Chapter 2: Legal Concepts Flashcards
(13 cards)
Legal Entities
What is an ‘Individual’?
A Human Being.
Entitled to a Personal Allowance for Income Tax Purposes.
Legal Entities
What is a ‘Company’?
A Juristic Person
Not Human
Referred to as a Corporation or Body Corporate.
Legal Entities
‘Persons’ Include:
- Individuals;
- Bodies Corporate; and
- Unincorporated Bodies.
Classification of Corporations
Corporations Can be Created Through:
- A Charter;
- A Statute; or
- CA 2006.
Types of Corporation
What is an Example of a ‘Corporation Sole’?
The Mayor of London.
The Office
Involves One Person But Continues in Existence if The Mayor of London Dies.
Attributes of Corporations
The General Attributes of a Corporation Include:
- A Seperate Legal Entity;
- Perpetual Succession;
- Continuing Identity - Ongoing Contractual Liability; and
- Taxation Seperate From Owners.
Non-Juristic Persons
Examples of Unincoporated Bodies Include:
- An English Partnership;
- Trustees; and
- Personal Representatives.
Tax Context
What is a Good Example of Tax Law Following General Law?
Partnership Income/Gains are Taxed on Individual Partners.
Tax Context
What is an Example of Tax Law Not Following General Law?
Trustees of a Trust Pay Income Tax and Capital Gains Tax as a Body.
Treated as a Single Entity
Foreign Entities
What are Some Common Questions in Determining Whether a Foreign Entity is a Corporation?
- Is There Seperate Legal Existence?
- How are Profits Dealt With?
- Who is Responsible for Debts?
- Who Owns Assets?
Questions of Law
What do Questions of Law Entail?
The Correct Application of Law.
Questions of Fact and Law
What Does the First-Tier Tribunal Establish?
Facts.
Questions of Fact and Law
What is Considered if a Case is Appealed to the Upper Tribunal?
Points of Law.
