For the purposes of this Q&A we have assumed that the tenant was entitled to serve the notice, and also that it was validly served. Service of a section 26 request will not oblige the tenant to take the lease. The section 26 request is simply the trigger to initiate the renewal process. A tenant does not need to have any genuine intention to take a new lease. It would appear that it is not possible for a tenant unilaterally to withdraw a section 26 notice request (see Meah v Sector Properties Ltd). However, if no court

This Q&A relates to the consequence of a change or modification to the property over which a fixed charge has been taken. There are both practical and legal consequences which may flow from a modification by the chargor company. Three key considerations are set out below. Does it affect the nature of the charge? Whether a charge is fixed or floating is entirely a question of law (Agnew v Commissioner for Inland Revenue) which depends upon whether the chargee has sufficient control over the assets in question. Certainly, if the chargor is able to substitute the charged property without first obtaining the express consent of the chargee, the charge will be properly characterised as 'floating' rather than 'fixed'. That is on the basis that such a substitution will place the property within the final limb of the well-known test in Re Yorkshire Woolcombers Association Ltd—that the chargor company may 'carry on its business in the ordinary

Where a leasehold estate and reversionary estate, come into the same ownership, the lease merges into the reversionary estate and so terminates. There must also be an intention to merge the estates. If there is no incumbrance on the leasehold title preventing merger, an application can be made to

Any break option pre-conditions must be strictly complied with. In the case of a pre-condition requiring that all rents be paid up to date, as a first step, the tenant should request an invoice from the landlord detailing all sums due up to and including the break date. If an invoice is provided and settled by the tenant, the landlord would be estopped from arguing that further

Requirement to register Generally, securities firms located outside the US that engage in a securities business with persons located in the US are required to register with the Securities and Exchange Commission (SEC) pursuant to the Securities Exchange Act 1934 (Exchange Act) unless an exemption applies. Firms also need to register with the Financial Industry Regulatory Authority (FINRA), in most cases, or another self-regulatory organisation (SRO) depending on the type of business conducted, to act as its designated examining authority and the front line regulator. Firms that do business in commodity futures and option markets in the US are required to register with the Commodity Futures Trading Commission. Firms will also have to consider the registration requirements of the individual US states. Take a look at the following Practice Notes for more information on the US system and US regulators: • USA—the US regulators Exemptions Rule

Legal services provided by UK lawyers to a business, such as a bank, will be subject to VAT if the services are supplied in the UK. Under the VAT place of supply rules, the services will be supplied in the UK if the client 'belongs' in the UK. If the client belongs in the US, there will be no need to charge VAT. A business belongs in the country where it has its business establishment, or another fixed establishment. If it has more than one business or fixed establishment, it belongs in the country of the establishment that is most closely connected to the supply

SDLT is generally chargeable by reference to the chargeable consideration for a transfer. In certain situations, a market value charge is imposed. A market

Charitable incorporated organisations (CIOs) were introduced by the Charities Act 2011 (CA 2011) and are governed by the provisions of CA 2011, together with various regulations made under CA 2011. A CIO is a body corporate but does not fall within the regulatory sphere of the Companies Act 2006 (CA 2006). An advantage of a CIO is that it has legal personality, meaning that it can buy and sell land and enter into contracts, among

We refer you to Halsbury's Laws of England > ANIMALS (VOLUME 2 (2008)) > 4. GAME RIGHTS > (1) OWNERS' AND TENANTS' RIGHTS > (ii) Tenants' Rights > A. IN GENERAL 768. Shooting tenant's rights. We also refer you to Halsbury's Laws of England > ANIMALS (VOLUME 2 (2008)) > 4. GAME RIGHTS > (1) OWNERS' AND TENANTS' RIGHTS > (i) Owners' Rights > 763. Rights of owner-occupier. This states that: Where an owner-occupier of land reserves to himself the rights over the game on the land, then subject to the general protective provisions of the law in the interests of wildlife he may kill and take such game whenever and however he pleases. Where an owner-occupier grants the game rights over his land to another, the latter may exercise those rights in the same manner and to the same extent as the owner. See too

There are no specific rules governing the scope of an option to tax over bare land. It is possible to opt over any specified area. This contrasts with an option to tax over land containing buildings, for which the rules are more prescriptive. See paragraph 18(1) of Schedule 10 Part

Stamp duty land tax (SDLT) applies to chargeable land transactions. A land transaction is an acquisition of a chargeable interest (sections 42–43 of the Finance Act 2003 (FA 2003)). Transactions are ‘linked’ for the purposes of the SDLT if they form part of a single series of transactions between the same vendor and purchaser or, in either case, persons connected with them (FA 2003, s 108). However, it is clear that just because transactions are linked, they are not treated as the same transaction. FA 2003, s 108(2) specifies that ‘Where there are two or more linked transactions with the same effective date, the purchaser may make a single land transaction return as if all of those transactions that are notifiable

Transactions are linked under section 8 of the Finance Act 2003 (FA 2003) if they form part of a single scheme, arrangement or series of transactions between the same vendor and purchaser, or in either case, persons connected with them (connected for these purposes is as set out in section 1122 of the Corporation Tax Act 2010). HMRC guidance at SDLTM30100 provides guidance on the meaning of linked transactions. This suggests that transactions are linked if they are part of the same deal. However, just because transactions are between the same purchaser and seller does