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In Re Vandervell's Trusts
''Re Vandervell Trustees Ltd '' [1971] AC 912 is a UK tax law case, concerning the ability of the Revenue to amend tax assessments. This case was the second in a series of decisions involving Tony Vandervell's trusts and his tax liability. The first was ''Vandervell v Inland Revenue Commissioners'', which concerned whether an oral instruction to transfer an equitable interest in shares complied with the writing requirement under Law of Property Act 1925, section 53(1)(c), and so whether receipt of dividends was subject to tax. The third was ''Re Vandervell Trustees Ltd (No 2)'',[1974] Ch 269 which concerned whether Vandervell could be taxed because he could have an equitable interest through a resulting trust if he had exercised an option right. Facts Lord Diplock also summarised the facts as follows. Judgment The House of Lords held the court had no jurisdiction under R.S.C., Order 15, regulation 6(2), to order that the Inland Revenue Commissioners would be added as a party ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judicial Functions Of The House Of Lords
Whilst the House of Lords of the United Kingdom is the upper chamber of Parliament and has government ministers, it for many centuries had a judicial function. It functioned as a court of first instance for the trials of peers, for impeachments, and as a court of last resort in the United Kingdom and prior, the Kingdom of Great Britain and the Kingdom of England. Appeals were technically not to the House of Lords, but rather to the King-in-Parliament. In 1876, the Appellate Jurisdiction Act devolved the appellate functions of the House to an Appellate Committee, composed of Lords of Appeal in Ordinary (informally referred to as Law Lords). They were then appointed by the Lord Chancellor in the same manner as other judges. During the 20th and early 21st century, the judicial functions were gradually removed. Its final trial of a peer was in 1935, and in 1948, the use of special courts for such trials was abolished. The procedure of impeachment became seen as obsolete. In 2009, t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Tax Law
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century.Stephen Dowell, ''History of Taxation and Taxes in England'' (Routledge, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tony Vandervell
Guy Anthony "Tony" Vandervell (8 September 1898 – 10 March 1967) was a British industrialist, motor racing financier, and founder of the Vanwall Formula One racing team. Motorsport Vandervell was the son of Charles Vandervell, founder of CAV, later Lucas CAV. He made his fortune from the production of Babbitt ''Thin-Wall'' bearings by his company ''Vandervell Products'', under licence from the American Cleveland Graphite Bronze Company. W. A. Robotham first met him about 1934 when Rolls-Royce was having bearing problems on Bentleys. He said that Tony came across publicly as a "tough nut ... spoiling for a fight" and his marital problems attracted publicity, but he was a true friend who would always come to the aid of staff as well as a successful industrialist of the sort that Britain could use more of. However he seemed to have a "persecution complex" and fell out with some friends. Having raced both motorcycles and cars a number of times in his younger days, soon after the e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vandervell V Inland Revenue Commissioners
''Vandervell v Inland Revenue Commissioners'' 9672 AC 291 is a leading English trusts law case, concerning resulting trusts. It demonstrates that the mere intention to not have a resulting trust (for example, to avoid taxes) does not make it so. This case was the first in a series of decisions involving Tony Vandervell's trusts and his tax liability. It concerned whether an oral instruction to transfer an equitable interest in shares complied with the writing requirement under Law of Property Act 1925, section 53(1)(c), and so whether receipt of dividends was subject to tax. The second was '' Re Vandervell Trustees Ltd'', which involved the Special Commissioner of the Inland Revenue's ability to amend tax assessments. The third was Re Vandervell Trustees Ltd (No 2), which concerned whether Vandervell could be taxed because he could have an equitable interest through a resulting trust if he had exercised an option right. Facts Tony Vandervell was a wealthy racing car manufacturer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Property Act 1925
The Law of Property Act 1925c 20 is a statute of the United Kingdom Parliament. It forms part of an interrelated programme of legislation introduced by Lord Chancellor Lord Birkenhead between 1922 and 1925. The programme was intended to modernise the English law of real property. The Act deals principally with the transfer of freehold or leasehold land by deed. The LPA 1925, as amended, provides the core of English land law, particularly as regards many aspects of freehold land which is itself an important consideration in all other types of interest in land. Background The keynote policy of the act was to reduce the number of legal estates to two – freehold and leasehold – and generally to make the transfer of interests in land easier for purchasers. Other policies were to regulate mortgages and as to leases, to regulate mainly their assignment, and to tackle some of the '' lacunae'', ambiguities and shortcomings in the law of property. Innovations included the default c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Re Vandervell Trustees Ltd (No 2)
''Re Vandervell Trustees Ltd (No 2)'' 974EWCA Civ 7is a leading English trusts law case, concerning resulting trusts. This was the third decision concerning Tony Vandervell's will. The first was ''Vandervell v Inland Revenue Commissioners'', where the House of Lords was concerned with whether an oral instruction to transfer an equitable interest in shares complied with the writing requirement under Law of Property Act 1925 section 53(1)(c), and so whether receipt of dividends was subject to tax. The second was '' In re Vandervell's Trusts'', which involved the Special Commissioner of the Inland Revenue's ability to amend tax assessments. Facts Tony Vandervell, a wealthy racing car manufacturer, was attempting to make a donation to the Royal College of Surgeons to establish a chair in his name. Since large donations were taxed at the time, he granted the College a number of shares in his company, and paid dividends on those shares, which the College (being a charity), would recei ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Diplock
William John Kenneth Diplock, Baron Diplock, (8 December 1907 – 14 October 1985) was a British barrister and judge who served as a lord of appeal in ordinary between 1968 and until his death in 1985. Appointed to the English High Court in 1956 and the Court of Appeal five years later, Diplock made important contributions to the development of constitutional and public law as well as many other legal fields. A frequent choice for governmental inquiries, he is also remembered for proposing the creation of the eponymous juryless Diplock courts. Of him, Lord Rawlinson of Ewell wrote that "to his generation Diplock was the quintessential man of the law". Early life and legal career Kenneth Diplock was born in South Croydon, the son of solicitor William John Hubert Diplock and his wife Christine Joan Diplock, ''née'' Brooke. He was educated at Whitgift School in Croydon and University College, Oxford, where he read chemistry and graduated with a second-class degree in 1929. H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Management Act 1964
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] |
Income Tax Act 1952
The Income Tax Act 1952 (15 & 16 Geo. 6 & 1 Eliz. 2. c. 10) was an Act of the Parliament of the United Kingdom, concerning income tax. The whole Act was repealed by section 538(1) of, and Schedule 16 to, the Income and Corporation Taxes Act 1970, subject to the savings in Schedule 14 of that Act. Part I - Preliminary Section 1 As to this section, see "Income Tax" in "Students' Page" (1962) 68 Taxation 201 (16 December 1961) Part II - Principal Provisions as to Administration, Assessment, Appeals and Collection Section 5 In section 5(2), the words from "and unless" to the end were repealed by section 17 of, and Part I of Schedule 6 to the Income Taxes Management Act 1964. Sections 5(3) and (4) were repealed by section 17 of, and Part I of Schedule 6 to the Income Taxes Management Act 1964. Section 6 Sections 6(1), (2) and (5) were repealed by section 17 of, and Part I of Schedule 6 to the Income Taxes Management Act 1964. Section 7 This section was repealed by section 17 of, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Law
English trust law concerns the protection of assets, usually when they are held by one party for another's benefit. Trusts were a creation of the English law of property and obligations, and share a subsequent history with countries across the Commonwealth and the United States. Trusts developed when claimants in property disputes were dissatisfied with the common law courts and petitioned the King for a just and equitable result. On the King's behalf, the Lord Chancellor developed a parallel justice system in the Court of Chancery, commonly referred as equity. Historically, trusts have mostly been used where people have left money in a will, or created family settlements, charities, or some types of business venture. After the Judicature Act 1873, England's courts of equity and common law were merged, and equitable principles took precedence. Today, trusts play an important role in financial investment, especially in unit trusts and in pension trusts (where trustees and fun ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Trusts Case Law
English usually refers to: * English language * English people English may also refer to: Peoples, culture, and language * ''English'', an adjective for something of, from, or related to England ** English national identity, an identity and common culture ** English language in England, a variant of the English language spoken in England * English languages (other) * English studies, the study of English language and literature * ''English'', an Amish term for non-Amish, regardless of ethnicity Individuals * English (surname), a list of notable people with the surname ''English'' * People with the given name ** English McConnell (1882–1928), Irish footballer ** English Fisher (1928–2011), American boxing coach ** English Gardner (b. 1992), American track and field sprinter Places United States * English, Indiana, a town * English, Kentucky, an unincorporated community * English, Brazoria County, Texas, an unincorporated community * Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1971 In United Kingdom Case Law
* The year 1971 had three partial solar eclipses (February 25, July 22 and August 20) and two total lunar eclipses (February 10, and August 6). The world population increased by 2.1% this year, the highest increase in history. Events January * January 2 – 66 people are killed and over 200 injured during a crush in Glasgow, Scotland. * January 5 – The first ever One Day International cricket match is played between Australia and England at the Melbourne Cricket Ground. * January 8 – Tupamaros kidnap Geoffrey Jackson, British ambassador to Uruguay, in Montevideo, keeping him captive until September. * January 9 – Uruguayan president Jorge Pacheco Areco demands emergency powers for 90 days due to kidnappings, and receives them the next day. * January 12 – The landmark United States television sitcom ''All in the Family'', starring Carroll O'Connor as Archie Bunker, debuts on CBS. * January 14 – Seventy Brazilian political prisoners are release ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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