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Rights of light—identifying provisions in leases—checklist This Checklist sets out which clauses in a lease and other relevant documents should be reviewed to determine whether a right of light exists. A right of light is an easement that entitles a landowner to receive natural light through an aperture in a building on its property. The owner of the land that is burdened by the right of light (the 'servient Building') cannot interfere with it without consent. On any proposed development it is therefore necessary to identify any neighbouring properties potentially enjoying a right of light (the 'dominant Building'). For further information regarding rights of light, see the following Practice Notes: • Establishing and maintaining rights of light • Rights of light—obstruction notices • Rights of light claims • Rights of light—insurance for developers Section 2 of the Prescription Act 1832 (PA 1832) requires actual enjoyment of light, which means that a right of light can be acquired for their own benefit and in their own right by those with a...
Security review checklist This Checklist covers the all the searches that must be undertaken and the key questions that must be answered when conducting a review of the security granted in favour of a lender in support of a company's borrowings. This Checklist is designed to be used where the borrower is a limited company registered in England and Wales. This Checklist should be used in conjunction with the Precedent: Security review report to present the results of your security review. You may also find the guidance contained in the Practice Note: Introductory guide to security reviews helpful in completing this Checklist. Searches The searches detailed below should be carried out immediately following receipt of instructions from the lender to carry out the security review and, in accordance with best practice, should be repeated on the date the security review report is issued to the lender (although you should note that certain lenders have standard terms which specify when searches must be undertaken). In any event, the dates of the...
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Personal representatives and trustees—power of appropriation Appropriation is a process by which a personal representative (PR) or a trustee uses a specific asset in the estate or trust fund to meet, in full or in part, a beneficiary’s entitlement or interest. Personal representatives' common law and statutory power of appropriation PRs have a power of appropriation under the common law over any part of the residuary estate (but not a fund) which may be exercised with the consent of the beneficiary, in or towards satisfaction of a vested legacy or a share of residue, even if payable at a future time. This does not extend to a contingent legacy unless it carries the right to the intermediate income. The power extends to both real and personal property whether or not that property is subject to a trust for conversion. The common law power does not extend to PRs appropriating unauthorised investments. PRs have a statutory power of appropriation under section 41 of the Administration of Estates Act...
Capital gains—intra-group asset transfers Companies which form a group for capital gains purposes are able to transfer assets to one another free of corporation tax on chargeable gains. Each company is a separate legal person for tax purposes meaning that, in the absence of a special rule, an intra-group transfer of a capital asset between companies would be a disposal and would trigger chargeable capital gains (or allowable losses). Acquisitions and disposals taking place between connected persons (a term which includes companies in the same tax group) are normally treated as taking place otherwise than at arm's length with the result that, without the grouping rules, the consideration for the transaction would be deemed to be equal to the market value of the asset transferred irrespective of any actual consideration paid (see Practice Note: Capital gains for connected persons). Special provisions are also included in various other areas of tax law (eg in particular, stamp taxes) to ensure that intra-group transfers of assets do not trigger any...
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Articles of association—joint venture company—corporate real estate—deadlock (50:50) Private Company Limited By Shares Articles of Association of [Insert name of company] Limited (Incorporated in England and Wales under registered no. [insert number]) (Adopted by Special Resolution passed on [insert date] 20[insert year]) 1 Model Articles 1.1 The Model Articles shall apply to the Company, except insofar as they are modified or excluded by these Articles or are inconsistent with these Articles, and, subject to any such modifications, exclusions or inconsistencies, shall together with these Articles constitute the articles of association of the Company to the exclusion of any other articles or regulations set out in any statute or in any statutory instrument or other subordinate legislation. 1.2 The whole of Model Articles 6(2) (committees), 7 (directors to take decisions collectively), 8 (unanimous decisions), 9(3) and 9(4) (calling a directors’ meeting), 11(2) and 11(3) (quorum for directors’ meetings), 12 (chairing of directors’ meetings), 13 (casting vote), 14(1–5) (conflicts of interest), 16 (directors’ discretion to make further rules), 17 (methods of appointing...
Explanatory note for a client’s will to spouse absolutely, then to children absolutely FORTHCOMING CHANGE: Abolition of non-dom regime and introduction of residence-based IHT regime. At Autumn Budget 2024 on 30 October 2024, the Labour government confirmed that it will proceed with plans of the former Conservative administration to abolish the remittance basis of taxation and replace it with a residence-based regime, to commence on 6 April 2025. The government also confirmed its intention to move to a residence-based regime for inheritance tax. The changes will also affect the rules determining excluded property status, the Abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024—Private Client analysis — International , Autumn Budget 2024 (paras 2.56 and 5.51), OOTLAR (para 1.3) and TIIN: Reforming the taxation of non-UK domiciled individuals. [Your] Will—[explanatory note] This [explanatory note] explains the main provisions of your Will. Please read this [explanatory...
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The personal representatives of an estate have assented land to the residuary beneficiaries of an estate, who are all charities, and currently hold the land on bare trust for those beneficiaries. The charities intend to sell the land in the very near future. Is it necessary to instruct a qualified surveyor under section 119 of the Charities Act 2011 to conduct a valuation of the property being sold? Unless the charities are exempt charities, it appears that a sale of the land on their behalf by the personal representatives (assuming that they retain the legal title until the sale), would be subject to the conditions set out in sections 117–123 of the Charities Act 2011. We refer you to the following content that may be helpful in your research: • Practice Notes:
If personal representatives exercise their power of appropriation over the deceased’s land, what formalities must be fulfilled? This Q&A assumes that the power of appropriation will be exercised by personal representatives and not trustees. By way of background, the process of appropriation is where a personal representative (PR) or a trustee uses a specific asset in the estate or trust fund, to meet in full or in part, a beneficiary’s entitlement or interest. What is appropriation? PRs have a power of appropriation under the common law over any part of the residuary estate (but not a fund) which may be exercised with the consent of the beneficiary, in or towards satisfaction of a vested legacy or a share of residue. This power allows PRs to deal with both real and personal property even if that property is subject to a trust for conversion. See Practice Note: Personal representatives and trustees—power of appropriation. The powers of appropriation given to PRs is set out in section 41 of...
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Law360, London: A multibillion-dollar trial between the biggest aircraft lessors in the world and their insurers over hundreds of planes stranded in Russia kicks off in London on 2 October 2024 in a case that could have wide ramifications for the insurance and reinsurance sector.
This week's edition of Tax weekly highlights includes: (1) News Analysis on FTT decision on NIC host employer provisions in Aramark, (2) News Analysis on Supreme Court decision on mutuality and control in Professional Game Match Officials (PGMOL), and (3) News Analysis on FTT decision on SDLT in Brindleyplace.
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