This archived Practice Note discusses the offer timetable for firm offers announced before 5 July 2021. It has not been maintained since the Takeover Code’s revision in July 2021. For sample offer timetables, see: • Timetable—recommended offer—before 5 July 2021 • Timetable—recommended offer • Timetable—hostile offer—before 5 July 2021 • Timetable—hostile offer For a comparative timetable distinguishing between takeovers by way of takeover offer and takeovers by way of scheme of arrangement, see Structuring a takeover: offers and schemes of arrangement—comparative timetables. For details on the offer timetable for firm offers announced on or after 5 July 2021, see Practice Note: The offer timetable. Changes to the offer timetable On 31 March 2021 the Takeover Panel (Panel) published a response statement in which it confirmed that it would be proceeding with amendments to the Code relating to the treatment of offer conditions and the offer timetable. The amended Code applies to all firm offers which are announced on or after 5 July 2021 (implementation date), except where to do so would give the

This Q&A assumes that the trustees have a sufficiently broad power to borrow. The first step is to categorise the items of expenditure as either income or capital. If there is nothing in the trust instrument or other document which allocates responsibility for particular expenses, then, reference should be made to the general law—see Practice Note: Trust expenses. In the present case, the particular expenses are for the benefit of all the beneficiaries and therefore, will probably be categorised as capital expenses and debited against the capital of the trust as a matter of trust law. As the trust has no cash reserves, the options for the trustees include: Provision of funds to the trust by the remainder beneficiaries This can be in the form of either a loan or a

We refer you to Practice Note: Trustees—retirement of trustees, which sets out the different ways in which a trustee may retire. In the absence of an express provision in the trust instrument giving trustees the right to retire, a trustee who wishes to retire without the appointment of a replacement, would need to rely on section 39 of the Trustee Act 1925 (TA 1925). However, the right can only be exercised if a trust corporation or two persons will remain as trustees after the retirement takes effect. The above Practice Notice also explains how, where the beneficiaries are together absolutely entitled to the whole

This Practice Note is about the option to tax land and buildings. It considers the person by whom the option is exercised, the scope of the option, the exercise and notification of the option, its various implications, the circumstances where it can be revoked and the advantages and disadvantages of opting. For cases where the option is specifically disapplied, see Practice Notes: Option to tax—disapplication for residential and other property and Option to tax—disapplication under anti-avoidance rules. Why does this matter? The default position is that property transactions are VAT-exempt (see Practice Note: Exemption from VAT for land and buildings), so that no VAT is charged and related input tax cannot be recovered. The option generally means that transactions become taxable and input tax becomes recoverable. In practice, most commercial properties are subject to an option to tax. In principle, if the owner of a property has opted, the option then applies to all their dealings with the property. So, for example, if they have opted to tax lettings, the option also applies on

This Practice Note reviews the options available to a business to recover an unpaid trade debt. These options include writing-off the debt, negotiating a settlement, using retention of title or set-off rights, insolvency proceedings (such as a statutory demand or winding-up petition) and court proceedings. This Practice Note serves as an introduction to the options for commercial practitioners. Before deciding which recovery option to pursue, a creditor should consider a number of preliminary issues, including: • whether the debt is due and payable (including whether any contractual preconditions to payment have been satisfied) • whether the debt is undisputed or subject to a genuine dispute or counterclaim • whether any limitation period is approaching or has passed • the debtor company’s financial position and ability to pay • whether the creditor holds any security, guarantees or retention of title rights in relation to the debt • the proportionality of the proposed recovery action relative to the value of the debt and the commercial relationship between the parties Writing-off the debt A business

It is assumed that the covenant is just for the benefit of the neighbouring land owner. Positive covenants A covenant is a contract. In the case of covenants, the rights and liabilities created by the contract may be enforced by and against persons other than the original parties to the contract (see Practice Note: Positive covenants—binding successors in title). It is assumed that the positive covenant that X has entered into, is entered into with the land owner of the neighbouring land, benefitting the neighbouring land. A positive covenant, like the one that X has entered, will never run with the land. This means

The approach will depend on whether a notice of funding is in fact required. This depends on whether transitional provisions apply: • case does not fall within the transitional arrangements—a success fee is not recoverable from your client and so no notice of funding is required • case falls within the transitional arrangements—a notice of funding should have been served. It might

The starting point is that it is important to be aware that should the other side ultimately ‘win’ in the proceedings, its recoverable costs would be determined based on the last agreed or approved costs budget in place unless the court is satisfied that there is a good reason to depart from the costs budget (CPR 3.18). Therefore no agreement should be given which could in any way be construed as agreeing the incurred costs which you consider to be excessive. The second point to consider is that an application to amend a costs budget is available to revise budgeted

Residential or business lease As to whether the lease from the estate owner ('E') to the pub owner ('P') is a residential or business lease will depend on the degree of control retained over the cottage by P when they allow the pub employee into occupation. In particular see Halsbury's Laws of England: Business and Agricultural Tenancies: Protection of Business Tenancies: 1598. Meaning of 'business' which states that: 'Although the business of a property company may be the letting of premises, in order that it can be said to occupy for the purposes of its business the premises which it has sublet, it must retain control over them, and a letting of a dwelling house to a tenant for the purpose of the tenant making a profit from subletting is not of itself a letting for

A right of way is an easement for the benefit of one plot of land (the dominant tenement) over another plot of land (the servient tenement) and is commonly created by deed, though can arise in other ways. It is usual upon the grant of an express easement for covenants to be put in place in respect of the maintenance of the right of way (particularly where this is a road) and in respect of the payment of the costs of that maintenance. A landowner subject to a right of way

There are a number of different remedies which may be available to landowner A, which will depend upon the nature of the agreement in question. For example, if there was consideration in respect of the agreement, then landowner A could potentially bring a claim for breach of contract. It is also possible that a licence has been granted to landowner B, which has been exceeded and could be revoked. An option would be to bring a claim for trespass if applicable, or if the works are ongoing, a claim for nuisance. See Trespass—overview, Neighbour disputes—noise and nuisance and Nuisance—what are public and private nuisance claims? This will of course depend upon the nature

Common land is owned by one or more people and used by others, known as commoners, who have rights over the land. This can include town or village greens, or other open spaces. The Commons Registration Act 1965 (CRA 1965) provides for the registration of land in England and Wales which is common land or a town or village green, the rights of common over such land, and persons claiming to be or found to be owners of such land or who become the owners by virtue of its provisions.