More of a legal question but thought someone here might know.
I know that in the rest of the UK a dividend waiver is drawn up as a deed, which is a reserved activity, and so accountants south of the border can't prepare these for clients.
I understand that there is no such thing as a deed in Scots law, so my question is can accountants north of the border prepare these?
I'm hoping the answer is no but wanting something concrete I can go back with on this to stop the constant queries about dividend waivers I get (which tend not to work anyway as a result of settlements lgislation).
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“accountants south of the border can't prepare these for clients.”
Are you sure? I’ve done plenty over the years, both for my practice and when I was employed in practice.
“accountants south of the border can't prepare these for clients.”
Are you sure? I’ve done plenty over the years, both for my practice and when I was employed in practice.
Ooops!
The legislation in Scotland suggests that it is also a reserved activity here. Solicitors have also “confirmed” this - although they would, wouldn’t they!
S.12 Legal Services Act 2007 - in particular, we are not allowed to undertake what are known as ‘reserved instrument activities’, which include “preparing any [other] instrument relating to real or personal estate for the purposes of the law of England and Wales”. This means, in effect, deeds (dividend waivers must be executed as a Deed).
(which tend not to work anyway as a result of settlements lgislation).
Got an example in mind?
I wasn't doubting you, Wolf. There's just something around this area that I can't seem to get straight in my mind.
But this probably isn't the time or the place.