The rights of the beneficiary will depend on all the circumstances and, in particular, the precise terms and construction of the Will. For example, the trust document may include provisions which restrict the right of occupation to the initial property and which exclude any rights in the net sale proceeds. If the trust creates an interest

Overage is a covenant or contractual obligation by the buyer to make an additional payment to the seller if specified events occur. Where the overage period is likely to be lengthy, each party may (for differing reasons) wish one or more of the components

This Practice Note examines the territorial application, scope or reach of relevant applicable or mandatory law, ie how the courts and employment tribunals decide what statutory rights (if any) an employee who works abroad and/or has a foreign employer has. It has been updated to take account of the impact of Brexit and the end of the implementation period (IP) for the Withdrawal Agreement on IP completion day (11 pm on 31 December 2020) on this area of law. From 1 January 2021 to the end of 2023, there was no change in the law that affects the treatment of territorial scope of statutory employment rights by the UK courts, it being primarily a domestic matter. Further, the supremacy of EU law had been largely preserved by the European Union (Withdrawal) Act 2018 (EU(W)A 2018). However, from the end of 2023, section 3 of the Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A 2023) provided for the abolition of the supremacy

It is assumed that the deceased’s estate is solvent. Unless the personal representatives can obtain funds from another source such as a loan from a beneficiary, it is likely that they will have to sell the property in order to settle the liabilities of the estate. Schedule 1 Part II to the Administration of Estates Act 1925 (AEA 1925) governs the order of application of a solvent estate for payment of the deceased’s expenses, debts and liabilities as between beneficiaries and applies on the death of any person after 1925. With respect to the property,

We have assumed that this response does not consider the tax implications of any of the options discussed. A debt is a chose in action and as such is movable property which can be the subject of a legacy in a Will. The benefit of a debt can be assigned inter vivos, subject to the terms of the agreement between the debtor and creditor. The forgiving or releasing of a debt by a testator in their Will, is construed as a legacy of the amount of the debt to the debtor, however, the release of the debt does not remove the debt from being an asset of the estate and available to the claims of creditors

It is assumed that the testator died on or after 6 April 2017. Where property in a settlement is situated outside the UK, then that property is excluded property within the meaning of section 48(3) of the Inheritance Tax Act 1984 (IHTA 1984) if the settlor was not domiciled or deemed domiciled in the UK at the time the settlement was made. As such, it will not be subject to inheritance tax (IHT) charges under the relevant property regime, provided that it remains outside the UK. The exception to this is shares in a foreign company that holds UK residential property which, since 6 April 2017, have fallen into the IHT net.

It is assumed that the life tenant’s interest was an ‘immediate post-death interest’ and thus a qualifying interest in possession—for further details, see Practice Note: The meaning of qualifying interest in possession. Under these circumstances the life tenant’s personal representatives are required to report the details of the interest under the trust to HMRC using form IHT205 or IHT400 (and schedule IHT418), depending on the value of the trust fund. However,

Private Client analysis: Re Smith concerned several overlapping applications all broadly related to the powers and duties of trustees under a trust settled by a commercial contract. The court held that the phrase ‘bare trust’ had no specific meaning other than generally conveying a desire for minimalism in the trust, but further that the terms of commercial trusts were to be interpreted in light of the surrounding contract and that the provisions of the Trustee Act 1925 (TA 1925) and Trustee Act 2000 (TrA Act 2000) would be excluded where they were contrary to the purpose of that surrounding contract. Given the trust in this case essentially existed as a way to hold and distribute proceeds of litigation and little more, the trustees were not considered to have any right to replace another trustee, or to take an active role in management of the trust property, or to indemnity against the trust assets. Where trustees were removed by the court, there was no need to replace them if the court made sufficient arrangements for the orderly administration of the trust, in this case by the appointment of receivers over the trust assets, albeit this would be an exceptional conclusion. Practitioners should now be aware that commercial contracts which rely on trusts may not necessarily carry with them any desired part of the equitable framework behind trusts, and should consider drafting contracts to expressly include such parts where needed. Written by Piers Digby, barrister at Radcliffe Chambers.

Law360: The US Department of Justice's (DOJ) track record in 2023 shows it's intent on accelerating the evolution of corporate criminal enforcement policy through updated guidance, not only on crafting and running compliance programmes but also on how a company's actions affect charging decisions.

This flowchart sets out details of the threshold criteria as set out in section 31(2) of the Children Act 1989 (ChA 1989) and the public children law applications to which it applies. It sets out the definition of the threshold criteria as provided for in ChA 1989

Law360, London: The partial acquittal of two retired British executives on bribery charges as part of a major Serious Fraud Office (SFO) investigation, the first bribery conviction of a foreign official and Julian Assange's shock plea deal are just a few of the blockbuster cases so far in 2024.

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