Family business meaning

Income payments order The trustee in bankruptcy (trustee) may seek an income payments order (IPO) pursuant to section 310 of the Insolvency Act 1986 (IA 1986) where, having assessed matters, they consider the bankrupt enjoys surplus income once the bankrupt’s reasonable domestic needs are allowed for. See Practice Note: Income payments orders (IPOs) under section 310 of the Insolvency Act 1986. The court is responsible for setting the venue for the hearing of the trustee’s application. The trustee must provide the bankrupt with not less than 28 days’ notice of any application, enclosing the application itself and a statement of the grounds on which the order is requested. Up to five business days before the hearing date, the bankrupt may consent to the order by notifying both the court and the trustee. Alternatively, by attending the hearing, the bankrupt may make any representations they wish as to why the order ought not to be made. Any order issued must not leave the bankrupt with less than is necessary to...

Checklist Many family-run enterprises often begin with a largely informal governance arrangement; relatives share a tacit grasp of duties and relationships, and decisions are taken swiftly at the kitchen table. By their nature these businesses are flexible and informal, with priorities typically guided by doing what is best for the family in line with the family’s values, rather than being driven solely by owners’ profit. However, as the business develops and more family members and other employees come on board, managing operations in this ad hoc way becomes progressively harder, as what was once straightforward to coordinate across a small group becomes complex to control as headcount and responsibilities increase. The pros and cons of formalising the family business are addressed in Practice Note: Family businesses. This checklist sets out questions an adviser can put to the family (or that the family can consider themselves) to help design an effective structure for the family business. The same questions will also help identify the matters to be covered in any...

This flowchart sets out a summary of the recruitment process for hiring a staff member. Note: It is compiled from the employer’s perspective...

In this issue: Wills Probate Trusts UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Contentious trusts and estates Scotland, Wales and Northern Ireland International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Wills No line of sight—due execution and presence In the Estate of Kathleen Coady, District Judge Chloë Phillips delivered judgment in Coady v Coady PT-2023-BHM-000025 (Business & Property Courts in Birmingham (Probate)), addressing as a preliminary question whether a coronavirus (COVID-19) era ‘garden signing’ met section 9 of the Wills Act 1837. The court concluded it did not, rendering the 25 April 2020 Will invalid. Written by Charlotte John of Gatehouse Chambers. See News Analysis: No line of sight—due execution and presence In the Estate of Kathleen Coady. Probate...

In this issue: Budgets and Finance Bills UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Family businesses and ownership structures Contentious trusts and estates Pensions, insurance and tax efficient investments International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Trackers Latest Q&As Useful information Budgets and Finance Bills Finance Bill 2026 published Finance (No 2) Bill 2024–26 was released on 4 December 2025 with explanatory notes. Also known as Finance Bill 2026 (FB 2026), it was presented in the House of Commons and received its first reading on 2 December 2025. For insights into the principal Private Client measures in FB 2026, see News Analysis: Private Client—publication of Finance Bill 2026. For commentary on the key Tax provisions, see News Analysis: Tax—publication of Finance Bill 2026. For comprehensive tracking of FB 2026—covering a...

In this issue: Spring Statement 2025 Probate UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Contentious trusts and estates Art and heritage property, landed estates and farming families International Question of the week Daily and weekly news alerts LexTalk® Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Spring Statement 2025 Spring Statement 2025—key points On Wednesday 26 March 2025, the Chancellor of the Exchequer, Rachel Reeves, presented the government’s Spring Budget. There were no fresh measures for Private Client tax advisers—disappointing for those with clients likely to be affected by the planned reforms to business property relief and agricultural property relief from April 2026. Nor was there any sign of a rethink on the proposal to levy an IHT charge on pensions on death. By contrast,...

Family business culture Given the relatively high expense of sourcing and appointing senior staff, holding on to the right people with the right expertise is vital for any firm, and even more so for a family-run enterprise where hiring can be tougher than for rivals. Working in a family company brings upsides; research points to greater loyalty, satisfaction, flexibility and security. Yet drawbacks can appear, such as ambiguity, perceived unfairness, muddled accountability and family politics. The task is to bring in senior leaders who align with the culture and to ensure they are incentivised to remain and help grow the business. Therefore, a family business must shape recruitment and induction so they reflect its distinctive culture and complexity. Not every senior executive will thrive in a family setting, and cultural alignment may, in the end, matter as much as formal credentials. This must be weighed against the need to attract high-calibre people and keep them engaged for the long haul. Practical measures available to family firms include supporting new...

Family office The phrase ‘family office’ spans a wide array of circumstances, so there is no universally agreed definition. The Family Firm Institute, however, characterises a family office as: ‘A separate entity apart from the operating business (and sometimes created with the assets realised after the sale of a family enterprise) consisting of a diversified wealth portfolio held for the benefit of the family’ (Family Enterprise; understanding Families in Business and Families of Wealth Wiley 2014 (not reported by LexisNexis®)). Such offices are largely, and more commonly, the preserve of high net worth—indeed ultra high net worth—families (ie those with investable assets above $30m), with varied holdings and complex affairs. That complexity can create scope for disputes. Nonetheless, with a well-designed structure supported by a clear strategy and effective family governance, a family office can yield substantial advantages. These benefits accrue not only to the family members themselves but also, through coordinated philanthropic efforts, to the broader community. Likely features of a family office include: a...

The White Paper, ‘Restoring control over the immigration system’, released on 12 May 2025, sets out a broad suite of major reforms spanning several areas of immigration policy. Many measures align with the Labour government’s commitment to lower net migration, including through a rework of skills policy. This Practice Note distils the principal proposals for business immigration practitioners, offers commentary on potential impacts, monitors implementation as it unfolds, and directs readers to relevant resources. Resources Immigration White Paper heralds significant changes to UK immigration system — LNB News, 12/05/2025, 44 Immigration White Paper—some further indications on timing, and who settlement reforms could affect — LNB News, 13/05/2025, 8 What can sponsors and Skilled Workers do to address the White Paper proposals — Ben Maitland, Senior Associate, Vanessa Ganguin Immigration Law Immigration reform plan creates new headaches for employers — Law360 MAC review on IT and Engineering cautions on skills approach — LNB News, 29/05/2025, 6 MAC publishes family visa financial requirements...

Claimant [ initial and family name ]: First: [ date ] BEFORE [ HIGH COURT OF JUSTICE ] [ CHANCERY DIVISION ] [ BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES ] [ PROPERTY, TRUSTS AND PROBATE LIST ] Claim Reference...

A. Documents for main applicant Evidence of the sponsor parent(s)' income and funds: Examples of suitable evidence are set out below. While a six-month span is not mandated by the Immigration Rules, it is recommended as a reasonable timeframe for demonstrating income and savings. Payslips for the previous six months (for employed persons). And/or proof of business or self-employment income for at least the last six months, such as: (a) Letter from a registered accountant for the business confirming the sponsor parent(s)’ income during that period. (b) Invoices. (c) Business accounts. Personal bank or building society statements or passbooks covering the past six months. Any accountant providing a supporting letter must be registered with an appropriate professional regulatory body. Bank or building society statements should show what has been paid in and out of the accounts for the past six months...

1.1 The Company considers that job-sharing, alongside the appropriate use of part-time roles, brings advantages to both: 1.1.1 individual employees who, owing to family responsibilities, further education, other interests, or other reasons, prefer not to work full time; and 1.1.2 the business, through preserving and retaining skills and experience that might otherwise be lost to the Company. 1.2 Job-sharing is distinct from part-time work. A part-time role is a complete job carried out for fewer hours each week than a full-time post. Job-sharing involves two people sharing one full-time job. All functions are split and allocated between two employees. Each person holds the same breadth of duties as the full-time position, but performs them at different times from their job-share partner. Accordingly, job-sharing is fundamentally a partnership or collaboration between the two people sharing the role, and it can succeed only when they work well together. 1.3 Job-sharing can be introduced in three ways. First, the Company...

Form D81: Statement of information for a consent order in relation to a financial remedy It asks for up-to-date capital and income to be set out in a table at section 8. Use Part B for capital not classed as real property; list real property under Part A...

The regulation of consumer credit Under section 19 of the Financial Services and Markets Act 2000 (FSMA 2000), no one may perform a regulated activity, or even hold themselves out as doing so, within the UK unless they are an authorised person—authorised by the Prudential Regulation Authority and/or the Financial Conduct Authority (FCA)—or an exempt person, for example as an appointed representative. For a high-level outline of the UK regulated activities regime, see Practice Note: What are regulated activities? An activity is regulated where it is of a ‘specified kind’—that is, specified in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO), SI 2001/544—and is carried on by way of business...

For further information on this topic in general, see: National minimum wage—Eligibility Employment-related statutory rates and limits table Minimum wage compliance checklist Deductions from wages Some of the statutory exceptions to the right to receive the national minimum wage are outlined below. This response concentrates on the scenarios where the point most commonly arises. Workers only Only ‘workers’ are entitled to be paid the national minimum wage—see our Practice Note: Worker status—Definition of ‘worker’. Agency workers who would otherwise fall outside the definition of a ‘worker’ because they have no contract with either the supplier or the recipient of their services are nevertheless entitled to the national minimum wage. Home workers who might not otherwise be ‘workers’ owing to an absence of any personal obligation in the contract to carry out the work themselves are likewise entitled to be paid the national minimum wage. The genuinely self-employed are not entitled to be paid the national minimum...