The following Private Client practice note provides comprehensive and up to date legal information covering:
On 6 July 2018, the government published draft legislation to be included in Finance Bill 2019 (formally the Finance (No 3) Bill 2017–19, but also known as Finance Bill 2018–19) (FB 2019). The draft legislation was subject to public consultation until 31 August 2018. It was introduced in revised form to Parliament as part of FB 2019 on 7 November 2018, following Budget 2018 on 29 October 2018. Following minor amendments at committee stages, the Finance Act 2019 (FA 2019) received Royal Assent on 12 February 2019.
FA 2019 contains significant changes to the capital gains tax (CGT) regime and the corporation tax on chargeable gains regime. With the stated aim of levelling the playing field for UK residents and non-UK residents on disposals of UK real property, FA 2019 rewrites a large part of the CGT legislation contained in the Taxation of Chargeable Gains Act 1992 (TCGA 1992). Historically, non-UK residents holding interests in UK real property were outside the scope of UK tax on capital gains. This changed with effect from 6 April 2013 when the annual tax on enveloped dwellings (ATED) CGT charge (ATED-related CGT) was introduced and again with effect from 6 April 2015 when non-resident CGT (NRCGT) was introduced in relation to disposals of UK residential property.
FA 2019 brings disposals of UK non-residential property within the charge to UK tax
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The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
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,
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
If a party to a property agreement fails to comply with its obligations, the other party may wish to apply for an order for specific performance. Specific performance is an equitable, discretionary remedy which, if granted, compels a party to perform a contractual obligation. This Practice Note
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