The concept of the relevant commercial sale is defined in section 175(6) of the Income Tax Act 2007 (ITA 2007). There are six possible types of commercial sale that can be the issuing company’s relevant commercial sale—in sub-paragraphs (a)–(f). The simplest (in paragraph a) is the first commercial sale by the issuing company. The remainder of the types (in paragraphs (b)–(f)) deal with transfers of companies or transfers of trades. First commercial sale is defined as having the same meaning as in the European Commission’s guidelines on State aid to promote risk finance investments. There, it is defined as 'the first sale by an undertaking on a product or service market, excluding limited sales to test the market'. HMRC guidance on the permitted maximum age limit is at VCM8150 onwards. Most of the guidance

The ‘ad medium filum’ rule is a rebuttable presumption that an owner of land which abuts a public or private highway also owns the soil of the adjoining

The ‘ad medium filum’ rule is a rebuttable presumption that an owner of land which abuts a highway also owns the soil of the adjoining highway up to its centre line. You have asked whether the rule applies to land formerly used as an access way. The first point to note is that the former access way may be unregistered, but this does not mean it is unowned. You should check who, if anyone, owns it. Ownership of unregistered land can only be verified by checking the title deeds to the land (which are likely to be in the possession of the owner). It can be extremely difficult to ascertain who

A rent review is a process agreed by a landlord and a tenant in a rent review clause in their lease whereby a party (usually a landlord) can send a notice to their tenant implementing a review in some form, eg by specifying a new rental figure by reference to the market rent or appointing a valuer to determine such rent, see Practice Note: A guide to rent review for property lawyers. The moratorium in paragraph 43 of Schedule B1 to the Insolvency Act 1986 (IA 1986) prohibits parties such as the landlord of a tenant in administration taking certain actions such as exercising a right of forfeiture except with the consent of the administrator or the permission of the court. The relevant question is whether the implementation of a rent review by a landlord is prohibited as falling within the prohibition against instituting ‘legal process’ in IA 1986, Sch B1,

A company in administration and the moratorium Administration is designed to be a rescue procedure and is designed to achieve a better outcome for all creditors than a liquidation. It is accompanied by a moratorium on proceedings (see: Administration—overview) which gives a company some breathing space in which to allow for a sale or a restructuring without the threat of imminent winding up hanging over it. The moratorium is at the very heart of the administration process and applies during the period of time in which

Section 583(3) of the Companies Act 2006 (CA 2006) sets out the definition of ‘cash consideration’, as follows: ‘(3) A “cash consideration” means— (a) cash received by the company, (b) a cheque received by the company in good faith that the directors have no reason for suspecting will not be paid, (c) a release of a liability of the company for a liquidated sum, (d) an undertaking to pay cash to the company at a future date, or (e) payment by any other means giving rise to a present or future entitlement (of the company or a person acting on the company's behalf) to a payment, or credit equivalent to payment, in cash.’ Also note CA 2006, s 583(4), which states: ‘(4) The Secretary of State may by order provide that particular means of payment specified in the order are to be regarded as falling within subsection (3)(e).’ Under

The appointment to the office of trustee is lifelong, subject to the terms of the trust. However, it is common for the appointment of trustees of a charity to be for a fixed term. We are not aware of any reason why such a provision cannot apply to a private, non-charitable

If the business name in question is a registered trade mark, the formalities relating to the assignment of UK and EU trade mark registrations will need to be followed. Assignment of UK registered trade marks An assignment is the transfer of a trade mark to another person so that the assignor is no longer the owner of that mark. The assignor cannot therefore use the mark unless the assignee grants a licence back to the assignor. Under section 24(1) of the Trade Marks Act 1994 (TMA 1994), a UK registered trade mark is transmissible by assignment in the same way as any other personal or moveable property, and either in connection with the goodwill of a business or separately. Such an assignment can be full or partial. The assignment of a UK registered trade mark must be in writing and signed by or on behalf of the assignor or his personal representative. The signature of the assignee or transferee is not required. Except in Scotland, this requirement

A general power of attorney governed by the Powers of Attorney Act 1971 (PAA 1971) is the most commonly used appointment for commercial transactions. A company may appoint a person to act as its attorney to execute documents on its behalf. Any document so executed will have effect as if executed by the company. PAA 1971 is silent as to who may act as an attorney and whether a power of attorney needs to specifically name individuals or if it may be granted to multiple and changing personnel by reference to an appended document. For more information, see Practice Note: Powers of attorney in commercial transactions—Who can act as an attorney. Typically, if more

In this Q&A we have limited our research to cover the application of the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, SI 2013/3134 (CCR 2013). We refer to the arrangements made between an auctioneer and a client to sell products at auction. The aim of the CCR 2013, which implement Directive 2011/83/EU, the Consumer Rights Directive, as amended by the Consumer Contracts (Amendment) Regulations 2015, SI 2015/1629, is to ensure that consumers negotiating so-called off-premises agreements on the doorstep or in a field sales environment (eg if someone stops you in the street to sell you domestic energy) are in a similar

We have assumed that the landlord is not a social landlord. There are broadly two limitations on residential possession action as a result of the coronavirus (COVID-19) pandemic. First, the period of notice required to be given to most residential tenants has been extended. Specifically in relation to 'ground 14' applicable to assured tenancies, section 81 and paragraph 6 of Schedule 29 to the Coronavirus Act 2020 amend section 8(4) of the Housing Act 1988. It now provides that: ‘If a notice under this section specifies in accordance with subsection (3)(a) above Ground 14 in Schedule 2 to this Act [(whether without other grounds or with any ground

Once a debtor enters bankruptcy, the statutory insolvency regime is engaged such that creditors are able to prove for their debts in the bankruptcy instead of having to issue proceedings. Provided a debt is not barred by the Limitation Act 1980 (LA 1980) at the date of the bankruptcy order, the creditor will be able to prove in the bankruptcy for their debt, whether secured or unsecured. However, the making of a bankruptcy order will not stay the limitation period applicable to claims which fall outside the bankruptcy, including debts based on fraud. A mortgagee has the right to enforce their security during the bankruptcy.