This Q&A is relevant to situations in which the shares in the company are unquoted. The starting point for a valuation of unquoted shares is their open market value at the time of the transfer (see IHTA 1984, s 160 and TCGA 1992, s 272) between a hypothetical willing buyer and willing seller. For the purposes of determining the price the shares would be expected to fetch on the open market, it is assumed that the prospective buyer has all the information they would require from a willing seller for a private sale at arm’s length ( IHTA 1984, s 168 and TCGA 1992, s 272(3)). Although the

A deed of variation executed by a legatee is a gift by that legatee to a substituted legatee. The gift will have the special inheritance tax treatment and capital gains tax treatment if

Practice Note: Probate actions—caveats and citations outlines that a copy of the warning must be served on the caveator. In addition, it is customary to send the Form 4 and a copy to Leeds and to the caveator

Section 3(2) of the Immigration Act 1971 (IA 1971) empowers the Secretary of State to lay before Parliament rules concerning the way in which people who are subject to immigration control can enter or remain in the UK: ‘The Secretary of State shall from time to time (and as soon as may be) lay before Parliament statements of the rules, or of any changes in the rules, laid down by him as to the practice to be followed in the administration of this Act for regulating the entry into and stay in the United Kingdom of persons required by this Act to have leave to enter, including any rules as to the period for which leave is to be given and the conditions to be attached in different circumstances; and section 1(4) above shall not be taken to require uniform provision to be made by the rules as regards

Practice Note: Strict settlements explains that since 1 January 1926 when the Law of Property Act 1925 came in to force, all estates tail have existed not as a legal estate in land but as an equitable interest and that since 1 January 1997 when the Trusts of Land and Appointment of Trustees Act 1996 (TOLATA 1996) came in to force, new entails may not be created although may continue to exist. The aforementioned Practice Note also explains that entails formed an important part of the traditional form of strict

Companies had to execute deeds under a company seal until the law changed in 1990. Section 130 of the Companies Act 1989 (commenced by the Companies Act 1989 Commencement

Our Practice Note: Tier 2 (General): timeline of key changes from 2012 confirms that: ‘From 11 January 2018: • [...] • the migrant’s start date cannot be changed to more than 28 days from the later of: ◦ the date their entry clearance or leave to remain is granted, or ◦ the start date specified on the CoS, or as appropriately reported by the sponsor before the entry clearance or leave to remain is granted’ This change was made by Statement of Changes in Immigration Rules HC 309, and reference is made to our Practice Note: Statement of Changes in Immigration Rules, HC 309—analysis [Archived]. That Practice Note (in the heading Tier 2 (General)) states that: ‘Change of employment—start date This change clarifies and puts into the Rules, as a circumstance that will constitute a change of employment, a restriction that was previously introduced

The company must have been influenced in deciding to enter the transaction by a desire to enable the recipient to have a preference. The assessment of whether the company was influenced by a desire to prefer is based on subjective factors and the court will look to the desire on the part of the controlling minds of the company to better the position of the recipient and not just the simple act of the preference. This requirement will be satisfied even if it was only one of the factors that led to the preference. The desire to improve the creditor’s position is not required to be the sole or dominant desire of the company and a distinction must be drawn between the consequences of the company’s actions and the desire to achieve the consequences. If the company is influenced by proper commercial considerations and not by a positive wish to improve the creditor’s position in the event of its insolvent

For further information, see the sections in Practice Note: Introduction to the EU GDPR and UK GDPR, headed: Controllers and Processors and related contract terms. Under Regulation (EU) 2016/679, the the General Data Protection Regulation (GDPR): • ‘processor’ is defined as ‘a natural or legal person, public authority, agency or other body which processes personal data on behalf of the controller’ • ‘controller’ means ‘the natural or legal person, public authority, agency or other body which, alone or jointly with others, determines the purposes and means of the processing of personal data; where the purposes and means of such processing are determined by Union or Member State law, the controller or the specific criteria for its nomination may be provided for by Union or Member State law’ Further GDPR provisions relating to processors can be found in Recitals (81) to (83) to Regulation (EU) 2016/679, the GDPR and in

Under section 102 of the Finance Act 1986 (FA 1986), where an individual disposes of any property by way of a gift, it may be treated as subject to a reservation if one of the following conditions applies: • the donee of the property did not take possession of the property and did not enjoy the use of the property at the beginning of the ‘relevant period’, ie a period running from seven years before the death of the donor or, if later, from the date

A judge of any division of the High Court has jurisdiction to transfer certain proceedings into the same division, if: • a winding up or bankruptcy order has been made in the High Court, or • a provisional liquidator or interim receiver has been appointed in the High Court, or • bankruptcy or winding-up proceedings have been transferred into the

IAS 19 and IFRIC 14 determine when a pension scheme surplus can be recognised in a company’s accounts. The following provisions are at play in this context: • paragraph 64 of IAS 19, which limits the measurement of a DB asset to the ‘present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan’, and • IFRIC 14, which explains the interaction between scheme funding requirements and the limits placed by paragraph 64 on the measurement of a DB asset. Note that IFRIC 14 is effective for annual periods beginning on or after 1 January 2008 (although earlier application is permitted) In short, in order to be able to recognise a surplus under IFRIC14: • there must be an economic benefit available to the company—in the form of a reduction in future contributions and/or a refund of the surplus.