This document is a table containing all of the most important information that you should know off by
heart in order to sit the SQE2 assessments. It is important to have a good understanding of the
functionalities of the 5 modules however, taking the time to commit the below to memory will serve as a
base from which to build your answers around using the facts given to you in the assessment.
Probate [Interview, writing, research, drafting and case analysis]
Property passing outside the terms of a will:
Joint ownership - to the surviving tenant
Life assurance policies and bank accounts - to the named beneficiary
Trust funds - pass according to the terms of the fund
Spouse inheritance on intestacy:
Tangible moveable assets
£270,000
Half of the remaining estate (the other half going to the children in equal shares)
Who can bring a claim under the Inheritance Act 1975:
Spouse or civil partner
A child of the deceased or one being treated as a child of the deceased
A person being maintained by the deceased
A person living with the deceased in the 2 years before death
Inheritance Tax Provisions
Spouses can transfer the unused percentage of their nil rate bands on death.
Tax is due 6 months after the date of death and an account must be filed with HMRC 12
months after the date of death unless it is a excepted estate.
IHT = Net value - funeral costs - debts - NRB - RNRB x 40%
If a gift is donated and the donor retains the benefit, they are taxed for it
CLTs and PETs
Gifts to a spouse, civil partner, charity or gifts under £250 are exempt.
Everyone has a £3,000 annual exemption that can be carried forward one year.
If the donor dies within 7 years, tax is tapered by 20% for each year after the 3rd year
Ensure all wills include the following:
1. A revocation clause; 2) gift of residue 3) attestation clause
Property [Interview, writing, research, drafting, case analysis]
Buyer’s Solicitor Pre-contract Searches that are ALWAYS done
1. Local Search (planning permissions, building regulations listed status, public rights of way etc)
2. Drainage and Water Search
3. Environmental Search
Buyer’s Solicitor Pre-Completion Searches
1. Official Search with priority (Registered Land) (OS1 form)
2. Full land charges search (Unregistered land)
3. Bankruptcy search if a mortgage is involved
, Security of Tenure Ground to contract out of Lease
Section 25 (Served by Landlord) Section 26 (Served by Tenant)
Tenant breached an obligation
The whole property is needed by the Landlord
The Landlord wants to occupy the whole building
There is suitable alternative accommodation
The whole building is to be demolished
Legal Title
Joint tenancy – Survivorship, 50/50 ownership is all circumstances
Tenancy in common – Ownership is outlined in declaration of trust, passes according to will terms
Stamp Duty Land Tax
First time buyers relief for properties up to £500,000
Current nil rate band of £250,000
Additional properties are taxed at +3% per band
Capital Gains Tax
18% or 28% for property gains based on income bracket.
Must be reported to HMRC within 30 days of completion.
Seller pays tax on the profit.
Business Law [Research, writing, drafting, case analysis]
Shareholding Powers
5% : circulate written resolutions and statements, request a general meeting
10% : request a poll vote
> 25% : block special resolutions
50% : block ordinary resolutions
>50% : pass ordinary resolutions
75% : pass special resolutions
Options for Ending Companies
Fixed asset receivership (Fixed charged default and assets are taken over)
Administration (Administrator is appointed to save the company)
Moratorium (Insolvency practitioner tries to restore profitable trading)
Members Voluntary Liquidation (Members control the liquidation)
Creditors voluntary Liquidation (Creditors take over the company)
Negotiation (Company asks creditors for reduced debt)
Bankruptcy (Unsecured creditor owed £5,000 can petition the court)
Liquidation (Assets are sold off and company is would up)
Individuals Voluntary Arrangement (Creditors accept less than owed)
Income Tax
Non savings income + savings income + dividends – allowances x %
Everyone is entitled to a non-taxable income of £12,300pa
Tax exempt earning are national savings, premium bonds, benefits and ISAs.
heart in order to sit the SQE2 assessments. It is important to have a good understanding of the
functionalities of the 5 modules however, taking the time to commit the below to memory will serve as a
base from which to build your answers around using the facts given to you in the assessment.
Probate [Interview, writing, research, drafting and case analysis]
Property passing outside the terms of a will:
Joint ownership - to the surviving tenant
Life assurance policies and bank accounts - to the named beneficiary
Trust funds - pass according to the terms of the fund
Spouse inheritance on intestacy:
Tangible moveable assets
£270,000
Half of the remaining estate (the other half going to the children in equal shares)
Who can bring a claim under the Inheritance Act 1975:
Spouse or civil partner
A child of the deceased or one being treated as a child of the deceased
A person being maintained by the deceased
A person living with the deceased in the 2 years before death
Inheritance Tax Provisions
Spouses can transfer the unused percentage of their nil rate bands on death.
Tax is due 6 months after the date of death and an account must be filed with HMRC 12
months after the date of death unless it is a excepted estate.
IHT = Net value - funeral costs - debts - NRB - RNRB x 40%
If a gift is donated and the donor retains the benefit, they are taxed for it
CLTs and PETs
Gifts to a spouse, civil partner, charity or gifts under £250 are exempt.
Everyone has a £3,000 annual exemption that can be carried forward one year.
If the donor dies within 7 years, tax is tapered by 20% for each year after the 3rd year
Ensure all wills include the following:
1. A revocation clause; 2) gift of residue 3) attestation clause
Property [Interview, writing, research, drafting, case analysis]
Buyer’s Solicitor Pre-contract Searches that are ALWAYS done
1. Local Search (planning permissions, building regulations listed status, public rights of way etc)
2. Drainage and Water Search
3. Environmental Search
Buyer’s Solicitor Pre-Completion Searches
1. Official Search with priority (Registered Land) (OS1 form)
2. Full land charges search (Unregistered land)
3. Bankruptcy search if a mortgage is involved
, Security of Tenure Ground to contract out of Lease
Section 25 (Served by Landlord) Section 26 (Served by Tenant)
Tenant breached an obligation
The whole property is needed by the Landlord
The Landlord wants to occupy the whole building
There is suitable alternative accommodation
The whole building is to be demolished
Legal Title
Joint tenancy – Survivorship, 50/50 ownership is all circumstances
Tenancy in common – Ownership is outlined in declaration of trust, passes according to will terms
Stamp Duty Land Tax
First time buyers relief for properties up to £500,000
Current nil rate band of £250,000
Additional properties are taxed at +3% per band
Capital Gains Tax
18% or 28% for property gains based on income bracket.
Must be reported to HMRC within 30 days of completion.
Seller pays tax on the profit.
Business Law [Research, writing, drafting, case analysis]
Shareholding Powers
5% : circulate written resolutions and statements, request a general meeting
10% : request a poll vote
> 25% : block special resolutions
50% : block ordinary resolutions
>50% : pass ordinary resolutions
75% : pass special resolutions
Options for Ending Companies
Fixed asset receivership (Fixed charged default and assets are taken over)
Administration (Administrator is appointed to save the company)
Moratorium (Insolvency practitioner tries to restore profitable trading)
Members Voluntary Liquidation (Members control the liquidation)
Creditors voluntary Liquidation (Creditors take over the company)
Negotiation (Company asks creditors for reduced debt)
Bankruptcy (Unsecured creditor owed £5,000 can petition the court)
Liquidation (Assets are sold off and company is would up)
Individuals Voluntary Arrangement (Creditors accept less than owed)
Income Tax
Non savings income + savings income + dividends – allowances x %
Everyone is entitled to a non-taxable income of £12,300pa
Tax exempt earning are national savings, premium bonds, benefits and ISAs.
