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Incorporating a company

STOP PRESS: The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023. It is intended to enhance corporate transparency in the UK, principally through Companies House reforms and amendments to provisions of the Companies Act 2006. It also seeks to modernise the regulatory framework for limited partnerships and create stronger powers to tackle economic crime. ECCTA 2023 is to come into force in stages. A number of its provisions came into force on 4 March 2024 and may impact this content. For further information, see Practice Notes: Implementation of the Economic Crime and Corporate Transparency Act 2023 and The Economic Crime and Corporate Transparency Act 2023, particularly the legislation and consultation tracker.What is a company?A company is a separate legal entity, distinct from its members. It is owned by its members and it is managed by its directors. It is regulated by the Companies Act 2006 (CA 2006).The company is a very commonly used business vehicle; there are over 5 million registered companies in...

Source of income (and private client)

Source of income (and private client) When advising an individual on cross-border or offshore tax planning, it is important to establish the 'source' of income received by or for the individual. This Practice Note explains the relevance of ‘source’ for income tax and looks at the meaning of 'source' for this purpose. The charge to income tax only arises upon specific types of income pursuant to specific charging provisions within the income tax acts. When considering source, reference must be made to each specific type of income. The Charges to income tax—tables provides an overview of the charges to income tax in each of the categories and the legislative provisions that are relevant to that charge. What is the meaning of source of income? The term 'source of income' describes where income arises or where it is derived from. Income arising in the UK has a UK source and income arising outside the UK has a non-UK source (or foreign source). The situs or location of the asset producing the...

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Outline timetable for an AIM admission

Outline timetable for an AIM admission This precedent timetable shows the main steps involved in an AIM IPO (where a UK company is applying for the initial admission of its shares to trading on AIM) and no prospectus is required. Impact Day – 12 weeks Event Responsibility All parties meeting All Circulate timetable Nomad Circulate draft list of documents and list of parties Nomad Circulate draft engagement letters Nomad Circulate financial due diligence questionnaire and legal due diligence questionnaire Reporting accountants and Company solicitors Impact Day — 11 weeks Event Responsibility Circulate memorandum on directors’ responsibilities and potential liabilities in respect of an AIM admission document Company solicitors Circulate memorandum on the responsibilities and continuing obligations of a director of an AIM company Company solicitors Circulate directors’ questionnaires, directors’ powers of attorney and directors’ responsibility letters Company solicitors/Nomad Return response to financial due diligence questionnaire and legal due diligence questionnaire Company Commence financial due diligence (including financial procedures review) Reporting accountants Commence legal due diligence Company...