Miscellaneous 4 Flashcards
What are extra legal sources of revenue law?
HMRC manuals
Statements of practice
Concessions
What is the definition of mens rea?
A guilty mind
True or false, a company is a data subject for data protection purposes?
False
True or false, a person’s political opinions are classified as sensitive personal data?
True
In common law, what are the rights of ownership?
Limited
In English law, property is acquired by persons as joint tenants where the “four unities” are present at the same time. True or false, unity of time means that the interest of each co-owner must end at the same time?
False
In English law, property is acquired by persons as joint tenants where the “four unities” are present at the same time. True or false, every co-owner is entitled to every part of a co-owned property?
True
True or false, those in a tenancy in common can sell their share of the property without the other tenant’s agreement?
True
True or false, those in a tenancy in common cannot convert their ownership into a joint tenancy?
True
What is the degree to which parties may mutually agree the terms of the contract between them limited by?
The use of standard form contracts
The presence of implied terms by virtue of statute
The restriction of the effectiveness of certain terms because of statute
What is the term used to describe when the owner of a property contracts with another person to offer to sell that property to that other person first, and the owner decides to sell?
A right of pre-emption
True or false, in a contract of hire of chattels, or lease, the hirer is under a duty to pay rent to the owner?
True
True or false, the description of an employment/self-employment contract will always be ignored if is doubtful what rights and duties the parties wish to provide?
False
True or false, an office holder is taxed in the same way as an employee?
True
True or false, a partnership agreement may be verbal?
True
True or false, a written partnership agreement may override the terms of the Partnership Act 1890?
True
How many designated members must an LLP have?
2
True or false, a partnership an exist if a business is not yet being carried on?
False
True or false, limited partners may not withdraw their capital?
True
True or false, limited partners can dissolve the partnership by notice?
False
True or false, executors can act before probate is granted?
True
True or false, it is possible for a person to die partially intestate?
True
True or false, property held as a joint tenant passes under the intestacy rules?
False
What are demonstrative
and pecuniary legacies?
Pecuniary - gift of money
Demonstrative - gift of money payable out of a specific fund or account
True or false, the terms of a trust can only be varied before the trust is completely constituted?
False
What does a bare trust enable the owner of a property to do?
To conceal beneficial interest in it behind a nominee
In deciding whether to exercise their discretion to make payments to a beneficiary, what must trustees take into account?
The trustees must make reasonable provision and must take into account the availability of income from other sources
A private company is buying back some of its own shares using a permissible capital payment.
The Articles permit this and there are sufficient available profits.
What must be done and in what order?
- A directors statement must be issued with a supporting auditors report
- A special resolution must be passed
- A notice must be published in the London Gazette
- Payment must be made for the shares
What are advantages of holding loan capital rather than share capital?
Loans may be secured on the company’s assets
Creditors’ rights are usually exempt from CGT
What is required to dismiss a director?
An ordinary resolution with 28 days notice
True or false, a foreign company with a UK permanent establishment will not need to register with companies house?
False
Vermifix plc had shares with a nominal value of £2.
The company has converted these into lower-value shares, with one £2 share becoming four 50p shares.
What is this process called?
Sub-division
True or false, a disclosure warranty is given before the sale of a company is completed?
True
True or false, a disclosure warranty allows the purchaser of a company to bring a future claim under the relevant warranty?
False
True or false, warranties and indemnities are more extensive for a share sale?
True
What is a warranty?
A specific statement of fact which is incorporated into the sale agreement. If there is a breach of warranty, the court might award damages to put the purchaser the same position as if there had not been a breach
What is an indemnity?
Indemnities are a promise by the vendor to make payments to the company or to the purchaser, if certain liabilities arise.
