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R01 > Laws and Legal Concepts > Flashcards

Laws and Legal Concepts Flashcards

1
Q

What legislation introduced Limited Liability Partnerships

A

Limited Liability Partnerships Act 2000

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2
Q

What are the major tax differences between limited companies and unincorporated businesses?

A

Unincorporated pay income tax, capital gains tax, and NICs. Limited companies pay corporation tax.

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3
Q

When was the Powers of Attorney Act introduced?

A

1972

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4
Q

When was the Enduring Powers of Attorney Act introduced?

A

1985

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5
Q

When was the Mental Capacity Act introduced? When did it come into force?

A

2005, coming into force 1 October 2007

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6
Q

A person cannot make a decision for themselves if: (4 items)

A
  1. Understand relevant information
  2. Retain information
  3. Evaluate information to make a decision
  4. Communicate information
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7
Q

Two types of LPA

A
  1. Health and Care Decisions LPA

2. Financial Decisions LPA

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8
Q

When can a Lasting Power of Attorney be revoked? (4)

A
  1. Donor’s bankruptcy
  2. Attorney’s death or bankruptcy
  3. Dissolution of marriage (or CP) between donor/attorney
  4. Attorney’s incapacity
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9
Q

Additional requirements for a valid contract in case of life assurance contracts.

A
  1. Good faith

2. Insurable interest

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10
Q

3 types of property ownership

A
  1. Freehold
  2. Leasehold
  3. Commonhold
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11
Q

What’s the minimum term remaining on a leasehold mortgage lenders require to consider a mortgage?

A

25 years after the term of the mortgage

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12
Q

2 options for leaseholders to avoid difficulties with lease running out

A
  1. Buy the freehold

2. Extend the lease

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13
Q

Requirements for leaseholders to have right to extend lease or buy freehold

A
  1. Lived in property for at least 2 years

2. Lease is/was for at least 21 years

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14
Q

Two types of joint ownership of property

A
  1. Joint tenancy

2. Tenancy in common

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15
Q

3 schemes to help people buy a home

A
  1. Shared ownership
  2. Help to Buy equity loans
  3. Mortgage Guarantee Scheme
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16
Q

Minimum debt required for bankruptcy to be considered

A

£5,000

17
Q

What are the three categories a contract with a minor might fall under?

A
  1. Binding
  2. Binding unless repudiated
  3. Not binding
18
Q

What legislation allows a fourteen day cooling off period after taking out a life assurance policy?

A

Financial Services and Markets Act 2000

19
Q

Explain the law of agency between IFA, a client, and an insurer

A
  1. IFA is agent of the client and owes a duty of care
  2. IFA owes no duty to insurer but must comply with FCA rules
  3. Client is responsible for acts of IFA
20
Q

Can joint tenants sell without the other’s permission?

A

No

21
Q

Do joint tenants need to go to probate to be granted other tenants’ share of property upon death?

A

No

22
Q

What percentage of creditors need to vote for an IVA for it to go ahead?

A

75%

23
Q

What is the impact on the debtor when they are granted an IVA? (4 items)

A
  1. Need insolvency practitioner’s consent to apply for credit
  2. Added to individual insolvency register
  3. IVA on credit report for 6 years
  4. May be asked to remortgage home to pay off creditors
24
Q

How can debtor’s inability to pay be proven to start bankruptcy proceedings?

A
  1. Statutory Demand not complied with for 21 days
  2. Court Order no enforced
  3. Break the terms of an IVA
25
Q

2 alternatives to liquidation for corporate insolvency.

A
  1. Administration

2. Voluntary arrangements

26
Q

Who inherits under intestacy if the intestate dies leaving a spouse but no issue

A

Surviving spouse is sole beneficiary

27
Q

Who inherits under intestacy if the intestate dies leaving spouse and issue

A
  1. Spouse takes personal chattels, plus
  2. Statutory legacy of £270,000, plus
  3. Half of remaining balance
  4. Issue takes other half at 18 or marriage (if earlier)
28
Q

Who inherits under intestacy if the intestate dies leaving no spouse

A

Everything is taken by issue, then successively: parents, siblings, grandparents, uncles and aunts

29
Q

Who inherits under intestacy if the intestate dies leaving no relatives

A

The crown, Duchy of Lancaster, or Duchy of Cornwall

30
Q

What is the name of the people who are responsible for dealing with a deceased’s estate?

A

Legal Personal Representatives:

  1. Executors if there’s will
  2. Administrators if there isn’t
31
Q

What should LPRs do before distributing assets?

A

Pay all debts and taxes due from the estate

32
Q

When may probate not be necessary?

A

Where deceased only had:

  1. savings or premium bonds
  2. jointly owned assets which automatically passed to surviving owners
33
Q

What are the two types of Grant of Representation issued by Probate Registry?

A
  1. Grant of probate

2. Letters of administration

34
Q

What are the six ways a trust can come into existence?

A
  1. Express
  2. Implied
  3. Presumptive
  4. Successive
  5. Constructive
  6. Resulting
35
Q

12 types of trust

A
  1. Bare. 2. Interest in possession.
  2. Discretionary. 4. Accumulation
  3. Mixed. 6. Settlor-interested.
  4. Non-resident. 8. Life interest.
  5. Power of appointment 10. Will
  6. Statutory. 12. Pension Scheme
36
Q

What are the three certainties needed to create a trust? What case are they derived from?

A
  1. Certainty of wording shows an intention to create a trust
  2. Subject matter
  3. Objects of the trust
37
Q

5 circumstances where trusteeship is ended?

A
  1. If trustee dies or resigns
  2. Removed under provisions of deed
  3. Removed by other trustees (if allowed)
  4. Removed in accordance with Trustees Act 1925
  5. Removed by a relevant court
38
Q

4 types of beneficial interest

A
  1. Life interest
  2. Absolute interest
  3. Reversionary interest
  4. Contingent interest
39
Q

4 conditions under which a beneficiary can close trust and demand distribution of property

A
  1. All beneficiaries agree
  2. No possibility of future beneficiaries
  3. Beneficiaries are 18+ with capacity
  4. Beneficiaries entitled to full beneficial interest of trust property

R01 (5 decks)

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