Mixed funds meaning

Existence and validity of trusts Provincial Equity Finance Ltd v Dines (née Breda) [2023] EWHC 103 (Ch) News Analysis: A literary epigraph—‘By prosperous voyages I often made… and the great care of goods at random left’—introduces a consideration of resulting trusts and the scope of express trusts. The decision underscores the practical obstacles in proving a resulting trust where a disorganised deceased ran bank accounts for mixed ends, and confirms that an express trust can override the presumption of a resulting trust even if the contributor of funds is not a party to the express trust. Author: Nicholas Holland, McDermott Will & Emery UK LLP Jurisdiction: England & Wales Attorney General v Zedra Fiduciary Services (UK) Ltd and others [2022] EWHC 102 (Ch) News Analysis: The court sanctioned a cy près scheme for a £600m charitable trust to be used towards reducing the National Debt, addressing the suitable application of the National Fund. The judgment considers...

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ARCHIVED This archived Practice note reviews the clawback of business investment relief (BIR), the remittance relief for investment into UK companies. It covers: extraction of value how to avoid a chargeable remittance after a potentially chargeable event the order in which disposals are treated the interaction with the mixed funds rules the capital gains tax (CGT) position STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, legislates to abolish the remittance basis of taxation and introduce a residence-based regime from 6 April 2025. FA 2025 also replaces domicile as the key criterion for inheritance tax liability. Additional changes include amendments to the excluded property rules, removal of protected settlements status for offshore trusts, and revisions to overseas workday relief. For details on these reforms, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based...

This Practice Note summarises what the SRA Accounts Rules (Accounts Rules) require in relation to receiving and transferring costs, and mirrors the SRA’s supporting guidance: SRA, Helping you keep accurate client accounting records. Money received or held in respect of unbilled fees or disbursements There is a defined meaning of client money. It includes funds you hold or receive towards your fees and any unpaid disbursements where these are received before you issue a bill for them. The SRA elaborates in separate guidance: ‘client money is money of any currency that is received and held as cash, cheque, draft or electronic transfer by a firm when they are providing legal services’. Examples include amounts for the firm’s fees, and any outstanding expert fees, received before a bill has been sent to the client for those sums. Where money held or received for unpaid disbursements is client money, it follows that money held or received in respect of disbursements already paid is office money. The general...

This Practice Note has been archived and is no longer maintained. Finance Act 2025 (FA 2025) brings in legislation to abolish the remittance basis of taxation and to replace it with a residence-based regime from 6 April 2025. Adjustments have also been made to overseas workday relief, so that an employee’s entitlement depends on their residence for the relevant tax year and, subject to certain transitional provisions, whether they are eligible for the four-year foreign income and gains regime for that year. For details on these updates, see the following Practice Notes: The abolition of the remittance basis of taxation from 2025–26 Foreign income and gains regime from 6 April 2025 Overseas Workday Relief from 6 April 2025 For the OWR rules that applied before 6 April 2025, see Practice Note: The statutory residence test—overseas workday relief before 6 April 2025 [Archived]. Facts Petra is a German national and is domiciled in Germany for UK tax purposes....