Business property relief (BPR) may be claimed in respect of 'relevant business property'. Property is not relevant business property unless the transferor owned it: • throughout the two years immediately preceding the transfer, or • and any other relevant business property it replaced, for a total of two years out of the five years immediately before the transfer The two year rule is relaxed in the following cases: • where the transferor became entitled to the property on the death of another person, (referred to in section 108 of the Inheritance Tax Act 1984 (IHTA 1984) as a ‘succession’) • where the property transferred replaced other relievable property (see IHTA 1984, s 107), and • where the property transferred had been acquired on an earlier transfer

It is assumed for the purposes of this Q&A that the shares being transferred by the transferor to the transferee are fully paid certificated shares held in a private limited company incorporated in England and Wales. What is a stock transfer form? A stock transfer form is an instrument of transfer of shares in a company.  Section 770 of the Companies Act 2006 (CA 2006) provides that a company may only register a transfer of shares in a company if, among other things, a proper instrument of transfer has been delivered to it. CA 2006 does not set out any specific consequences of a breach of CA 2006, s 770. However, any purported registration of shares in reliance upon an instrument of transfer which is not a 'proper instrument of transfer' may be a nullity and ineffective, such that the legal title to the shares has not been transferred.

The method of execution required in relation to a stock transfer form is governed by the Stock Transfer Act 1963 (STA 1963). This states that registered securities may be transferred by an instrument (in the form of a stock transfer form) entered into under hand (STA 1963, s 1(1)) and it need not be attested (STA 1963, s 1(2)). Although STA 1963 does not require that a stock transfer form be executed as a deed, this is subject to ‘any enactment or rule of law regulating the execution of documents by companies or other bodies corporate, or any articles of association or other instrument regulating the execution of documents by a particular company or body corporate’ (STA 1963, s 2(1)). Therefore, it may be necessary for a stock transfer form to be executed as a deed by a company if this is required by other provisions regulating the execution of documents and such provisions may be found in: • the articles of association of the company

Hill and Redman's Law of Landlord and Tenant (Effect of surrender: Hill and Redman's Law of Landlord and Tenant [4359]) at paragraph [4359] states that: 'Turning to the covenants other than the covenant to pay rent, subject to the exact terms of any deed of surrender, the surrender of the lease does not affect the existing liability of the tenant for any breaches of covenant committed prior thereto. Nor does it affect the liability of the landlord for such breaches. The proposition, said to be derived from cases under the bankruptcy legislation, that the surrender of a lease prevents the landlord from further enforcing against the tenant any of his obligations under the lease, whether these obligations had already accrued before the date of the

Anyone wanting to cut down, top, lop or uproot trees subject to a tree preservation order (TPO) must first apply to the local planning authority (LPA) for consent, unless the proposed works are exempt through an exception set out in the Town and Country Planning (Tree Preservation) (England) Regulations 2012, SI 2012/605. One of the exceptions is that the works to the trees protected by a TPO are required to enable implementation of a planning permission granted on an application or deemed to have been granted (other than an outline planning permission or a permission granted by or under permitted development rights—other than to a statutory undertaker).

Is the claim form invalid as a result of the typographical error in landlord defendant’s name? Amends within the 'statutory period' (ss 29A and 29B of the 1954 Act) If correction of the typographical error will not result in substituting the party (eg if the mistaken company name is not, in fact, the name of another company), then the tenant can rely on CPR 17.1 to amend the statement of case, with the written consent of the landlord and/or permission of the court if the claim form has been served. See Practice Note: Adding (joinder) and substituting parties for more information. If correction of the typographical error will result in substituting the party, then the tenant can

For the purposes of this Q&A it is assumed that one party has made a claim for a disputed debt. According to Reaching a compromise: Atkin’s Court Forms [208], acceptance of part payment of a debt does not give rise to a binding agreement that the debtor is discharged from its liability to pay the full amount due to the creditor because there is no consideration passing between the debtor and creditor unless, by some additional term, consideration passes from the debtor in return for the creditor's forbearance in not pursuing the claim. Where acceptance of part pay is accompanied by the debtor agreeing to act in some other way to his detriment, this will be an enforceable compromise of a claim for the full amount of a debt. Further, if a debtor offers to pay part

The basic approach of contract interpretation as provided by Lord Hoffmann’s five principles in Investors Compensation Scheme (see Practice Note: Contract interpretation—the guiding principles) is supplemented by general guidelines (known as 'canons of construction') which can be used to assist in ascertaining the meaning of a written contract. The contra proferentem principle is one of those canons of construction. Where there is doubt about the meaning of a contract, the contra proferentem principle is applied, where the ambiguity identified cannot be resolved through other methods of construction. The words under review will be construed

As noted in Practice Note: SM&CR—essentials for banks and PRA-designated investment firms, the Financial Conduct Authority (FCA) is proposing to apply a standard set of requirements to all FCA solo regulated firms that fall within the ‘core regime’. The bulk of the FCA’s proposals are set out in its consultation paper CP17/25 of July 2017.

As explained in Practice Note: Who is a British citizen (automatic acquisition)?, under section 1(1) of the British Nationality Act 1981 a person born in the UK or in a qualifying territory is a British citizen if, at the time of their birth, their father or mother is: • a British citizen, or • settled in the UK or in a qualifying territory HM Passport Office published guidance in 2012 on whom is considered to be settled for the purposes of a British passport application. Its policy guidance Immigration and right of abode states: 'Irish citizens are not subject to restrictions when they travel to the United Kingdom. In order for their child to gain British nationality, they would have

In order for a share award to fall within the definition of a ‘securities option’ for the purposes of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), it must be a ‘right to acquire securities’. As a result of this, if the employer has a general discretion to settle an RSU award either by paying cash or issuing shares to the employee, the employee will not normally be considered to have a right to acquire shares and, accordingly, the RSU will not be a 'securities

This Q&A assumes that the company is within the charge to UK corporation tax. The rules for the taxation of loan relationships are contained in Part 5 of the Corporation Tax Act 2009 (CTA 2009). A company will be party to a loan relationship where it stands in the position of creditor or debtor in respect of a money debt which arises from a lending of money (CTA 2009, s 302). (For completeness, it should also be noted that some money debts that do not involve the lending of money and other financial arrangements are also brought within the rules, as deemed loan relationships.) Applying this definition, the advance to the client that is described would appear to constitute a loan relationship for the company. Whether or not this