Alternative assets meaning

Estate of [insert name of deceased] Clients: [insert names of executors/administrators] File reference: [insert file ref] The details requested in this questionnaire are needed for the application for a grant of representation. Please complete what you can, and also gather the death certificate together with any documents and passbooks, as asked for within this questionnaire. A Personal details of the deceased Copy death certificate enclosed YES / NO 1 State the courtesy title (Mr, Mrs, etc) and any professional title (eg Dr) 1.1 Provide the deceased’s full name 1.2 Provide any alternative name or names by which they were known 2 Occupation of the deceased 2.1 Was the deceased retired? YES / NO 2.2 National Insurance number 2.3 Unique taxpayer reference; please attach income tax papers 3 A Give the address of the nursing or care home (only if this was the deceased’s last address; otherwise leave blank) 3.1 B Provide the deceased’s usual...

Debt relief orders Debt relief orders (DROs) are a bankruptcy alternative, governed by sections 251A–251X and Schedule 4ZA of the Insolvency Act 1986 (IA 1986), and by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, Pt 9. A DRO shields a debtor from liabilities by staying any further legal steps without the court’s leave and, after twelve months, releases the debtor from those debts. The key distinction from bankruptcy is scope: DROs apply only to individuals with no meaningful assets and no income beyond what is required for their reasonable needs, and there is no regime for collecting, realising or distributing the debtor’s estate, on the footing that there will be nothing to share. As explained in R (on the application of Payne) v Secretary of State for Work and Pensions, DROs are “a new and simplified way of wiping the slate clean for debtors who are too poor to go bankrupt.” For more detail, see Practice Note: Debt relief orders (DROs)...

Purpose If you need to acquire assets—particularly high-cost capital equipment—but lack the cash to pay outright, leasing or hire purchase (HP) can provide an alternative to a loan. These options allow payment by instalments over time so future business revenues can fund those instalments. Cars and commercial vehicles Agricultural machinery Plant and machinery Computers Office equipment such as printers/copiers Hotel/restaurant equipment Review checklist—key risks Cost Under a lease or HP arrangement, the lessee/hirer pays a deposit and a series of instalments across an agreed period (usually 24 to 60 months or more). With HP only, there is an option—without any obligation—to buy the asset(s) at the end of the hire term. CHECK: the total payable under the lease or HP agreement does not exceed the interest otherwise payable on a loan for the same period...

In this issue: Business structures Taxes management and litigation Employment taxes Companies and corporation tax VAT Environment Individuals and income tax Dates for your diary Trackers Daily and weekly news alerts New and updated content Latest Q&A Useful information Business structures Court of Appeal upholds UT and FTT decisions that incentivisation awards to partners are subject to income tax (HMRC v BlueCrest Capital Management LP and others and Andrew Dodd and others v HMRC) As noted below, in HMRC v BlueCrest Capital Management LP; and Andrew Dodd v HMRC [2023] EWCA Civ 1481, the Court of Appeal examined the tax position of awards granted to partners under an incentivisation scheme. It affirmed the rulings of the First-tier Tax Tribunal (FTT) and the Upper Tribunal (UT) that, although the awards were not profit share allocations, they still represented income and were chargeable to income tax as miscellaneous income under section 687...

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Insolvency—Private Client Digital assets and cryptoassets Charity and philanthropy Contentious trusts and estates Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate HMCTS probate enquiry line—temporary reduced hours From 14 February 2024, and for 12 weeks, the HMCTS probate helpline will run on reduced hours: 9am to 1pm, Monday to Friday. The HMCTS Probate Service remains available via web‑chat from 9am to 5pm, Monday to Friday. Source: HMCTS Probate LinkedIn post. MoJ urges those entitled to claim dormant funds held by CFO to act now The Ministry of Justice...

Asset Management & Investment Funds—EU & International Developments-July 2025 ESMA advice to the European Commission on UCITS Eligible Assets The European Securities and Markets Authority (ESMA) has delivered technical advice to the Commission on updating the UCITS Eligible Assets Directive, highlighting the need for harmonised rules across the EU. The EAD, an implementing directive, sets out which assets a UCITS may invest in. If taken forward, the amendments would materially reshape the UCITS fund landscape. Core proposals include a look through methodology to assess the eligibility of underlying assets for exposures obtained via delta-one instruments, derivatives on financial indices, and closed-ended funds. ESMA also proposes limiting indirect exposure to alternative assets to 10% of a UCITS portfolio; any higher exposure should instead be managed under the AIFMD framework. For more information, see our publication. ESMA thematic note on clear, fair, and not misleading sustainability-related claims ESMA has released a thematic note offering guidance for market participants on making sustainability-related claims, with a particular emphasis on ESG...

Taxation regime What factors determine tax liability in your jurisdiction (eg domicile, residence or citizenship)? Türkiye’s tax landscape is intricate, operating through numerous laws, regulations, communiqués and subsequent amendments. The key legislative instruments include: Tax Procedure Law No. 213 (10 January 1961) Corporate Tax Law No. 5520 (21 June 2006) Value Added Tax Law No. 3065 (2 November 1984) Stamp Tax Law No. 488 (11 July 1964) Income Tax Law No. 193 (6 January 1961) Broadly, the Turkish Tax System is considered under three headings: (i) income taxes, such as individual income tax and corporate income tax; (ii) taxes on expenditure, including Value Added Tax (VAT), the Banking and Insurance Transactions Tax and Stamp Tax; and (iii) taxes on wealth, for example Property Tax and Inheritance and Gift Tax. For natural persons, residency, ownership of property and citizenship are key in determining which taxes apply in Türkiye. An individual’s tax burden is mainly linked to their earnings,...

This brief overview explains the steps for voluntarily removing a company from the companies register under section 1003(1) of the Companies Act 2006 (CA 2006). It excludes removals initiated by the Registrar of Companies, which are addressed in Practice Note: The Registrar's powers to strike off a defunct company. For an in‑depth examination of the statute, case law and process regarding striking off a company, see Practice Note: Voluntary striking off and dissolution. For a practical, step‑by‑step outline of the procedure for striking off a company, refer to Flowchart: Voluntary striking off—flowchart. Check that the voluntary strike off procedure is suitable Before making the strike off application, the company’s management and/or advisers should assess whether the process is appropriate. It is typically only appropriate for a solvent company with comparatively simple affairs and assets that are straightforward to close or distribute. Alternative routes to dissolution, such as voluntary liquidation, may suit companies with more complex business matters. For further detail, see Practice Note: Voluntary striking off and dissolution....

This Practice Note presents an overview of the principal points concerning a members’ voluntary liquidation (MVL) from a dispute resolution perspective. What is a MVL? An MVL is the procedure by which a company, via a resolution of its members, elects to cease its operations and progress towards dissolution. Throughout the process, a licensed insolvency practitioner, authorised by a recognised professional body, must be appointed as the company’s liquidator. An MVL is usually chosen where a solvent company has fulfilled its purpose and the members no longer wish to keep it as a corporate vehicle. It is also adopted where members intend to realise their investment in a solvent company. For further reading, see Practice Note: What is a members’ voluntary liquidation and when is it typically used? If the company is insolvent, an alternative route is required, such as a creditors’ voluntary liquidation (CVL) or compulsory liquidation. For further reading on these processes, see Practice Notes: Corporate insolvency for dispute resolution practitioners: creditors’...

Notice: About this Proposal This Proposal has been produced by [ names of Special Administrators ], the Special Administrators of [ Investment Bank name ], exclusively to discharge their statutory obligation under para 49, Sch B1 of the Insolvency Act 1986, as amended by the Investment Bank Special Administration Regulations 2011, SI 2011/245, and for no other purpose. It should not be relied upon by any other person, for any purpose, or in any alternative context. This Proposal was not prepared with a view to its use, and is not appropriate to be used, to inform any investment decision concerning the debt of, or any financial interest in, [ Investment Bank name ] (in Special Administration). Any estimated outcomes for creditors set out in this Proposal are illustrative only and must not be treated as guidance as to the actual outcomes for clients, creditors or other stakeholders. ...

Data room rules—private M&A—share and asset purchases—physical data room Project [ insert name ]: Data room rules These rules ( Rules ) set out the manner in which [ insert name of the seller ] (the Seller ) permits prospective purchasers and their advisers to access the data room ( Data Room ) that holds information and documents ( Information ) concerning the proposed disposal by way of sale of [ the entire issued share capital OR the assets and undertaking ] of [ insert name of company or business ] (the Proposed Transaction ). In consideration of being allowed to use the Data Room, prospective purchasers ( Potential Buyers , each a Potential Buyer ) agree that they shall be subject to and comply with these Rules, and shall ensure that all of their officers, employees, agents and advisers attending the Data Room ( Visitors , each a Visitor ) observe and are bound by these Rules as stated. These Rules apply on each and...