16. Human rights

This chapter provides an introduction to the European Convention on Human Rights and the Human Rights Act 1998, taking into account the origins of the Convention and the Human Rights Act 1998 and their incorporation into UK legislation; the general principles of European jurisprudence; the Articles and the Protocols themselves; and areas where potential breaches may occur.

15. Post-grant practice

This chapter discusses the law and practice relating to the administration and winding up of an estate once the court has issued the grant. It considers the duties and powers of personal representatives; administering the estate; and distributing the estate.

13. Entitlement to the estate

This chapter discusses the law underlying the entitlement to a person’s property on his or her death. It considers the law of ‘testate succession’ where the deceased has left a will; the law of ‘intestate succession’ if there is no will, or if any will left by the deceased is not wholly effective to dispose of their estate; the law governing devolution of property not passing under the terms of the deceased’s will or the operation of the intestacy rules; and the law enabling members of the family or dependants of the deceased to make claims for provision against the estate.

12. Introduction to wills and administration of estates

This chapter provides an overview of Chapters 13 to 15. When a person dies, their relatives or friends usually deal with the most pressing matters—registering the death and arranging the funeral—before consulting a solicitor. In simple cases, or where the deceased has left little property, it may well be that a solicitor is not consulted at all. Commonly, however, the advice of a solicitor will be sought as to who is entitled to the deceased’s property, as to the liability of the estate to tax, and generally as to ‘what has to be done’ in order to pass the deceased’s property to those now entitled to it.

4. Introduction to revenue law

This chapter provides an introduction to some of the essential principles of revenue law and to the main taxes studied on the LPC. It covers the main taxes; the sources of tax law; who pays tax; the administration of the tax system; and appeals against tax decisions.

9. Value added tax

Value added tax (VAT) is a tax charged on supplies of goods and services made by businesses that have (or should have) registered for VAT. This chapter discusses the circumstances in which VAT is charged; the rates of VAT; when VAT can be reclaimed; accounting for VAT; and doing VAT calculations.

2. Financial services

This chapter first introduces the regulation of financial services. It puts the Financial Services and Markets Act 2000 (FSMA 2000) into context and explains the need for authorisation under the Act. It considers what is covered by the general prohibition as well as the meanings of ‘regulated activity’ and ‘specified investment’. The chapter then discusses the position of solicitors, specifically those who are regulated by the Law Society, a designated professional body. The FSMA 2000 has been amended by the Financial Services Act 2012. This introduced changes to the regulation of financial services, including the renaming of the Financial Services Authority as the Financial Conduct Authority.

11. Taxation of trusts and settlements

Settlements may be created by settlors in their lifetime, or by will, or they may arise under the intestacy rules. This chapter considers the tax implications of such settlements from the perspective of both the trustees and the beneficiaries. It considers each of the three main taxes separately: inheritance tax, capital gains tax, and income tax.

10. Taxation of sole proprietors and partnerships

Sole traders and partners are liable to pay income tax on their income in accordance with the Income Tax (Trading and Other Income) Act 2005 (ITTOIA). This chapter discusses income tax liability of sole traders and partners; calculating the trading profits; capital gains and capital losses; trading losses; basis of assessment; capital allowances; and changes in a partnership.

8. Corporation tax

All companies incorporated in the UK which actively carry on business are liable to pay corporation tax (CT) on their taxable profits. This chapter considers the charge to CT with particular focus on calculating chargeable income profits and allowable deductions; the treatment of company capital gains and capital losses; trading loss relief; capital allowances; and close companies.