Valuation date definition

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Completing the JCT 2016 Minor Works Building Contract Particulars—checklist

Completing the JCT 2016 Minor Works Building Contract Particulars—checklist The Agreement, Recitals, Articles and Contract Particulars at the start of a JCT contract set out the project specific details for the particular works to be carried out. It is very important that these are fully completed and that the details are correct to avoid ambiguity and disputes regarding what is required. This Checklist provides practical guidance as to how to complete the details including links to relevant Practice Notes which provide detailed information on the areas covered. It is aimed at those who are relatively new to dealing with JCT contracts. An employer will often arrange for the architect/contract administrator or other consultant to complete the particulars at the start of the contract and will then ask its lawyer to check the contract before the parties execute it. Alternatively, a lawyer may be asked to fill in all of the details but they will need input from the client or its consultants as to the details to be inserted. This...

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Annual tax on enveloped dwellings (ATED)—the basics

Annual tax on enveloped dwellings (ATED)—the basics What is the annual tax on enveloped dwellings? The annual tax on enveloped dwellings (ATED) was introduced as part of a package of measures aimed at making it less attractive to hold high-value UK residential property indirectly, eg through a company, in order to avoid or minimise taxes such as stamp duty land tax (SDLT) on a subsequent disposal of the property. The other measures included in the anti-avoidance package relating to high-value UK residential property include: • the single higher rate of SDLT on the acquisition of high-value UK residential property for non-natural persons (NNPs) (for further details, see Practice Notes: Rates of SDLT and Single higher rate of SDLT for high-value residential property transactions), and • prior to 6 April 2019, a capital gains tax (CGT) charge on sales of high-value UK residential property by NNPs (abolished from 6 April 2019 (for further details, see Practice Note: Capital gains tax charge on ATED-related gains [Archived])) When does ATED...

Administration of trusts—trustee investment in commercial property

Administration of trusts—trustee investment in commercial property Commercial property Commercial property is intended to produce a financial return for its owner by being used or occupied by businesses. That return can be in the form of rent paid to the owner by a tenant(s) or from a change in the capital value of the property, realised when the property is sold. There are a number of differences between investing in residential property and commercial property, eg: • Costs—the cost of large, high-quality commercial property tends to be much greater than residential property • Valuation—the uniqueness of many commercial properties makes it difficult to get an accurate valuation without access to professional advice, whereas it is fairly easy to compare house prices • Commercial leases—these tend to last much longer than residential leases, traditionally contain clauses that are upward only (ie the rent cannot be less after a review than it was before one) and place responsibility on tenants for repairs and maintenance The decision to invest in commercial...

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Letter of instruction to a single joint expert to value land or property

Letter of instruction to a single joint expert to value land or property 1 Introduction This letter is written as a joint instruction to you as an expert in financial remedy proceedings relating to divorce proceedings between [client’s full name] and [spouse’s full name]. You are being instructed jointly by [lead firm preparing letter] who act on behalf of [client’s full name] and [name and address of spouse’s solicitors], [telephone number and email of spouse’s solicitors] on behalf of [spouse’s full name], but on the basis that you will provide an expert opinion independent of each of them. At the first appointment on [date of first appointment], District Judge [name] sitting at the Family Court at [location] made the following order [insert exact wording from order]. The parties have agreed that you should be instructed on a joint basis as the single joint expert. Your scope of instructions is as set out in the order dated [date of first appointment order] and in this letter. 2 Arrangements...