What is a declaration of trust, and what does it do?
A declaration of trust is a legal document which sets out who owns what. It is a document in which one person declares that they hold assets on trust for the benefit of one or more beneficiaries. A declaration of trust is a legally binding document which can be used to formally record the financial arrangements between owners of a particular asset.
A declaration of trust is most commonly used in family disputes in relation to property which has been purchased jointly by a couple, and/or with the financial assistance of someone else, such as a gift/ inheritance from parents. Within the declaration of trust you are able to record who has paid the deposit for a home, and how you would want to split the proceeds of sale in the future if you were to separate. It can provide clarity at what may be a difficult time, and hopefully reduce any disagreements in the future in the event that you separate from your partner and wish to protect your parents’ bequest.
Related FAQs
- Yes, and this includes furloughed employees under the Coronavirus Job Retention Scheme.
- Employers must continue to assess their new employees or newly eligible existing employees and enrol them where required, but can make use of the statutory postponement procedure which allows them to delay for up to three months the assessment of new employees for the purpose of enrolment (see further details here on the Pensions Regulator’s website). Declarations of compliance for new employers must still be completed in the normal way.
- Postponement cannot be used for re-enrolment. The Regulator recommends employers use the re-enrolment date tool on the Regulator’s website to choose a date up to three months after the third anniversary of enrolment to assess staff for re-enrolment. Further information about employers’ obligations about reenrolment from the Pensions Regulator can be found here. Re-declarations of compliance for new employers must still be completed in the normal way.
Be careful, there is now a cap on the number of employees you can have on furlough at one time.
The number of employees you can claim for in any claim period starting from 1 July cannot exceed the maximum number of employees you claimed for under any claim ending by 30 June 2020. So this cap is going to be specific to each employer.
It may catch out, in particular, employers who had been rotating employees on furlough.
Yes. Government guidance now confirms that employers can be required to take holiday during a period of furlough, so long as they are given minimum notice to do so. The notice required is double the length of the holiday.
Employers are also able to cancel employees’ holidays (or require them not to take holiday) if they are on furlough, for example if they are not in a position to pay the additional 20% top up to their normal wages (or more where they earn in excess of the £2,500 monthly cap on furlough payments). Again, employers are required to provide a minimum period of notice of cancellation, which in this case, is the length of the planned holiday.
Employers can ask employees to take or cancel holiday with less notice but they would need to get their agreement to do so.
Government guidance has been updated to state that “Employees should not be placed on furlough for a period simply because they are on holiday for that period.” If a period of furlough happens to coincide with an employee’s holiday then you should ensure that there are business grounds to support furlough being used in that instance so that it isn’t just being used as a means to fund holiday utilisation.
The recommendation is every 3 years, however it is recommended that MHFAs receive regular ongoing training and support.
Residents will be obliged to:
- Not act in a way that creates a significant risk of a building safety risk materialising
- Not interfere with building safety equipment in the common parts
- Comply with an Accountable Person’s request for information in relation to the assessment and management of building safety risks.
The Accountable Person then has powers in relation to these duties, including:
- Issuing a contravention notice, requiring a resident to pay for replacement or repair of safety equipment which they have interfered with
- Applying for court orders in certain situations
- Requesting access at a reasonable time (in writing with at least 48 hours’ notice) to a resident’s property for the purposes of assessing or managing building safety risks, or checking compliance with the resident’s duties as above.
Secondary legislation is still awaited to bring these provisions into force, so the timing is unknown, but it will likely be within the next 12 months in line with the anticipated timetable for the remainder of the Act.