All Flashcards

(60 cards)

1
Q

What are the freedoms enjoyed in the UK

A

Of the person
Of association
To assemble and demonstrate
Of expression
From interference with property

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2
Q

How can parliament restrict someone’s tax planning

A

Anti avoidance legislation
Interpret legislation purposely
Published anti avoidance spotlights

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3
Q

What taxes is the crown subject to

A

VAT and stamp duty.
Not to income tax, CGT or IHT

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4
Q

What are some examples of illegality, irrationality and procedural impropriety for judicial review ? HMRC

A

Illegality: error of fact and law, unlawful delegation, failure to act

Irrationality: unreasonable conclusion

Procedural impropriety: failing to act on reasonable expectation, failure to give reasoning

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5
Q

What is a declaratory act

A

Create new law

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6
Q

What is an amending act

A

Amend existing law or repeal existing law. All finance acts are this type of

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7
Q

What is an enabling act

A

These acts bestow powers on other bodies to make law

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8
Q

What is a consolidation act

A

Bring statory law on a single matter into an existing law

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9
Q

What is the order of the Westminster stage

A

First reading
Second reading
Committee stage
Report stage
Third reading

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10
Q

What are patens

A

Rights over inventions
Registered patents last for 20 years

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11
Q

What are trademarks

A

Monopoly rights capable of being represented graphically
- valid for 10 years

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12
Q

What is copyright

A

Applicable to authors literary, artistically music or other works
Have neighbouring rights
Last 70 years

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13
Q

What formalities and when are following things transferred:
Chattels (in possession)
Land
Shares

A

Chattels: physical delivery
Land: must be in writing and land register must be altered
Shares: must be in writing of stock transfer form and share register changes

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14
Q

Where are the following property located:
Land
Chattels
Rights under debt
Shares
Goodwill

A

Land: where situated
Chattels: where physically located
Rights under debts: where debtor resides
Shares: where share registers is kept
Goodwill: where company carried on

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15
Q

What are freehold and leasehold estates actually called

A

Freehold: fee simple (usually absolute in possession)
Leasehold: terms of years absolute

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16
Q

What is a reversionary lease

A

Not in possession, starts at a later date

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17
Q

What is an estate contract

A

An interest in the land of the estate owner
Between initial contract and sale

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18
Q

What are promissory conditions

A

Obligation in a contract which one of the parties has the power to fulfill

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19
Q

What must a conditional contract include

A

Restricted right to withdraw
Duty not to prevent the condition precedent
Duty to make efforts to make condition precedent

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20
Q

What are liquidated and unliquidated damages

A

Liquidated are the amounts set by the parties
Unliquidated is the amount of loss found by the court

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21
Q

What are the three contracts within a contract of hire purchase

A

Contract of bailment (obtains possession and use)
Option contract
Contract of sale (if option exercised)

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22
Q

What are the four factors in the irreducible minima

A

Mutuality of obligations
Wage
Personal service
Control in a sufficient degree

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23
Q

What are the implied duties of an employee

A

Faithful service
Duty to obey lawful instruction
Due care and skill
Accounts for money
Personal service
Keep company secrets

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24
Q

What are implied duties of an employer

A

Indemnify employees
Reasonable remuneration
Provide work
Health and safety
Trust and confidence

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25
What must the principal document contain when starting employment
Name Date of employment Job title Remuneration Holiday Health and safety Place of work Period of employment Currency
26
What are the two ways someone can be wrongfully terminated
Summary dismissal without cause (No notice or final procedure) Constructive dismissal (where the employer can’t work due to employers action)
27
What are those liable to wrongful termination entitled to
Quashing of restrictive covenants Damages
28
What compensation are those that have been unfairly dismissed entitled to
Basic award (statutory redundancy pay) Compensatory award (based on losses) Punitive award (where employee hasn’t been re-instated etc)
29
Who can give fixed and floating charges
Any business can give fixed, only LLP and companies can have floating charges
30
What are all 4 NIC’s
2 and 4 are paid by self employed if they exceed a certain threshold Class 3 can be paid voluntarily if they don’t exceed threshold to get state benefits 1 is employer contribution to employee
31
What needs to be considered with business premises
Consent of mortgager Whether landlord prohibits it Planning permission Restrictive covenants Insurance and business rates
32
What is a partner that isn’t involved in day to day running known as
Sleeping partner
33
What should a written partnership agreements contain
Name, data Rules on admission and death etc of party es Meetings of partners Capital and profit apportionment Indemnity Dispute resolution
34
What does PA 1890 further imply
All partners take part in management No entitled to remuneration Partner indemnification Majority vote
35
What would make a marriage voidable
Lack of consent (dures) Mental disorder STD gender reassignment Not consummated Pregnant
36
How can a marriage be ended without divorce
Decree of judicial separation (first 12 months) Deed of separation (parties agree thenselves) In circumstances where separation permanent
37
How man British citizenship be obtained
Birth Adoption Descent (registration/naturalisation)
38
What does lasting power of attorney need to be valid
Donor over 18 Cannot give Donne power to appoint substitute Must be written declaration of intent by donor LPA certificate Must be completed and signed by donor with witness
39
What are three types of gift
Valid lifetime gift (transfer of ownership and delivery) Imperfect gifts (will not be perfected apart from when deceased is personal rep) Other gifts (trust)
40
Upon death where does the ownership of property lie
Absolute owners in law and equity are the personal representatives They must administrate property
41
What would be drawn up to transfer property to a beneficiary
Assent document
42
What are the primary duties of personal representatives
Obtain probate Ascertain assets and liabilities Collect assets hired out Pay expenses Distribute the residue
43
How may a will be changed by the settlor and by the beneficiaries
Codicils read with will Deed of variation after death (must have agreement)
44
How may a will be revoked
Executing a later will which expressly or implied revoeks Marriage Physical destruction in testators presence Letter witnessed by two
45
What are the four types of legacy
Specific legacy - specific part of the estate General - not specific part Pecuniary - money Residual - residue of the estate
46
How many a legacy fail
Divorce Witness of a will Adenption (gift doesn’t exist) Legatee dies before gift Refusal of the gift Abatement of gift (used to pay) Forfeits the gift (murdered)
47
How does a residuary legacy fail
Legatee dies before testator Condition not fulfilled Disclaimed by named beneficiary Uncertainty
48
Who may apply for family provision claim
Surving spouse Former spouse not married Child Person maintained Person living with
49
What can the court give in a case of family provision claim
Transfer of property or trust Payment of lump sum or income
50
What should be considered when making a family provision claim
Moral obligations Financial resources of claimant Size and nature of estate Disability
51
What is a contingent interest
A reversionary interest that requires the remianqderman to have satisfied a condition e.g aged
52
What is a flexible life interest trust
Allows property to be held on life interest but then gives trustees the power to revoke this and establish a new trust
53
Give some examples of benefits of trust
Retain control but give away income Ability to decide at a future date who should ultimately benefit
54
How may a trust be completely constituted
Transfer of property to the trustees Settlor declares they hold the property on trust for the beneficiaries
55
Who has power to appoint new trustees
Settlor has the power for first Express power on someone else (protectors) Trustees Beneficiaries when all agree Court
56
When may trustees appoint another trustee
Death Outside of UK for 12 months Retirement/refusal to act Bankruptcy or unfit to act
57
What are the two powers of trustees
Maintenance (for minor trustees) Advancement (has to be in specific scenarios like buying a house)
58
Duties of the trustees
Act within scope Protect and invest trust property Act impartially Account Not to profit or purchase Distribute
59
How may breach of trust be remedied
Recover trust property Claim damages form the trustees
60
How may variation of the trust be done
Collective agreements from beneficiaries Trustees if given express powers Application the court