Sale and leaseback definition

View the related checklists about Sale and leaseback

Questions relevant for an asset sale—tax issues—checklist

Questions relevant for an asset sale—tax issues—checklist This Checklist sets out a list of questions that may be relevant to determining the tax implications of an asset sale. This Checklist should be used in conjunction with Practice Note: Key tax considerations in an asset sale. For more information on pre-contract enquiries, see also Practice Notes: Capital allowances on property sales—pre-contract enquiries and Commercial Property Standard Enquiries—CPSE (the CPSEs, prepared by members of the London Property Support Lawyers Group and endorsed by the British Property Federation, provide standard questions relevant to a sale of commercial real estate). Key tax considerations in an asset sale Questions Answers obtained by the adviser General questions Are the parties companies, individuals or other types of entities, such as a partnership, trust or charity? Are there multiple sellers? Are there multiple buyers? Does the seller own legal and beneficial title to the assets? Will the buyer acquire both the legal and beneficial title to the assets at actual completion? ...

View the related practice notes about Sale and leaseback

Wales: Land transaction tax (LTT)—administration and compliance

Wales: Land transaction tax (LTT)—administration and compliance Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018. This Practice Note highlights the administrative and compliance issues in relation to LTT including: • filing returns and payment • managing and collection of LTT by the Welsh Revenue Authority (WRA) • amendment and correction of returns • enquiries • assessments • penalties Where relevant, comparisons between LTT and SDLT are highlighted. The Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics. Provision for LTT is contained in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise. Administration LTT is administered by the WRA. The WRA is a non-ministerial department of Welsh Government with its own board and staff. The WRA is headquartered in Merthyr Tydfil. LTT returns When a notifiable land transaction has been entered...

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986

Transactions defrauding creditors—claims under section 423 of the Insolvency Act 1986 Section 423 of the Insolvency Act 1986 (IA 1986) allows for the avoidance of transactions which were designed to defraud creditors. Its provisions are intended to prevent parties from disposing of assets so as to frustrate creditors. A claim can be brought under IA 1986, s 423 against a company or individual following a transaction at an undervalue (TUV) which was undertaken with the purpose of putting assets beyond the reach of creditors. While there are similarities with a TUV under IA 1986, s 238 (in the context of corporate insolvency) and IA 1986, s 339 (in the context of personal insolvency), these are the key differences: • recovery under IA 1986, s 423 does not necessarily involve formal insolvency proceedings • the purpose of the transaction is key under IA 1986, s 423, whereas the purpose of the transaction under IA 1986, ss 238 and 339 is not relevant • under IA 1986,...

View the related precedents about Sale and leaseback

Sale contract clauses—seller retains environmental liability for contamination

Sale contract clauses—seller retains environmental liability for contamination 1 Definitions In this clause [1] the following definitions apply: Contaminated Land Regime • Part IIA of the Environmental Protection Act 1990 as amended from time to time and the Statutory Guidance Contamination • the presence or accumulation of any Hazardous Substances at, in, on or under the Property [at or prior to the Completion Date] [at any time whether before or after the Completion Date] Environment • all or any of the following media, namely air, land, water (including surface water and groundwater) and any living organisms (including man) or systems supported by those media Environmental Law • all applicable laws, statutes, secondary legislation, common law, directives, regulations, codes of practice and guidance notes which have legal effect [and are in force at the Completion Date] in so far as they relate to the protection of the Environment Environmental Liabilities • any Liabilities relating to Environmental Matters Environmental Matters • all or any of the following:...

View the related q&as about Sale and leaseback

Where a property is due to be demolished but will first be sold and leased back to the seller for a short time, will the exemption in regulation 8 of the Energy Performance of Buildings (England and Wales) Regulations 2012 apply?

Where a property is due to be demolished but will first be sold and leased back to the seller for a short time, will the exemption in regulation 8 of the Energy Performance of Buildings (England and Wales) Regulations 2012 apply? Vacant possession Under the Energy Performance of Buildings (England and Wales) Regulations 2012 (EPC Regs 2012), SI 2012/3118, reg 8(2): 'Regulation 6 does not apply in relation to any prospective buyer or tenant of a building other than a dwelling which is to be sold or rented out where— (a) the relevant person can demonstrate that— (i) the building is to be sold or rented out with vacant possession; (ii) the building is suitable for demolition; and (iii) the resulting site is suitable for redevelopment; and (b) the relevant person believes on reasonable grounds that the prospective buyer or tenant intends to demolish the building.' Chapter One of the Energy Performance Certificate (EPC) guidance for Non-Dwellings does not provide any further useful guidance, except in relation to the requirement that the...

Where the freehold owner of business premises intends to continue occupying them for its business for three months following completion of a sale under a tenancy with the new owner, does this tenancy need to be contracted out of the Landlord and Tenant Act 1954 (LTA 1954) because, for the purposes of LTA 1954, s 43(3), its occupation of the premises as owner is considered to count as part of the 12 months occupation requirement?

Where the freehold owner of business premises intends to continue occupying them for its business for three months following completion of a sale under a tenancy with the new owner, does this tenancy need to be contracted out of the Landlord and Tenant Act 1954 (LTA 1954) because, for the purposes of LTA 1954, s 43(3), its occupation of the premises as owner is considered to count as part of the 12 months occupation requirement? Section 43(3) of the Landlord and Tenant Act 1954 (LTA 1954) states: ‘This Part of this Act does not apply to a tenancy granted for a term certain not exceeding six months unless- (a) the tenancy contains provision for renewing the term or for extending it beyond six months from its beginning; or (b) the tenant has been in occupation for a period which, together with any period during which any predecessor in the carrying on of the business carried on by the tenant was in occupation, exceeds twelve months’ A...

View the related News about Sale and leaseback

Upper tribunal considers appeal on pension scheme sanction charges (Morgan Lloyd Trustees Ltd v HMRC)

Tax analysis: In Morgan Lloyd Trustees Ltd v HMRC, the Upper Tribunal (UT) considered the appeal of a pension scheme trustee company (MLT) against scheme sanction charges imposed under section 239 of the Financial Act 2004 (FA 2004), in respect of unauthorised payments made by the schemes to the sponsoring employers. The UT remitted the appeal as it related to two of the payments back to the First-Tier Tax Tribunal (FTT) for further consideration but dismissed the appeal in all other respects.