We have assumed that • the individual lender was not acting in the course of a trade or business when they made the loan to the company • the debt in question is not a debt on a security or deemed security We refer to sections 251–252 of Taxation of Chargeable Gains Act 1992 (TCGA 1992) which provide: ‘(1) Where a person incurs a debt to another, whether in sterling or in some other currency, no chargeable gain shall accrue to that (that is the original) creditor or his personal representative or legatee on a disposal of the debt, except in the case of the debt on a security (as defined in section 132). (2) Subject to the provisions of sections [132, 135 and 136]

We refer you to the following content which you may find helpful: Q&As: • Where an individual purchased a property in 1980, lived in it as their main residence for 20 years then demolished it in 2000 and built a new property on the same site, which they moved into in 2002, how would principal private residence (PPR) relief be applied on a sale of the property in

Depending on the precise circumstances, the gift of an interest in property or a gift of funds used to purchase a jointly owned property which the donor subsequently occupies or continues to occupy could give rise to the gift

The individual would need to renounce probate and disclaim the trusteeship separately. We refer you to Q&A: If an individual is appointed as executor and trustee and decides to have power reserved to them are they still a trustee of

CA 2006 The Companies Act 2006 (CA 2006) procedure is for a company to be restored by court order. It is not a judgment of a court, rather an order that the registrar of companies restores a company to the register. The effect of that order is that the company is deemed to have continued in existence as if it had not been dissolved or struck off the register (CA 2006, s 1032). For more information, see Joddrell v Peaktone. See

Can restrictive covenants in a shareholders’ agreement continue after termination of the employee’s employment? With regard to your query as to whether an employer can restrict the activities of an employee to whom it has granted shares through the inclusion of restrictive covenants in a shareholders’ agreement and whether such restrictive covenants can continue after the employee’s employment terminates, see Q&A: Where a shareholder of a joint venture company is also an employee, is it possible to include different restrictive covenants in the shareholders' agreement to those included in the employment contract? With particular regard to a subscription and

Divorce and Wills—general The question highlights the interaction between marriage, divorce and Wills, which can be summarised as follows: • subject to certain exceptions, ‘a will shall be revoked by the testator’s marriage’ (section 18 of the Wills Act 1837 (WA 1837)) • a separation, even if for many years, has no effect on a Will • the Will is not revoked on divorce, namely the grant of a decree absolute. The Will itself remains valid. However, it takes effect as if any appointment of the former spouse as executor/trustee in the

For information on the availability of principal private residence (PPR) relief from capital gains tax (CGT), see Practice Note: CGT—PPR relief, and main sections headed 'What is the period of ownership?' and 'How is PPR relief calculated?' Particularly, subsection 'Permitted absences' explains that while a chargeable gain realised on an individual's PPR will be reduced to nil provided the whole of the property has been occupied by the owner throughout their period of ownership, section 223 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) provides that the individual may be absent for certain permitted periods, and these absences will not reduce the PPR relief available. See also subsection headed 'The final period exemption' which explains that for a disposal

The Q&A asks what amount of stamp duty land tax (SDLT) is payable on the acquisition of a new lease where the acquisition is in pursuance of an agreement for lease that was assigned to the purchaser. Schedule 2A to the Finance Act 2003 (FA 2003) (transactions entered into before completion of contract) provides the answer. Specifically, FA 2003, Sch 2A, para 4 (assignments of rights: application of rules about

We refer you to Practice Note: Personal representatives—authority prior to grant of representation, which explains that the office of administrator derives entirely from the grant of letters of administration and therefore the deceased's property does not vest in the administrator until the grant. After the grant of letters of administration

For the purposes of this Q&A we assume you are referring to a trust which is a taxable relevant trust for the purposes of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 and so disclosure of beneficial ownership information is required via the Trusts Registration Service (TRS). Further, we assume that the individual in this Q&A has not received a (financial or non-financial) benefit from the trust on or after 26 June 2017. Identifying beneficiaries There has been some uncertainty as to when a beneficiary’s or potential beneficiary’s name and personal information must be disclosed on the TRS as part of a trustees’ obligations under MLR 2017, SI 2017/692. HMRC has sought to clarify the position in its frequently asked questions (FAQs) on the TRS first published

An individual who performs certain duties which a personal representative (PR) would perform to administer a deceased’s estate intermeddles in the estate. By performing these duties, the individual holds themselves out to be a PR and is deemed to have accepted the role as a PR. This is the case even if the individual is not entitled to be a PR or does