The following Tax Q&A produced in partnership with Michael Fluss of Keystone Law provides comprehensive and up to date legal information covering:
Stamp duty land tax (SDLT) will, potentially, be chargeable on the transfers by Corporate Trustee A of its interests in the commercial properties to Corporate Trustee B if the corporate trustee does not hold those interests on bare trust for the private pension fund. Whether the holding is on bare trust depends on the terms of the trust instrument under which those properties are held, as explained below.
In order for the commercial properties to be held on bare trust, the pension fund would, by virtue of paragraph 1(2) of Schedule 16 to the Finance Act 2003 (FA 2003) need to be 'absolutely entitled' to the two commercial properties of the fund as against the corporate trustee. By virtue of FA 2003, Sch 16, para 1(3), that would require the pension fund to have the exclusive right, subject to any charges (or similar) on the properties which the trustee meets, to be able to direct how the property is to be dealt with. Whet
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.