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A trust set up for beneficiaries who qualify as being disabled, under FA 2006.
A trust where none of the beneficiaries has a right to a fixed amount of income or capital. The trustees have complete power to decide as to whom to give income/capital and when.
The trigger for CGT purposes. A sale or a gift is a disposal. A gift or sale between connected parties is treated as being a disposal for a consideration equal to full market value.
The basis (with residence) for UK taxation. Individuals usually inherit their father’s domicile on birth and cannot change their own domicile until reaching age 16.
A person who has rights under a scheme or arrangement which have not yet come into payment. As distinct from an Active Member and a Pensioner Member.
Also referred to a DB Scheme or a Final Salary Scheme. It is a scheme where the level of benefit payable to a member is a specified amount regardless of the funding position of the scheme.
Also referred to as a DC Scheme or a Money Purchase Scheme. It is a scheme where the amount of benefits payable depends solely on the amount of money in the member's "pot" (basically, the contributions made to the scheme and any investment return).
HMRC has particular requirements about who satisfies the test of being a dependant. It includes spouses and civil partners, children up to 23 (or older if dependent on the member), or someone else if certain dependency tests are satisfied.
Principally, the disclosure of information requirements 1996 which require information to be provided to members. Broadly the information has either to be provided automatically (usually, the information provided in the member's scheme booklet) and information that has to be provided on request (such as a copy of the scheme rules). Employers also now have certain requirements to consult with members where specified changes are being proposed.
Although implementation of the age discrimination legislation may seem some way off, employers would do well to start preparing early, for example, by carrying out an audit of age related policies.