The following Private Client practice note Produced in partnership with Alison Cartin of Bryan Cave Leighton Paisner provides comprehensive and up to date legal information covering:
ARCHIVED: This Practice Note gives an overview of the non-resident capital gains tax (NRCGT) charge that applied to certain non-UK resident persons when they disposed of UK residential property on or after 6 April 2015 and before 6 April 2019. It has been archived and is not maintained.
Changes to the taxation of gains made by non-UK residents on UK immovable property took effect from 6 April 2019. These changes are included in section 13 and Schedule 1, Part 1 to the Finance Act 2019. For more details, see Practice Note: Non-residents and tax on chargeable gains from 6 April 2019—gains and UK immovable property.
For disposals on or after 6 April 2015 and before 6 April 2019, an NRCGT charge applies to non-UK resident individuals, trustees, closely-held funds and companies on the disposal of UK residential property. NRCGT applies to disposals of UK residential property of any value including property which is let as part of a property rental business. It also applies to the disposal of a right to acquire UK residential property ‘off-plan’.
NRCGT only applies to gains which accrue post 5 April 2015. This is the default position but in certain circumstances the person disposing of the property can elect for a straight-line time apportionment of the whole gain over their period of ownership or a retrospective basis of computation (ie using
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This Practice Note examines why parties involved in a construction project may enter into an escrow agreement (or escrow deed) to set up an escrow account. It looks at the benefits of paying funds into escrow, how an escrow account operates and the provisions typically found in an escrow
This Practice Note examines the doctrine of consideration and the key role it plays in English law in determining whether a contract is enforceable.A promise will only be capable of being contractually enforced if it is either made in a deed or made in exchange for something of value, known as
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
The principles of the notarial act are that it is:•an act of the notary and not of the parties named in the document•a record of a fact, event or transaction•in the form of a document, notwithstanding the form of the underlying document, fact, event or transactionThe purpose of the notarial act is
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