A share buyback is typically structured in one of three ways: • an intermediary (usually the company’s broker) acting as principal purchases the shares from shareholders and the company then purchases those shares from the intermediary in a separate transaction • the company itself directly purchases the shares from its shareholders, or • the company itself, through an intermediary (usually the company’s broker) acting as agent, purchases the shares from its shareholders The tax treatment will be dictated by the structure of the share buyback. Usually, a listed company that proposes to buy back its shares will do so ‘on-market’ (ie on a recognised investment exchange and subject to a marketing arrangement on that exchange—for more on the distinction between off-market and on-market share buybacks,

For the purposes of this Q&A we have assumed that both owners of the investment property wish to continue to benefit from that property during their lifetimes. Scope of provisions The general rule relating to income that may be treated as the settlor’s own income is contained in section 624 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), which is part of what HMRC refers to as the ‘Settlements Legislation’ and is also known as the 'settlements code' or 'settlor code’ (TSEM4010). This states that the income arising under a settlement is treated for income tax purposes as the settlor’s income (and their income alone) if: • it arises during the settlor’s lifetime, and • from property in which they have an interest Under these provisions, a settlor is chargeable to tax on settlement income arising in their lifetime where they, their spouse or civil partner have retained an interest in that settlement. The settlements legislation

Life interest trust/tenancy in common Where property is held as tenants in common, it passes by Will or intestacy rather than automatically by survivorship to the co-owner. See Practice Note: Family home—tax and estate planning for further information. One advantage with a tenancy in common is that it is possible for the co-owners to own differing shares in the property, for example where different amounts have been contributed to the purchase price. The respective shares should be set out in a declaration of trust, which can be used in the event of a dispute on the death of a party. A second advantage is flexibility as to succession, in that a tenancy in common enables the first co-owner to die to leave their share to someone other than

The implications of a joint purchase of property with unequal contributions include the immediate effect of there being a potentially exempt transfer if the parent’s contribution above their beneficial interest is treated as a gift to their adult child and the adult child’s spouse rather than a trust or loan arrangement. Gift with reservation of benefit provisions should also be considered, depending on who will occupy

Whether the provision of money by A is chargeable to the inheritance tax (IHT) as a result of A’s death depends on whether the transaction could be characterised as a commercial arrangement, or whether it constituted a potentially exempt transfer (PET) at the time it was made. After 21 March 2006, a PET is a transfer of value made by an individual which would otherwise be a chargeable transfer and which is

The main point to appreciate is that the nil rate band (NRB) and the spousal exemption are two completely separate provisions of the inheritance tax (IHT) code. The NRB is a deduction from an individual’s estate which will have the effect of reducing the amount of the estate liable to IHT, whereas the spousal exemption provides a total exemption from IHT. The NRB is not restricted to UK domiciled persons. The legislation does not contain an express statement that the NRB applies to non-UK domiciled persons. Rather, it is the absence of any restriction that means it is available to both UK and non-UK domiciled

Right of exhaustion Reselling branded goods Reselling legitimately purchases branded goods online is generally permitted and can usually only be restricted in certain circumstances. This is because once a product is placed on the market for the first time in the European Economic Area (EEA) by the rightsholder or with their consent, the specific subject matter of the IP rights will be exhausted. Once this right is exhausted, the rightsholder can no longer prevent further distribution of the product in the EEA. There are some limited exceptions to this principle, usually in cases concerning re-packaging of goods. The free movement principle has been

It has been assumed this Q&A refers to the formation of a contract online by clicking an ‘I accept’ box to form a contract, in relation to a contract which is not subject to any specific industry or sector regulation. Overview A legally binding offer has the following elements: • the party making the offer ('the offeror') has the intention, objectively ascertained, that the offer is to become binding once accepted • the party to whom the offer is made ('the offeree') believes the offeror has that intention An acceptance is a final and unqualified expression of assent to the terms of an offer. This means that the following will not generally be sufficient to constitute acceptance: • mere acknowledgement of receipt of the offer • assent to an offer, which contains two alternative proposals • a request for information in relation to the terms of the offer Acceptance can take effect by words or by conduct. Conduct will only constitute acceptance if it is clear

How to claim adverse possession of unregistered land The provisions of the Limitation Act 1980 continue to apply to the adverse possession of unregistered estates. Accordingly, where a person (the squatter) has been in adverse possession of freehold land, the legal estate in which it is not registered, for the appropriate period, the squatter will have acquired title to the estate by virtue of the owner of the documentary title having become barred from recovering the land from the squatter and his title having become extinguished. In these circumstances, the squatter will have an estate vested in him that entitles him to apply for first registration. An application to register such a title is made in the same way as any other application

General restriction on a private company making an offer of securities to the public Section 755 of the Companies Act 2006 (CA 2006) contains a general prohibition on a private company offering its securities to the public. CA 2006, s 756 explains what is meant by an offer of securities to the public. CA 2006, s 756(2) provides that an offer to the public includes an offer to any section of the public, however selected. There are exemptions in CA 2006, s 756(3) which provide that an offer is not regarded as being an offer to the public if it can be properly regarded, in all the circumstances, as: • not being calculated to result, directly or indirectly, in securities of the company becoming available to persons other than those receiving the offer, or • otherwise being a private matter between the company and the recipient of the offer If a private company is undertaking an open offer care should be taken

When AST succession rights arise We refer you to the Q&A contained in our Lexis+® UK® Property module which considers succession in the context of an AST. The Housing Act 1988, s 17 (HA 1988) provides that where a sole tenant dies and immediately prior to their death their spouse or civil partner occupied the property as their only or principal home, the tenancy will vest in their spouse or civil partner rather than devolving under the tenant’s will. The only situation in which that right of succession might extend to persons other than the tenant’s spouse or civil partner is under s 17(1A). HA 1988, s 17(1A) states: (1A) Subject to subsection (1D), in any case where— (a) there is an assured periodic tenancy of a dwelling-house in England under which— (i) the landlord is a private registered provider

An organisation subject to the United Kingdom General Data Protection Regulation, Assimilated Regulation (EU) 2016/679 (UK GDPR) regime must ensure it complies with all applicable requirements of that regime. For an introduction to the UK GDPR, see Practice Notes: Data protection law—new starter guide, Introduction to the EU GDPR and UK GDPR and The UK General Data Protection Regulation (UK GDPR). Among many other things, the UK GDPR requires controllers of personal data to comply with each of the data protection principles (see Practice Note: Data protection principles). Data subjects have a number of rights in respect of their personal data under the UK GDPR including (among others): • a right of access to their personal data • a right to object to processing of their personal data • rights to various information in relation to how their personal data