����ɫ����

View the related checklists about Trustee

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack

Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...

Issuing high yield bonds—documents list

Issuing high yield bonds—documents list The documents listed below provide an overview of the core transaction documents typically used to document a high yield bond issuance. The description for each provides an explanation of the document's purpose and the parties which typically enter into them. Additional documents may be required to deal with aspects of a specific transaction (such as escrow arrangements) or to reflect bespoke arrangements. Document Description 144A Global Note A single note signed by the issuer which represents the entire amount of debt in relation to the Rule 144A issuance.Section 5 of the US Securities Act 1933 requires all offers and sales of securities in the US to be registered with the Securities and Exchange Commission (SEC) unless an exemption applies. Rule 144A is a safe harbour exemption from the section 5 requirement and it enables the initial purchasers of the bonds (see Purchase Agreement below) to resell the bonds to 'qualified institutional buyers', institutional investors who meet certain criteria.For more information on Rule 144A,...

View the related flowcharts about Trustee

Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

View the related practice notes about Trustee

Types of pension trustees

FORTHCOMING DEVELOPMENT 1: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), which received Royal Assent on 26 October 2023, provides among other things for the broadening of Companies House powers and introduces identity verification requirements for all new and existing registered company directors (including the directors of corporate trustees), People with Significant Control, and those delivering documents to the Registrar. Other provisions include the introduction of an offence for an individual to act as a director where the company has failed to notify their appointment to Companies House within 14 days of their appointment. The majority of the provisions are not yet law and will be brought into force through regulations and guidance as yet to be published. It is understood that some measures, like identity verification, will be phased in later in 2024 but others will take effect in early 2024. In the meantime, Companies House systems and procedures will also need to be adapted and upgraded to deal with these changes.Corporate trustees should note that, while...

Duties of pension trustees

STOP PRESS 1: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected...

View the related precedents about Trustee

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. [Your] Will—[name of testator]—explanatory note This explanatory note explains the main provisions of your Will. Please read this explanatory note and your Will carefully....

Deed of retirement and appointment of new trustees (separate appointor) (no continuing trustee)

Deed of retirement and appointment of new trustees (separate appointor) (no continuing trustee) This Deed is made on [date] Parties 1 [insert name] of [insert address] (the Appointor) 2 [insert name] of [insert address] and [insert name] of [insert address] (the Retiring Trustees) and 3 [insert name] of [insert address] and [insert name] of [insert address] (the New Trustees) SUPPLEMENTAL TO (i) a trust (the Trust) dated [insert date] and made between [insert name] (1) and [insert name] and [insert name] (2) (ii) the deeds and events described in [the] Schedule [1] Background (A) The Retiring Trustees are the present trustees of the Trust. (B) The statutory power of appointing new trustees applies to the Trust and is exercisable by the Appointor under clause [insert clause no] of the Trust. (C) The Retiring Trustees wish to retire from being trustees of the Trust. (D) The Appointor wishes to appoint the New Trustees to act as trustees of the Trust in place of the Retiring...

View the related q&as about Trustee

Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

If an unincorporated association refuses to disclose its membership, who should be named as the defendant in proceedings where the limitation period is about to expire?

If an unincorporated association refuses to disclose its membership, who should be named as the defendant in proceedings where the limitation period is about to expire? An unincorporated association is not a legal entity and so, in theory at least, cannot sue or be sued in its own name. This was the position set out in London Association for Protection of Trade v Greenlands Limited. The legal position was considered in some detail in Chancellor, Masters and Scholars of the University of Oxford v Broughton. This case involved a campaign by the Animal Liberation Front and associated organisations. The normal way forward would be to obtain a representation order whereby a named member or members or officers of the association would be made parties ‘on behalf of the members of the association’. However, it may not be possible to seek and obtain such a representation order before the limitation period expires and therefore, the potential claimant may wish to know whether it can join...

View the related News about Trustee

Property Disputes weekly highlights—1 May 2025

This week's edition of Property Disputes weekly highlights includes: analysis of a Court of Appeal decision on the binding nature of boundary agreements, the progress of the Renters’ Rights Bill, analysis on the impact of the Terrorism (Protection of Premises) Act 2025 on the property industry, and High Court decisions on enforcing a loan agreement via the Contracts (Rights of Third Parties) Act 1999, the proportionality of seeking possession against a disabled tenant, and an application for a proprietary injunction. It also includes publication of the 11th Edition of the King’s Bench Guide.

Restructuring and Insolvency weekly highlights—1 May 2025

This week's edition of Restructuring and Insolvency weekly highlights includes: the appointment of R3’s new president, Tom Russell, an analysis of the restructuring plan (RP) involving HMRC sanctioned for OutsideClinic Ltd, updated guidance for insolvency practitioners (IPs) dealing with regulated firms from the Financial Conduct Authority (FCA), plus a round-up of other news and cases for restructuring and insolvency professionals.