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Data protection and trustees—checklist

Data protection and trustees—checklist This Checklist is designed to assist trustees to review and amend their working practices in relation to the personal information they collect, process and continue to hold about settlors, protectors, beneficiaries and other individuals connected to the trust. For a comprehensive introduction to Retained Regulation (EU) 2016/679, the UK General Data Protection Regulation (UK GDPR), collating key practical guidance, see: Data protection toolkit.Assimilated law is the name given to retained EU law (‘REUL’) which remains in force after the end of 2023. The re-categorisation of REUL (and associated terms) to assimilated law reflects a change in its status and treatment under UK law, in that it is generally to be interpreted according to ordinary domestic law and principles. From 1 January 2024, REUL is ‘assimilated’ into domestic law by virtue of the fact it is generally stripped of EU-derived interpretive effects (eg supremacy of EU law, directly effective rights, and general principles previously retained under EU(W)A 2018). Understand duties and obligations under the UK GDPR The...

Checklist—Creating and running a charity

Checklist—Creating and running a charity FORTHCOMING CHANGE: The Charities Act 2022 (CA 2022) received Royal Assent on 24 February 2022 and the plan, as set out in Charities Act 2022: implementation plan is for its provisions to come into force in three defined groups over three stages, on 31 October 2022, on 14 June 2023 and in “early 2024”. For a summary of the provisions in CA 2022 which have been implemented so far, see: Charities Act 2022: information about the changes being introduced. CA 2022 implements the majority of the recommendations from the 2017 Law Commission report, ‘Technical Issues in Charity Law’. For a summary (as at 9 April 2021) of the recommendations that have been accepted, see News Analysis: Government response to Law Commission report ‘Technical Issues in Charity Law’. When setting up a charity there are a number of issues that have to be decided upon that will not only apply to its creation but also to its future...

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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...

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Heritage property—the conditional exemption

Heritage property—the conditional exemption Conditional exemption from inheritance tax (IHT) on a transfer of value of a qualifying asset is available at the discretion of the Treasury (assessed via the appropriate body, currently the Arts Council England). The aim, as with many of the heritage property reliefs, is to help ensure that pre-eminent heritage assets are retained in the UK and protected for the benefit of the nation as a whole rather than sold to private dealers. In order for a transfer to be conditionally exempt, certain conditions must be met and the owner (or other relevant person) must give undertakings that the item will be maintained and that reasonable public access will be allowed. Conditions for exemption to apply In order for the conditional exemption to apply, certain conditions must be met: • the property transferred must qualify (and be designated by the appropriate body) as being pre-eminent for its national, scientific, historic or artistic interest or in the case of land and buildings for its scenic,...

Foreign income and gains regime from 6 April 2025

Foreign income and gains regime from 6 April 2025 From 6 April 2025, all UK residents are taxed on the arising basis of assessment on their worldwide income and gains. For details of the remittance basis of assessment which was available to non-UK domiciled individuals prior to 6 April 2025, see Non-domiciliaries and the remittance basis—overview [Archived]. Foreign income and gains regime from 6 April 2025 From 6 April 2025, a new four-year regime will be available providing 100% relief on eligible foreign income and gains (FIG) for qualifying new residents in the UK in their first four years of tax residence. Individuals with foreign employment income who are eligible for the FIG regime may also be able to claim relief in respect of their foreign employment income under the revised rules for Overseas Workday Relief (OWR). For information on the OWR regime from 6 April, see Practice Note: The abolition of the remittance basis of taxation from 2025–26—Overseas Workday Relief. Claims must be made for the reliefs to be...

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Privacy notice for trustees—UK GDPR compliant

Privacy notice for trustees—UK GDPR compliant We take your privacy very seriously. Please read this privacy notice carefully as it contains important information on who we are and how and why we collect, store, use and share your personal data. It also explains your rights in relation to your personal data and how to contact us or supervisory authorities in the event you have a complaint. We collect, use and are responsible for certain personal data about you. When we do so we are subject to the UK General Data Protection Regulation (UK GDPR). [We are also subject to the EU General Data Protection Regulation (EU GDPR) in relation to individuals [and our wider operations ]in the European Economic Area (EEA)]. Key terms It would be helpful to start by explaining some key terms used in this notice: We, us, our [Insert full legal name of all the trustees or, if the trustees are a professional firm, insert the firm’s name (if acting...

Trust for a disabled person—discretionary

Trust for a disabled person—discretionary This TRUST is made on [date] Parties 1 [settlor] of [address] (the Settlor) and 2 [original trustees] of [addresses] (the Original Trustees) Background (A) The settlor wishes to make this Trust and has transferred to the Original Trustees the assets described in Schedule 1 to be held on the following trusts. (B) The Principal Beneficiary is a disabled person within the meaning of that term in the Finance Act 2005, Schedule 1A. This Deed PROVIDES: 1 Definitions and interpretation In this Trust: 1.1 Discretionary Beneficiaries • means (a) any spouse or [widower OR widow] whether or not remarried of the Principal Beneficiary; (b) the descendants of the Principal Beneficiary; (c) the spouses, widows or widowers (whether or not remarried) of the descendants of the Principal Beneficiary; 1.2 Principal Beneficiary • means [disabled person]; 1.3 spouse • shall include a civil partner registered under the Civil Partnership Act 2004 and a spouse of the same sex, and a person is a...

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How are charities handled under the PSC regime?

How are charities handled under the PSC regime? The two main categories of entity that should be recorded on a PSC register are registrable individuals with 'significant control' (as defined in accordance with the five conditions set out in Schedule 1A, Part 1 to the Companies Act 2006 (CA 2006)), and any other registrable 'relevant legal entities' (RLEs) that have significant control and are 'subject to their own disclosure requirements'. Charities typically establish themselves as either trusts, unincorporated associations, charitable incorporated organisations (CIOs) or companies limited by guarantee. Some of these structures will therefore have to maintain their own PSC register. In addition, if they are themselves legal entities, they are likely to be registrable RLEs which may appear in the PSC register of a particular company or LLP which they happen to have significant control or influence over. Others may not be registrable RLEs but any investigating company or LLP must then trace through these entities until it finds an indirect PSC or RLE (or otherwise determine...

What is the procedure to have the court set up a personal injury trust for a minor under CPR 21.11 and what forms and evidence are required and how should this be presented to the court? Who is the settlor of a personal injury trust for a minor?

What is the procedure to have the court set up a personal injury trust for a minor under CPR 21.11 and what forms and evidence are required and how should this be presented to the court? Who is the settlor of a personal injury trust for a minor? We have assumed that: • the person is a child under the age 18 but that they will not lack capacity to make decisions when they reach 18 • damages have been recovered following a trial in a personal injury claim We refer you to the resources below in considering this question. CPR 21.11 states: '(1) Where in any proceedings – (a) money is recovered by or on behalf of or for the benefit of a child or protected party; or (b) money paid into court is accepted by or on behalf of a child or protected party, the money will be dealt with in accordance with directions given by the court under this rule and not otherwise....

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Question of the week: How can a trust established after 2009, with a 125-year duration and beneficiaries including the settlors' children and their descendants, be dissolved or wound up if the standard requirement is to obtain approval from all beneficiaries, considering that some beneficiaries have not yet been conceived or born and therefore cannot provide their consent?

This Q&A considers the methods termination of a trust where there are adult beneficiaries and when there are minor beneficiaries.

The transfer of assets abroad benefits charge—(Moran v Revenue and Customs Commissioners)

Private Client analysis: Section 731 of the Income Tax Act 2007 (ITA 2007) imposes a charge to income tax on an individual who receives a benefit as a result of a ‘relevant transfer’ (broadly a transaction which results in income arising to a person abroad) and/or associated operations (broadly an operation effected in relation to the relevant transfer). The issues in Moran concerned whether a benefit admittedly received by the taxpayer had been received as a result of operations which were associated operations in relation to a relevant transfer; whether the motive defence in ITA 2007, s 739 applied; and whether EU law impacted on that analysis. Written by Rory Mullan KC, barrister at Old Square Tax Chambers.