SQE 2 Numerical Revision (All Subjects) Flashcards
Flashcards on key figures and timings
1
Q
What is the default notice period for a General Meeting?
A
14 clear days notice. If posted or emailed, deemed served 48 hours after sending.
2
Q
What is required for a General Meeting to be held on short notice?
A
Majority consent from members holding 90% (private unless increased in articles) or 95% (public) of the nominal value of the shareholding.
3
Q
What notice is required for the removal of a director?
A
Special notice of 28 clear days before the General Meeting.
4
Q
What happens if directors do not comply with a s.303 request?
A
They have 21 days to act; shareholders can take control on day 23 and must call a GM within 3 months.
5
Q
What approval is needed to vary class rights by written resolution?
A
Consent of holders of at least 75% of the issued shares of that class.
6
Q
What is required to vary class rights by a special resolution?
A
75% approval at a separate general meeting of that class or a written reolution passed (75%) of the holders of the clas..
7
Q
When is shareholder approval needed for a director’s service contract?
A
If the guaranteed term exceeds 2 years.
8
Q
When is OR approval required for a director’s service contract?
A
If a director is granted a qualifying term, unless the company is a wholly-owned subsidiary (WOS).
9
Q
What is the required statement for a buyback of shares out of capital?
A
A directors’ solvency statement must be made within 3 months of submitted accounts.
10
Q
When must notice to creditors be published for a share buyback?
A
Within 7 days of the special resolution in the Gazette.
11
Q
When must the share buyback take place after a special resolution?
A
Between 5 and 7 weeks after the special resolution.
12
Q
What must be done with the memorandum of the contract for a share buyback?
A
It must be available to members at the company office for 15 days ending with the meeting date.
13
Q
What are the timeframes of a pre-insolvency moritorium?
A
A moratorium lasting 20 business days, extendable by directors to 40 days; further extensions need creditor or court approval.
Court approval needed for over 12 months.
14
Q
What is the approval timeline for a Company Voluntary Agreement (CVA)?
A
Nominee to court within 28 days, creditors vote in 14 days (75%), shareholders vote within 5 days (51%).
15
Q
What is the challenge period for creditors after a CVA is approved?
A
Creditors may challenge within 28 days for unfair prejudice.
16
Q
When is a substantial property transaction subject to approval?
A
If a company transacts with a director, holding director, or connected person for a substantial asset unless it’s a WOS.
17
Q
What is the value threshold for a non-substantial asset?
A
Less than £5,000.
18
Q
What is the value threshold for a substantial asset?
A
Greater than £100,000.
19
Q
When is an asset between £5,000 and £100,000 considered substantial?
A
If it is worth more than 10% of the company’s net value.
20
Q
What is the filing requirement for securities such as charges?
A
Register at Companies House within 21 days from the day after the charge is created.
21
Q
How long must a company keep meeting minutes?
A
Meeting minutes must be kept for 10 years.
22
Q
What is the filing requirement for special resolutions?
A
Must be filed at Companies House within 15 days.
23
Q
What is the filing requirement for ordinary resolutions?
A
Ordinary resolutions do not need to be filed at Companies House.
24
Q
What is the creditor/shareholder approval threshold for a restructuring plan?
A
75% in value of each class, unless a cross-class cram down is used.
25
When may a loan with a director need shareholder approval?
If the amount exceeds specified thresholds, ordinary resolution may be required.
26
What is the threshold for approval of loans or quasi-loans to directors?
£10,000 or more.
27
What is the threshold for credit transactions with directors requiring approval?
£15,000 or more.
28
What is the approval threshold for a director guarantee?
Any amount requires approval.
29
What defines personal insolvency?
No real prospect of paying an unsecured debt over £5,000.
30
What are the triggers for corporate insolvency?
Failure to comply with a statutory demand over £750, inability to pay debts, or greater liabilities than assets.
31
What are the steps in a Creditors’ Voluntary Liquidation (CVL)?
SR to place into CVL, OR to appoint liquidator, creditors approve within 14 days, dissolution within 3 months of filing final account.
32
What are the steps for administration?
Directors file notice of intention at court and serve on QFCH, wait 5 days. If no action, file notice of appointment within 10 days. Administrator submits report in 8 weeks, completes within 12 months.
33
What is the relevant period for a Transaction at Undervalue in corporate insolvency?
2 years prior to onset of insolvency. Insolvency presumed.
34
What is the relevant period for a Transaction at Undervalue in personal bankruptcy?
5 years prior to onset of insolvency. Insolvency presumed with associates.
35
What is the relevant period for a Transaction Defrauding Creditors in corporate insolvency?
Any prior to onset of insolvency.
36
What is the relevant period for a Transaction Defrauding Creditors in personal bankruptcy?
Any prior to onset of insolvency.
37
What is the relevant period for Preferences in corporate insolvency?
Unconnected: 6 Months prior to onset. Connected: 2 Years prior to onset & desire to prefer presumed.
38
What is the relevant period for Preferences in personal bankruptcy?
Unassociated: 6 Months prior to onset. Associated: 2 Years prior to onset & desire to prefer presumed.
39
What is the relevant period for a Floating Charge in corporate insolvency?
Unconnected: 12 Months prior to onset. Connected: 2 Years prior to onset.
40
Does Floating Charge apply in personal bankruptcy?
Inapplicable - No Floating Charges
41
What is the Personal Allowance for income tax and how is it reduced?
£12,570 reduced by £1 for every £2 of Net Income above £100,000 (Lost at £125,140)
42
What are the income tax bands for taxpayers?
Basic Band (up to £37,700), Higher (£37,701 - £125,140), Additional (above £125,140)
43
What are the Non-Savings income tax rates?
Basic (20%), Higher (40%), Additional (45%)
44
What are the Savings income tax rates and 0% relief bands?
Basic Band: £1,000 at 0%; Higher Band: £500 at 0%; Additional Band: No 0% Rate. Remaining Rates: Basic (20%), Higher (40%), Additional (45%)
45
What is the Dividend income tax rate structure?
0% for £500 irrespective of band. Basic (8.75%), Higher (33.75%), Additional (39.35%)
46
What is the Real Estate Capital Gains Tax rate?
Basic (£37,700): **18%.**
Income above Basic: **24%**
Note, that if Business Asset Disposal or Investor Relief applies, the reduced rate is still **10%!!!**
47
What is the Capital Gains Tax rate on assets other than property?
It is the same as for residential....
Basic (£37,700): **18%.**
Income above Basic: **24%**
Note, that if Business Asset Disposal or Investor Relief applies, the reduced rate is still **10%!!!**
| This is true as of 30 October 2024.
48
What is the Annual Exemption for Capital Gains Tax for companies?
Companies do NOT have an Annual Exemption
49
What is Business Asset Disposal Relief (BADR)?
Reduces higher rate from to 10% for gains on qualifying disposals subject to £1 million lifetime allowance:
* Disposal of **all or part of a business**
* Disposal of **assets used** in a business
* Disposal of 5% ordinary (participating) voting shares
If….
* Owned for 2 years prior to disposal
* Business is trading or was trading within 3 years
Note, for shares, it must be a disposal by an officer or employee. If this is not satisfied, consider investor relief.
50
For individuals, not companies, what is the CGT annual allowance?
£3,000
51
What is Investor Relief?
Reduces higher rate to 10% subject to £10 million lifetime allowance if fully paid up ordinary shares held continuously for 3 years not by an employee or officer.
52
What is Substantial Shareholding Relief?
100% relief if a company **disposes** of shares in a trading company, if held 10% ordinary share capital for at least 12 months during last 6 years.
They do not need to sell all of those shares.
53
What is the Corporation Tax rate for companies with profits under £50,000?
19 %
54
What is the Corporation Tax rate for companies with profits over £250,000?
25 %
55
What is the Corporation Tax rate for profits between £50,000 and £250,000?
Tapering between 19% and 25%, whereby marginal relief reduces the rate.
56
What is the filing and payment deadline for Corporation Tax for companies with TPP under £1.5 million?
Pay within 9 months and 1 day of end of accounting period. File tax return within 12 months.
57
What is the payment schedule for Corporation Tax where TPP is over £1.5 million?
Pay in four instalments over accounting period.
58
What are the rules for Capital Allowance: Main Rate?
Deduct 18% of the value of Plant & Machinery each year on a reducing basis.
59
What are the rules for Capital Allowance: Annual Investment Allowance?
Deduct 100% expenditure on new, used or refurbished plant and machinery up to £1 million for a qualifying purchase each year.
60
What are the rules for Capital Allowance: Full Expensing?
From April 2023 to March 2026. Deduct 100% of expenditure on Plant and Machinery uncapped.
Note, unlike MAIN RATE, it ONLY applies to NEW not USED assets.
61
How does the main rate, AIA and full expensing capital allowances interact?
Use Full Expensing or AIA for immediate relief (if eligible).
Main Rate Allowance is the fallback when limits are exceeded or assets don't qualify.
**For example....**
Purchase of a £500,000 qualifying asset....
(a) Full Expensing: 100% deducted in Year 1 (£500,000). No deductions in future years.
(b) AIA: £500,000 falls within £1 million limit. Same result as full expensing.
(c) Main Rate: Much slower relief over the years.....
Year 1: 18% = Deduct £90,000 from Trading Profits (New Value £410,000)
Year 2: 18% of £410,000 = Deduct £73,800 from TP (NV £336,200)
Year 3: 18% of £336,200 = Deduct £60,516 from TP (NV £275,684)
62
For corporation tax, what do capital allowances (AIA, Main Rate, Full Expensing) reduce?r
Capital allowances apply against **Trading Profits (TPP)**, not against capital gains.
63
What is the VAT registration threshold?
Register by the end of any month if the value of taxable supplies in the period of 1 year has/will exceed £90,000.
64
What are the VAT payment rules for businesses paying under £2.3m VAT?
Submit VAT Return to HMRC every 3 months.
65
What are the VAT payment rules for businesses paying £2.3m or more VAT?
Monthly payments, with quarterly returns.
66
What are the VAT rates?
Standard: 20%, Reduced: 5%, Exempt: 0% with no recovery, Zero: 0% with input recovery.
67
When must private companies file their company accounts?
Within 9 months after the end of the accounting period.
68
When must public companies file their company accounts?
Within 6 months after the end of the accounting period.
69
What is the response time for a Letter of Claim in a default case?
14 days to respond, extendable to 3 months
70
What is the response time for a Letter of Claim in a personal injury case?
Acknowledgement in 21 days, full response within 3 months
71
What documents must be filed before a multi-track Case Management Conference (CMC)?
Disclosure Report: 14 days before CMC; Draft Disclosure Directions: 7 days before CMC
72
When is the Pre-Trial Checklist due?
8 weeks before trial; send to court 14 days before hearing
73
When must the Trial Bundle be filed?
Filed by Claimant between 3–7 clear days before trial
74
When must authorities be filed in the High Court?
By 5pm the day before the hearing
75
What is the deadline to serve a Claim Form within jurisdiction?
Within 4 months of issue
76
What is the deadline to serve a Claim Form out of jurisdiction?
Within 6 months of issue
77
When must the Certificate of Service be filed?
Within 21 days of service
78
What documents must be filed before a Cost Management CMC?
Cost Budget: 21 days before CMC; Budget Discussion Report: 7 days before CMC
79
When must Particulars of Claim be served?
Within 14 days from claim form; file a copy within 7 days of service
80
When must a party respond to an inspection notice?
Within 7 days of receipt
81
When is a judgment debt due?
14 days from date of the judgment order
82
What is the deemed date of service for a Claim Form?
Second business day after sending
83
What is the deemed date of service for particulars served separately via instant method before 4:30pm on a business day?
Same day
84
What is the deemed date of service for particulars served after 4:30pm or not on a business day?
Next business day
85
What is the deemed date of service for particulars sent by post (non-instant)?
Second day after posting if a business day, otherwise next business day
86
When must you give notice to cross-examine or attack credibility of hearsay evidence?
Within 14 days of the hearsay notice
87
What is the notice period for a TCG Enforcement Order?
Notice to Take Control: 7 clear days
88
What is the time limit to take control of goods after TCG order?
12 months
89
What hours can goods be seized under a TCG Order?
Between 6am and 9pm
90
What tools of trade are exempt from seizure under TCG?
Tools up to an aggregate value of £1,350
91
When must you apply to court for a TCG order depending on enforcement amount?
< £600: CC Warrant
£600–£5000: CC or HC
£5,000: HC Writ
92
When must questions to expert be submitted?
Within 28 days of expert report service
93
When must an expert's request for directions be served on instructing party?
7 days before filing
94
When must a copy of expert's request be served on other parties?
4 days before filing
95
When must a response to a claim be filed?
Within 14 days of the latest of claim form or particulars of claim
96
If D acknowledges service, what is the time limit to file a defence?
28 days from deemed service of latest document
97
How long can parties agree to extend defence deadline?
Up to 56 days from deemed service of latest document
98
When must disclosure occur on the Small Claims Track?
All documents filed and served 14 days before hearing
99
When is disclosure directed on the Fast Track?
On allocation
100
How do you appeal immediately?
Apply orally before the judge
101
What is the time limit to file appeal using N161?
Within 21 days of lower court decision
102
What is the time to request an oral hearing if permission to appeal using N161 is refused?
Within 7 days
103
What is the claim issue fee threshold for non-personal injury in County Court?
£100,000 or less
104
What are examples of the default timing procedure for interim applications?
* Interim Injunctions
* Security for Costs
* General Applications
105
What are the steps to issue an interim application?
N244, evidence, draft order, fee
106
For the default procedure, when must you serve notice of interim application?
3 clear days before hearing
107
For the default procedure, when must Respondent's additional evidence be served?
As soon as possible
108
For the default procedure, when must Applicant's additional evidence be served?
As soon as possible
109
For interim applications (both standard and extended timings) when must statement of costs be served?
24 hours before hearing
110
What is the minimum Relevant Period for a Part 36 Offer?
21 days
111
What is the claim issue (value) threshold for non-personal injury in County or High Court?
Over £100,000 depending on value, complexity, and importance
112
When must application to withdraw a Part 36 Offer be made if accepted?
Apply to court within 7 days of notice of acceptance
113
What is the claim issue threshold for Personal Injury claims in County Court?
Less than £50,000
114
What are examples of extended interim applications?
Summary Judgment, Interim Payment
115
When must notice be served for an extended interim application?
14 days before hearing
116
When must Respondent’s additional evidence be served for extended application?
7 days before hearing
117
When must Applicant’s additional evidence be served for extended application?
3 days before hearing
118
What are the cost consequences if C gets equal or better judgment than a Part 36 offer D rejected?
D pays C’s costs on standard basis up to end of RP; After RP: indemnity basis, up to 10% interest; damages: 10% up to £500k, 5% above £500k, capped at £75k
119
What are the Track Allocation thresholds for Small Claims?
General: £10,000; Personal Injury: £1,500; Road Traffic: £5,000
120
What are the Track Allocation thresholds for Fast Track?
Up to £25,000; 1
121
What is the priority period for OS1 (Registered Land, Whole Title)?
30 working days – buyer should complete and register within that period
122
What is the priority period for OS2 (Registered Land, Part Title)?
30 working days – buyer should complete and register within that period
123
Does OS3 (Leases < 7 years) have a priority period?
No priority period
124
What is the priority period for K15 (Unregistered Land)?
15 working days – registration must occur within 2 months of completion
125
What is the priority period for K16 (Bankruptcy Search for Lender)?
15 working days – protects lender by showing bankruptcy status
126
What is the validity period for an EPC?
10 years
127
What is a Homebuyer Survey used for?
To assess property in reasonable condition and if it is less than 150 years old
128
What is a Full Structural Survey used for?
For older properties (typically over 150 years old)
129
What is included in Title Investigation for Unregistered Land?
Epitome of Title including a good root of title over 15 years old
130
What makes a deed valid?
< 31 July 1990: signed, sealed, delivered; After 31 July 1990: signed and delivered
131
What are the SDLT payment deadlines?
Within 14 days of the earliest of completion or occupation (get SDLT5)
132
What is the SDLT Residential Nil Rate Band?
£0 - £250,000 at 0% for both Premium and NPV
133
What is the SDLT Commercial Nil Rate Band?
£0 - £150,000 at 0% for both Premium and NPV
134
What is the SDLT surcharge for second residential properties?
Additional 5% on the entire purchase price or premium
## Footnote
Note this changed October 2024
135
What are the First Time Buyer SDLT rates?
Property ≤ £625k: £0 - £425k @ 0%, £425k - £625k @ 5%
136
What is the deadline for LTT payment in Wales?
Within 30 days of the earliest of completion or occupation (get WRA)
137
What are the LTT Residential Nil Rates (Premium)?
£0 - £225,000 at 0% (No NPV on residential leaseholds)
138
What is the higher LTT rate in Wales if buyer owns another property?
£0 - £180,000 @ 5%; no nil rate applies
139
What is the Commercial Nil Rate for LTT (Premium & NPV)?
£0 - £225,000 at 0%
140
What does an Enforcement Notice do?
Gives 28-day notice that land must be restored or comply with planning conditions
141
What does a Stop Notice do?
Requires activity to cease immediately – cannot prohibit dwelling house use or long-standing use (4+ years)
142
What is an Injunction used for in planning enforcement?
Court order applied for by authority at any time with good reason
143
What does 'Excluded Tenancy' mean under security of tenure?
Fixed tenancy < 6 months unless renewable > 6 months or tenant occupied 12+ months through successive tenancies
144
What are the rules for contracting out of security of tenure?
≥14 days: simple signed declaration; <14 days: statutory declaration before solicitor
145
What is the interest rate under the SCS for failure to complete?
Law Society rate: 4% above Barclays Bank Base Rate
146
What happens if the buyer defaults and hasn’t paid the full 10% deposit?
Buyer must pay full 10% immediately; completion must occur within 10 working days after notice
147
What compensation is due under a landlord s.25 notice?
Occupied <14 years: 1% Rateable Value; 14+ years: 2% Rateable Value
148
When must a s.25 or s.26 notice be served?
Between 6–12 months before the proposed end date
149
What is the landlord's deadline to respond to a s.26 notice?
2 months – otherwise tenant may apply to court
150
What is the response deadline for a s.3 LTA alteration request?
Landlord must respond within 3 months
151
What is the minimum rent arrears for CRAR?
7 days’ principal rent must be owed
152
What is the notice period for a tenant s.27 notice after holding over?
3 months' notice before intended termination date
153
When must notice of alienation be received?
Within 1 month of completion
154
What is the England planning enforcement time limit for development without permission before 25 April 2024?
4 years from completion
155
What is the England planning enforcement time limit for change to a single dwelling before 25 April 2024?
4 years from commencement of works
156
What is the England planning enforcement time limit for other breaches before 25 April 2024?
10 years
157
What is the England planning enforcement time limit for any breach after 25 April 2024?
10 years for all breaches
158
What are the planning enforcement time limits in Wales?
Development: 4 years from completion; Dwelling change: 4 years from commencement; Other: 10 years
159
What is the prosecution time limit under England Building Regulations?
Unlimited
160
What is the enforcement notice time limit under England Building Regulations?
10 years
161
What is the injunction time limit under England Building Regulations?
Unlimited
162
What is the prosecution time limit under Wales Building Regulations?
6 months from discovery, and within 2 years of completion
163
What is the enforcement notice time limit under Wales Building Regulations?
1 year from completion
164
What is the injunction time limit under Wales Building Regulations?
Unlimited
165
What is the default completion timeframe under SCS?
20 working days after contract; time for completion is 2pm under both SCS and SCPC
166
What is the general detention time limit at the police station?
24 hours from arrival. Superintendent can extend by 14 hours (for indictable offences, diligent investigation). Magistrates can grant a warrant extending it up to 96 hours.
167
What is the inspector's duty during detention reviews?
First review 6 hours after detention begins, then every 9 hours thereafter.
168
When can the right to inform someone be delayed during detention?
Inspector can delay up to 36 hours if informing would harm evidence, others, alert suspects or hinder recovery of property.
169
When can access to a solicitor be delayed?
Superintendent can delay for up to 36 hours on similar grounds to delay of informing someone.
170
What is the time limit for pre-charge bail?
28 days from the day after arrest. Superintendent can extend by 3 months. Court can further extend by 3 months. Total maximum: 6 months, 28 days.
171
When will the first hearing take place if D is on bail and a guilty plea is anticipated?
Sentence in Magistrates' Court: within 14 days of charge. Sentence in Crown Court: within 28 days of charge.
172
When will the first hearing take place if D is on bail and a not guilty plea is anticipated?
Whether retained in Mags or sent to Crown: trial set within 28 days of charge.
173
When will the first hearing take place if D is in custody?
They appear at the next available court.
174
What is the standard bail application procedure?
1st: Magistrates at first hearing. 2nd: Apply again in 8 clear days. 3rd: Apply to Crown Court.
175
What is the urgent bail procedure?
1st: Mags at first hearing. 2nd: Crown Court hearing listed within 48 hours (excluding weekends).
176
How long can Magistrates remand a defendant without a court date?
Max 8 days unless a further court date is set. Must be returned every 28 days for onward remand.
177
What is the composition of a VIPER video ID parade?
8 individuals + 1 defendant (total of 9) or 12 individuals + 2 defendants (total of 14).
178
How many people are involved in an identification parade?
8 individuals + 1 defendant (total of 9).
179
When must a trial in Magistrates’ Court begin?
Within 56 days from the first hearing.
180
When must a trial in Crown Court begin?
Within 182 days from the first hearing, less any days spent in custody.
181
What is the credit for an early guilty plea at first hearing?
1/3 (33%) reduction in sentence.
182
What is the credit for a guilty plea after first hearing but before trial?
1/4 (25%) reduction.
183
What is the credit for a guilty plea on first day of trial?
1/10 (10%) reduction.
184
When is parole eligibility in standard cases?
At the halfway point (50%) of the custodial sentence.
185
When is parole eligibility for Extended Determinate Sentences?
At the two-thirds (67%) point of the custodial sentence.
186
What is the sentencing power for summary-only offences in Magistrates’ Court?
Max 6 months. Suspended sentences: 14 days – 6 months. Operational period: 6 months – 2 years.
187
What is the sentencing power for either-way offences in Magistrates’ Court?
Max 12 months. Suspended sentences: 14 days – 12 months. Operational period: 6 months – 2 years.
188
What is the sentencing power for either-way and indictable offences in Crown Court?
Unlimited. Suspended sentences: 14 days – 2 years. Operational period: 6 months – 2 years.
189
What is the max period for a community order?
Specified period no more than 3 years.
190
What happens if a community order is breached for a second time after a warning?
Court may fine up to £2,500, extend order up to 6 months beyond 3 years, or impose up to 6 months’ custodial sentence.
191
What is the maximum duration of a conditional discharge?
Specified period no more than 3 years.
192
What is the structure of a mandatory life sentence?
Fixed term (30, 25, 15 years) plus licence for life.
193
What is a whole life order?
No fixed term and no possibility of release.
194
When must the prosecution serve notice to adduce D’s bad character in Magistrates’ Court?
20 business days after guilty plea.
195
When must the prosecution serve notice to adduce D’s bad character in Crown Court?
10 business days after guilty plea.
196
When must a co-defendant serve notice to adduce D’s bad character?
10 business days after material disclosure.
197
When must notice to adduce bad character of a non-defendant be served?
10 business days after material disclosure.
198
When must D object to the admission of bad character evidence?
10 business days after notice to adduce.
199
What is the procedure to oppose hearsay evidence?
No more than 10 business days after the latest of: notice to adduce, service of evidence objected to, or D pleads not guilty.
200
When must the prosecution give hearsay notice in Magistrates’ Court?
20 business days after guilty plea.
201
When must the prosecution give hearsay notice in Crown Court?
10 business days after guilty plea.
202
When must the defence give hearsay notice?
As soon as reasonably practicable.
203
What is the appeal time limit from Magistrates’ to Crown Court?
15 business days from the date of sentence.
204
What is the appeal time limit from Crown Court to Court of Appeal?
28 days from conviction or sentence.
205
What is the appeal time limit for case stated to the High Court?
21 days from the date of the decision.
206
What is the slip rule period for Crown Court (sentence only)?
56 days from sentence.
207
What is the slip rule period in Magistrates' Court?
A reasonable time after conviction or sentence.
208
What is the appeal time limit to the UK Supreme Court?
28 calendar days from when the Court of Appeal gives reasons.
209
What is the definition of a Persistent Young Offender (PYO)?
Aged 10–17 and convicted/admitted 3 imprisonable offences within 12 months.
210
What is a Referral Order?
Penalty of 3 to 12 months for first-time offenders.
211
What is the minimum custodial period for a mandatory murder sentence in youth?
At Her Majesty's Pleasure – minimum 12 years.
212
What is the criteria for a Detention and Training Order (DTO)?
Must be 15–17 or a PYO aged 12–14. Duration: 4 to 24 months.
213
What is the definition of a Grave Crime?
Offence punishable with 14+ years imprisonment for an adult and real risk of 2+ year detention.
214
What is a Dangerous Young Offender?
Specified offence and custodial term of at least 4 years would be imposed.
215
By when must the prosecution apply for a Prosecution Terminatory Appeal?
Expedited: next business day.
Non-expedited: within 5 business days.
216
What is the statutory legacy for a spouse when there is issue under intestacy?
£322,000 free of tax.
217
What does the spouse receive under intestacy in addition to the statutory legacy?
Personal chattels and 50% of the residue.
218
What do the issue receive under intestacy when there is also a spouse?
50% of the residue.
219
What is the survivorship requirement for a spouse under intestacy?
The spouse must survive the deceased by 28 days.
220
What is the default number of executors/administrators allowed?
Maximum of 4.
221
What form is used for an executor application under a will?
PA1P.
222
What form is used for an administrator application where there is no will?
PA1A.
223
What rule applies where there is a will but no executor?
NCPR 20.
224
What rule applies where there is no will?
NCPR 22.
225
What form is used to delegate the grant to an attorney?
PA11.
226
What is the default administration period from the date of death?
12 months.
227
What is the administration period if an IHT claim is made?
10 months from the date of the grant.
228
What is the probate registry fee?
£300 unless the estate is worth less than £5,000.
229
What is s.31 Trustee Act 1925?
Statutory power of maintenance—payment of income for minor beneficiaries' maintenance, ends at age 18.
230
What is s.32 Trustee Act 1925?
Statutory power of advancement—advancement of presumptive capital share with prior interest consent (50% pre-Oct 2014, 100% post-Oct 2014).
231
What is the limitation period for an IPFDA claim?
6 months from the grant.
232
What is the standard for an unmarried former spouse within 12 months of divorce?
Surviving Spouse Standard.
233
What is the standard for an unmarried former spouse after more than 12 months of divorce?
Maintenance Standard.
234
What is the Nil Rate Band (NRB)?
£325,000 at 0%.
235
What is the Residence Nil Rate Band (RNRB)?
£175,000 at 0% if home left to a direct descendent
236
When is RNRB completely lost?
If net estate is £2,350,000 or more.
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What is the Transferred NRB (TNRB)?
Surviving spouse inherits unused NRB percentage (up to £325,000).
238
What is the Transferred RNRB (TRNRB)?
Surviving spouse inherits unused RNRB percentage, but tapered off by £1 for every £2 for estates above net value of £2m. Lose benefit if you have full RNRB and TRNRB at £2,700,000.
239
What is the maximum possible 0% IHT band?
£1,000,000 if NRB, TNRB, RNRB, and TRNRB fully apply.
240
What is the Annual IHT Exemption?
£3,000 plus up to £3,000 unused from previous tax year.
241
What is the Small Gifts Allowance?
£250 per person per tax year.
242
What are the Marriage Gift Exemptions?
£5,000 from a parent, £2,500 from a grandparent, £1,000 from anyone else.
243
What is the Family Maintenance Exemption?
Unlimited exemption for maintenance, education, and support of dependants.
244
What is the Charity Exemption?
100% IHT relief
245
What is the Spouse Exemption?
100% IHT exemption for transfers to a spouse or civil partner.
246
What is Business Property Relief for a business interest or unquoted shares?
100% IHT exemption.
247
What is Business Property Relief for quoted shares with voting control?
50% IHT exemption.
248
What is Business Property Relief for business-used assets not owned by business?
50% IHT exemption.
249
What is Agricultural Property Relief for tenancy before 1995?
50% IHT relief.
250
What is Agricultural Property Relief for tenancy after 1995 or ownership?
100% IHT relief.
251
What is Woodland Relief?
Defers IHT if deceased owned woodland for 5 years or inherited it.
252
What is Quick Succession Relief?
Reduces IHT if deceased inherited assets in last 5 years that were taxed.
253
When must IHT (IHT400) be paid?
Before grant is issued and within 6 months from the end of month of death.
254
When must the IHT account be submitted?
Within 12 months from the end of the month of death.
255
What is the IHT lifetime rate on chargeable transfers (LCTs)?
0.2
256
What is the IHT death rate after NRB?
0.4
257
What is Taper Relief for PETs?
Reduces IHT for gifts made 3–7 years before death.
258
What are the taper relief percentages for PETs?
3–4 years: 80%, 4–5: 60%, 5–6: 40%, 6–7: 20%.
259
What is a Low Value Excepted Estate?
Estate under NRB/TNRB with no RNRB, GWROB, major trusts, or foreign assets over £100k.
260
What is an Exempt Excepted Estate?
Gross estate <£3m and no IHT due due to NRB/TNRB, spousal and charity exemptions, and not meeting disqualifying criteria.
261
If a case falls within the multi track, what value will exclude it from falling within the cost management regime?
(a) Exceeds £10m; or
(b) Falls below £50,000
(c) Claums by individuals under 18;
(d) Claims subject to fixed costs
262
For CGT rollover relief, when must the replacement be purchased?
The new item can be purchased either….
(a) 1 Year before disposal: or
(b) 3 Years after disposal
