The following Tax Q&A Produced in partnership with Mary Ashley of Old Square Tax Chambers and Sean Randall of Blick Rothenberg provides comprehensive and up to date legal information covering:
In this Q&A, the husband and wife own the property 100% as between themselves and are UK resident. The company does not presently have a share in the property.
If a loan was made by the company to the husband and wife, and that loan is satisfied by the company in return for receiving an undivided share of the property (effected by the husband and wife declaring a trust in respect of the property in favour of themselves and the company in specified undivided shares), then the acquisition of that interest by the company would be a land transaction for the purposes of stamp duty land tax (SDLT). There is no doubt that the interest acquired would be a ‘chargeable interest’ for SDLT purposes notwithstanding that it is an equitable interest only: see section 48 of the Finance Act 2003 (FA 2003).
**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
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
Broadly, the doctrine of overreaching enables purchasers (which includes tenants and mortgagees) in good faith for money or money’s worth to rely solely on the legal title. In the case of registered land, this means the entries entered on the register of title, as it records ownership of the legal
Who is a fiduciary?There is no comprehensive list of the relationships which give rise to the existence of fiduciary duties under common law. Some relationships are automatically fiduciary, eg those between trustee and beneficiary, solicitor and client, principal and agent, business partner and
A limited company that proposes to issue redeemable shares must comply with the provisions of the Companies Act 2006 (CA 2006).Why do companies issue redeemable shares?A company may wish to issue redeemable shares so that it has an alternative way to return surplus capital to shareholders without
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.