Private Finance 2 meaning

In this issue: Enforcing security and property insolvency Service charges Disputes and remedies Repairing obligations and dilapidations Residential tenancies Rent and rates Contractual issues Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Latest Q&As Enforcing security and property insolvency Applications for possession and sale of the family home in bankruptcy (Armstrong v Temblett) The matter involved an application by Mr Armstrong, acting as trustee in bankruptcy (the trustee), seeking an order for possession and sale of Mrs Vanessa Temblett’s London property, jointly owned with her husband (the London property). The court determined that, under section 335A of the Insolvency Act 1986 (IA 1986), the trustee was entitled to possession and sale, as no exceptional circumstances were identified to rebut the statutory presumption that creditors’ interests prevail over other factors. The judgment highlights the need for practitioners...

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: Budgets and Finance Bills Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance 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+® community New and updated content Dates for your diary Trackers Latest Q&A Useful information Budgets and Finance Bills Autumn Budget 2024 The Chancellor of the Exchequer, Rachel Reeves, presented the government’s Autumn Budget on Wednesday, 30 October 2024. For analysis of the consultations and statements pertinent to Private Client practitioners, see News Analyses: Autumn Budget 2024—Private Client analysis and Video analysis—Autumn Budget 2024: initial reaction from Harriet Brown, barrister at Old Square Tax Chambers. For coverage of the corporate tax themes, see News Analyses: Autumn Budget 2024—Tax analysis and Video analysis—Autumn Budget 2024: initial reaction from John Endacott,...

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...

STOP PRESS: The Property (Digital Assets etc) Act 2025 received Royal Assent on 2 December 2025 and took effect that same day. Section 1 confirms that an item (including one that is digital or electronic in nature) is not disqualified from being the subject of personal property rights simply because it is neither a thing in possession nor a thing in action. This clarifies that digital holdings including cryptocurrency, non-fungible tokens and carbon credits can now be recognised as personal property. See LNB: 04/12/2025 2. STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025), which obtained Royal Assent on 20 March 2025, enacts the abolition of the remittance basis of taxation and replaces it with a residence-based regime from 6 April 2025. FA 2025 also removes domicile as the primary determinant of liability to inheritance tax. Further measures include revising the rules for excluded property status, ending the protected settlements status of offshore trusts, and alterations to overseas workday...

A codicil can be used to amend a Will: alter executors or modify gifts, by adding or removing. As a rule, major revisions are best done through a new Will; codicils suit minor tweaks, like replacing executors or adding a bequest. Yet, even slight adjustments via codicil risk creating uncertainty, so drafting demands caution. In particular, ‘as if’ revocation-style clauses are hazardous; as Megarry J observed in Re Lawrence’s Will Trusts, such wording is a dangerous tool because few draftsmen can anticipate every outcome of rigorously applying the hypothetical scenario it creates. Given that the words ‘as if’ often appear in codicils, proceed with care and consider preparing a fresh Will. Amending one provision can mean other provisions also require revision, so the original Will should be reviewed in the light of any...

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...

Dated [ insert date ] Introduction This legal due diligence questionnaire concerns the intended acquisition by [ insert buyer name ] ( Newco ) of the whole issued share capital of [ insert name of target company ] Limited (the Target ) from [ insert seller name ] (the Seller ) (the Proposed Acquisition ). The questionnaire exists to enable Newco, Newco’s solicitors and its professional advisers involved in the Proposed Acquisition to obtain the information they require to aid the valuation of the Target and the subsidiaries of the Target (the Group and each a Group Company ). We reserve the right to raise further enquiries in relation to both your replies to this questionnaire and generally...

A disabled person’s trust A disabled person’s trust benefits from distinctive inheritance tax (IHT) treatment. To access this favourable regime, certain qualifying requirements must be satisfied. Specifically, the trust must be one of the forms authorised by section 89 of the Inheritance Tax Act 1984 (IHTA 1984), taking account of subsequent amendments to IHTA 1984, and there must be a qualifying disabled beneficiary. For IHTA 1984 purposes, the criteria a beneficiary must satisfy to be treated as a disabled person are set out in IHTA 1984, s 89(4A), together with Schedule 1A to the Finance Act 2005 (FA 2005), which prescribe the relevant tests and definitions...