (PA 2023) are in force. Procurements begun on or after this date must be carried out under PA 2023 (where applicable), whereas those begun under the previous legislation (the Public Contracts Regulations 2015, SI 2015/102, the Utilities Contracts Regulations 2016, SI 2016/274, the Concession Contracts Regulations 2016, SI 2016/273, and the Defence and Security Public Contracts Regulations 2011, SI 2011/1848) must continue to be procured and managed under that legislation. This practical guidance focusses on public procurement under PA 2023. For practical guidance on the standstill period under the previous legislation, see Practice Note: The standstill period—pre-PA 2023 [Archived]. What is the standstill period? When a contracting authority reaches its decision on the award of a public contract subject to PA 2023, it must observe a standstill period before entering into the relevant contract, unless a specific exemption applies. A standstill period is not mandated, but may be observed voluntarily,

This Practice Note explains the requirement imposed upon a contracting authority when it reaches its decision on the award of a public contract subject to the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 to adhere to a standstill period before entering into the formal legal contract. The purpose of the standstill period is to allow unsuccessful tenderers the opportunity to seek further information from the contracting authority and consider whether their rights have been prejudiced during the tender process. ARCHIVED: This Practice Note has been archived and is not maintained. This practical guidance relates to the pre-Procurement Act 2023 regime This Practice Note contains guidance relevant to public procurement exercises commenced before the Procurement Act 2023 (PA 2023) came into force on 24 February 2025. In-scope procurements begun on or after this date are governed by PA 2023. Under the transitional and savings provisions for PA 2023, the previous public procurement regimes continue to apply to the extent necessary to allow contracting authorities to complete and manage procurements commenced

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note provides background reading on the key forms and principles of EU law and legislation, examining the impact of Brexit on EU-derived law and legislation in the UK. For further reading on this subject, see Practice Notes: Brexit—key legislation explained and Retained EU law and assimilated law. For further reading on Brexit generally, see: Brexit collection. Effect of Brexit on EU law in the UK The UK ceased to be an EU Member State at 11 pm on 31 January 2020 (exit day). As of that point, directly applicable EU law ceased to apply to the UK under the EU Treaties and the UK ceased to be bound by the obligations under those treaties, which require EU Member States to ensure that their domestic legislation meets the EU obligations set out in EU laws. EU law itself, and its effect on Member States, is not changed by the UK’s withdrawal from the EU—it continues

IP analysis: When does a collecting society have standing to represent its members’ intellectual property (IP) rights? Gregor Pryor, partner and co-chair of the entertainment and media industry group at Reed Smith, considers the EU Court of Justice’s decision in Coöperatieve Vereniging SNB-REACT UA v Deepak Mehta and explains its implications for collecting societies in the UK.