The following Tax practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to property rich collective investment vehicles and certain investors: HMRC is consulting until 16 December 2020 on draft regulations that will amend provisions in Finance Act 2019 relating to collective investment vehicles (CIVs). The draft regulations provide for non-UK resident life assurance companies and non-UK resident, non-UK property rich CIVs, with less than a 10% interest in UK property rich CIVs (wherever resident), to be treated as not holding a substantial indirect interest in the CIV (subject to certain conditions). The aim is to remove disproportionate administrative burdens for such investors. This change is to have retrospective effect from 6 April 2019. The draft regulations also contain provisions to correct minor errors in the legislation without changing the way the relevant rules operate. These provisions are to have effect from the commencement date of the regulations (expected to be in April 2021).
UK real estate can be held as an investment through an offshore unauthorised property unit trust. Such unit trusts are commonly established in one of the Channel Islands (typically, Jersey or Guernsey) or the Isle of Man, but may be established under the law of another non-UK jurisdiction. This Practice Note refers to such property unit trusts, wherever established, as JPUTs (since Jersey property unit trusts are common).
It is assumed for the purposes of this Practice Note that UK real
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When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction
The Public Private Partnership (PPP) models are a popular way for governments to involve private investment, expertise and risk in procuring infrastructure, with the potential to deliver a project more efficiently and economically. One of the most popular PPP models for procuring infrastructure
What is quia timet relief?Injunctions are generally awarded where a party has already suffered a wrong. For guidance on injunctions generally, see Practice Note: Injunctions—guiding principles. However, an injunction may be sought before a party's rights have been infringed on the basis that they
Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
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