SDLT is payable on the chargeable consideration given for a land transaction. The details of what is included within the definition of chargeable consideration are contained in Practice Note: SDLT chargeable consideration HMRC states in its manual (SDLTM03710) that 'Costs under section 23 of the Compulsory Purchase Act 1965 (CPA 1965) and compensation for disturbance and other matters not directly based on the value of land under section 5(6) of the Land Compensation Act 1961 (LCA 1961) are not chargeable consideration.' You should

Stamp duty land tax (SDLT) is based on the ‘chargeable consideration’ for a transaction. See Practice Note: SDLT chargeable consideration. The ‘chargeable consideration’ is, except as otherwise expressly provided, any consideration in money or money’s worth given for the subject-matter of the transaction, directly or indirectly, by the purchaser or a connected person: Paragraph 1 of Schedule 4 to the Finance Act 2003 (FA 2003). This means, subject to one reservation, that if the prize is the house, rather than the

A swap applies where a purchaser of a chargeable interest, meets an obligation to give consideration by disposing of a chargeable interest. It engages special rules that modify the usual rule on what constitutes chargeable consideration. Where either of the interests swapped is a freehold or leasehold estate (ie, a ‘major interest’) the rules (contained in paragraph 5 of Schedule 4 to the Finance Act 2003) provide that the ‘chargeable consideration’ (ie the amount or value that is taxed) is the higher of what each party (a) actually gives (including

Shari’ah law is a set of Islamic principles adhered to by Muslims and governs nearly all aspects of Muslim life, including placing certain restrictions on the types of finance and investments available to invest in. Investment considerations The guiding principles of Shari’ah have precluded Muslims from investing in many forms of conventional investment vehicles and also mean that Shari’ah-compliant investment funds avoid investing in companies that support certain products and activities like alcohol, tobacco, gambling and pork. The main pensions impact of Shari’ah law thus concerns pensions investments. The Shari’ah-compliant investment market is often seen as a specialist form of ethical investing. While it has seen a major surge in popularity in recent years to cater for the growing interest in this method and type of investment, a survey published by Islamic Finance Guru on 8 February 2021 found that 78.1% of the people surveyed who did not have a workplace pension failed to do so because of Shari’ah-compliance concerns. Pension schemes are not currently required to offer Shari’ah-compliant funds for members to invest in. This is because ethical or religious

Section 213(10) of the Housing Act 2004 (HA 2004) states that a ‘relevant person’ is defined as: ‘...any person who, in accordance with arrangements made with the tenant, paid the deposit on behalf of the tenant.’ Why does this matter? If a ‘relevant person’ exists in relation to an assured shorthold tenancy, then they and the tenant must be supplied with the prescribed information (HA 2004, s 213(5)) in the prescribed form within 30 days of the receipt of the deposit (HA 2004, s 213(6)). The relevant person also has a right to bring proceedings under HA 2004, s 214 in respect of non-compliance with the statutory deposit protection requirements. A landlord may be prevented from using the section 21 Housing Act 1988 (HA 1988) accelerated possession procedure if notice has not been served on a relevant person. Not supplying the prescribed information to a relevant person when one exists could be a costly mistake for a landlord. How can a landlord

Case study A testator leaves their estate to their child by Will on the terms of an 18–25 trust with the beneficiary having a right to receive trust income from age 18 years (eg under section 31 of the Trustee Act 1925 (TA 1925)). The beneficiary is 16 years old at the parent’s death. It is necessary to establish whether the interest would be treated as an interest under an 18–25 trust or as an immediate post-death interest (IPDI) by virtue of section 144 of the Inheritance Tax Act 1984 (IHTA 1984) on the basis that the beneficiary would have a right to receive the trust income within two years (on attaining 18 years old). Application of IHTA 1984, s 144 Where a testator leaves assets by Will to their minor child, then depending on the age contingency at which the beneficiary

This Practice Note explains how profits attributable to a non-UK resident company’s UK permanent establishment (PE) are taxed and collected for the purposes of corporation tax. If the non-UK resident company is resident in a territory that has a double tax treaty (DTT) with the UK, the UK’s domestic legislation on profit attribution must be considered alongside the provisions of that treaty. This is because the terms of a DTT (i) can reduce or eliminate a tax liability calculated under domestic law, but (ii) cannot increase a tax liability calculated under domestic law or impose a tax charge where one would not otherwise exist under domestic law. This means that, generally speaking, if UK domestic law results in a higher tax charge than under an applicable DTT, the treaty prevails, but if the treaty results in a higher tax charge, domestic law prevails. For guidance on the definition of a PE, both under the UK's domestic legislation and under treaty law, see Practice Note: What is a UK permanent establishment? Note that the UK domestic

The precise terms of the Will trust will determine what happens to the wife's life interest and the tax treatment of the trust property on her death. We refer you to the following content which you may

Development consent orders (DCOs) are a form of development consent granted by the Secretary of State which authorise the development of Nationally Significant Infrastructure Projects (NSIPs). The Planning Act 2008 (PA 2008) introduced a faster and more transparent development consent system for NSIPs. Projects falling into one of the categories of NSIPs in PA 2008, Pt 3 must proceed via this streamlined system (see Practice Note: Permission for nationally significant infrastructure projects for a list of projects which constitute NSIPs). Enforcement of PA 2008 regime is carried out by the relevant local planning authority (LPA), which pursuant to PA 2008, s 173 is the authority for the area within which the project is situated. In areas where there are both a district and county authority the district authority will assume responsibility for the enforcement of DCOs (except projects involving hazardous waste facilities, where the county authority will handle enforcement). Breaching DCOs The enforcement regime for DCOs is set

Although the Taxation of Chargeable Gains Act 1992 (TCGA 1992) does not set out how to calculate a capital gain (referred to in the legislation as a chargeable gain), the generally accepted approach is to: • take the consideration received on the disposal of an asset • subtract certain costs (known as allowable expenditure or 'base cost'), in particular the cost of acquiring the asset in the first place, and • if the taxpayer is a company and it acquired the asset on or before 31 December 2017, subtract any indexation allowance The result is the chargeable gain. This Practice Note looks in summary at consideration, allowable expenditure and (where applicable) indexation. For the meanings of disposals and assets for capital gains tax (CGT) purposes, see Practice Note: What is a capital gain? In this Practice Note CGT is used as a shorthand for both CGT and corporation tax on chargeable gains. Consideration Normally the consideration is the actual amount received for disposing of the asset, as set out by the parties in

A transfer giving effect to a tenant's exercise of the Right to Buy under Part V of the Housing Act 1985 (HA 1985) (ss 118–188 as amended) must contain a covenant by the tenant to repay the discount which was afforded to the tenant by the local authority on that disposal in the event of a transfer or a lease of the property within five years of the date of that disposal

The application is brought by way of an application notice that complies with Insolvency (England and Wales) Rules 2016, SI 2016/1024, r 1.35. The application notice should set out the nature of the remedy sought and the fact the application is made under section 127 of the Insolvency Act 1986 (IA 1986). The remedy sought will typically be a declaration that the disposition is void and an order restoring