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EU and UK Wire Transfer Regulations—timeline to 31 December 2023 [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. For UK developments see: AML/CTF/CPF—timeline of UK legal and regulatory developments for financial services. For EU developments see: AML/CTF/CPF—timeline of EU legal and regulatory developments for financial services. This timeline outlines the developments in relation to the Wire Transfer Regulation (Regulation (EU) 2015/847) (also known as the Funds Transfer Regulation (FTR)), its predecessor the Wire Transfer Regulation (Regulation (EU) 1781/2006) and the Recast EU WTR2 (also referred to as the Recast EU Transfer of Funds Regulation (EU FTR2)) which entered into force in June 2023 and applies from 30 December 2024 and forms part of the wider European Commission 2021 legislative package overhauling the European Union’s AML/CTF legal framework and regulatory requirements. It further includes the onshoring of EU WTR2 through the Retained Regulation (EU) 2015/847 (UK WTR2) and relevant updates brought in through the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,...
Third party rights in construction contracts—checklist When drafting or negotiating third party rights provisions in a construction contract (see Practice Note: The Contracts (Rights of Third Parties) Act 1999 in construction contracts), the following should be taken into account: • Is the Contracts (Rights of Third Parties) Act 1999 generally excluded? Does the contract expressly exclude the conferring of rights/benefits on third parties by virtue of the Contracts (Rights of Third Parties) Act 1999 (C(RTP)A 1999)? Contracts typically contain a general exclusion clause in relation to C(RTP)A 1999 but, in construction agreements, this is commonly made subject to any relevant clause of the agreement conferring third party rights on specific parties—see for example Precedent: Third Party Rights Act clause. If there is a general exclusion, make sure that the clause conferring rights on third parties is carved out. • Third party rights or collateral warranty? If the contract provides that third party beneficiaries will have certain benefits, or rights to enforce the contract, does it specify whether such rights/benefits will...
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Cross-border inheritance tax issues FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime. At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of the former Conservative administration to abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. The government also confirmed its intention to move to a residence-based regime for inheritance tax. The changes will also affect the rules determining excluded property status, the Abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024—Private Client analysis — International, Autumn Budget 2024 (paras 2.56 and 5.51), OOTLAR (para 1.3) and TIIN: Reforming the taxation of non-UK domiciled individuals. This Practice Note covers UK inheritance tax (IHT) issues in cross-border situations and deals with: actual and deemed domicile; double tax treaties and ...
Recognition of judgments under Brussels I (recast) This Practice Note considers the provisions in Regulation (EU) 1215/2012, Brussels I (recast) dealing with the recognition of judgments. It sets out the general provisions and then looks in some detail at the grounds on which recognition might be refused followed by how to make an application requesting that the court refuses to recognise the judgment. For guidance on enforcement of judgments, see Practice Note: Enforcement of judgments under Brussels I (recast). What is a judgment? For the definition of what constitutes a ‘judgment’ of an EU Member State for the purposes of recognition under Regulation (EU) 1215/2012, Brussels I (recast), see Practice Note: Enforcement of default judgments under Brussels I (recast). Recognition of a judgment The usual position, set out in Article 36(1) of Regulation (EU) 1215/2012, Brussels I (recast), is that a judgment given in one EU Member State is recognised in another EU Member State without any special procedure being required. There is no need to bring an application for...
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Legal rights intimation letter Our ref: [Client - Code/Matter - Matter Code/Matter - Fee Earner Initials] Your ref: [insert ref] [insert full address] [insert date] Dear [insert name] Estate of the late [name of deceased] We are instructed in the administration of the estate of your late [mother OR father OR grandmother OR grandfather]. We act on behalf of the executor(s) who are [insert name] and [insert name], appointed by a Will dated [insert date]. You are not named as a beneficiary in the Will. However, the law of Scotland allows certain family members to make a claim on the estate, whether or not the individual concerned is named as a beneficiary in the Will. This entitlement is known as legal rights. [Where the person who has died is survived by a [widow OR widower OR civil partner] the legal rights fund which can be claimed by the deceased’s children amounts to one-third of the net moveable estate (generally speaking, all assets other than any house or land...
Clause—for use where trustees are exercising powers of appointment in a settlement—appointing the trust fund in favour of a beneficiary absolutely The Trustees
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How does a company remove a charge from the charges register at Companies House that has already been released if the beneficiary of the charge is a dissolved company or has been taken over by another company? There is no statutory requirement for a chargor to notify Companies House that it has either fully or partially satisfied a debt or had its security released. However, such notification will be in the best interests of the chargor so that any potential investors and lenders are aware that the debt has been satisfied and/or its assets are unencumbered. Where a charge has been released in full, to notify Companies House, the chargor should submit form MR04 (Statement of satisfaction in
Is a guarantee effective where it has been executed and dated by the guarantor but not executed by the beneficiary of the guarantee? Can the beneficiary sign the document some time after the execution by the guarantor? Offer, acceptance and certainty of terms See Practice Note: Formalities for creating a guarantee which explains that the following features are required to create an effective guarantee: • offer and acceptance, with the intention to create legal relations, and • sufficient certainty of terms For more information in relation to each of these features, see Practice Notes: Forming enforceable contracts—offer, Forming enforceable contracts—acceptance, Forming enforceable contracts—intention to create legal relations and Forming enforceable contracts—certainty. And for further reading on this point, see commentaries: • Making the agreement: Halsbury's Laws of England [648] • The principle: Halsbury's Laws of England [652] Parties and signatures In order to satisfy the Statute of Frauds 1677, all of the parties to the guarantee must be named or sufficiently described in writing. The guarantee must...
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This week's edition of Property weekly highlights includes: the coming into force of the right to manage provisions in LFRA 2024, reforms to the home buying and selling process, the introduction of Awaab’s law, an update on the Renters’ Rights Bill, a consultation on minimum energy efficiency standards in the private rented sector, and a case on the right to manage.
Pensions analysis: In a rare case of its kind, the Pensions Ombudsman (PO) upheld the complaint of Mr H that his former employer and scheme trustee were bound, variously by contract, estoppel by convention and the inferred exercise of powers on their true interpretation, to provide him with the same generous increases to pensions in payment as enjoyed under his old scheme, as had been announced and promised to him but not implemented by amendments to the scheme rules. Written by Oliver Hilton, barrister at Radcliffe Chambers, Lincoln’s Inn.
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