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Legal Terms – IHT (Inheritance Tax)
A tax levied on the value of a deceased person’s estate before its distribution. It applies above a statutory threshold, with reliefs and exemptions for spouses, civil partners, and charitable bequests.
A tax levied on the value of a deceased person’s estate before its distribution. It applies above a statutory threshold, with reliefs and exemptions for spouses, civil partners, and charitable bequests.
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Legal Terms – ILC (International Law Commission)
A United Nations body of legal scholars responsible for codifying and developing international law. It drafts conventions, studies legal principles, and clarifies doctrines in areas such as treaty law, state responsibility, and diplomatic relations.
A United Nations body of legal scholars responsible for codifying and developing international law. It drafts conventions, studies legal principles, and clarifies doctrines in areas such as treaty law, state responsibility, and diplomatic relations.
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Legal Terms – Illegal Contract
A contract that violates statute or public policy, such as one involving criminal acts or unlawful restrictions on trade. Such contracts are void and unenforceable, preventing parties from seeking relief, except where one acted innocently.
A contract that violates statute or public policy, such as one involving criminal acts or unlawful restrictions on trade. Such contracts are void and unenforceable, preventing parties from seeking relief, except where one acted innocently.
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Legal Terms – Illegal Practices
Unlawful actions during elections, including bribery, false statements, or misuse of influence. These constitute criminal offences and may result in disqualification or annulment of election results under electoral law.
Unlawful actions during elections, including bribery, false statements, or misuse of influence. These constitute criminal offences and may result in disqualification or annulment of election results under electoral law.
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Legal Terms – Illegal Trust
A trust that contravenes statutory provisions or public morality, rendering it invalid and unenforceable. Beneficiaries under such a trust cannot claim rights, and assets typically revert to the settlor or the state.
A trust that contravenes statutory provisions or public morality, rendering it invalid and unenforceable. Beneficiaries under such a trust cannot claim rights, and assets typically revert to the settlor or the state.
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Legal Terms – Illegitimacy
Formerly the status of a child born outside lawful marriage, which restricted inheritance and parental recognition. Following reforms like the Family Law Reform Act 1987, all children now enjoy equal legal rights, regardless of their parents’ marital status.
Formerly the status of a child born outside lawful marriage, which restricted inheritance and parental recognition. Following reforms like the Family Law Reform Act 1987, all children now enjoy equal legal rights, regardless of their parents’ marital status.
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Legal Terms – Illusory Appointment
Occurs when an individual with a power of appointment distributes property in a way that appears valid but provides no genuine benefit to beneficiaries. Although once void, such appointments are now recognized if consistent with the settlor’s intent.
Occurs when an individual with a power of appointment distributes property in a way that appears valid but provides no genuine benefit to beneficiaries. Although once void, such appointments are now recognized if consistent with the settlor’s intent.
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Legal Terms – Illusory Trust
A trust that exists in form but not in substance, where the settlor retains control over the assets, leaving trustees with no real authority. Courts may treat it as a sham trust lacking legal validity.
A trust that exists in form but not in substance, where the settlor retains control over the assets, leaving trustees with no real authority. Courts may treat it as a sham trust lacking legal validity.
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Legal Terms – IMCA (Independent Mental Capacity Advocate)
An advocate appointed under the Mental Capacity Act 2005 to protect individuals who lack capacity and have no one else to represent them. IMCAs ensure decisions about healthcare, accommodation, or welfare reflect the person’s best interests.
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Legal Terms – Immediate Post-Death Interest Trust
A trust arrangement granting a beneficiary an immediate right to income from a deceased person’s estate. For inheritance tax purposes, assets in such a trust are treated as belonging to the beneficiary rather than the estate.
A trust arrangement granting a beneficiary an immediate right to income from a deceased person’s estate. For inheritance tax purposes, assets in such a trust are treated as belonging to the beneficiary rather than the estate.
