The tenant of a life interest is entitled to terminate that interest during their lifetime, and the trust may also contain terms allowing the interest to be terminated (eg on a re-marriage of the life tenant). Regardless of whether the life tenant or the trustees terminate the life interest, there may be inheritance tax (IHT) considerations. The relevant property regime provides that for trusts created on or after 22 March 2006 any property in which there is no qualifying interest in possession is relevant property for the purposes of section 58 of the Inheritance

It is understood that a life interest trust is buying a dwelling from the beneficiary of the trust (the beneficiary is an individual). It is assumed that the beneficiary occupies the dwelling as their main residence and will continue to do so as beneficiary of the trust once the trust owns the dwelling. A beneficiary of a trust for life is treated as the purchaser for the purposes of the higher 3% rates of stamp duty land tax (SDLT) (paragraph 10 of Schedule 4ZA to the Finance Act 2003 (FA 2003)). This means that the trustees of the trust must consider whether the purchase attracts the higher 3% rates of SDLT on the basis that the beneficiary is making the purchase and not the trust. As

This depends on the wording of the Will. In all likelihood, the Will simply said that, subject to the life tenant’s interest, the trust fund would pass to the remainderman. In that case, the remainderman’s reversionary interest in the estate has vested in them and, assuming they have not disposed of it during their life, it forms part of the remainderman’s estate on their death. The remainder interest is intangible property and can be dealt with in the same way as any other intangible asset. The remainderman’s personal representatives will deal with the reversionary interest as with any other intangible asset comprised in the estate. In all likelihood, it will be assigned to the beneficiary or beneficiaries of the remainderman’s residuary estate. Notice of the assignment should be given to the

The value of a reversionary interest is generally within a person’s estate but is excluded property by virtue of section 48 of the Inheritance Tax Act 1984 (IHTA 1984). However, where the reversionary interest has previously been acquired for consideration, it is not excluded property, due to IHTA 1984, s 48(1)(a). IHTA 1984, s 55(1) means that where a person with a prior interest (such as the interest in possession in the question) purchases a reversionary interest, that

The death of the life tenant would have created an inheritance tax (IHT) liability by virtue of section 49 of the Inheritance Tax Act 1984 (IHTA 1984) (subject to any property which was eligible for relief). On the death of the life tenant, the settlement would have become a relevant property settlement, which would be subject to the usual IHT periodic charging rules and the charge

Section 30 of the Landlord and Tenant Act 1954 (LTA 1954) provides that when a tenant applies for a new tenancy under LTA 1954, s 24(1) the landlord may oppose such an application under one of the grounds listed in LTA 1954, s 30(1), including LTA 1954, s 30(1)(g), which covers the situation of when, on the termination of the current tenancy, the landlord intends to occupy the holding for the purposes, or partly for the purposes, of a business to be carried on by them therein,

A limited liability partnership (LLP) is a body corporate with unlimited capacity and a legal personality separate from its members. Being a body corporate with its own legal personality, it can own property and other assets in its own name. The rights and duties of the members of an LLP are usually governed by an LLP agreement, but in the absence of an agreement, various default partnership law provisions apply by virtue of the Limited Liability Partnerships Regulations 2001 (LLPR 2001), SI 2001/1090. One of those provisions is LLPR 2001, SI 2001/1090,

The effect of an abstention on the requirement for unanimity of members will depend on the exact wording of the agreement. If the agreement states that a resolution of the members shall require

Dispute Resolution analysis: This case involved an anti-suit injunction against proceedings in France, in light of an exclusive jurisdiction clause in favour of resolution in England. The defendant French company resisted the application on the grounds that such a clause was not binding under French consumer regulations. Noting this, Mr Justice Jacobs nevertheless granted the injunction on the basis that the relevant test was whether the defendant qualified as a consumer under English, not French law. Had their defence been successful, the defendant would have enjoyed greater legal protection under French law, which since 2016 has legislated in favour not just of consumers but any legal entity contracting outside the normal scope of its business. However, the judge found that since the parties’ contract was governed by English law, the validity of its exclusive jurisdiction clause must be determined with regard to English law, and, by extension, the English legal definition of a consumer. Written by Natalie Todd, partner, with assistance from Samuel Peters, paralegal, at Cooke, Young & Keidan LLP.

Harassment Under the Equality Act 2010 (EqA 2010), there is protection from various forms of harassment where it relates to certain protected characteristics. Where the protected characteristic is sex, or gender reassignment, a particular type of harassment is also protected. A person will also be liable for harassment if: • that person or any other different individual engages in conduct, which is unwanted by the victim, and is either: of a sexual nature, or 'related to' the protected characteristic of (i) gender reassignment or (ii) sex • that conduct has the purpose or effect of violating the victim's dignity or creating an environment that is intimidating, hostile, degrading, humiliating or offensive to the victim • the victim either rejects the conduct or submits

STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. The content in this Q&A may have been affected by this change. Disclosure statement The list of documents prepared for disclosure must contain a disclosure statement, the wording of which is set out in Form N265 and Form N265 (CC) with some guidance from the CPR in the Annex to CPR PD 31A. It includes reference to searching for electronic documents. If you are not using the forms you must adapt the wording accordingly. The disclosure statement should be signed by the client. Unless and until the cause of action is assigned by the company

Disclaimer is an entirely statutory procedure which is governed by the Insolvency Act 1986 (IA 1986) and the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. In the case of liquidation, the relevant provisions are found in IA 1986, ss 178–182 and in IR 2016, SI 2016/1024, rr 19.1–19.11. Disclaimer is effected by the liquidator authenticating and dating a notice of disclaimer. Within seven business days of dating of the notice of disclaimer, the liquidator must then deliver or serve copies of the authenticated and dated notice of disclaimer to all persons who to the liquidator’s knowledge are persons interested as described in IR 2016, SI 2016/1024, r 19.3. The rights