The following Tax Q&A produced in partnership with Sean Randall of Blick Rothenberg provides comprehensive and up to date legal information covering:
A swap applies where a purchaser of a chargeable interest, meets an obligation to give consideration by disposing of a chargeable interest. It engages special rules that modify the usual rule on what constitutes chargeable consideration.
Where either of the interests swapped is a freehold or leasehold estate (ie, a ‘major interest’) the rules (contained in paragraph 5 of Schedule 4 to the Finance Act 2003) provide that the ‘chargeable consideration’ (ie the amount or value that is taxed) is the higher of what each party (a) actually gives (including any VAT chargeable on their purchase) and (b) gets (calculated by reference to the market value of the property acquired ignoring any VAT chargeable on their pu
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Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
Millett LJ subdivided types of constructive trust into two categories, distinguishing between:•the constructive trust proper, where equity intervenes to prevent the legal owner from unconscionably denying the beneficial interest of another (known as the institutional constructive trust)•the
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
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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