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Charity land acquisition and disposal—checklist

Charity land acquisition and disposal—checklist Before and during the acquisition and disposal of land, trustees have a number of matters they should consider. Before acquisition • consider the purpose of the acquisition, eg is it functional, investment or for purposes • whether the trustees are agreed that the acquisition is necessary to further the aims of the charity and it is the interests of the charity to do so • ensure there is power in the governing instrument to acquire the land, and if not, on what basis can they legally justify the purchase • determine if the transaction needs to be financed and, if so, how • decide if the property is to be acquired in the names of the trustees or, perhaps, vested in the Official Custodian • consider the VAT status—where the seller/landlord has opted to tax or made a real estate election or the property id under three years old, an acquisition may not make sense unless: ◦ the supply will be zero-rated because the property...

Scotland: Land and buildings transaction tax (LBTT) on Leases—table

Scotland: Land and buildings transaction tax (LBTT) on Leases—table This Table considers how land and buildings transaction tax (LBTT) applies to common lease transactions. For more detailed commentary on LBTT generally, see Practice Notes: • Scotland: Land and buildings transaction tax (LBTT)—the basics • Scotland: Land and buildings transaction tax (LBTT)—chargeable consideration and rates of LBTT • Scotland: Land and buildings transaction tax (LBTT)—particular transactions and taxpayers • Scotland: Land and buildings transaction tax (LBTT)—administration and compliance LBTT is payable on leases of Scottish property in broadly similar fashion to stamp duty land tax (SDLT) on leases of English property with one significant exception—leases of residential property are exempt from LBTT unless: • the transaction involves six or more residential properties in which case, it will be treated as if it were non-residential property and subject to LBTT accordingly • the transaction involves a mix of residential and non-residential property in which case, it will also be treated as non-residential property, and • the lease is a long lease which...

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What rate of SDLT applies to my transaction?—Flowchart

What rate of SDLT applies to my transaction?—Flowchart This Flowchart assists with establishing which rate of stamp duty land tax (SDLT) applies to a transaction. There are various rates of SDLT that can apply to acquisitions of different types of property (residential, non-residential (commercial property) or mixed use property). This Flowchart should be read in conjunction with Practice Note: Rates of SDLT. This Flowchart assumes that: • the purchaser is acquiring one property and that the acquisition is not linked to any other transaction. For more on linked transactions see Practice Note: SDLT chargeable consideration—Linked transactions • no relief from SDLT applies to the transaction. For more on reliefs from SDLT, see Practice Note: SDLT—general reliefs and exemptions, and • to the extent that the property being acquired is residential: ◦ the acquisition is of a major interest in a dwelling that is not subject to a long lease and the consideration is £40,000 or more. For the meaning of major interest see Practice Note: Higher rates of...

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Wales: Land transaction tax (LTT)—administration and compliance

Wales: Land transaction tax (LTT)—administration and compliance Land transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with effect from 1 April 2018. This Practice Note highlights the administrative and compliance issues in relation to LTT including: • filing returns and payment • managing and collection of LTT by the Welsh Revenue Authority (WRA) • amendment and correction of returns • enquiries • assessments • penalties Where relevant, comparisons between LTT and SDLT are highlighted. The Practice Note expands on the basics of LTT set out in the Practice Note: Wales: Land transaction tax (LTT)—the basics. Provision for LTT is contained in the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (LTTADT(W)A 2017). Statutory references are to the LTTADT(W)A 2017 unless stated otherwise. Administration LTT is administered by the WRA. The WRA is a non-ministerial department of Welsh Government with its own board and staff. The WRA is headquartered in Merthyr Tydfil. LTT returns When a notifiable land transaction has been entered...

Annual tax on enveloped dwellings (ATED)—the basics

Annual tax on enveloped dwellings (ATED)—the basics What is the annual tax on enveloped dwellings? The annual tax on enveloped dwellings (ATED) was introduced as part of a package of measures aimed at making it less attractive to hold high-value UK residential property indirectly, eg through a company, in order to avoid or minimise taxes such as stamp duty land tax (SDLT) on a subsequent disposal of the property. The other measures included in the anti-avoidance package relating to high-value UK residential property include: • the single higher rate of SDLT on the acquisition of high-value UK residential property for non-natural persons (NNPs) (for further details, see Practice Notes: Rates of SDLT and Single higher rate of SDLT for high-value residential property transactions), and • prior to 6 April 2019, a capital gains tax (CGT) charge on sales of high-value UK residential property by NNPs (abolished from 6 April 2019 (for further details, see Practice Note: Capital gains tax charge on ATED-related gains [Archived])) When does ATED...

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Application letter—deferral of SDLT on contingent or uncertain consideration

Application letter—deferral of SDLT on contingent or uncertain consideration [ To be printed on headed notepaper of applicant including full contact details ] HMRC SDLT Deferment Applications [[insert relevant HMRC address]] United Kingdom Dear HMRC Deferral of stamp duty land tax (SDLT) [Insert name of purchaser] UTRN: [insert UTRN of form SDLT1 tax return if already prepared] [We OR I] write to apply for deferral under section 90 of the Finance Act 2003 in respect of SDLT due on [the acquisition disclosed by the above SDLT1 return OR an acquisition of a chargeable interest by [name of purchaser]]. Details of the transaction and the deferral sought are set out in the table below in accordance with HMRC guidance provided in SDLTM50910. The effective date of the transaction [was [insert date] OR has not yet passed but is expected to occur [before [insert date] OR on or around [insert date]]. This application is submitted before completion to maximise the time available for you to consider...

Template replies to CPSE 4 (version 3.3)—Supplemental pre-contract enquiries for commercial leasehold property on the assignment of the lease

Template replies to CPSE 4 (version 3.3)—Supplemental pre-contract enquiries for commercial leasehold property on the assignment of the lease WARNING These template replies to enquiries are intended only as a framework and starting point to assist the Seller in building their bespoke replies to enquiries. They are not a recommended, comprehensive or conclusive list and should not be used without careful consideration and bespoke amendment to suit the particular transaction. Replies to enquiries form part of the contract and it is imperative that they are correctly tailored to the specific matter and do not include any false or flippant statements. They should also not contain any generic statements, such as ‘Not to the Seller’s knowledge’, unless the Seller has made an effort to discover a more comprehensive answer to the enquiry. Such a response contains within it an implication that the Seller has itself made reasonable enquiries relation to the enquiry in question. You must stress to your client the importance of reviewing the draft replies very carefully and, if...

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Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

Where there is an LPA in place for finance and property, the donor still has mental capacity and the LPA provides authority for the attorney to make decisions before the donor loses capacity, can the attorney bring legal proceedings on behalf of the donor in relation to cases such as public services or personal injury? Would such cases be within the scope of the attorney's authority under the LPA? If not, would the donor have to bring any such proceedings themselves with the attorney only able to apply to become litigation friend once the donor has lost capacity?

Where there is an LPA in place for finance and property, the donor still has mental capacity and the LPA provides authority for the attorney to make decisions before the donor loses capacity, can the attorney bring legal proceedings on behalf of the donor in relation to cases such as public services or personal injury? Would such cases be within the scope of the attorney's authority under the LPA? If not, would the donor have to bring any such proceedings themselves with the attorney only able to apply to become litigation friend once the donor has lost capacity? When granting a lasting power of attorney (LPA) for finances and property, the donor can choose to allow the attorney to act following registration even if the donor retains capacity. The general rule is that, if a donor does not restrict the decisions the attorney can make, the attorney will be able to make decisions regarding any or all of the person's property and financial affairs. The Mental Capacity Act 2005 (MCA...

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Dispute Resolution weekly highlights—1 May 2025

This week's edition of Dispute Resolution weekly highlights includes analysis of a number of key DR developments and key judicial decisions including the 11th edition of the King’s Bench Guide and the Court of Appeal decision in Freeman v Home Farm Ellingham Ltd (specific performance); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.

Construction weekly highlights—1 May 2025

This week's edition of Construction weekly highlights includes a case in which the Technology and Construction Court (TCC) found that parties had concluded a construction contract through WhatsApp messages (Jaevee v Fincham), a case in which the Court of Session considered competing interpretations of a settlement agreement arising from a construction dispute (Dragados v Port of Aberdeen), a case in which the TCC rejected jurisdictional and natural justice challenges to an adjudicator’s decision (LAPP Industries v 1st Formations), Homes England’s updated Cladding Safety Scheme (CSS) guidance on pre-tender support, the Public Procurement (Revocation) Regulations 2025 coming into force, the Department for Energy Security and Net Zero (DESNZ)’s consultation on the revised National Policy Statements, and a statement from the Construction Leadership Council (CLC) highlighting the impact of US tariffs on the UK construction sector.