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Due diligence—reviewing a registered title—checklist

Due diligence—reviewing a registered title—checklist This Checklist is for use when reviewing a registered title as part of the due diligence process. It assumes that the title is being reviewed in the context of a proposed purchase of the property but the same considerations will apply when carrying out due diligence in the context of taking a registered charge over the property or entering into a new lease of the property. For unregistered land, see Practice Notes: Deducing title to unregistered land—compulsory first registration, party to register, evidence of title, good root of title and unbroken chain of ownership and Deducing title to unregistered land—stamp duty, mortgages, execution of documents, missing title deeds, sales of part and other considerations. Have official copies of the register and plan been provided? Official copies—register and plan Title to registered land is deduced by providing up to date official copies of the register and plan. These must be ordered from HM Land Registry either by: • submitting a paper form • using their online...

EMI share options—checklist to determine whether a company and its employees qualify

EMI share options—checklist to determine whether a company and its employees qualify Enterprise management incentives (EMI) options are tax-advantaged share options which a qualifying company with fewer than 250 employees can grant on a discretionary basis over shares worth up to £250,000 per individual and £3,000,000 in aggregate (in both cases the shares are valued as of the date of grant and ignoring any restrictions) and are intended for use primarily by small and growing companies. The legislation relating to EMI options sets out numerous requirements that must be met, including in relation to: • the company granting the options • the individuals being granted the options, and • the terms of the options themselves This Checklist focuses on the requirements that must be satisfied in order to gain the income tax relief provided for in Part 7, Chapter 9 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003). This Checklist merely provides a guide to the legislative requirements relating to a company and its employees that must...

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¸é±ð²Ô³Ü²Ô³¦¾±²¹³Ù¾±´Ç²Ôâ€Äì±ô´Ç·É³¦³ó²¹°ù³Ù This flowchart deals with the position where an executor wishes to renounce probate and how this will impact the issue of a grant of representation in the estate. The flowchart also deals with the situation where a proving sole or sole-surviving

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Failure of gifts—ademption

Failure of gifts—ademption When applying the doctrines of ademption and abatement, a distinction is drawn between specific, general and demonstrative legacies. Classification of legacies The different types of legacies were explained in Walford v Walford as follows: 'Legacies are of three kinds: there is the specific legacy which is a specific res secured under the testator's Will on his death; and, of course it does not abate if the rest of the assets are insufficient for the payment of general legacies; but it has this disadvantage, that if the particular res which is the subject of the specific legacy disappears in the meantime then the legatee gets nothing. The class of legacy at the other extreme is a general legacy which comes out of the residence and which abates if the residue is insufficient, but which prima facie, under a rule of administration of the court, carries interest as from a year after the testator's death. There is an intermediate class of legacy, namely a demonstrative...

Personal representatives and trustees—power of appropriation

Personal representatives and trustees—power of appropriation Appropriation is a process by which a personal representative (PR) or a trustee uses a specific asset in the estate or trust fund to meet, in full or in part, a beneficiary’s entitlement or interest. Personal representatives' common law and statutory power of appropriation PRs have a power of appropriation under the common law over any part of the residuary estate (but not a fund) which may be exercised with the consent of the beneficiary, in or towards satisfaction of a vested legacy or a share of residue, even if payable at a future time. This does not extend to a contingent legacy unless it carries the right to the intermediate income. The power extends to both real and personal property whether or not that property is subject to a trust for conversion. The common law power does not extend to PRs appropriating unauthorised investments. PRs have a statutory power of appropriation under section 41 of the Administration of Estates Act...

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Music publishing agreement—pro-publisher

Music publishing agreement—pro-publisher This Agreement is made on [date] Parties 1 [Insert name of Publisher] a company incorporated in [England] with registered number [company number], whose registered office is at [address] (Publisher); and 2 [Insert name of Writer] of [insert address] (Writer). Background (A) The Writer is a composer of musical works and/or an author of lyrics of literary works; (B) The Publisher is engaged in the business of music publishing throughout the Territory and has, inter alia, facilities for the administration and exploitation of musical works; and (C) The Publisher wishes to acquire and the Writer wishes to grant to the Publisher the exclusive right to the Writer’s share of the Compositions, subject to the terms of this Agreement. It is agreed as follows: 1 Definitions and Interpretation 1.1 In this Agreement: Accounting Period • means each six monthly period ending on 30 June and 31 December; Advance • means all monies paid to the Writer by the Publisher other than royalties. Such...

Franchise business sale agreement

Franchise business sale agreement This Agreement is made on [insert date] Parties 1 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Seller); 2 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Buyer); and 3 [insert name] [of OR incorporated in [insert jurisdiction, eg England and Wales] under number [insert company number] whose registered office is at] [insert address] (the Franchisor), (each a party and together the parties). Background (A) The Franchisor has licensed the Seller to operate the Franchise Business. (B) The Seller has agreed to sell and the Buyer has agreed to purchase the Franchise Business as a going concern on the terms and conditions of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: Applicable Data Protection Law • means...

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How can a conditional fee arrangement be adopted from a litigation friend to a personal representative?

How can a conditional fee arrangement be adopted from a litigation friend to a personal representative? Conditional fee arrangements A conditional fee arrangement (CFA) is: • an agreement with a person providing advocacy or litigation services (ie your firm) • that provides for your fees and expenses (ie your base costs and disbursements), or any part of them to be payable only in specified circumstances—usually in the event that your client succeeds in their matter For further guidance on CFAs generally, see: CFA—overview. Litigation friends A litigation friend is required where any of the following persons is party to proceedings: • a person who lacks capacity (P), defined by Court of Protection Rules 2017, SI 2017/1035, r 2.1 and paragraph 2 of Schedule A1 to the Mental Capacity Act 2005 (MCA 2005) as: ◦ any person (other than a protected party) who lacks or, so far as consistent with the context, is alleged to lack capacity to make a decision or decisions in relation to any matter...

Do the provisions relating to the limitation period in fatal accident claims still apply if the death occurred due to an unrelated event? For example, does the cause of death have to be related to the negligent treatment in the context of a clinical negligence claim?

Do the provisions relating to the limitation period in fatal accident claims still apply if the death occurred due to an unrelated event? For example, does the cause of death have to be related to the negligent treatment in the context of a clinical negligence claim? The answer to this question is provided by section 11(5) of the Limitation Act 1980 (LA 1980), which provides that: ‘If the person injured dies before the expiration of the [limitation] period, the period applicable as respects the cause of action surviving for the benefit of his estate by virtue of section 1 of the Law Reform (Miscellaneous Provisions) Act 1934, shall be three years from: (a) the date of death; or (b) the date of the personal representative’s knowledge, whichever is the later.’ It is immediately apparent from the wording of LA 1980, s 11(5) that the death of the original claimant will not serve to re-set the limitation period if that limitation period had already expired by the...

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Tax weekly highlights—30 January 2025

This week's edition of Tax weekly highlights includes: (1) HMRC’s announcement of a consultation on draft MTT and DTT supplementary guidance, (2) News Analysis of the FTT’s decision in Bryan Robson Limited that consideration attributable to the exploitation of image rights was outside the scope of IR35, and (3) News Analysis of the UT’s decision on EIS disqualifying arrangements in Hoopla Animation Ltd.

PI & Clinical Negligence weekly highlights—30 January 2025

This week's edition of PI & Clinical Negligence weekly highlights includes a news analysis of how advances in neurotechnology may impact the personal injury and clinical negligence industry, a case in which QOCS protection was reinstated by the Court of Appeal in a ‘mixed’ claim and a case analysis where the Court of Appeal again considered whether the police held a duty of care to protect the public from third party harm, following on from the Supreme Court decision in Tindall. We also bring you details of the updated guidance published by HMCTS for the Damages Claims pilot scheme under CPR PD 51ZB. In addition, we have our usual roundup of other news, cases and New Law Journal articles of interest.