GLOSSARY

Relevant property definition

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What does Relevant property mean?

A category of trust property which is subject to a special regime for inheritance tax.

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Freezing injunctions—interpretation and practical implications

Freezing injunctions—interpretation and practical implications As discussed in Freezing injunctions—the draft order, the contents of a draft order for a freezing injunction should, in the first instance, follow the wording of the example found at CPR PD 25A, Annex A—Freezing injunction. It is therefore essential that you understand how the standard terms in freezing orders have been interpreted in practice so that you know the likely scope and limits of what can be achieved by adhering to that wording. Equally, defendants or third parties being served with a freezing injunction will want to know precisely what they can and cannot do as a result of the order. This Practice Note therefore examines the court’s approach to interpreting freezing injunctions, including how certain standard terms in freezing injunctions have been interpreted by the courts and the practical implications of freezing injunctions both for defendants and third parties affected by them. In this Practice Note: • ‘standard freezing order’ refers to CPR PD 25A, Annex A—Freezing Injunction • ‘the Commercial Court order’ refers to the form of freezing injunction found at Commercial Court Guide, Appendix 11, and • reference to ‘both standard orders’ or ‘the standard orders’ means both the standard freezing order and the Commercial Court order For the avoidance of doubt, unless otherwise stated, the principles discussed in the following sections are equally applicable to both standard orders. For guidance on the differences

Registered charges—powers of registered proprietor of the land and the charge

Registered charges—powers of registered proprietor of the land and the charge Registered proprietor of the land While the proprietor of a registered estate subject to a registered charge is: • in possession, and • subject to any contrary intention in the mortgage deed he has the power to: • grant the leases specified by statute, and • accept surrenders of leases to allow the above leases to be granted The mortgage deed (and any deed varying it) may: • extend the statutory powers, or conversely • limit them A restriction should be entered in the register in respect of any limitation. Registered proprietor of charge The owner of a registered charge, who is the: • registered proprietor, or • person entitled to be registered as the proprietor has the power to: • make a disposition of any kind permitted by the general law in relation to the charge (eg to sell other than a legal sub-mortgage), and • charge at law, with the payment of money, the indebtedness secured by the charge In Skelwith, the High Court decided that the assignee of a registered charge had been entitled to enter into an agreement to sell the relevant property, despite the fact that the assignment of the charge had yet to be registered. The owner's powers in relation to a registered charge consist of: • power to make a disposition of any kind permitted by the general law in

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Lease of bare land for car parking

Lease of bare land for car parking style="caps">DATE [date] Parties 1 [name of Landlord] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Landlord) 2 [name of Tenant] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Tenant) 1 Definitions In this Lease, the following definitions apply: 1987 Order • the Town and Country Planning (Use Classes) Order 1987, SI 1987/764 in its form as at 31 August 2020; 2003 Order • the Regulatory Reform (Business Tenancies) (England and Wales) Order 2003, SI 2003/3096; Adjoining Property • any property adjoining or near to the Property; Annual Rent • £[amount] a year; Competent Authority • any authority which has jurisdiction in relation to the Property, its occupation or use; Conduits • any media and associated equipment for conducting energy, data or substances; Consent • a written consent obtained from the Landlord; Costs • are any costs, losses, damages and liabilities, whether or not resulting from claims, demands, actions or proceedings; Deposit • £[amount]; Forfeiture Event • (a) the instigation of any process or proceedings: i for the appointment of an administrative receiver, administrator, liquidator, monitor, provisional liquidator, receiver (or manager), supervisor, or trustee in bankruptcy, in relation to the Tenant or its property; or ii by way of execution or enforcement of any debt against any assets of the Tenant; (b) the Tenant: i is unable to pay its debts within the meaning of section

Contract for sale of a portfolio of properties incorporating the Standard Commercial Property Conditions (Third Edition—2018 Revision)

Contract for sale of a portfolio of properties incorporating the Standard Commercial Property Conditions (Third Edition—2018 Revision) style="caps">date [date] Parties 1 [name of Seller] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] [and whose address for service in England and Wales is [address]] (Seller) 2 [name of Buyer] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] [and whose address for service in England and Wales is [address]] (Buyer) 3 [[name of Guarantor] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] [and whose address for service in England and Wales is [address]] Guarantor)] 1 Definitions In this Agreement, the following definitions apply: Actual Completion • the date on which the Transfer is actually completed, and references in the Standard Conditions to 'actual completion' must be read accordingly; [Arrears • the amounts (including VAT for which the Seller must account to HMRC) due to the Seller from the Tenants up to and including Actual Completion but which have not been received by the Seller or its agents as cleared funds before Actual Completion;] Buyer’s Solicitors • [name] of [address](reference [details]); [Chattels • for each Property, any items listed under the heading ‘Chattels’ in the relevant Property Schedule;] [Chattels Price • for each Property, the amount specified in paragraph 2.3 of the relevant

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Can the personal representatives of an estate retrospectively appropriate a share portfolio to the charitable residuary beneficiaries after the shares have been sold, in order that the charities can benefit from the favourable capital gains tax treatment that would apply on a sale by them?

Can the personal representatives of an estate retrospectively appropriate a share portfolio to the charitable residuary beneficiaries after the shares have been sold, in order that the charities can benefit from the favourable capital gains tax treatment that would apply on a sale by them? Power of appropriation Personal representatives (PRs) have a statutory power of appropriation under section 41 of the Administration of Estates Act 1925 which allows them to appropriate any part of the estate, (including a chose in action) in its actual condition or state of investment at the time of appropriation, in or towards satisfaction of any legacy or interest or share in the estate, whether absolute or settled, without the requirement for the deceased to confer a power of appropriation in the Will. This power is widened by the STEP Standard Provisions (2nd edition) when incorporated in the Will. See Practice Note: Personal representatives and trustees—power of appropriation. Valuation for the purposes of the appropriation Where PRs appropriate assets, they should (unless the Will provides otherwise) revalue the assets as at the date of appropriation, as opposed to using the death value (Robinson v Collins) to determine the legatee’s entitlement. If the length of time between the date of death and appropriation is short, the beneficiaries may agree that appropriation should be made at probate value. The Will may give the PRs power to appropriate

Is an inheritance tax exit charge payable whenever funds are distributed from a trust created by a parent under section 11 of the Inheritance Tax Act 1984 in order to fund their children’s school fees?

Is an inheritance tax exit charge payable whenever funds are distributed from a trust created by a parent under section 11 of the Inheritance Tax Act 1984 in order to fund their children’s school fees? For the purpose of this Q&A, we have assumed that: • the settlor, trustees and beneficiaries have been UK-resident at all relevant times • the settlor of the trust is a parent of the children whose education costs are to be paid from the trust A gift into a ‘maintenance and education trust’ should qualify for exemption for inheritance tax purposes under section 11 of the Inheritance Tax Act 1984 (IHTA 1984), although it is important that the terms of the trust should reflect the conditions attaching to the exemption. Thus, for the purposes of IHTA 1984, s 11(1)(b) exemption, the trust period should be expressed specifically to expire in the fiscal year of the child’s 18th birthday or, if

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Property weekly highlights—28 July 2022

This week's edition of Property weekly highlights includes: a Court of Appeal judgment confirming two cinema tenants are liable for Covid-related rent arrears, a case on the power of a covenantee to modify a restriction on a property forming part of an estate and the latest on the register of overseas entities and more on the Building Safety Act 2022, including re-opening of the Building Safety Fund.

Property weekly highlights—16 June 2022

This week's edition of Property weekly highlights includes: a White Paper on large-scale reforms to the private rented sector, cases on renewal lease rents, modification of restrictive covenants and SDLT multiple dwellings relief, discussion of contracting-out following refusal of permission to appeal to the Supreme Court in TFS Stores and a consultation on implementation of section 36 of the Equality Act 2010 (duty to make reasonable adjustments to common parts).

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