The following Tax practice note provides comprehensive and up to date legal information covering:
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The annual tax on enveloped dwellings (ATED) was introduced in Finance Act 2013 (FA 2013) 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. For more details on ATED, see Practice Note: ATED—the basics.
As part of this package of measures, FA 2013 introduced an extension to the capital gains tax (CGT) regime by introducing a CGT charge on disposals on or after 6 April 2013 of property interests falling within the scope of ATED by both resident and non-resident non-natural persons (NNPs). This Practice Note summarises the CGT charge on ATED-related gains (referred to as the ATED CGT charge). With effect from 6 April 2019, the ATED CGT charge is abolished. From this date, most NNPs pay corporation tax on chargeable gains arising from immovable property. For more detail on this and rebasing for gains that would have been subject to the ATED CGT charge, see Practice Note: Non-residents and tax on chargeable gains from 6 April 2019—gains and UK immovable property.
The ATED CGT charge was enacted by FA 2013, Sch 25 which provides for various amendments
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An intention to create legal relations is requiredThere are various situations in which a court will hold that an agreement is not binding because, though supported by consideration, it was made without any intention of creating legal relations (see, eg, Blue v Ashley).Did the parties intend to
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This Practice Note considers the legal concept of mistake in contract law. It examines common mistake, mutual mistake, unilateral mistake, mistake as to identity and mistake as to the document signed (non est factum). It also considers the impact of each of these types of mistake on the contract and
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