In-specie transfer definition

View the related practice notes about In-specie transfer

Platform re-registration of client investments

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.IntroductionRe-registration is the process whereby an investment is transferred from one platform to another. As part of its work on platform regulation and the Retail Distribution Review (RDR), the predecessor to the Financial Conduct Authority (FCA), the Financial Services Authority (FSA) determined that re-registration requirements were appropriate. This Practice Note considers the issues around re-registration, the FCA's requirements to deal with these issues, the reaction from the industry and the steps firms need to take in order to comply with the requirements.Re-registration in specieThe key point about re-registration is that it should be done in specie—in other words...

The remittance basis—business investment relief—clawback of exemption

The remittance basis—business investment relief—clawback of exemption 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. Individuals can bring foreign income and capital gains into the UK for the purposes of investment in UK companies without triggering a remittance. This is known as business...