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GLOSSARY

Surrender definition

Published by a LexisNexis Pensions expert

What does Surrender mean?

Occurs when an insurance policy is cancelled and the insurance company pays an amount known as the surrender value to the policyholder. It includes for the encashment of a life policy, for example an endowment assurance policy, by the assured, prior to its maturity.

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Scotland: Land and buildings transaction tax (LBTT) on Leases—table

Scotland: Land and buildings transaction tax (LBTT) on Leases—table This Table considers how land and buildings transaction tax (LBTT) applies to common lease transactions. For more detailed commentary on LBTT generally, see Practice Notes: • Scotland: Land and buildings transaction tax (LBTT)—the basics • Scotland: Land and buildings transaction tax (LBTT)—chargeable consideration and rates of LBTT • Scotland: Land and buildings transaction tax (LBTT)—particular transactions and taxpayers • Scotland: Land and buildings transaction tax (LBTT)—administration and compliance LBTT is payable on leases of Scottish property in broadly similar fashion to stamp duty land tax (SDLT) on leases of English property with one significant exception—leases of residential property are exempt from LBTT unless: • the transaction involves six or more residential properties in which case, it will be treated as if it were non-residential property and subject to LBTT accordingly • the transaction involves a mix of residential and non-residential property in which case, it will also be treated as non-residential property, and • the lease is a long lease which...

Land registration—first registrations at HM Land Registry—checklist

Land registration—first registrations at HM Land Registry—checklist This Checklist looks at HM Land Registry’s requirements for first registration of title upon the transfer of a freehold or leasehold estate, the grant of a new lease or the creation of a first legal mortgage. It covers which dispositions trigger first registration, the time period for registration, the consequences for failing to apply for first registration and the information that must be provided to HM Land Registry with the application. Which dispositions trigger first registration? The following dispositions will trigger compulsory first registration. Transfers of unregistered freehold and leasehold estates The transfer or assignment of: • an unregistered freehold estate in land, and • an unregistered leasehold estate in land which has more than seven years left to run at the date of assignment for valuable or other consideration, by way of gift or in pursuance of an order of any court. Note that an instrument at a negative value is included as being for valuable or other consideration. The...

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Buying out Section 9(2B) rights and GMPs from 6 April 2016

This Practice Note focuses on the considerations applicable on and from 6 April 2016 (the date on which contracting-out on a salary-related basis—also known as DB contracting-out—was abolished) when 'buying out' the following contracted-out salary-related (COSR) rights:•guaranteed minimum pensions (GMPs)—these are the benefits accrued by members of COSR schemes as a consequence of contracting out between 6 April 1978 and 5 April 1997•Section 9(2B) rights (also known as post-1997 COSR rights)—these are the benefits accrued by members of COSR schemes as a consequence of contracting out between 6 April 1997 and 5 April 2016The legislative requirements applicable differ depending on whether the COSR rights in question are GMPs or Section 9(2B) rights. For information on the considerations applicable before 6 April 2016 for the buy-out of COSR rights, see Practice Note: Buying out Section 9(2B) rights and GMPs before 6 April 2016 [Archived].For information on buy-out issues generally, see Practice Note: De-risking—pension buy-outs and buy-ins.For information on the abolition of DB contracting-out on 6 April 2016, see Practice Note: Abolition...

Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

Precedent tax clauses for a 50/50 joint venture agreement

Precedent tax clauses for a 50/50 joint venture agreement 1 Definitions and interpretation 1.1 In this Agreement, unless the context otherwise requires the following expressions shall have the following meanings: Relevant Proportion • means, for the purposes of clause, the maximum proportion of the Company’s [trading] losses [and other amounts eligible for relief from taxation] which is permitted by law to be surrendered to the relevant Shareholder (or member of its Shareholder Group) or, as appropriate, the maximum proportion of the Company’s trading profits against which the Shareholder (or member of its Shareholder Group) is permitted by law to surrender its [trading] losses [and other amounts eligible for relief from taxation]; VAT • means United Kingdom value added tax[ and any other tax imposed in substitution for it OR , any other tax imposed in substitution for it and any equivalent or similar tax imposed outside the United Kingdom]; 2 Tax matters 2.1 [The central management and control of the Company shall be...

Dive into our 51 Precedents related to Surrender

UK Supreme Court decides that the vendor purchaser constructive trust can operate to effect the surrender/release of a beneficiary's interest in personalty in favour of the trustee (Frenkel v LA Micro Group (UK) Ltd and others

Private client analysis: The Supreme Court unanimously held that a vendor-purchaser constructive trust (VPCT) can validly transfer beneficial interests in shares even where the purchaser already holds legal title as trustee. The judgment clarifies that momentary existence of the constructive trust before merger with legal title does not defeat its operation. Furthermore, Lord Briggs' analysis of the distinction between beneficial and equitable interests provides valuable guidance on fundamental trust principles. The ruling demonstrates how equitable solutions can resolve commercial arrangements, while also showing the courts' reluctance to disturb long-standing assumptions about the scope of section 53(1)(c) of the Law of Property Act 1925.]. Practical implications written by Adam Smith-Roberts of Gatehouse Chambers.

Supreme Court rejects parts of criminal record disclosure scheme (In the matter of an application by Lorraine Gallagher for Judicial Review (Northern Ireland); R (on the application of P, G and W) v Secretary of State for the Home Department and another)

Corporate Crime analysis: Edward Jones, partner at Hodge Jones & Allen Solicitors, examines the Supreme Court’s decision in In the matter of an application by Lorraine Gallagher for Judicial Review (Northern Ireland); R (on the application of P, G and W) v Secretary of State for the Home Department and another. This case established that the statutory scheme in England, Wales and Northern Ireland governing disclosure of ex-offenders’ criminal records to potential employers, where employment involves contact with children or vulnerable adults, is incompatible with Article 8 of the European Convention on Human Rights (ECHR).

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