The following Tax practice note provides comprehensive and up to date legal information covering:
This Practice Note considers the steps to take in relation to SDLT once it is established there is a chargeable transaction. For details about the definition of a land transaction, what amounts to the acquisition of a chargeable interest and when a chargeable transaction arises, see Practice Note: Land transactions, chargeable interests and chargeable transactions. For further details on how to notify land transactions, see Practice Note: SDLT—administration and compliance.
SDLT ceased to apply to any land transaction involving any interests in or over land in Scotland from 1 April 2015. From that date, land and buildings transaction tax (LBTT) applies to such transactions, subject to transitional provisions. Consequently, references in this Practice Note to 'UK land' or similar expressions in the context of the application of SDLT should be read to exclude any interests in or over land in Scotland from 1 April 2015. For further details, see the LBTT subtopic.
SDLT ceased to apply to any land transaction involving any interest in or over land in Wales from 1 April 2018. From that date, land transaction tax (LTT) applies to such transactions, subject to transitional provisions. Consequently, references in this Practice Note to 'UK land' or similar expressions in the context of the application of SDLT should be read to exclude any interests in or over land in Wales from 1 April 2018. For
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Practical completion marks the end of the construction period of a project, when the works are 'finished' and the employer can occupy and/or use them. Practical completion also typically marks the start of the defects liability period/maintenance period.As explained below, practical completion is an
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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