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GLOSSARY

Assent definition

Published by a LexisNexis Private Client expert

What does Assent mean?

A method of transfer of estate property only available to personal representatives (PRs). An assent activates the gift of estate property to the beneficiary and, after assent, the PRs hold the asset on trust for the beneficiary until any further formalities to transfer the legal title have been complied with.

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Re-registration of a public limited company to a private and unlimited company—checklist

Re-registration of a public limited company to a private and unlimited company—checklist This Checklist is a quick guide to the steps to be taken and the documents to be prepared in order for a public limited company to re-register as a private and unlimited company under Part 7 of the Companies Act 2006 (CA 2006). Preliminary considerations Step Notes/Resources Tick box when step complete or matter considered Is the company fully aware of the implications of the company becoming unlimited? In particular, the members and directors should be aware that:(1) an unlimited company is not required to file accounts with Companies House(2) an unlimited company is not restricted by capital maintenance rules, and, crucially(3) there is no limit on the liability of the members of an unlimited company, so the members must be willing to financially stand behind the company CA 2006, s 448CA 2006, s 690Re-registration of a public company as private and unlimited Has the company previously been re-registered as limited or unlimited? If so, it...

Arbitration—IP completion day—checklist [Archived]

Arbitration—IP completion day—checklist [Archived] ARCHIVED: This Checklist has been archived and is not maintained. This Checklist considers the impact of Brexit on commercial arbitration law and practice in England and Wales after IP completion day, ie the end of the transition or implementation period provided for in Article 126 of the Withdrawal Agreement 2020 which began on exit day (ie 11 pm on 31 January 2020, as defined in section 20 of the European Union (Withdrawal) Act 2018) and ends on IP completion day. IP completion day is defined as 31 December 2020 at 11 pm (pursuant to section 39 of the European Union (Withdrawal Agreement) Act 2020). On 24 December 2020, the European Commission and UK government announced an agreement in principle on the legal terms of the future EU-UK relationship. The Trade and Cooperation Agreement (TCA), and associated agreements, were agreed at the eleventh hour, leaving little time to put in place the necessary legal and practical arrangements to make the deal fully operational on 1 January...

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Progress of a Bill in UK Parliament

Progress of a Bill in UK Parliament The flowchart below outlines the progress of a Bill from consultation to Royal Assent. Some points to note: • Bills usually commence in the House of Commons but can start in either House • Pre-legislative scrutiny—draft Bills may be consulted on or considered by a committee prior to first reading • First reading in both chambers is essentially a formality • Second reading in both chambers is the key political debate on the principle of the Bill, and in the House of Lords is subject

Lasting power of attorney—flowchart

Lasting power of attorney—flowchart FORTHCOMING CHANGE: Further to the Government's response to the Ministry of Justice’s and Office of the Public Guardian (OPG)’s consultation Modernising Lasting Powers of Attorney, the Powers of Attorney Bill received Royal Assent on 18 September 2023, becoming the Powers of Attorney Act 2023 (PAA 2023). When it comes into force, PAA 2023 will introduce changes to the Mental Capacity Act 2005 (MCA 2005) to create a more modern lasting power of attorney (LPA) service. The changes will include: (i) introducing regulations to allow those involved in making an LPA to select whether to sign the LPA digitally or on paper; (ii) removing the ability for attorneys to register an LPA so that only the donor will be permitted to register; (iii) introducing regulations governing identification verification requirements in relation to registration applications; (iv) providing for a single

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2022–23—Spring Statement, Budget and Finance Bill—Tax analysis [Archived]

2022–23—Spring Statement, Budget and Finance Bill—Tax analysis [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note draws together content on the fiscal events throughout the tax year 2022–23 starting with the Spring Statement on 23 March 2022 to the passage through Parliament of the Finance (No 2) Act 2023. For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process. Spring Budget 2023 The Chancellor of the Exchequer delivered his Spring Budget on Wednesday, 15 March 2023. Our analysis includes: • Spring Budget 2023—Tax analysis—a summary of the key business tax announcements in the Spring Budget and views from leading tax practitioners, • Spring Budget 2023—key tax announcements video—by Malcolm Pengelly, Tax Principal at BDO UK • Spring Budget 2023—tax announcement video analysis—by Heather Self, Corporate Tax Partner and Neil Lancaster, Private Client Partner at Blick Rothenberg LLP • Spring Budget 2023—key pensions announcements video—by David Gallagher, Partner and head of pensions at Fieldfisher LLP...

Listed building heritage partnership agreements in Wales

Listed building heritage partnership agreements in Wales Until 4 November 2024, the planning law on listed buildings in Wales was set out in the Planning (Listed Buildings and Conservation Areas) Act 1990. The Historic Environment (Wales) Act 2023 (HE(W)A 2023) consolidated and replaced legislation in relation to the historic environment in Wales, including listed buildings. HE(W)A 2023 received Royal Assent on 14 June 2023 and came into force on 4 November 2024. For more information on listed building heritage partnership agreements in England, see Practice Note: Listed building heritage partnership agreements in England. What is a listed building heritage partnership agreement? A listed building heritage partnership agreement (LBPA) is a voluntary statutory agreement between a local planning authority (LPA) or the Welsh Ministers, the owner of a listed building and other parties. LBPAs can incorporate listed building consents for agreed works, to be carried out during the lifetime of the LBPA, and can also specify what does and does not require listed building consent in the context of an overall...

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Will—to spouse absolutely, then to children absolutely

Will—to spouse absolutely, then to children absolutely FORTHCOMING CHANGE: Potential changes to Wills Act 1837 The Law Commission review of Wills has issued a final report on 16 May 2025 which includes in volume II a draft bill to replace the Wills Act 1837. For information on these changes, including draft legislation published, see Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: draft Bill for a new Wills Act. STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of 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, see Practice Notes:...

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust

Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of 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, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. [Your] Will—[name of testator]—explanatory note This explanatory note explains the main provisions of your Will. Please read this explanatory note and your Will carefully....

Dive into our 59 Precedents related to Assent

In an estate there are seven residuary beneficiaries. Six of the beneficiaries are having a property assented to them, which has risen in value since the date of death. Is the gain therefore only distributed among the six beneficiaries or across the seven beneficiaries despite one beneficiary not receiving the property?

In an estate there are seven residuary beneficiaries. Six of the beneficiaries are having a property assented to them, which has risen in value since the date of death. Is the gain therefore only distributed among the six beneficiaries or across the seven beneficiaries despite one beneficiary not receiving the property? This Q&A assumes that the beneficiaries and the personal representatives will dispose of the property following its appropriation. This question is not entirely clear and we refer you to Practice Note: Tax treatment of capital received by beneficiaries under a Will which you may find useful for your purposes. In particular, see sections ‘CGT on transfers by PRs to estate beneficiaries and trustees (legatees)’ and 'CGT on later disposals by legatees'. There are two options as to the question being asked: • the entire property is appropriated to six of the seven beneficiaries. If so, each of the six beneficiaries receiving the property would be taking this at probate value and would have to account for any gains when...

Is there a difference between ‘I have read and understood the terms’ and ‘I accept the terms in a business to business contract’?

Is there a difference between ‘I have read and understood the terms’ and ‘I accept the terms in a business to business contract’? The implications of using different terminology are likely to depend on the specific circumstances as interpreted by the relevant court. This Q&A considers the implications of using different terminology in a contract in the context of both contract formation and contract interpretation. Contract formation A contract will only be capable of being enforced if it an offer has been accepted. An acceptance is a final and unqualified expression of assent to the terms of an offer. This means that the following will not generally be sufficient to constitute acceptance: • mere acknowledgement of receipt of the offer • assent to an offer, which contains two alternative proposals • a request for information in relation to the terms of the offer For further guidance on offer and acceptance generally, see Practice Notes: Forming enforceable contracts—offer and Forming enforceable contracts—acceptance. Contract interpretation In interpreting a contract,...

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EU Law weekly highlights—24 July 2025

This week's edition of EU Law weekly highlights includes analyses on the decision of the EU court for privacy activist Lisa Ballmann to access files in the Meta case, the EU trade mark dispute on Iceland foods which lost over link to nation's name, the Commission’s guidelines on the EU AI Act’s rules for general-purpose AI models, the final version of the General-Purpose AI Code of Practice, the country's first national collective database to be licensed for training AI formed by a group of Dutch media outlets, the Commission’s guidelines for the protection of minors online and a Market Insights Trend Report’s analysis on the sustainability disclosures and climate transition plans. In addition this week, the Commission proposed a new Multiannual Financial Framework, published the July 2025 infringement package, initiated procedures to adopt new adequacy decisions for EU-UK personal data transfers, initiated a call for evidence seeking input on a future omnibus package to simplify environmental legislation, published an Explanatory Notice and Template to guide providers of General Purpose AI...

Commercial weekly highlights—24 July 2025

This week's edition of Commercial weekly highlights includes: judgment of the Supreme Court in Stevens v Hotel Portfolio II UK Ltd where the court allowed the appeal, finding that the respondent was jointly liable for the loss caused by the dissipation of unauthorised profits in breach of fiduciary duty to the appellant, judgement in Trans Trade v State Food and Grain Corp of Ukraine where the court determined that the seller’s claims for the price under section 49(2) of the Sale of Goods Act 1979 were unsuccessful as the conditions of the sub-section were not satisfied, and news that the Product Regulation and Metrology Bill has received Royal Assent becoming the Product Regulation and Metrology Act 2025.

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