See Practice Note: Individual savings accounts, in particular the section entitled ‘Individual savings accounts—Inheriting ISAs of a deceased spouse or civil partner’. This Practice Note explains that, from 6 April 2015, for deaths which occurred on or after 3 December 2014, a surviving spouse or civil partner is granted an additional ISA allowance (the additional permitted subscription allowance) equivalent to the value of the deceased’s ISA(s). The details of the additional permitted subscription allowance can be found in the Individual Savings Account Regulations 1998, SI 1998/1870, regs 5DDA but the key points are set out in the above Practice Note and the relevant points to this Q&A summarised below: • the additional

A contract is formed where there is an offer, acceptance, consideration and an intention to create legal relations. In this scenario, it appears that all the elements of a valid contract are present. There seems to have been a verbal offer and acceptance, with the payment of a deposit acting as consideration for the item B is selling and also signalling a desire to create legal relations. The fact this is a business to business interaction also suggests that there is an intention to create legal relations. However, it will be important to establish whether the deposit was paid and order made 'subject to contract' in which case the arrangement

It is not necessary for the executors to assent the property to themselves as section 36 of the Administration of Estates Act 1925 enables personal representatives (PRs) to assent to the vesting of any interest in freehold or leasehold land in any person entitled to it. In this situation, B survived A so was entitled to benefit under A’s Will so the asset beneficially belonged to B but was held in trust by C and D. At the end of the administration period for

There would be no gift with reservation of benefit (GWR) in the cash sum under section 102 of the Finance Act 1986. The gift was a gift of cash, so the special tracing rules will not apply. However, there may be a GWR in the holiday home, by associated operations. A GWR may arise if the parent enjoys a benefit from the beneficial interest in the holiday home which has been acquired by the son. The mere ownership of a reduced beneficial interest by the parent,

Where a person is resident in the UK but earns income or makes capital gains in respect of foreign income or assets, they are ordinarily obliged to declare this income via a self-assessment tax return (Part 8 of the Income Tax (Trading and other Income) Act 2005). A Child Maintenance Service (CMS) calculation is calculated, at least initially, on declared earnings. The statutory formula is based upon taxable gross annual income (ie income from employment or self-employment, pensions and some benefits). The CMS obtains this information from HMRC for a given tax year and then uses that figure to calculate the child maintenance liability.

No person may carry on regulated activities ‘by way of business’ in the UK unless he is an authorised person or an exempt person: Financial Services and Markets Act 2000 (FSMA 2000), s 22. The Regulated Activities Order 2001, SI 2001/544 (RAO 2001) sets out six regulated mortgage activities requiring authorisation or exemption if they are carried on in the UK: • arranging regulated mortgage contracts • making arrangements with a view to regulated mortgage contracts • advising on regulated mortgage contracts • entering into a regulated mortgage contract as lender • administering a regulated mortgage contract where that contract is entered into by way of business on or after 31 October 2004; and • agreeing to carry on

Section 102B of the Finance Act 1986 (FA 1986) provides that where an individual disposes, by way of gift on or after 9 March 1999, of an undivided share of an interest in land the property given away will not be property subject to a reservation if either subsection (3) or (4) applies throughout the relevant period (as defined in FA 1986, s 102(1)). FA 1986, s 102B(4) applies when: • the donor and the donee occupy the land; and • the donor does not receive any benefit, other than a negligible one, which is provided by or at the expense of the donee for some reason connected

In considering this question, it will be necessary to consider the terms of the contract of employment of the employee in question. Statutory paid holiday entitlement The right under the Working Time Regulations 1998 (WTR 1998), SI 1998/1833 is to a total of 5.6 weeks' paid annual leave each 'leave year', made up of: • a basic entitlement to a minimum of four weeks' paid annual leave (20 days for a regular full-time worker), and • an additional entitlement to 1.6 weeks' paid annual

A total intestacy arises where the deceased has made no effective provision for the disposition of his property on death but a partial intestacy arises where the deceased has made a Will but for some reason or another a provision of that Will fails and the terms of the Will do not deal with that eventuality. Thus, if a Will leaves a gift to the deceased’s child, Sally, but Sally has predeceased the deceased then the gift fails. The sum given may then fall into residue but if there is no gift of residue or the gift of residue fails then there will be a partial intestacy. In this event, the Will is still the controlling instrument and the estate including that passing on intestacy is administered by the executors without the need

This Q&A assumes that the partnership in question is solvent. The partnership agreement is the usual starting place for establishing how assets and losses are to be distributed and surplus is to be shared between the partners at the end of a partnership. In this case, there is no written partnership agreement, so the Partnership Act 1890 (PA 1890) and common law will apply. A partnership may be dissolved by notice (for details, see Practice Note: Ending a general partnership—dissolution otherwise than by the court). On dissolution of the partnership following service of notice, any surplus assets remaining after payment of debts, liabilities, advances and capital shall be divided among the partners in the same proportion

The trustee order The partner appointed as deputy (under the provisions of sections 16 and 19 of the Mental Capacity Act 2005 (MCA 2005)) would usually have general authority under the deputyship order to buy and sell property. However, a deputy may not be appointed to exercise

This Q&A refers to administration of a general partnership. There are a number of reasons why administrators of a partnership might have a beneficial interest in residential premises owned by one of the partners of the partnership. These might include that the residential premises or part of it is a partnership asset, or pursuant to a charge that has been placed on the property, or a primary guarantee that has been secured in such manner (see Practice Notes: Insolvency of general partnerships—administration and Position of partnership members on insolvency). The type of proceedings envisaged against the property will be key to deciding