Click here to learn more about our revolutionary app or download directly from one of the sources below.
With a transaction at an undervalue, this period is two years, irrespective of whether it was in favour of a connected or unconnected person.
With a preference, this period is six months if it was transacted in favour of an unconnected person; and two years if in favour of a connected person.
(See ‘connected person’.)
[See ‘Liquidation’, ‘Administration’, ‘Bankruptcy’, ‘Relevant Time’, ‘Transaction at an Undervalue’, ‘Preference’ and ‘Connected Person’.]
Anti-money laundering (AML) refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. Money laundering seeks to conceal crimes, ranging from small-time tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organisations.
Businesses are required to keep and update records relating to the beneficial ownership of corporate clients. They also need to understand the ownership and control structure of their corporate customers, and record any difficulties encountered in identifying beneficial ownership.
All business in the financial sector should register with an anti-money laundering scheme.
[See ‘High Value Dealers’, ‘Money Laundering Reporting Officers’ and ‘National Crime Agency’.]
Approved pensions are defined as:
A Pension Scheme Tax Reference is the unique reference given to a scheme by HMRC when a scheme has been registered for tax relief and exemptions.
[See ‘Stakeholder Pension’ and ‘HMRC’.]
