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Bare Trust
A bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into his own name. Assets in a bare trust are held in the name of a trustee, but the beneficiary has the right to all of the capital and income of the trust at any time if they’re 18 or over (in England and Wales), or 16 or over (in Scotland). Bare trusts are often used to pass assets to young people - the trustees look after them until the beneficiary is old enough. In Australia Recent amendments to the Superannuation Industry (Supervision) Act 1993 (SIS Act), allow superannuation funds to invest in any kind of asset and to borrow, charging those assets so long as there is no recourse for the borrowing against the superannuation fund. New section 67A & 67B provides that a fund can borrow money if: 1. the borrowed monies are used to acquire an asset which the fund is not otherwise prohibited from acquiring 2. the asset acquired (or a replacement ass ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Trust Law
A trust is a legal relationship in which the holder of a right gives it to another person or entity who must keep and use it solely for another's benefit. In the Anglo-American common law, the party who entrusts the right is known as the " settlor", the party to whom the right is entrusted is known as the "trustee", the party for whose benefit the property is entrusted is known as the " beneficiary", and the entrusted property itself is known as the "corpus" or "trust property". A ''testamentary trust'' is created by a will and arises after the death of the settlor. An ''inter vivos trust'' is created during the settlor's lifetime by a trust instrument. A trust may be revocable or irrevocable; an irrevocable trust can be "broken" (revoked) only by a judicial proceeding. The trustee is the legal owner of the property in trust, as fiduciary for the beneficiary or beneficiaries who is/are the equitable owner(s) of the trust property. Trustees thus have a fiduciary duty to manage t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beneficiary (trust)
In trust law, a beneficiary or '' cestui que'' use, a.k.a. ''cestui que'' trust, is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction structures. With the exception of charitable trusts, and some specific anomalous non-charitable purpose trusts, all trusts are required to have ascertainable beneficiaries. Generally speaking, there are no strictures as to who may be a beneficiary of a trust; a beneficiary can be a minor, or under a mental disability (in fact many trusts are created specifically for persons with those legal disadvantages). It is also possible to have trusts for unborn children, although the trusts must vest within the applicable perpetuity period. Categorization There are various ways in which beneficiaries of trusts can be categorised, depending ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Right
Rights are legal, social, or ethical principles of freedom or entitlement; that is, rights are the fundamental normative rules about what is allowed of people or owed to people according to some legal system, social convention, or ethical theory. Rights are of essential importance in such disciplines as law and ethics, especially theories of justice and deontology. Rights are fundamental to any civilization and the history of social conflicts is often bound up with attempts both to define and to redefine them. According to the ''Stanford Encyclopedia of Philosophy'', "rights structure the form of governments, the content of laws, and the shape of morality as it is currently perceived". Definitional issues One way to get an idea of the multiple understandings and senses of the term is to consider different ways it is used. Many diverse things are claimed as rights: There are likewise diverse possible ways to categorize rights, such as: There has been considerable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Revenue & Customs
, patch = , patchcaption = , logo = HM Revenue & Customs.svg , logocaption = , badge = , badgecaption = , flag = , flagcaption = , image_size = , commonname = , abbreviation = , motto = , formed = , preceding1 = Inland Revenue , preceding2 = HM Customs and Excise , dissolved = , superseding = , employees = 63,042 FTE , volunteers = , budget = (2018–2019) , country = United Kingdom , constitution1 = Commissioners for Revenue and Customs Act 2005 , speciality1 = customs , speciality2 = tax , headquarters = 100 Parliament Street, London, SW1A 2BQ , sworntype = , sworn = , unsworntype = , unsworn = , minister1name = Andrew Griffith MP , minister1pfo = Economic Secretary to the Treasury and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corrs Chambers Westgarth
Founded in 1841, Corrs Chambers Westgarth (often referred to as ''Corrs'') is a leading, independent Australian commercial law firm. Its clients include national and international corporations, governments, banks and financial sponsors. The firm has relationships with leading law firms throughout Asia, the Americas, the Middle East and Europe. History Corrs Chambers Westgarth has its roots in the pre-gold rush days of Melbourne, dating back to when law firm Whiting and Byrne was formed in 1841. In 1883, Norton Smith Westgarth and Sanders was established in Sydney, followed two years later by Brisbane’s Chambers McNab and Co. These three firms are the foundations of Corrs Chambers Westgarth, which was formed in 1991 by the merger of Corrs Australian Solicitors, Westgarth Middletons (Sydney) and Chambers McNab Tully and Wilson (Brisbane and Gold Coast). Corrs Australian Solicitors was formed two years earlier (initially with the name Corrs) via the merger of Corrs Pavey Whiting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nominee Trust
A nominee trust is a legal arrangement whereby a person, termed the settlor, appoints another person, termed the "nominee" or "trustee", to be the owner of the legal title to some property. Although the legal title is transferred to the nominee, the beneficial ownership of the property is transferred to a third person, termed the beneficiary. The arrangement is simple and passive: generally, the nominee is not required to do anything except carry out specific (lawful) actions if so directed by the beneficiaries. For example, in England and Wales, the Official Custodian for Charities, which acts as nominee for numerous charities, can only buy and sell assets on behalf of charities if instructed to do so. A nominee trust is an example of a bare trust: this is a simple type of trust where the trustee acts as the legal owner of some property but is under no obligation to manage the trust fund other than as directed by the beneficiary, and where there are no restrictions beneficiary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nominee Account
The phrase street name securities or "nominee name securities" is used in the United States to refer to securities of companies which are held electronically in the account of a stockbroker or bank or custodian, similar to a bank account. The entity whose name is recorded as the legal owner of the securities is known as the "nominee owner," and that entity has ownership rights in the security. The nominee owner holds those ownership rights on behalf of the true economic owner who is referred to as the beneficial owner. In the US, Cede & Co., a nominee of Depository Trust Company, is typically the largest stockholder of a company. In the US where Cede & Co. is the street name holder, therefore, all beneficial rights such as voting rights and dividends flow first to the nominee holder Cede, and then are passed onward, and ultimately to the beneficial owners. In the United Kingdom this is known as holding shares in a nominee account. As well as the terminology differing betwee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equity (law)
Equity is a particular body of law that was developed in the English Court of Chancery. Its general purpose is to provide a remedy for situations where the law is not flexible enough for the usual court system to deliver a fair resolution to a case. The concept of equity is deeply intertwined with its historical origins in the common law system used in England. However, equity is in some ways a separate system from common law: it has its own established rules and principles, and was historically administered by separate courts, called " courts of equity" or "courts of chancery". Equity exists in domestic law, both in civil law and in common law systems, and in international law. The tradition of equity begins in antiquity with the writings of Aristotle (''epieikeia'') and with Roman law (''aequitas''). Later, in civil law systems, equity was integrated in the legal rules, while in common law systems it became an independent body of law. Equity in common law jurisdictions (gener ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
