The following Tax practice note Produced in partnership with Charles Goddard of Rosetta Tax provides comprehensive and up to date legal information covering:
The direct tax treatment of landlords and tenants in relation to the grant of leases is considered in Practice Note: Direct tax treatment of leases—grant of a lease. This Practice Note considers the direct tax treatment of landlords and tenants in other transactions in relation to leases, principally assignments, surrenders and variations of existing leases.
The VAT and stamp duty land tax (SDLT) treatment of these transactions is also of critical importance in determining the overall tax treatment of the parties, for which, see Practice Notes:
VAT issues for new and ongoing leases
VAT issues for lease assignments and terminations
SDLT chargeable consideration—leases, and
SDLT—common lease transactions
As with the treatment of landlords and tenants in relation to the grant of leases, the tax treatment of transactions affecting existing leases depends on a number of factors including the tax status of the parties, the term of the lease and the purpose for which the transaction is entered into.
The legal mechanics relating to property, and specifically transactions involving leases, differ in some respects in the separate jurisdictions which make up the UK. This Practice Note is prepared by reference to English property law.
In this Practice Note, CGT is used to refer to both capital gains tax and corporation tax on chargeable gains.
Without action by either landlord or tenant, a lease will expire at the end of
**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
What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
This Practice Note considers proprietary estoppel from a generic standpoint.For industry specific guidance on proprietary estoppel, see Practice Notes:•Estoppel and property law•Mortgages by estoppelProprietary estoppel—what is it?Unlike the other forms of estoppel (see Practice Note: Estoppel—what,
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
Definition of automatismAn act is done in a state of automatism if it is done by the body without control by the mind, (eg it is a spasm or a reflex), or if it is done by a person who is not conscious of what they are doing. The act may be described as involuntary, but will not be regarded as such
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.