Personal property meaning

The employer and its advisers ought to reflect on the following matters: Preparatory steps From the employer, gather: a copy of the departing employee’s latest employment contract and any other documents setting out contractual terms (note: these might sit within a staff handbook) particulars of the employee’s contractual benefits pertinent details about the employee’s pension entitlements information on any shares/share options held by the employee; review the Articles of Association, any relevant shareholder agreement, and share scheme documentation. See also Shares and share options below Status of negotiations Will discussions occur directly between the parties, or via their respective legal advisers? How robust is the employer’s bargaining position? How credible are the employee’s existing or potential claims? For any dismissal, is there a fair reason and has a fair procedure been followed? Is the employer in repudiatory breach? What is the employer initially...

The impact bankruptcy and divorce proceedings have on one another How bankruptcy intersects with divorce has been examined in a raft of decisions in both the bankruptcy jurisdiction and the family courts. Regrettably, it is far from rare for a bankruptcy to be underway whilst a divorce is progressing, and running the two together can produce clashes over how assets are apportioned. Such concurrent proceedings often bring the division of property into sharp focus, as priorities compete. The family court, for its part, aims to make a property adjustment order, assessing, among other factors, the future needs of the spouses and any children; by contrast, the bankruptcy court divides the assets with creditors’ interests placed foremost in the decision-making. This possible tension must be weighed with care, and, in practice, the key issue is timing: when the bankruptcy was commenced compared with the date a property adjustment order was made. This checklist and timeline outlines the effect each step in bankruptcy can have on ancillary relief proceedings within a...

This Flowchart outlines the prerequisites that must be met for the court to find a transaction occurred at an undervalue and to order suitable relief...

This Flowchart This Flowchart helps determine the appropriate rate of stamp duty land tax (SDLT) for the transaction in question. Different SDLT rates may apply to purchases depending on the property type (residential, non-residential (commercial property), or mixed-use property). Use this Flowchart in conjunction with Practice Note: Rates of SDLT. This Flowchart proceeds on the basis that: the buyer is acquiring a single property and the purchase is not linked with any other transaction. For further detail on linked transactions, see Practice Note: SDLT chargeable consideration—Linked transactions no relief from SDLT applies to the transaction...

What are the restrictions on alterations and when is landlord's consent required? During any due diligence on acquiring a head lease, it is vital to assess the tenant’s scope to carry out alterations. Clauses that are overly restrictive can materially reduce value, obstruct a purchaser’s ability to raise finance, to let, to dispose of its interest in future, or otherwise deal with it, and can also present a continuing property management burden...

This Flowchart This Flowchart supports your decision on whether a data protection impact assessment (DPIA) is necessary when initiating a new project that involves personal data from the outset, helping you decide effectively. It sets out: three scenarios in which a DPIA is mandatory under Article 35(3) of Assimilated Regulation (EU) 2016/679, UK General Data Protection Regulation (UK GDPR); and ten further processing activities for which the Information Commissioner’s Office (ICO) requires a DPIA to be carried out Where a DPIA is not needed, you should think about using a simpler form of review, which we call a privacy impact assessment (PIA) instead. The Flowchart enables you to determine which assessment—DPIA or PIA—best fits your project in practice. For additional guidance on DPIAs and PIAs, see Practice Note: How to complete a data protection impact assessment—DPIA...

Sriram (acting by her litigation friend, the Official Solicitor) v Revenue and Customs Commissioners and another [2024] EWHC 853 (Ch), [2024] All ER (D) 86 (Apr) What are the practical implications of this case? Creditors should act with care to ensure that service of a statutory demand (and bankruptcy petition) is properly effected, particularly where a debtor seeks to avoid service and has several addresses. Attempts to serve ought to be clearly and contemporaneously recorded. Creditors are required to take all reasonable measures to bring the document or documents to the debtor’s attention. However, this does not oblige them to attend or write to every address associated with the debtor that they know about. The addresses that must be tried will depend on the circumstances of the individual case. A wide, scattergun strategy to service is not expected. By way of example, if a debtor holds multiple properties and there is no reply to a visit or correspondence at one property, that location may not amount to a ‘known’...

Restructuring & Insolvency weekly highlights—29 February 2024 In this issue: Restructuring Corporate insolvency processes Insolvency litigation Directors and insolvency Personal insolvency Industry/sector guides for R&I lawyers Daily and weekly news alerts Key dates for R&I professionals Corporate Rescue and Insolvency (February 2024 edition) Latest Q&A Restructuring New Practice Notes—Part 26A restructuring plan deal debriefs The LexisNexis Restructuring & Insolvency practical guidance team have released four fresh Practice Notes within their ‘Restructuring Plan deal debrief’ series: ‘Part 26A restructuring plan deal debrief—The Good Box Labs Co Ltd (in administration)’, ‘Part 26A restructuring plan deal debrief—CFG Investments SAC’, ‘Part 26A restructuring plan deal debrief—ED&F Man Holdings Ltd’ and ‘Part 26A restructuring plan deal debrief—Hong Kong Airlines Ltd’. These Notes consider the key terms of the Part 26A restructuring plan proposed by NGI Systems & Solutions Ltd for the SME, The Good Box Labs Co Ltd (in administration), in 2023. They also examine the...

See Q&A A and B served each other with a mutual notice to sever their joint tenancy, yet only an uncertified copy survives. Shortly afterwards both executed wills indicating they regarded the joint tenancy as severed. A died soon after. A Form A restriction had not been placed on the register before A’s death. Can A’s executors now apply to enter a Form A restriction? In England and Wales, where property is co-owned, the registered proprietors (or the legal owners of unregistered land) hold the legal estate as joint tenants and hold it on trust for the beneficial owners—often themselves, though not invariably. The beneficial interest may itself be held either as joint tenants or as tenants in common...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

General principles The trustees are, for tax purposes, regarded collectively as a single person, distinct from the individuals who serve as trustees from time to time. An interest in possession (IIP) means a beneficiary has an immediate right to the trust income as it arises. That income belongs to the beneficiary, and the trustees lack authority to retain it, save to meet proper expenses. Where trust income does not fall within the definition of accumulated or discretionary income in section 480 of the Income Tax Act 2007 (ITA 2007), it is treated as the income of ‘other persons’ and taxed at the basic and dividend rates. Ultimately, the income is assessed on the beneficiary at their personal rates, irrespective of when, and even whether, it is actually paid to them. Nevertheless, the trustees are liable to income tax on income arising from trust property because they are the legal owners of that property and thus the persons who receive the income. The way IIP and discretionary trusts are differentiated...

This Practice Note outlines the key rules for taxing income, capital gains, lifetime gifts and estates on death (inheritance tax), together with stamp duty land tax, on the basis of an individual who is UK-resident and domiciled. As tax legislation is frequently amended, this note is not, and must not be, treated as a replacement for specific professional advice where required. Income tax Individuals are charged to income tax on their overall income, with distinct regimes applying to different income streams and to qualifying outgoings that can be set against that income. The main categories of income include: pay from employment, or profits from a trade, profession or vocation (on which national insurance contributions are also due) rents from furnished or unfurnished property or land interest and dividend receipts overseas income (which may already have suffered foreign tax) A personal allowance is deducted from an individual’s total income before calculating the tax, provided their annual income (after deductions for...

FORTHCOMING CHANGE: Potential changes to Wills Act 1837 The Law Commission’s review of wills culminated in a final report on 16 May 2025. Volume II contains a Draft Bill proposing replacement of the Wills Act 1837. For details of these proposals, including the published draft legislation, see Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: Draft Bill for a new Wills Act. 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, implements the abolition of the remittance basis and introduces a residence-based regime from 6 April 2025. FA 2025 makes residence, rather than domicile, the main determinant of liability to inheritance tax. changes to the rules defining excluded property status; removal of protected settlements status for offshore trusts; and modifications to overseas workday relief. For further information, see Practice Notes: The abolition of the remittance basis of taxation...

FORTHCOMING CHANGE: Potential changes to Wills Act 1837 On 16 May 2025, the Law Commission’s review of Wills published its final report, formally setting out its conclusions, with Volume II containing a draft Bill intended to supersede the Wills Act 1837. For details of these proposals, including the published draft legislation, consult Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: draft Bill for a new Wills Act. STOP PRESS: Ending the non-dom regime and moving to a residence-based IHT regime. The Finance Act 2025 (FA 2025), which obtained Royal Assent on 20 March 2025, enacts legislation for the removal of the remittance basis of taxation and substitutes a residence-based system commencing on 6 April 2025. It also displaces domicile as the principal determinant of inheritance tax (IHT) liability for individuals. Further measures cover revisions to the rules for excluded property status, the removal of protected settlements status for offshore trusts, and alterations to overseas workday relief as applicable. For more on these reforms, see...

This TRUST is dated [ date ] Parties [ name ] of [ address ], represented by [ name ] of [ address ] (the Litigation Friend) [ name ] of [ address ] and [ name ] of [ address ] (the Original Trustees) Background The Trust is named [ insert name ] (the Trust). The Trust is created to accept the compensation payable for a personal injury to [ insert name ] (the Beneficiary), who lacks capacity to manage their property and financial affairs under the Mental Capacity Act 2005. Following the personal injury, legal proceedings [ under Claim Number [ insert number ] ] were commenced and an order for payment of compensation was made on [ date to be completed once order is made ]...

For the purposes of this Q&A, it is assumed that: the leasehold property forms part of the unadministered Estate the Estate bears the primary responsibility to pay the service charge the beneficiaries in occupation have a right to occupy the leasehold property Whilst the Estate is being administered, legal ownership of the deceased’s unadministered assets is vested in the personal representatives (PRs) for the purposes of administration and to carry out that administration. In the meantime, no beneficiary, whether taking under the deceased’s Will or by intestacy, has any proprietary interest in any particular or identifiable asset comprised within the unadministered Estate, nor any enforceable claim to such an item. See Practice Note: Beneficiaries’ rights and remedies. The PRs hold extensive powers to administer and manage the deceased’s Estate...

Section 283 of the Insolvency Act 1986 (IA 1986) In general terms, section 283 states that every asset belonging to the bankrupt, or in which the bankrupt held an interest on the date the bankruptcy order was made, forms the bankruptcy estate. Under IA 1986, s 306, that estate vests in the trustee in bankruptcy (trustee) immediately and automatically on appointment, and stays vested until the trustee deals with it, typically by sale—see Practice Note: What assets vest in the trustee in bankruptcy and what steps does the official receiver or trustee in bankruptcy need to take? Where the estate includes land or a beneficial interest in land, the trustee should ensure that the correct entries are or become noted against the title, whether the title is registered or unregistered. Depending on whether the property is owned solely or jointly, certain entries may (or should) be made automatically; if they are not, the trustee can apply to the Land Registry. For more detail, see Practice Note: Protecting a...

If the claimant qualifies as a protected party within the Court of Protection’s remit, fees imposed by that Court, both historic and prospective, may properly form part of the claim made. Further charges will also be incurred where a deputy is appointed to manage the claimant’s property and financial affairs. These charges and expenses can be set out within the schedule of past and future loss and damage as distinct heads of damage...