THFCSPURS19
The Speaker of the Transfer Rumours Forum
- Jan 6, 2013
- 37,894
- 130,530
- Thread starter
- #2,081
Incorrect- 10th October
Cain Hoy say 'No'.
- Thread starter THFCSPURS19
- Start date
Ledleys Knee
Well-Known Member
- May 11, 2014
- 1,521
- 3,760
THFCSPURS19
The Speaker of the Transfer Rumours Forum
- Jan 6, 2013
- 37,894
- 130,530
- Thread starter
- #2,083
Funny how you choose to believe that and ignore every other piece of ITK that says the contrary...
Scott Spur
SC Supporter
- Aug 9, 2011
- 1,991
- 5,620
No DL owns a minority share (29.4%) of ENIC, but the control rests with JL to decide to sell ENIC's shares in THFC if he desires.
That's my take on it....
Lilbaz
Just call me Baz
- Apr 1, 2005
- 41,363
- 74,893
The deadline to make a bid. If they have made a bid they'll have to announce (as they will have to make the same offer to the other shareholders).
Lilbaz
Just call me Baz
- Apr 1, 2005
- 41,363
- 74,893
His dad left him the shares I believe.
Means nothing to me lol
Discretionary trust
With a discretionary trust, the settlor makes a gift into trust and the trustees hold the trust fund for a wide class of potential beneficiaries. Technically this is known as settled or relevant property. Because the money moves from an individual’s estate into the trust there are inheritance tax implications. The first of these is on the initial gift which is classed as a chargeable lifetime transfer for inheritance tax purposes.
If the total amount gifted is greater than the client’s available nil-rate band there is an immediate charge to inheritance tax at the lifetime rate. The lifetime rate is half of
the death rate, i.e. 20%. The client’s available nil-rate band is essentially the current nil-rate band less any chargeable lifetime transfers they’ve made in the previous seven years. So in many cases, this will simply be the current nil-rate band, which is £325,000 for 2012/2013 where no other planning is in place.
Where a cash gift exceeds the available nil-rate band, or an asset is gifted which exceeds 80% of the nil-rate band the gift must be reported to HMRC.
Discretionary trust
As well as the potential for an immediate IHT charge on the creation of the trust, there are two other points at which IHT charges will apply. These are known as periodic charges and exit charges.
Periodic charges are on every 10th anniversary of the creation of the trust and exit charges may apply when funds leave the trust. The calculations can be complex but are a maximum of 6% of the value of the trust fund. In many cases they’ll be considerably less than this as in simple terms, the 6% is applied on the value in excess of the trust’s available nil-rate band. However, even where there is little or no tax to pay the calculations still need to be done.
The tax on income and gains can also be complex, particularly where income producing assets are used. In addition, the trustee rates of tax are high, they are currently 50% on interest, 42.5% on dividends and 28% on capital gains. Many of these complications can be avoided by investing in life assurance investment bonds as these are non-income producing assets and allow trustees to control the tax points.
Discretionary trust
With a discretionary trust, the settlor makes a gift into trust and the trustees hold the trust fund for a wide class of potential beneficiaries. Technically this is known as settled or relevant property. Because the money moves from an individual’s estate into the trust there are inheritance tax implications. The first of these is on the initial gift which is classed as a chargeable lifetime transfer for inheritance tax purposes.
If the total amount gifted is greater than the client’s available nil-rate band there is an immediate charge to inheritance tax at the lifetime rate. The lifetime rate is half of
the death rate, i.e. 20%. The client’s available nil-rate band is essentially the current nil-rate band less any chargeable lifetime transfers they’ve made in the previous seven years. So in many cases, this will simply be the current nil-rate band, which is £325,000 for 2012/2013 where no other planning is in place.
Where a cash gift exceeds the available nil-rate band, or an asset is gifted which exceeds 80% of the nil-rate band the gift must be reported to HMRC.
Discretionary trust
As well as the potential for an immediate IHT charge on the creation of the trust, there are two other points at which IHT charges will apply. These are known as periodic charges and exit charges.
Periodic charges are on every 10th anniversary of the creation of the trust and exit charges may apply when funds leave the trust. The calculations can be complex but are a maximum of 6% of the value of the trust fund. In many cases they’ll be considerably less than this as in simple terms, the 6% is applied on the value in excess of the trust’s available nil-rate band. However, even where there is little or no tax to pay the calculations still need to be done.
The tax on income and gains can also be complex, particularly where income producing assets are used. In addition, the trustee rates of tax are high, they are currently 50% on interest, 42.5% on dividends and 28% on capital gains. Many of these complications can be avoided by investing in life assurance investment bonds as these are non-income producing assets and allow trustees to control the tax points.
sweetness
Well-Known Member
- Jun 24, 2006
- 1,117
- 832
You sure? Could there not be a legal obligation to inform the remaining shareholders that an offer for the rest of the company is on its way?
IIRC, October 10 at 5 PM
refers to Cain Hoy's deadline to make a bid.
Ledleys Knee
Well-Known Member
- May 11, 2014
- 1,521
- 3,760
Funny how you choose to believe that and ignore every other piece of ITK that says the contrary...
Irrespective of what Guggenheim want, everything boils down to ENIC's intention, as a hostile takeover isn't possible in these circumstances.
Therefore the source close to Lewis outweighs the others massively.
Spursidol
Well-Known Member
- Sep 15, 2007
- 12,636
- 15,834
You sure? Could there not be a legal obligation to inform the remaining shareholders that an offer for the rest of the company is on its way?
IIRC, October 10 at 5 PM
There are various events (eg bids by Cain Hoy) which may mean that a stayement will need to be made by TH
So does JL control Levy 29.4%. excuse my thickness.
What is a discretionary trust?
A discretionary trust is a legal device created by the person putting funds into it to benefit one or more people named as potential beneficiaries.
Like all trusts, a discretionary trust is run by trustees. In this instance, however, the trustees are responsible for making the decisions about how the trust is run and how the beneficiaries of the trust are dealt with.
The important feature of this type of trust is that trustees have discretion as to how the income and capital is distributed amongst the beneficiaries.
What is a discretionary trust?
A discretionary trust is a legal device created by the person putting funds into it to benefit one or more people named as potential beneficiaries.
Like all trusts, a discretionary trust is run by trustees. In this instance, however, the trustees are responsible for making the decisions about how the trust is run and how the beneficiaries of the trust are dealt with.
The important feature of this type of trust is that trustees have discretion as to how the income and capital is distributed amongst the beneficiaries.
sweetness
Well-Known Member
- Jun 24, 2006
- 1,117
- 832
SirNiNyHotspur
23 Years of Property, Concerts, Karts & Losing
- Apr 27, 2004
- 3,129
- 6,770
In any case Lewis letting info out that he doesn't want to sell doesn't mean much, if you were selling you'd hardly want everyone to know you desperately want out. My biggest concern wouldn't be if Lewis doesn't want to sell as for years we've heard from ITK over the years we've always been for sale at the right price (as you would expect) imo it's simply going to come down to how greedy ENIC are and how much Cain Hoy want us, if they're not far apart an agreement will be made (what's that I heard?... no shit sherlock)
gibbospurs
SC Supporter
- Aug 28, 2010
- 5,003
- 6,651
I love lamp
Spursidol
Well-Known Member
- Sep 15, 2007
- 12,636
- 15,834
A laynman's guide :
ENIC own 85% of Spurs,
Lewis owns a majority of ENIC outright, but the rest is owned by a 'discretionary trust' of whome Levy and other family members are potential beneficiaries - in other words the Trustees (who must be independent of Levy) can choose to transsfer the shares the trust owns to Levy or other members of hius family. So Levy does not own ant shares in ENIC in his own name - and might never !
Cheers.
weststandvoice
Yes we have no bananas
- Jul 29, 2005
- 1,076
- 876
I for one soon hope that this gargantuan media hoax will be over
Thats the spiritI for one soon hope that this gargantuan media hoax will be over
Zoob32
Member
- Jun 4, 2014
- 51
- 66
I would agree with this post, but since I don't actually know British laws governing purchasing businesses, I'll just give you a Like instead.
Booney
Well-Known Member
- Dec 2, 2004
- 2,837
- 3,481
Plying our trade in the Championship in a red kit? Suppose it could work. Good call.
