Law CBE
What are the four situations in which an application for judicial review to HMRC can be made?
- Where HMRC has acted in such a way that is incompatible with the European Convention on Human Rights, or illegality, irrationality (i.e. unreasonableness) and procedural impropriety
Give 4 examples of bodies of persons that are non jurisdiction persons
- an English general partnership - the trustees of a trust - the personal representatives of the estate of a deceased person - Sports, social or other clubs created as unincorporated associations
Who does the number of children affect the estate of a person who dies intestatcy in Northern Ireland
1 child spouce gets half the residue more than one child they get 1/3
For how long can a moritorium period be extended after the initial 20 day extension by a company if the get the consent of creditors or a court
1 year
What are 3 specific conditions for a contract service to exist in addition to other conditions for contracts more generally
1) The servant agrees that, in consideration of a wage or other remuneration, he will provide his own work and skill in the performance of some service for his master 2) he agrees, expressly or implied lay, that in the performance of that service he will be subject to the other's control in a sufficient degree to make that other master 3) economic reality test i.e. the degree of integration and whether they can be said to be self employed
What are the two ways a person can prove their ownership of an estate or interest in land
1) by reference to the land register 2) by reference to the title deeds
What are the different ways a leasehold estate might come to an end
1) expiry at the end fo the period of the lease 2) by either party giving notice to quit 3) by merger where the lessee acquires the landlord's reversion on the lease or where a third party acquired both 4) by surrender where the lessee gives up their rights under the lease 5) by forfeiture for material breaches of the leasehold covenants
When a partnership comes to an end the partnership property will be distributed in which order
1) paying off external debts 2) Repaying the partners any advance made over and above their capital contributions for example a loan 3) Repaying the partners capital contributions 4) anything left over is then split in the partners profit sharing ratio
What are the implied obligations of the landlord
1) quiet enjoyment: to allow the tenant peaceful enjoyment of land 2) repair and fitness for habitation: furnished dwelling houses must be fit for human habitation when let and kept as such throughout the lease
For a leasehold estat to create a valid lease what conditions need to be met
1) the lease must give the lessee the right to exclusive possession 2) a lease must have a certain duration time 3) the premises subject to the lease must be defined
What are the implied obligations of the tenant
1) to pay rent where relevant 2) to pay rates and taxes 3) to allow the landlord to visit the premises if they are liable to repair 4) To return the premises to the landlord at the end fo the lease in a state of repair
When a company goes into administration what are the three objectives of the adminastor
1) to rescue the company as a going concern 2) to achieve a more advantageous realisation of a company's assets for example allowing the company to call on any outstanding contracts owed to it 3) to realise the company's property in order to make a distribution to one or more of the company's creditors
What two things are required for consolidations or sub divisions of share capital to occur
1. The authority of the shareholders 2. A power in the articles to effect the change
For how long are registered trademarks protected
10 years and then this can be renewed every 10 years for another 10 years
For non charitable trusts settled after 6 April 2010 how long can these last for. And what happens once this timespan is finished
125 years after which point the trustees must bring the trust to an end by transferring the trust property to the remainderman to hold absolutely
How much notice needs to be given for company meetings
14 days to shareholders before they are convened
In Scottish legal history what were the dates of the classic age
1532 until about 1800
What is the minimum age to be a company director
16
At what age can a minor obtain probate from a will
18
How many designated ammeters who take responsibility for the compliance aspect of running and LLP must an LLP have
2
How many witnesses need to be present when a will is signed
2 people need to be present at the same time (this can now be done virtually post COVID)
What is the minimum number of directors needed for a public company and a private company
2 public 1 private
If land is settled into a trust what is the minimum number of trustees
2 unless the trustee is a company in which case only 1 is needed
How long can a company's directors extended the initial moritorium period by without the consent of creditors
20 days
How long is an initial moritorium
20 days
For how long are registered patents protected
20 years provided the registration is renewed every 5 years
How much notice is needed for a public companies AGM
21 days
When should charges be registered with companies house
21 days beginning with the day after the creation of the charge
If a person dies intestate how long does the spouse have to live after they die to inherit their assets
28 days
How many judges will hear appeals to the court of appeal?
3
How many judges will hear appeals to the Supreme Court
5
When applying to be a British citizen how long does an individual typically have to have been living in the UK for
5 year
Public or private company give their directors authority to allot shares. What is the most amount of time that they can authorise a director to allot these shares
5 years
If the family want to claim a provision from a deceased person will how long do they have to make this claim
6 months
After a company has been struck off register at companies house as part of the liquidation process for how long after can directors apply to have company put back on the list
6 years
What is the timeline to make a professional negligence claim against a tax practitioner
6 years
When does protection for copyrights which cannot be registered on literary or artistic works end
70 years after the end of the calendar year in which the author dies
How many votes are needed by a company to alter its articles in its constitution
75% of the members who voted
A UK subject's ability to enter into legitimate tax planning and tax mitigation arrangements is as a result of ..... A. The rule of law B. The supremacy of Parliament C. The dualist nature of the constitution D. The European Convention on Human Rights
A
Choose the correct option to complete the following statement A public company cannot commence business until the amount received in respect of its issued share capital is not less than... A)£12,500 B) £25,000 C) 40,000 D) 50,000
A
Tom has transferred his business to Tom ltd a company limited by shares Which one of the following statements is correct A)Tom ltd is fully liable for all debts and liability's of the business incurred after the date of transfer B) Tom is fully liable for all debts and liability's of the business incurred after the date of transfers C) Tom and Tom ltd are jointly liable for all debts and liability's of the business incurred after the date of transfer D)Tom Ltd and its shareholders are fully liable for all debts and liabilities incurred after the date of transfer
A
Where a contract has been breached the remedy that must always be considered by the court is... A. Damages B. Specific performance C. Mitigation of loss D. Retention of title
A
Andrew settles property on trust in favour for Cora for the life of Brian, then to Abdul for life and then to Edmond absolutely Which one fo the following statements is correct: A) Cora has an interest in possession, Brian has no interest Abdul has an interest in possession for life on the death of Brian, and Edmond has a reversion art interest in the trust settled by Andrea B) Cora has an interest in possession for life, Brian has an interest in possession for a fixed period and both Abdul and Edmond have reversionary interest in the trust settled by Andrea C)Cora has a fixed interest in possession, Brian has no interest, Abdul has an interest in possession, and Edmond has a reversionary interest in the trust settled by Andrea D) Cora has an interest in possession for her own life,Brian has a reversionary interest. In the trust settled by Andrea, Abdul has an interest in possession for life on the death of Brian and Edmond has no interest
A Because Cora has an interest in possession in the trust only for so long as Brian is alive. Brian has no interest in the trust, his life is just used as the measure of how long Cora enjoys her interest. Abdul become entitled to a successive interest in possession on the death of Brian, and Edmond is the remainderman
If persons A, B and C own property as joint tenants and C dies and leaves his share to his wife D who now owns the property and under which type of co-ownership
A and B now own the property as joint tenants under the rights of survivorship the property does not pass under the terms of the will
What are debentures
A certificate so that the owners of loan stock can prove that they are creditors of the company
What is a floating charge
A charge on a class of assets of a company, present and future, which, in the ordinary course of the company's business, changes from time o time; and until the holders enforce the charge the company may carry on business and deal in the assets charged
Under a hire purchase contract what three types of contract exist
A contract of ailment under which the hirer obtains possession and use of the goods from the owner An option to contraction which enables the hirer to enter into a contract for the purchase of the goods from the owner at the end of the hire term A contract of sale of the goods when the hirer exercises their options
What is a scheme of arrangement
A court sanctioned agreement between a company and its creditors
What is a dividend in a non-cash form known as
A dividend in specie
When do floating charges crystallise
A floating charge crystallises when it is converted into a fixed charge on the assets owned by the company at the time of crystallisation
What kind of legacy is a gift of 'a horse' in a will
A general legacy because it does not depend on the dead having a horse but instead it says go and buy a horse for this person
What is meant by donatio Morris casusa
A gift of an asset that occurs while the person is alive but is expressed to be conditional upon the intended to take effect on their death
What must personal representative obtain before they can start to act on the deceased's estate
A grant of representation
Definable legislature
A law making body legally empowered to make laws
What is unique about strict liability offences
A person can be found guilty without a guilty state of mind
How long do companies need to keep records for
A private company must keep records for at least 3 years Public company for 6 years
What is the definition of a question of law
A question of law is a question about the content of legal rules and how they operate in relation to facts
What needs to happen after a share buy back x 3
A return must be made to companies house within 28 days stating the number of shares brought back and their nominal value The shares must be cancelled and can't be reissued unless held as treasury share Once the shares are cancelled an amount equal to the nominal value of the shares must be transferred to the capital redemption reserve
What is a 'third country' for EU purposes
A third country is defined by the Eu as a country that is not a member of the EU and whose citizens do not enjoy the EU right to free movement
What is a warranty
A warranty is a specific statement of fact about the affairs of a company which is incorporated into a sale agreement
What is meant by the term agency worker in the context of employment contracts
A worker who has a contract with an agency but who provides their services to the agency's client which has a separate contract with the agency
Which three of the following are usually part of a due diligence excersice A) pre contract enquiries B) an accountants report C) a precontract agreement D) enquiries of third parties
A,B,D
In contrast to equity common law gives..... A. Automatic remedies B. Discretionary remedies C. The remedy of specific performance D. The remedy of injunction
A.
How are distributable profits calculated
Accumulated realised profits less accumulated realised losses I.e. realised profits less losses over time not just during one specific period
What is the difference between actual and anticipatory breaches of contract
Actual breaches occur where one party fails to carry out their duties under the contract Anticipatory breaches are where one party refuses to carry out their duties in the contract
Where do administrators derive their authority from and what is the date that the deceased's property vests in them
Administrators derive their authority form the court, and the deceased's property only vests in them from the date of the grant of letters of administration
Who is the agent and principal in a contract of agency and what does this mean
Agent acts for the principal in a contract
Who is bound if one partner makes a deal with a third party
All other partner
How is ordinary share capital of a company defined
All the issued share capital of a company however described other than capital that the holders of which have a right to a dividend at a fixed rate but have no other right to shares in the company's profits.
Covenant agreement definiton
An agreement by which one person promises to the other that they will use land in a certain way
What is fungible property
An item of property is fungible where it is made up of individual units where each unit is identical to every other unit and the item of property is dealt in without identifying the particular units involved
Where an act gives a list of things and then adds 'any other' what is presumed it means
Any other of the same kind
What is the strict view definition of the ration of a case
Any rule of law expressly or impliedly treated by the judge as a necessary step in reaching their conclusion
What approval do loans to directors usually have to get
Approved by an ordinary resolution
How are dependent contractors taxed
As self employed individuals therefore Uber the company does not have to run payroll or pay ER NICs
What happens in a liquidation where company's assets aren't enough to pay off any one class of creditors in full
Assets are divided pro data amongst creditors of that class
An unlawful dividend may be reclaimed by A) members when directors pay an unlawful dividend out of capital B) the company from members who knew the dividend to be unlawful C) creditors when directors pay dividends from an undistributable reserve D) members of one class when unlawful dividends paid out to members of a different class of shares
B
Until the 19th centenary what the was primary source of English law? A. Common law B. Case law C. Equity D. Legislaiton
B
When a liquidator is appointed they may investigate earlier intra group transfers or sales to third parties. Where they took place at an undervalue the liquidator has the power to A) reverse sales and require the selling companies directors to pay for the undervalue B) reverse sales require the purchaser to pay for the undervalue or require the selling companies directors to pay for the undervalue C) reverse sales and require the purchaser to pay for the undervalue D) all of the above
B
What kind of trusts don't need to register on HMRC's trust register
Bare trusts and UK charitable trusts
Why does a corporation sole have a double capacity
Because it has its corporate capacity and its natural or individual capacity
For everything other than shares and land how is ownership passed on?
By physical delivery
Choose the correct option to complete the following statement. A bill is considered by a committee of the House into which it has been introduced A. Only after it has passed through the other house B. Only after it has had its third reading C. Only after it has had its second reading d. Only after the report stage
C
Fred and Agnes are a married couple which one of the following statements correctly describes the capital gains tax and inheritance tax consequences for them should they separate and then divorce? A) The no gain/no loss rule will apply for cut until the decree absolute. IHT transfers are exempt up until the end of the tax year in which they separate B) The no gain/no loss rule will apply for IHT until the decree absolute. CGT transfers are exempt up until the end of the tax year in which they separate. C) The no gain/no loss rule will apply for CGT until the end of the tax year in which they separate. IHT transfers are exempt up until the decree absolute D) the no gain/ no loss rule will apply for CGT and IHT transfers are exempt until the end of the tax year in which they separate
C
If a court is struggling to interpret legislation which one of the following must prevail: A) the literal rule B) the purposive approach C) the mischief rule D) none of the above
C
If you have a decision where by if facts A, B and C are established HMRC wins and the court rules in favour of the taxpayer because facts A and B were established but C wasn't then a decision on which of the facts is found in the ratio
C
Ralph has been working for Hermione for 6.5 years. His contract provides for his employment to be terminated on the giving of one month's notice. Hermione hands him written notice terminating his employment "one month from now". Has Hermione given Ralph sufficient notice of termination of his employment? A) Yes. notice has been given in accordance with Ralph's contract B) Yes. Ralph's length of continues employment entitles him to not less than on month's notice C) No Ralph is entitled to not less than 6 weeks notice D) no Ralph is entitled to not less than 7 weeks notice
C
S. 71 FA 1996 makes the following provision in relation to the making of certain statutory instruments relating to Landfill tax: "An order to which this subsection applies shall be laid before the House of Commons; and unless it is approved by the House before the expiration of a period of 28 days beginning with the date on which it was made it shall cease to have effect on the expiration of that period" This is an example of a statutory instrument being subject to the control of parliament by which one of the following? A. Negative resolution procedure B. Judicial review C. Made affirmation procedure D. Draft affirmative procedure
C
SDLT is payable when a person sells UK land. A partnership is set up just to invest and deal in UK land. The FA 2003 provides that a sale by a partner of their interest in the partnership is treated as a sale of land for the purposes of SDLT so that tax may be payable. Which one of the following statements best explains why this provision has been enacted? A) The queen in Council required this rule be included in the SDLT legislation. Consequently Parliament had to include it. B) A partner's interest in a partnership is an interest in the land owned by the partnership and its sale, being the sale of an interest in land, would be liable to SDLT in any event parliament enacted the provision so that there would be no doubt about the matter C) A partner's interest in a partnership is a chose in action which is personalty - an intangible asset that is not land. Without this provision the scale of the interest, not being land, would not otherwise be liable to SDLT and Parliament did not intend for this to be the case. D) A partnership can be formed to own land and so this provision fo the SDLT legislation is obsolete. Parliament included the provision in error
C
She niece owns the freehold estate of Greenacre and agrees with David that he may, if he chooses, buy for £500,000 provided he does so within the next 21 months Which one of the following statements is correct? A) Sheniece has granted David a mortgage B) David has a licence to purchase Greenacre if he so wishes C) David has an interest in Greenacre in the form of an estate contract having entered into a contract of option with Sheniece D) Sheniece ceases to own the fee simple in Greenacre as a result of granting the option to David
C
The advantage of being a "worker" rather than an "independent contractor" is that a "worker" is entitled to certain rights under employment law. Which one of the following rights does a worker have? A) preferential creditor status on the insolvency of the employer B) protection under the transfer of undertakings act 2006 c) Protecion under the Public Interest Disclosure Act 1998 (whistleblowing legislation) D) Entitlement to statutory maternity pay and other social security benefits
C
identify whether each of the following statements are true of false: 1. An employer is always obliged to provide an employee with a written statement of particulars 2. A written statement of particulars must contain full details of the employers disciplinary and grievance procedures A ) 1 is true and 2 is false B) both 1 and 2 are true C) both 1 and 2 are false D) 1 is false and 2 is true
C
A statutory section states 'it is prohibited to use a house, office, room or any other place to give tax advice' Which of the following is a prohibited place for the purpose of giving tax advice: A) a park bench B) the back seat of a car C) a shop D) all of the above
C because it is of the same kind
What is the difference between a call option and a put option
Call options binds the grantor to sell Put option binds a grantor to buy
What is law made by judges called
Case law
What three certainties have to be present in order to create an enforceable express private trust
Certainty of intention Certainty of subject matter Certainty of objects
When are chattels, land and shares deemed to have their ownership transferred
Chattels on delivery, Land when the land register is altered to reflect the name of the new owner Shares when the company share register is altered to reflect the name of the new owner
Are shares choses in possession or choses in action
Choses in action
What are the two sub divisions of chattels personal
Choses in possession i.e. tangible movable property And choses in action i.e. intangible property that does not have physical existence but is still a 'thing' capable of ownership
What is common law
Common law is a system of justice common to the whole country
What is the difference between the meaning of ownership under common law and equity?
Common law ownership is limited and go to the title fo the property only. Equity ownership is substantial and comprises of all the other rights that are usually associated with ownership
What are the two types of co-ownership of property under Scots law
Common property which is broadly similar to tenancy in common under English law Joint property which only applies where property is owned by trustees of by members of a club
What are some of the events which can cause a floating charge to crystallise
Company defaults on its debt, company goes into liquidation
What additional document must a company limited by shares and a company limited by guarantee submit when registering as a company
Company limited by shares must complete a statement of capital Company limited by guarantee must complete a statement of guarantee
What do consolidations and sub divisions of share capital do
Consolidation converts shares so that there are less shares at the end of the process e.g. 10 10p shares become 1 £1 share A sub division of share capital does the reverse
What are the two subdivisions of moveable property in Scots law
Corporeal moveables i.e. tangible property other than land And incorporeal moveables which is intangible property
List 6 things that are sources of terms of an employment contract
Correspondence between parties Staff handbooks Collective bargaining agreements e.g. those reached with trade union The Articles of association Andy custom and practice applicable to a particular industry Employment protections and other legislation
Is money laundering a civil or criminal offence
Criminal
What is the difference between cumulative and non cumulative preference shares
Cumulative shares mean that if a dividend is not paid in one year then the shareholder is entitled to double the dividend in the next year and so on for whereas non cumulative shred the right to the dividend lapses if the company is unable to pay it in any one year
A discretionary trust is: A) trust that odes not begin to operate until the trustees say that it should B) A trust that gives the trustee a choice as to whether the trust operates at all C) a trust that allows the trustees no choice as to who should receive the income or capital D) A trust that enables the trustees to choose to whom, amongst a defined group of beneficiaries, they should make payments of income or capital
D
Choose the correct option to complete the following statement It is not one fo the duties of the trustee... A) to keep true and accurate accounts of the trust B) Not to profit form the trust C) not to purchase trust property D) to act in the best interests of the settlor
D
S.60 TCGA 1992 provides for property held by a person as nominee for another person or as trustee for another person absolutely entitled as against the trustee Complete the sentence S.60 TCGA 1992 applies to... A) discretionary trusts B) Statutory trusts arising on intestacy C) interest in possession trusts D) Bare trusts
D
Some directors are proposing a share buy back out of capital they have made a statement and circulated a resolution to members. What kind of resolution is required for this? A) ordinary resolution with usual notice period B) ordinary resolution with special notice period C) special resolution with special notice period D) special resolution with ordinary notice period
D
Ting ownes the fee simple absolute in possession of Orangecacre. He grants a lease to Andrew for 25 years for annual rent of £10,000. Following the grant of the lease which one fo the following statements is correct: A) thing owns the fee simple in reversion and Andrew owns a conditional term of years absolute B) Ying owns a term of years absolute and Andrew owns a licence C) Ying owns an easement and Andrew owns the fee simple absolute in possession. D) Ying owns the fee simple absolute in possession and Andrew owns a term of yers absolute which is in possession
D
Which one of the following statements describes the implied authority of an agent: A) there is a written agency agreement setting out precisely what the agent can do B) the principal's words are completely clear as to what the agent can do C)The principal has not expressly appointed an agent but has stated orally what a person can do on their behalf and that statement has been relied on by a third party in their dealing with the person D) the agent can perform all subordinate and incidental acts necessary to the carrying out of the activity expressly authorised
D
Which one of the following statements is correct? A. Parliament cannot repeal earlier statutes, it can only amend them B. Parliament cannot pass a statute that is unalterable by subsequent parliaments c. Parliament cannot overrule case law d. Parliament cannot be challenged by the courts about the validity of an act
D
Which one of the following would not be an enforceable restraint of trade? A. A restraint which protects one party's trade secrets B. A restraint which, in terms of time and geographical area, protects one party's legitimate interest C. A restraint in the interest of the public D. A restraint which protects one party from competition form the other party
D
When does an accounting period end and start where a company goes into administration
Day before going in and when it ceases
Where liquidation occurs within 12 weeks of a moritorium period which debts are to be paid first as a priority
Debts from or during the moritorium period where there was no moritorium holiday from the debts
What is priority list for debts to be paid in liquidation
Debts where there was no moritorium Costs of collecting assets Preferential creditors Secured creditors Unsecured creditors Shareholders
What do declaratory, amending, enabling, consolidation , rewrite and codification acts do?
Declaratory acts create new laws, amending acts amend existing law (e.g. all finance acts), Enabling acts bestow powers on other bodies to make law , a consolidation act brings into a single act the existing statutory law, a rewrite act only exists in the context of tax law and they restate or simplify the wording of older legislation to use more modern language, a codification act brings into a single act both the common law and statute law on a particular matter
What does the interpretations act 1978 do
Defines terms commonly used in the legislation
What are the two elements of the Men's Reus for theft
Dishonest and the intention to permanently deprive the other of their property
When did roman laws start to influence Scottish law
During the classical age when Scottish lawyers were studying in Europe
If a person holds multiple different types of shares in one company how are these treated for CGT purposes
Each class of shares are treated as a different asset
What is the definition of persons in UK tax law
Either an individual, a corporate body of persons or jurisdiction persons or an unincorporated body of persons or non jurisdiction persons
In which countries in the United Kingdom does English law operate?
England and Wales
Is valid legislation made by secondary law making bodies more, less or equal to laws made by parliament
Equal force and effect
Where there is a conflict between common law and equity which one prevails
Equity
What is an amalgamation
Essentially the reverse of a reconstruction where the undertakings of two companies are brought within a single company e.g. a takeover
What kind of an agent is every partner in a partnership?
Every partner is an agent of the firm and their other partners
Where do executors derive their authority from and at what point does the deceased's property vest in them
Executors derive their authority form the will and the deceased's property vests in them form the moment of death. The grant of probate is merely formal recognition of the wills validity
What is the difference between an exhaustive and non-exhaustive discretionary trust
Exhaustive discretionary trust there is a duty on the trustees to distribute all of the net income of the trust non exhaustive trustees have a discretion whether to distribute the net income of the trust and to which beneficiaries the income is to be distributed
What are the 3 exceptions where a loan to a director doesn't need to be approved by an ordinary resolution
Expenditure on company business that does not exceed £50,000 Minor and business transactions not exceeding £10,000 Intra group transfers
Case law is a source of law in what two ways?
First judges may state a rule of commonly law or equity in the course of deciding a case Secondly how judges interoperate the legislation via their explaining of the meaning of words and phrases found in the legislation
If a fixed and floating charge are raised over the property which takes priority
Fixed charge even if it was created later unless the fixed charge holder knew about the floating charge
For a divorce to be processed on the ground that a union has irretrievably broken down how long do the couple have to be living separately for?
For a period of 2 years if both couples consent to it or for a period of 5 years if one of the couples doesn't consent to it
What is the only example of realty property in English law
Freehold land
When did the concept of common law come about
From 1066 onwards the English kings began to introduce central government and from this came common law
Is there VAT charged on the sale of land
Generally no but 20% charged if it is a commercial building less than three years old. N.b this is only the freehold is sold if leasehold is sold then no VAT
What is a pecuniary legacy
Gift of money from a will
What is a demonstrative legacy
Gift of money payable out of a specific fund form a will
What is a moritorium period designed to do
Give a viable business time to raise additional investments
In the context of revenue law list the main extras legal source
HMRC manuals
Who publishes explanatory notes and where
HMSO on legislation.gov.uk
In Scots law what are the two main divisions of property
Heritable property which is property in land And moveable property which is all other property
What are the three criteria on which damages are assessed when working out how much a tax practitioner needs to pay for professional negligence
How far was the loss sustained foreseeable Did the claimant mitigate their loss Did the claimant contribute to the loss
What is the Scottish equivalent of the court of appeal
IN civil matters the inner house of the court of session exercises an appellate jurasdiction
What might make a contract contrary to public policy
If a contract is in restraint of triad which seeks to prevent a person from carrying on a trade but n.b there are cases where this is allowed e.g. commercial contracts or if employer can prove that they need to protect legitimate interests
Define bare trusts
If a settlor creates a trust without imposing active duties upon the trustees
When can someone legally be declared dead if they have been missing for a while
If they are missing for a period of at least seven years
Choose the correct option to complete the following statement
In order for an express private trust to be created, there does not have to be certainty as to
Where do a companies loans to directors need to be disclosed
In the companies annual accounts
When selling a company if costs are to be reimbursed should the deal not go ahead and the parties not proceed to contract where should this be detailed
In the heads of agreement
How can a tax practitioner attempt to mitigate the risks of them being sued for professional negligence
Include a clause to say that the sole purpose of their advice is for the person that the advice is being provided to and is not to be used by third parties
What are three of the key legal entities encountered in UK law
Individuals, persons and companies
How does an employee make a claim for unfair dismissal
Initially they notify ACAS (The advisory, conciliation and arbitration service). A claim may then proceed to the employment tribunal
What kind of repayment do debenture holders receive
Interest
What does the human rights act require courts to do
Interpret all primary and secondary legislation in a way that is compatible with the European Convention on human rights
What does a solvency statement do
It confirms that there is no reason to suspect why a company won't be able to pay its debtors for the next 12 months
What is equity
It is a parallel body of rules developed in England and Wales alongside those of the common law
If the legislation is defining a term and uses the word 'includes' what does this tell us about the definition
It is a partial definition so the term can have wider meanings as interpreted by the courts
What is the definition of a question of fact
It is a question as to the existence of some phenomenon in the world around us, these phenomena are provided by direct evidence or by agreement by the parties to a dispute
If an individual has worldwide assets how many wills should they make
It is advised that they make a will in every country in which they have assets
What happens to a share premium
It is credited to the share premium account
In Northern Ireland is someone dies intestate and they have a minor child what happens to that money
It is held in a statutory trust until they become 18
What can a private company pay dividends out of
It's distributable profits
What is the difference between joint tenancy and tenancy in common?
Joint tenancy is where two or more persons own 1 property between them. Tenancy in common is where two or more persons each own an individual share in a property
If there are trustees and beneficiaries who has legal ownership of the property and who has equitable ownership
Legal ownership vests in the trustees equitable ownership vests in the beneficiaries.
What is law made by parliament called
Legislation
Define legislation
Legislation is any formal written law made by a body legally empowered to make laws.
List 2 exceptions to the rules for public companies providing financial help for people wanting to buy shares in the company
Loans in the ordinary course of business Legal dividends
What is the most senior judge in the civil division of the court of appeal called
Master of the rolls (MR)
Who needs to approve a share but back and how is this done
Members by way of an ordinary resolution (members whose shares are being brought aren't allowed to vote)
What excludes someone from being an executor of a will
Mentally incapable
Give three example of fungible property
Milk, money in a bank account and shares in a company
Which of the following statements is/are correct? 1. Custom isa source of tax law 2. HMRC publications are a source of tax law
Neither 1 nor 2 are correct
Are employers protected under the Public interest disclosure act
No
Are new partners joining a firm liable to debts that the firm incurred before they joined the partnership?
No
Are tax reliefs such as relief for trading losses available to companies.limited by guarantee?
No
Are the Isle of Man and Channel Islands including jersey and guernsey part of the UK
No
Can a capital gains group be broken up when a company is in liquidation
No
Can a company forfeiture a lease in a moritorium period
No
Can a company limited by shares become a company limited by guarantee or visa versa
No
Can a contract be said to exist in the absence of an intention to creat legally enforceable relations
No
Can a court be bout on annother courts decision on a pure question of fact
No
Can a creditor of a partner in their private capacity take partnership property in satisfaction of that debt
No
Can a private company invite the public to make an offer for the issue of its shares
No
Can tenants in common convert their ownership into a joint tenancy?
No
Do employers enjoy full rights under employment protection legislation
No
Do explanatory notes have a legal effect
No
Do independent contractors have employment rights
No
Does an objection by other co owners to a severance have any affect?
No
If a director in a public company authorises a divided which they believed to be legitimate ta the time because they were relying on proper accounts, but it later transpires that the assumptions or estimates used in preparing the accounts, although reasonable at the time, were in fact unsound. Can the director be held liable for the unlawful dividend payment?
No
If a tax practitioner has no other qualifications are they allowed to draft trust documents for payment
No
In legislation can the definition of 'a car' be automatically applied to 'a motor car'
No
Is a declaration of a person that they intend to seek a car for a specific price an offer?
No
Is a moratorium period available to financial services firms
No
Is a tax practitioner required to carry out additional work to investigate a suspicion of money laundering
No
Is a trade debt a loan of money
No
Is consideration required under Scots law for a contract
No
Is there a distinction between common law and equity in Scotland
No
Once a trust is constituted is this revocable by the settlor
No
With joint tenancy is one of the owners able to sell or gift the property without the agreement of other co-owners?
No
Would a trust for the benefit of 'my friends' meat the certainty of objects test
No
Does a liquidator need to be appointed for a company to be struck off
No I'm simple cases a director can apply for the company to be struck off themselves
Can a private company have another company as its sole director?
No a company must have at least one natural director although it can have other corporate directors
Can directors change their mind about final dividend payments
No a debts exists as soon as the final dividends are decided upon between the shareholders and company, and the shareholders can sue the company if they are not paid
Does all of the factors summarised in HMRC's manuals have to point in the same direction for an overall conclusion to be made about a foreign entity?
No an conclusion is reached looking at all factors together
Can a witness to the signing of a will be a beneficiary of the will
No and neither can their spouse or civil partner
Under joint tenancy can one of the co-owners leave the property to the other co-owner in their will
No because it already passes to them under the right of survivorship
An individual rents out a commercial building built two years ago. Is there VAT on the sale
No because the freehold is not transferring hands
If an agent claims to be acting for a principal but does not have the authority to act for them and then makes a contract with a third party. Is there a legitimate contract between the agent and the third party?
No because the third party thought they were entering into a contract with the principal. Unless the contract is subsequently ratified
Is a will revoked on divorce
No but gifts in the will to the former spouse are no longer in effect
If an agent enters an agreement with a third part on behalf of a principal is the agent bound by the agreement with the third party?
No but the principal is provided the third party knew the agent was action on behalf of the principal
When it comes to foreign entities does UK tax law follow the characterisation of the entity according to foreign law
No it applies the characteristics of a corporation and judges the attributes of the foreign entity against those characteristics to determine whether it is a corporation for UK tax purposes
If a severance is issued does the property still count as a joint tenancy?
No it becomes a tenancy in common
Does a corporate aggregate have a double capacity
No it has a single capacity namely its corporate capacity, it does not have a private capacity and so can conduct its business only through the agency of human beings
Can a will be made verbally
No it has to be written and signed
Is an unincorporated body a person for tax purposes
No it is not as they don't have their own separate personality from the persons that form them so they are in law persons but without their own existence. This is sometimes called 'transparent'
If a person is living and they make a will does that bind them
No it only binds them once they die
Is tenancy in common recognised under common law
No joint tenancy is the only co-ownership that is recognised under common law
Do consolidations and sub divisions of share capital increase or decrease the total amount of share capital?
No neither occurs. These are just reorganisations
Is there a right to appeal to the court of appeal?
No permission must be obtained
Is there a right of appeal to the Supreme Court
No permission must be obtained in order to pursue an appeal before the Supreme Court
Does trust property form part of the death estate
No property in a trust remains vested in the persons who have beneficial title to the property
Is the UK a federal state and what does this mean
No the UK is not a federal state because it is not a political entity that is a union of partially self-governing states under a central government
When making a gift if a person promises that they will make the gift does the date they promise to make the gift count as the date of the gift for IHT purposes
No the date of delivery of possession is taken for IHT
If at the time of a marriage/civil partnership one party was pregnant by an individual other than the other party to the union who was ignorant at the time of pregnancy is the marriage still valid?
No the marriage is void
If at the time of the marriage/ civil partnership one party had been granted a gender re-assignment certificate and the other party to the union was ignorant of this at the time is the marriage still valid
No the marriage is void
Is there a rule about how long a non-charitable trust can last for in Scotland?
No these can last indefinitely
Are unlimited liability ('general') partnership incorporated?
No they are unincorporated
When a nominee calls a meeting with a company's creditors to discuss a CVA can the creditors substantially change the proposal
No they can only make slight alterations to it
With a discretionary trust do the beneficiaries have a guarentee of benefiting from the trust property
No they only have a hope
When a ruling in the first tier tribunal is appealed to the upper tribunal or any other appeal court can the taxpayer or HMRC introduce new facts at this stage?
No under no circumstances
Is substitution of work allowed under an employment contract
No you cannot substitute your labour for that of anothers
Can a trust be set up for an unborn child
No. But a trust can be said up and then wording can be used to include additional future kids if they do come to being
When looking at the certainty of intention for trusts does language need to be formal and use words such as 'trust'
No. But the language must be imperative and not merely showing a desire
Can a company issue shares for less than their nominal value
No. They can issue them for less than the market value but not less than the nominal value
Give an example of an office holder whose right and duties are defined by the office
Non-executive directors who performs no more than the duties fo a director, such as attending board meetings for a fee awarded under the company's articles of association. This is because they are not under the control of anyone
At what point can a company return share capital to the shareholder
Not until all other debts have been settled by the company
What is a partition
One company is divided into multiple shareholders I.e a company divides out trade 2 with the shares in new co being held by a different shareholder
When can a public company make a distribution to shareholders and how much is the amount that they can distribute
Only it its net assets are at the time of the distribution not less than the aggregate of its called up share capital and undistributable reserves. And the amount of the divided must still leave its net assets at enot less than that aggregate amount
What is the only situation in which a taxpayer may make an appeal to the upper tirbunal if they are dissatisfied with a decision of the first tier tribunal
Only on a point of law never on a point of fact
On what grounds does the Supreme Court hear appeals about
Only on points of law
On what grounds will appeals be heard in the court of appeal
Only on points of law
What happens if there are 5 trustees in a land trust
Only the first four named trustees become the trustees of the land because the legal ownership of land is limited to a maximum of four persons at any one time
If a tax practitioner files his sisters return as a favour who can be held liable for mistakes in this return
Only the tax practitioner not the practitioners employer as the tax practitioner was not acting in the course of his employment when completing his sisters return
Call and put options are both types of what kind of contract
Option contracts
What is the only situation where a public company can do a share buy back
Out of distributable profits or out of the proceeds from a fresh issue of shares
Which two bodies are the primary legislatures of the UK and what is the name of the process that each uses to make this law
Parliament - which uses acts of parliament or statutes Privy council - which uses prerogative orders of council
What are jurisdiction persons
Persons that are not human beings they are created by the law and exist only in law, they have no real or tangible existence but in law they have legal personality in the same way that a human has legal personality
What are primary facts
Primary facts are facts which are observed by witnesses and proven by oral testimony or facts proven by the production of a thing itself such as an original document
When do accounts need to be filed with companies house for public and private companies
Private companies within 9 months of the accounting date Public company 6 months
What is private law
Private law is concerned with the legal relationships between private persons. This includes for example contract law
What action might lead HMRC to Perdue a criminal investigation
Providing false evidence with the aim of deceiving
Generally are public or private companies subject to more regulation
Public
Do public and private companies have to have an AGM? And if so when
Public companies have to have an AGM of shareholders within 6 months of the accounting date and this cannot be written Private companies may dispense with an AGM if all of its shareholders agree to this in writing
Is tax law part of public or private law
Public law but its application depends upon the existence of some transactions from within the area of private law
What is public law
Public law contains the areas of law that define the constitution and functions of the crowed, parliament and judiciary, and govern the legal relationship between the Crowe and subject. This includes for example revenue law and criminal law
Where an employer is found to have dismissed an employee unfairly what are the three different awards that can be given to the employee
Re-in statement in the same job Re-engagement in another suitable job with the same employer Compensation
What are the two category's of property in English law
Realty and personalty
What are the two actions that members of a company can do if they are concerned with the directors of a company
Remove them by way or an ordinary resolution or withdraw their powers by altering the articles
What is another way of saying the law of taxation
Revenue law
In Scottish law what is the main medieval phase legacy
Scotland's distinctive system of land law
What is the main difference between share capital and debentures
Share capital is available to satisfy claims against the company but debentures aren't
What are the formalities of passing on shares
Shares must be transferred in writing by the completion of a document known as a stock transfer form
When would there be an exception from the right to protection of property
So that authorities can enforce laws to secure the payments of taxes, contributions and penalties
Where the sale of share is effected electronically what kind of stamp duty is due
Stamp duty reserve tax
What is a divided paid in the form of additional shares known as
Stock dividend
Define suspicion in the context of tax practitioners
Suspicion requires a degree of satisfaction nor necessarily amounting to belief but extending beyond speculation that a crime has occurred
What does the money laundering, terrorist financing and transfer o funds legislation require that all tax firms have
Systems and training Record keeping Internal reporting procedures
What is the only way tax law is made in the UK
Tax law is made solely by acts of the UK parliament
What does certainty of objects mean
That the settlor has clearly identified or provided a means of identifying the persons whom the trustees are to regard as the beneficiaries of the trust
Who should be notified about data breaches
The Information commissioner's office
List the court hierarchy for revenue law
The Supreme Court of the UK - Hears appeals from the Court of Appeal and in exceptional circumstances direct from the Upper tribunal The court of Appeal - hears appeals from the upper tribunal The upper tribunal - hears appeals from the first tier tribunal and complex cases at first instance The first tier tribunal - court of first instance
Where is the first place to look to find the definition of a term in the legislation
The act itself
If an agent enters into an agreement with a third party but doesn't tell the third party that he is acting on behalf of a principal as an agent then who is bound by the contract
The agent
What was the key point development in the modern phase of Scottish law
The alignment with English law and a move away from Roman law
What is uncalled share capital
The amount of issued share capital that shareholders have not yet been called upon by the company to pay. I.e. if share had a nominal value of £1 but only 40p of this had been paid to date then the remaining 60p would be uncalled share capital
Typically in a company limited by shares what are members liability to the company's debts limited to
The amount of share capital that they have subscribed for their shares
Who are the 'objects' or a trust
The beneficiaries who benefit from the trust
Which division in the court of appeal are tax cases heard in
The civil division
Who is liable for the tax compliance obligations of a company
The company itself
What determines where shares are located
The company's share register is kept
What is is the definition of inferences of fact
The conclusions drawn from primary facts are inferences deduced by a process of reasoning form them
What happens to employee contracts where the company's employees are being transferred to the purchaser as part of the business as a going concern
The contracts of service will automatically transfer to the new owner and the employees continuity of employment is preserved
How is the court of appeal divided
The court of appeal is divided into two separate divisions: The criminal division and the civil division
List the court hierarchy from top down
The court of justice of the European Union The House of Lords and the Supreme Court The court of appeal The high court The upper tribunal Lower courts The first tier tribunal
What are the three main 'organs of government'?
The crown, the parliament and the judiciary
What determines the ranking order of fixed or floating charges
The date of creation earliest first
What is the time at which the disposal of an asset occurs for the purposes of capital gains tax relevant to contract law
The date when the contract is made
What is a the final stage in the process of applying for a divorce
The decree absolute which is usually issued 6 weeks and 1 day after the decree nisi
If the legislation is defining a term and uses the word 'means' what does this tell us about the definition
The definition is complete meaning it's an exhaustive definition and the word can't mean anything else
What are the two test that are applied to fixtures to determine if they fall within the definition of land
The degree of annexation: In order to be a fixture the chattel has to be fastened to the building in a substantial way. This will probably mean that the removal of the chapel would result in considerable damage to the building The purpose fo the annexation: where the intention of attaching a chattel is to improve the building permanently and make its use more convenient rather than to display or use the chattel itself then a fixture is presumed
If an asset increases in value and is revalued upwards in the accounts how does this affect a company's realised profits
The difference between the asset's restated value and its cost is treated as a realised profit
Where directors apply to have a struggling company struck off if creditors not settled before the application then who is liable for the debts of the company
The directors are personally liable
What is substantive law
The division of law that contains what are commonly understood to be the rules of law e.g. relating to legal rights and duties
What is the only court that decides the fact pattern of a case
The first tier tribunal
Tax evasion is a crime under which act
The fraud act
Who is responsible for HMRC's civil offences investigations
The fraud investigations service
What happens when a person who has entered into a contract either dies or goes bankrupt
The law automatically transfers their rights and obligations to their personal representative or trustee in bankruptcy
Where the sale of a leasehold of lad occurs what is the leasehold and what is the freehold known as
The leasehold is personalty and and the freehold is realty
What does it mean if a court declares legislation incompatible
The legislation is not invalid it merely invites parliament to repeal or amend it
Unless specifically permitted who can trustees not advance capital to
The life tenant
Who has management of a company when a liquidator is appointed
The liquidator
Who is the beneficial owner of a company's assets when a liquidator is appointed
The liquidator
If a tax practitioner discovers that their client is engaging in money laundering which agency should they report this to
The national crime agency
There are many different methods of creating a company but what is common to all of these methods?
The need for documentation
For companies after 2006 what is the issued share capital equal to
The nominal value of the shares that have actually been issued the shareholders in the company
What is the one situation where a partner make a deal with a thrid party and the firm is not bound by this deal
The partner did not have actual authority, the transaction didn't relate to business carried on by the firm, the partner wouldn't usually have authority to make this deal in the firm,the other party didn't know or have reason to know that the partner had no authority and the other party didn't believe that the partner was a partner in the firm
Estates definition
The period of time in relation to the land that a person ownes
What is the most senior judge of the Supreme Court called
The president
What is the privy council and what is its main function
The privy council is a formal group of cabinet ministers plus some junior ministers who advise the monarch on both ceremonial and constitutional matters such as the use of royal prerogative.
What are the two situations where an unfair dismissal occurs
The procedure for dismissal was not fair Or the reason for dismissal was not fair
Who does prosecutions in Scotland
The procurator fiscal
If a married couple want to change how the income from a property is split from 50:50 to another percentage what type of co-ownership do they have to have
The property must be owned as tenants in common
Who does prosecutions in northen ireland
The public prosecution services
What is the practice definition of a ration of a case
The reasoning that has led to the conclusion
What did the companies act 2006 abolish in regards to share capital
The requirement for a company to have authorised share capital
Profit a prendre definition
The right of one person to enter and take property off annother persons land e.g. the right to fish in someone's stream
Easement definition
The right of one person to use the land of another in a certain way e.g. a right of way
What happens when one co owners dies under joint tenancy
The rights to the property pass to the remaining co-owner under the right of survivorship
Which three fundamental doctrines is the UK constitution built on
The rule of law, the separation of powers and the supremacy of parliament
Who is the remainderman if a trust deed doesn't explicitly name a remainderman
The settlor
What are the two options to someone wanting to sell a company
The shareholder could sell shares - 'share sale' The company could sell its assets - 'asset sale'. In this case the company still exists and the original shareholders still have share but the company will now likely be a shell company
Where a share buy back happens within 12 months of a company becoming insolvent and the company has a deficiency of assets who is liable to pay back the money from the share buy back
The shareholders although the director who certified solvency may also be sued
Which body is responsible for prosecuting HMRC criminal offences in England and Wales
The specialist fraud division of the crown prosecution services
What does a claimant have to prove to shows that a tax practitioner was professionally negligent
The tax practitioner owed them a duty of care The tax practitioner breached the duty of care The claimant suffered a loss as a result of the breach
If a group of people are about to incorporate a company that they Weill be directors in and they go and sign a contract with a third party, who is bound by this contract
The third part any the group of people. The company cannot be bound as it wasn't incorporated at the time on the contract
How do you calculate the nominal share capital of a company
The total shares in issue multiplied by their nominal value
Who is liable for any losses suffered by a trust
The trustees are personally liable
Who makes the decisions in a discretionary trust
The trustees. The beneficiary can not complete the trustees to act in any way
What effect will a couples divorce have on their will?
The will is not revoked but any provisions in the will that appoint the other as executor or trustee fail and loose their effect
What is Hansard
The written published notes from parliament
Under a contract of guarantee what 2 contracts exist e.g. bank lends money to A and the repayment is guaranteed by B
There are 2 contracts: The principal contract between the Bank and A And collateral contract between all three parties
If a court makes a decision based on a majority view but each judge in the majority had a different reason for reaching their conclusion then what is the binding ratio
There is no binding ratio and the case has limited value as precedent
What is the de minimus level for tax payers to report a crime
There is no de minimus level
A person is guilty of a criminal offence where what 2 essential elements are present
There must be a prohibited act And they must have a guilty state of mind
What are deferred shares
These are shares that are issued on the basis that the rights attaching to them will take effect only at a later date
What are redeemable shares
These are shares that are issued with a provision that they may be brought back by the company at a later date
What are convertible shares
These are shares which at the time of issue carry the right at a future time to be changed into another type of share
What is meant by dependent contractors
These are workers who are not employees but who are also not full dependent e.g. Uber drivers. There are now afforded rights of employment
What were writs
These were written commands issued by the Lord Chancellor
What are HMRC publications and are they a source of tax law
They are merely statements of HMRC's view of tax law and my be taken into account by a tax practitioner when forming their own interpretation and understanding of tax law but they are not a source of tax law at all
How is a person treated if they choose to forfeit a gift from a will
They are treated as having died just before the person who died's will and so gift passes to next in line in the will
If a court cannot interpret legislation in a way that is compatible with the European convention of human rights what do they do
They declare the legislation incompatible
What is one excuse that a tax practitioner could use as a reason they have not reported money laundering
They did not receive money laundering training by their firm
What does it mean if a person dies testate
They have died with a will
If a company has made an unlawful loan to a director what does the director have to do
They have to account to the company for any gain that they have made or indemnify the company for any loss or damages arising from the transaction
If someone pays 40p for a share with nominal value of £1 whilst planning to pay the rest at a later date. Then the company goes into liquidation what does the shareholder have to do
They have to pay the additional 60p
What is adjective law
This deals with the law relating to legal procedure and process in applying substantive law e.g. the conduct of cases in court. It is often referred to as procedural law
What is one of the advantages of a bare trust
This enables the owner of the property to conceal the beneficial interest in it behind a nominee
How is compensation that an employee receives for unfair dismissal taxed?
This is NOT taxed as employees earning but is taxed as a residual termination pay
What is a corporation sole?
This is a body corporate constituted in a single person that has the capacity of acting as if it were an individual
What is a corporation aggregate
This is a collection of persons united into one body under a special name
Which might happen if a tax practitioner doesn't report money laundering as soon as the information becomes avalible to them
This is a criminal offence
What is the maximum penalty for illegally helping someone to buy shares in a public company
This is a criminal offence and the officers of the company can face up to 2 years in jail
What is an administrator in the context of IHT
This is a personal representative appointed by the court because the deceased dies without having made a valid will or without appointing an executor
What is a licence in respect of intellectual property
This is an agreement that the licensor will not sue the licensee for the use off the licensors intellectual property
What is the document which creates a corporation known as and what does it do
This is called its constitutional and sets out what the corporation is able to do
What is an assent
This is drawn up by the personal representative by which they indicate that they do not require a particular asset for the purposes of administering an estate and that it can pass to the legatee i.e. person in the will
What is a decree nisi
This is granted by the court which when granted forms a conditional order allowing the couple to divorce but the marriage is not ended at this stage
What is a share premium
This is the amount over the nominal value of the share. For example a £1 share could be issued for £1.25 and so 25p would be the share premium
What is the application of an act
This is the entities and transactions that are governed by the act
What is a head note
This is the facts of a case, the decision of the judge and the reasons for the decision
What is meant by the extent of an act
This is the geographical areal over which an act operates
What is a condition precedent
This is there is a condition in a contract which one of the parties does not have it in their power to carry out. This suspends the very existence of a contract
What is punitive additional award
This is what an employer might need to give an employee where the employer has not complied with an order from the employment tribunal to re instate or re engage with the employee
What is a transfer by operation of law in respect of contracts
This is when someone who has entered into a contract dies or goes bankrupt and the law automatically transfers their rights and obligations to their personal representative or trustee
What does interest pur autre vie mean in the context of trusts
This is where a beneficiary enjoys their interest in possession so long as someone else is alive
What is a mutual will
This is where a couple makes a will whereby they agree that if one dies first all of their assets pass to the other
What is abatement
This is where a legatee loses their entitlement to a gift in a will because the gift has been wholly or in part used to pay the deceased's liabilities
What is the made affirmative procedure?
This is where a statutory instrument can be made and come into force before it is debated but cannot remain in force unless approved within the stated period
What is vicarious liability
This is where a tax practitioner is held liable for professional negligence committed by annother person
What is an Novation and how does it work
This is where one party to a contract transfers their duties and obligations to a third party. For this to work all parties need to agree i.e. the original parties subject to the original contract and the person now taking on the debt/responsibility
What's an exclusivity period in regards to the sale of a company
This is where the vendor agrees not to negotiate with other parties for a specific period
What is a promissory condition
This is where there is a condition in a contract which one of the parties will do everything in their power to fulfill
What is a promissory condition
This is where there is an obligation in a contract that one of the parties has the power to fulfill
What is a condition subsequent
This means that a contract is to come to an end on the occurrence of a specific event
what does dieting intestate mean
This means that a person has died without having made a will
What is perpetual succession
This means that the company continues to exist even though the members or shareholders will change over time
What is continuous identity
This means that the original members of a company and their successors are one. Accordingly once a liability or obligation has become binding on a corporation it will bind its successors even though they were not expressly named
What is the effect of a retention of title clause in a contract
This means that the seller continues to be the legal owner of the goods with legal ownership only passing when the goods are paid for
What does it mean if a term as a 'proviso' definition
This means that the term defined is presumed to have the meaning given however that definition can be disaplied by a court if it makes no sense or would contradict the clear intention of parliament in a specific situation which parliament had not envisioned
What is certainty of subject matter in relation to trusts
This means the trust property is clearly identified
What are the formalities of passing on land?
This must be done in writing using a transfer document
What is constructive dismissal
This occurs where an employee is forced to resign again S their will because their employers conduct result in unreasonable changes to the contract of employment originally agreed upon
Define wrongful dismissal
This occurs where an employees contract of employment comes to an end as a result of a breach of contract by their employer
What is a summary dismissal without casue
This occurs where the employer unjustifiably dismisses the employee without giving the required notice or observing the other formalities agreed in the employment contract
What was the court of Chancery
This was where parties were summoned to attend by the port chancellor if they were unhappy with the results of the common law courts
Via what process would a taxpayer usually report money laundering
Through the their firms money laundering report officer
What is the function of the judiciary
To adjudicate in disputes between parties in accordance with the law.
What is the purpose of explanatory notes
To explain in straight forward language the purpose of an act
What is parliaments function in the context of tax law
To legislate e.g. make laws
Under English law what is the only condition that needs to be present between tenants to be considered tenants in common
Unity in possession
What are the four 'unities' that if present mean that persons are joint tenants under common law
Unity of possession: every co-owner is entitled to every part of the co-owned property and cannot exclude any of the other co-owners from the same enjoyment Unit of interest: the interest of each co-owner in the property must be identical in extent, nature and duration Unity of time: the interest of each co owners must start at the same time Unity of title: each co-owner must derive their title from the same source
How long does a personal representative remain in office
Until the administration of the estate is completed or the probate is revoked
Do what extent are shareholders liable for the debts of the company
Up to the amount of the nominal value of the shares that they own
How long does an employee need to work for unfair dismissal right to occur?
Usually these accrue after two years continuous service. However, there is no qualifying period at all for any of the automatically unfair reasons for dismissal
How would a partition be achieved if oldco didnt have enough distributable profits to effect a distribution in specie of shares in new co to new shareholders?
Via insolvency process or a capital reduction demerger
When can a person be said to own property
When a person enjoys innumerable rights over the property such as the right to use the property at the exclusion of others
What is meant by discharge of a contract
When contract comes to an end usually because the responsibilities have been fulfilled
When does a CVA become a legally binding contact
When it is approved by the company's shareholders
When does the legal title to the property pass to the buyer
When the buyer sends the transfer which was handed to him by the vendor to the land registry where the buyers name is entered on the land register
When does a trust become completely constituted
When the legal title to the trust property is transferred to and vested in the trustees
When are companies registered abroad UK resident?
When they are centrally managed and controlled in the UK
When can a person be said to possess property
When they exercise control over the property
Tenancy at will definition
Where a tenant occupies a premises at the will of the landlord who may determine the tenancy whenever they wish
Tenancy at sufferance definition
Where after the expiry of the terms of their lease, the tenant remains in occupation of the premises
When does a reconstruction of a business occur
Where all or part of the undertakings (I.e. trade) of a company is transferred to another person (including another company) but where there is no substantial change in the persons ultimately interested in the undertakings E.g. one company has 2 trades and the splits out the second trade into new co that is owned by old co
When must statutory redundancy payments be made
Where an employee has two or more years of continuous service
Estate contract definition
Where an estate owner enters into a contract in respect of their land with another person
What is an example which where mutuality of obligation does not apply
Where one person can freely choose to refuse a request from another
What is the only case where one court is bound by the decisions of another court
Where that court decides on a point of law
What determines where goodwill is located
Where the business is carried on
What determines where rights under debts are located
Where the debtor resides
What are some exemptions on the sale of shares where stamp duty is not due
Where the shares are gifted or transferred on divorce or where the price paid for the shares does not exceed £1,000
What are concurrent wills
Will in multiple jurisdictions
When do special resolutions need to be filed with companies house
Within 15 days of being passed
Unless there are mitigating circumstances how long should it take for data breaches to be reported to the ICO
Within 72 hours
Are animals capable of being property
Yes
Are both joint tenancy and tenancy in common of a property recognised as forms of co-ownership in equity
Yes
Are common law and equity administered through the same court system
Yes
Are limited liability partnerships incorporated businesses?
Yes
Are partners who retire from a firm liable to debts which arose whilst they were an active partner
Yes
Can a director change their mind about how much and when interim dividends are paid
Yes
Can parliament make rules retrospectively
Yes
Can trustees choose to disclaim their appointment to act
Yes
Does a company have to have a company secretary
Yes
Is a decision on the meaning of a word or phrase in a statute a point of law?
Yes
Is ending an employment contract because of jury service automatically an unfair reason?
Yes
Is ending an employment contract because of whistleblowing automatically an unfair reason?
Yes
Is it a crime to be bribed
Yes
Is it the trustees duty to keep true and accurate accounts for the trust
Yes
To be enforceable does a patent have to be registered
Yes
Under a tenancy in common can a single tenant sell or gift their ownership in the property without the joint agreement of all the other tenants in common?
Yes
Where there is a legitimate employment contract does the employer have a duty to indemnify the employee against expenses and losses incurred in the course of employment?
Yes
If a sole trade gets into difficulties is their house at risk of being claimed to cover the debts?
Yes all of their personal assets are liable as there is no distinction between them and the business
Is the UK constitution a flexible constitution and why/why not
Yes because the constitution is not a higher form of law that is supreme above all other law. The rules that comprise the constitution may be enacted, amended or repealed by the ordinary law-making process and no special procedure is needed
Are statements made by judges declaratory
Yes because they declare what the law is and always has been
Are courts allowed to read Hansard
Yes but only where specific conditions are met including the legislation itself is unclear
Under joint tenancy is any one of the co-owners able to separate their equitable interest form the other joint tenants
Yes by means of a severance. No special formality is required for a severance. The severance must be made in writing
Can the veil of incorporation ever be ignored
Yes courts can rule this in order to prevent protection of limited liability from being exploited where fraud is being committed
Is delegation of work allowed under an employment contract
Yes e.g. tax firm delegates work
Is the UK a participant in the European Convention on Human Rights (ECHR)?
Yes even after Brexit
Is HMRC a preferential creditor
Yes for VAT and income tax but they are below all other preferential creditors I.e. the are a 'secondary preferential creditor'. N.B the doesn't apply for CT or ER's NIC's
Can creditors veto a restructuring plan
Yes if there has already been a memorandum which ended within 12 weeks of the restructuring plan
Is the UK constitution a monarchical constitution and what does this mean?
Yes it is because the queen is head of state and succession to the throne is based on the hereditary principle
Is a trust valid if it doesn't have a written deed but was just created orally
Yes it is still valid unless it involves land property in which case a written deed is required
If someone is not named as a directors of a company can they still be a director
Yes someone who acts as a directors will be deemed to be a director regardless of their formal appointment
What is a unitary constitution and is the UK one
Yes the UK is because it is a political entity that is governed as a single entity in which constitutional power is centralised and sub national units exercise powers only to the extent that they have been delegated them
Does the children or family of a deceased person have any claims to their assets if they are not explicitly mentioned in the will
Yes they can claim some family provision
Are professional bodies secondary legislatures in the UK and explain the answer
Yes they create rules that govern the members of those bodies
Where an employee has been has been wrongfully dismissed does the employee have a responsibility to take reasonable steps to mitigate the loss they suffer as a result of this dismissal?
Yes they do by doing things such as seeking alternative employment
Can a taxpayer appeal decision of the fraud investigations service?
Yes they have a right to appeal to the tax tribunal
If a trust starts with say £100 cash and then at a later sage other assets such as shares are transferred into the trust is there sill certainty of subject matter?
Yes this is acceptable as the original subject matter is certain
Does getting married revoke a will
Yes typically unless the will anticipates marriage
Is a contract of apprenticeship considered an employment contract
Yes with the additional requirement for the master to provide training to the apprentice
what terms in a contract would be categorised as unfair. give 3 examples
if the contract has hidden fess in the small print of an engagement letter if the contract limits the consumer's legal rights in some way if there is an excessive charge if the client chooses to terminate the agreement early or otherwise defaults
Are the ICAEW, CIOT and ATT designated professional bodies
the ICAEW is but CIOT and ATT aren't
what act regulates contracts between tax practitioner and client to ensure the contract is fair
the consumer right act
Wha this the maximum fine for not complying with data protection rules
£17.5mn or 4% of the business's annual worldwide turnover, whichever is higher
What is maximum value of company assets if company wants to use the simple striking off method
£25,000
For a public company to obtain a trading certificate and commence trading what is the minimum allotted share capital the company must have
£50,000 of which at least one quarter is paid up
