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Briefing Notes

Changes to the Taxation of Employment Termination Payments

From 6 April 2018, the question of whether or not a payment in lieu of notice (PILON) is contractual is no longer relevant for the availability of a £30,000 tax exemption. Any termination payments, including PILONs, will be subject to tax. Income Tax and National Insurance contributions will apply up to the amount of basic […]

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HMRC Update on Enterprise Management Incentive (EMI)

EU state aid approval for the grant of EMI share options expired on 6 April 2018. HMRC has, therefore, advised companies to delay the grant of EMI share options on or after 7 April 2018 until the EU reaches a decision on renewing state aid approval for the EMI scheme. Whilst it is expected that […]

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Helping Creditors to Realise Bankrupt’s Share Of A Jointly Owned Home

In times of economic uncertainty it is a sad reality that the numbers of individual bankruptcies tend to increase, often dramatically. It is therefore important for trustees in bankruptcy and other insolvency practitioners, lenders and other secured and unsecured creditors to know what their options are in relation to realising any assets to recover sums […]

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Unexplained Wealth Order

Since 31 January 2018, law enforcement agencies (including HMRC) have a new wide-reaching tool at their disposal – the Unexplained Wealth Order (“UWO”). Non-EEA Politically Exposed Persons (“PEPs”) and those suspected of involvement with serious crime may be targeted by UWOs and recipients of the same could potentially be stripped of properties exceeding £50,000 if […]

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The “residence nil rate band” one year on: What exactly is it?

On 6 April 2009, the government increased the tax-free allowance before an individual starts paying inheritance tax to £325,000.  Any assets over this are chargeable to inheritance tax at a rate of 40%.  This allowance known as the “nil rate band” has remained the same since that date.  As the law currently stands if the […]

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Insolvency in the Construction Industry: Spotting the early warning signs of a distressed site or project

The latest figures from the Insolvency Service report that insolvencies in the construction industry increased by around 8% last year.  These figures, together with reports on the recent collapse of Carillion, have brought the issue of insolvency in the construction industry back into the media spotlight.  Carillion’s collapse has attracted much criticism in the media.  […]

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Lasting Power of Attorney Fee Refund Scheme

In order to register a Lasting Power of Attorney (LPA) or Enduring Power of Attorney (EPA) a registration fee must be paid to the Office of the Public Guardian. It has been announced that refunds are being offered to those who applied to register an LPA or an enduring power of attorney between 1 April […]

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Property e-bulletin – Issue 3

We are pleased to bring you the third edition of Druces’ property e-bulletin. Aimed at a property professional/adviser readership, our intention is to bring you a regular collection of interesting recent property and planning focused news items.  The topics covered will be broad ranging, with each article a bite-sized consideration of some of the sector’s most topical […]

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When is an SPV a “financial institution”?

In a judgment that will be welcomed by lenders and holds a cautionary lesson for borrowers on the importance of precise contract drafting the High Court in Re Olympia Securities Commercial plc (in administration) and ors v WDW 3 Investments Ltd and anor has ruled on what a “financial institution” is in the context of […]

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