Value added tax (VAT) definition

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VAT on property transactions—checklist

VAT on property transactions—checklist This Checklist sets out the key VAT issues to be considered on property transactions. The issues listed under ‘all property transactions’ should be considered in every case, followed by the issues that are listed under the particular transaction in question (grant of a lease, assignment or surrender of a lease, freehold sale, commercial development, or residential development). The issues listed under the grant of a lease, the surrender or assignment of a lease and the sale of freehold land may also be relevant to any development transaction. For detailed commentary on the VAT issues highlighted in this Checklist, see the VAT on property subtopic and in particular, the Practice Notes referred to in this Checklist. Type of property transaction Key VAT considerations All property transactions Is the transaction a transfer of a going concern (TOGC)? If so, there is no supply for VAT purposes so no VAT is due. For more detail, see Practice Note: VAT—transfers of a going concern involving land and buildings. ...

Acquisition of commercial property (buyer)—checklist

Acquisition of commercial property (buyer)—checklist This Checklist is for use where you are acting for the buyer on the acquisition of a registered freehold or leasehold commercial property either with vacant possession or subject to a lease or leases. It is not exhaustive and will not cover every eventuality for every transaction. You must always consider whether there are any other issues that need to be addressed. It is assumed that: • the property is not subject to any residential tenancies, and • the seller is solvent This Checklist includes the following key sections: • Preliminary matters • Is the buyer using finance to acquire the property? • Before exchange of contracts • Are you ready to exchange? • Exchange of contracts • Post exchange steps • Between exchange and completion • Are you ready to complete? • Completion • Post completion Preliminary matters See also Practice Note: Transferring commercial property—a practical guide — Preliminary matters. Are the buyer’s instructions and proposals for the property clear? Effective due diligence and...

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New starters commercial property transactions collection (EHS issues)—environmental desktop searches and site investigations

New starters commercial property transactions collection (EHS issues)—environmental desktop searches and site investigations Pre-contract searches Pre-contract searches are usually carried out by the buyer’s solicitor but may be carried out by the seller’s solicitors if they are to give a certificate of title. They can include: • local searches • index map searches • drainage and water searches • highways searches, and • environmental desktop searches For further information, see Practice Note: Pre-contract searches. Environmental desktop searches The Law Society Practice Notes on contaminated land and flood risk recommend that environmental and flood issues are considered in every property transaction. See Practice Notes: • Law Society practice note on contaminated land, and • Flooding—Law Society practice note on flood risk The Law Society guidance onthe impact of climate change on solicitors sets out guidance for organisations on how to manage their business in a manner which is consistent with the transition to net zero and Part B provides guidance for solicitors on how climate change physical risks and climate legal...

Introductory guide to UK tax for non-resident individuals

Introductory guide to UK tax for non-resident individuals This Practice Note briefly summarises the main UK taxes which may apply to non-UK resident individuals, including income tax, capital gains tax (CGT), inheritance tax (IHT), value added tax (VAT), national insurance contributions (NICs), the annual tax on enveloped dwellings (ATED) and stamp duty land tax (SDLT). Broadly, UK tax legislation is subject to territorial limits, so that either what is taxed must have a UK source, or the person who is taxed, is resident in the UK. In contrast to many other jurisdictions, the UK tax year is not a calendar year, but runs from 6 April to 5 April. Non-residence for tax purposes An individual is non-resident for UK tax purposes if they satisfy the non-resident requirements of the statutory residence test after 5 April 2013, see Practice Note: Residence after 5 April 2013. For the tests for non-residence prior to 6 April 2013, see Practice Note: Residence before 6 April 2013 [Archived]. If an individual is non-resident for fewer...

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Short-term lease of commercial premises (part of building)

Short-term lease of commercial premises (part of building) PARTICULARS Date [date] Landlord [name] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Landlord) Tenant [name] [of OR incorporated in England and Wales with company registration number [number] whose registered office is at] [address] (Tenant) Property [description] [within the Building] Building [description] Start Date [date] (inclusive) End Date [date] (inclusive) Basic Rent £[amount] per [day OR week OR month] [inclusive of Service Charge] Rent Days the [1st] day of each [week OR month] during the Term Permitted Use use as [description][, with ancillary storage] [ Service Charge ] [£[amount] each [week OR month] ] [ Deposit ] [£[amount]] THIS LEASE is made on the date and between the parties specified in the Particulars 1 Definitions and Interpretation 1.1 Terms in the Particulars are defined terms in, and form part of, this Lease. The following additional definitions...

Template replies to CPSE 1 (version 4.0)—General pre-contract enquiries for all commercial property transactions

Template replies to CPSE 1 (version 4.0)—General pre-contract enquiries for all commercial property transactions WARNING These template replies to enquiries are intended only as a framework and starting point to assist the Seller in building their replies to enquiries. They are not a recommended, comprehensive or conclusive list and should not be used without careful consideration and bespoke amendment to suit the particular transaction. Replies to enquiries form part of the contract and it is imperative that they are correctly tailored to the specific matter and do not include any false or flippant statements. They should also not contain any generic statements, such as ‘Not to the Seller’s knowledge’, unless the Seller has made an effort to discover a more comprehensive answer to the enquiry. Such a response contains within it an implication that the Seller has itself made reasonable enquiries relation to the enquiry in question. You must stress to your client the importance of reviewing the draft replies very carefully and, if necessary, involving managing agents and property...

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Private Client weekly highlights—17 January 2019

This week's edition of Private Client highlights includes: (1) Antoine v Barclays Bank UK, and its implications for the question of mistake when seeking to rectify the register of title at HM Land Registry, (2) Charman v HMRC which considered the pre-2013 residency regime and discovery assessments, (3) Davies, McAteer and Evan-Jones v HMRC which held that the relocation of a business abroad was done for tax reasons, and (4) Sleight v Crown Estate Commissioners which considered whether a trustee in bankruptcy, having disclaimed an asset, could apply for a vesting order where a sale of the asset had resulted in a surplus.