For the purposes of this Q&A we have assumed that the contract does not expressly provide for termination on an insolvency event. A contract may be frustrated if an unforeseen event occurs after the contract is formed and: • as a result of that event: ◦ the contract becomes impossible to perform, and/or ◦ the obligations under the contract are transformed into something radically different • the contract does not contain a clause intended to deal with the unforeseen event • the unforeseen event is not caused by either party’s conduct Frustration of a contract takes place when: '…there supervenes an event (without default of

Counterpart agreements Both deeds and contracts can be executed in counterparts. A counterpart essentially means a duplicate document. Every party to the contract signs separate but identical copies of the document, which, together, constitute a single legally binding contract. Counterpart documents are usually executed in circumstances where all the parties cannot be present to sign the contract together and more specifically in the following circumstances: • in complex transactions with many parties, perhaps in different countries, who cannot meet to sign a single document at the same time or send one document to each other to sign in turn • in contracts for the sale of land For further information, see: Boilerplate clauses—overview and Execution—overview. Counterparts clauses Contracts often contain a counterparts clause. This could be in simple form to the following effect: ‘This

The definition of personal chattel contained in section 55(1)(x) of the Administration of Estates Act 1925 was amended by section 3 of the Inheritance and Trustees' Powers Act 2014 to mean 'tangible movable property, excluding property which consists of money or securities

Agricultural property relief (APR) applies so as to reduce the value of a transfer of 'agricultural property' by the appropriate percentage (ie 100% or 50%) of the value of that transfer which is attributable to the 'agricultural value'. The relief also applies to charges arising on discretionary trusts (under Chapter III of Part III of the Inheritance Tax Act 1984 (IHTA 1984)). Agricultural property is defined to mean: 'agricultural land or pasture and includes woodland and any building used in connection with the intensive rearing of livestock or fish if the woodland or building is occupied with agricultural land or pasture and the occupation is ancillary to that of the agricultural land or pasture; and also includes such cottages, farm buildings and farm

Green belt land is designated as such as part of the local plan process and is thereafter protected from certain development by both national and local planning policy. See Practice Note: Green belts. Whether a specific parcel

High blood pressure is also known as ‘hypertension’ (see NHS choices: High blood pressure (hypertension)). A person with hypertension is not deemed to be disabled under paragraph 6, Part 1 of Schedule 1 to the Equality Act 2010 (EqA 2010) or the Equality Act 2010 (Disability) Regulations 2010, SI 2010/2128 and whether or not such a person has a disability will therefore be determined in accordance with the definition in EqA 2010, s 6(1), ie whether there is a physical or mental impairment

Under section 165 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992), business holdover relief can be claimed on the disposal of business assets, provided the conditions set out in the legislation are met. If the disposal is of an asset (other than shares) which has not been used for the purposes of the trade during the entire period of ownership, the gain eligible for holdover relief is reduced proportionately

Section 57(1) of the Town and Country Planning Act 1990 (TCPA 1990) states that 'planning permission is required for the carrying out of any development of land'. TCPA 1990, s 55(1) explains that development means 'the making of any material change of use of any buildings or land'. A dine-in restaurant falls within use Class E(b) of the Town and Country Planning (Use Class) Order 1987 (as amended), SI 1987/764, which Schedule 2 stipulates is the use 'for the sale of food and drink principally to visiting members of the public where consumption of that food and drink is mostly undertaken on the premises'. A hot food takeaway use does not fall within any of the other paragraphs of use within use class E. Use Class E(b) specifically allows food and drink to be consumed 'mostly' on the premises, allowing some element of off-premises consumption, therefore

In the past, local authorities (LAs) were free to make their own policies in respect of care provided in non-residential settings if they complied with the minimum standards in the Fairer Access to Care Services guidance. However, the Care Act 2014 (CA 2014) regime changed this position, and income derived from personal injury awards can no longer be taken into account

When is interest awarded on a principal sum generally? 'Judgment debt' interest may be awarded, at the discretion of the judge, on any judgment sum awarded, pursuant to the Judgments Act 1838 (JA 1838). This is currently set at 8 per cent per annum. If the judgment is awarded in a foreign currency then under s 44A of the Administration of Justice Act 1970 (AJA 1970), the court has a discretion as to the rate of interest to be awarded on the judgment. It is not automatically payable at the statutory rate of 8 per cent under JA 1838. The Court of Appeal in Novoship confirmed that in exercising the discretion under AJA 1970, s 44A the court is to award interest at a commercial rate on the compensatory principle; thus disavowing the notion that because the current statutory rate of 8 per cent (under JA 1838) is higher than market rates, there was some intended legislative policy of awarding

Interest on VAT debts arises under section 74 of the Value Added Tax Act 1994 (VATA 1994). Interest on customs debts arises under section 126 of the Finance Act 1999 (FA 1999). VATA 1994, s 16 stipulates that UK and EU rules relating to customs apply equally to import VAT

Several commentary sources do refer to a nil rate band legacy as a pecuniary legacy (eg of an amount equal to the testator's unused IHT nil rate band). However, whether or not interest is due on the particular legacy in this matter will depend on the