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Surrender of lease—acting for the tenant—checklist

Surrender of lease—acting for the tenant—checklist This Checklist sets out some of the key steps and issues that the tenant should consider when contemplating surrendering its lease to its landlord. It is not exhaustive and you must always consider whether there are any other issues that need to be addressed in your particular circumstances. The Checklist assumes that: • the surrender is express and not by operation of law, and • there will be no re-grant in favour of the tenant immediately following the surrender This Checklist can be read in conjunction with Practice Note: Lease surrenders and Checklist Surrender of lease—acting for the landlord—checklist. How to use this Checklist Whilst the mechanics of the surrender of a lease are similar to a sale and purchase (because the tenant is selling and the landlord is buying), there are some differences. The first section (Key issues) in this Checklist sets out the key issues to consider with further detail in the table in Procedure when dealing with the surrender of a...

Practical steps for dealing with a revenue determination for direct tax purposes—checklist

Practical steps for dealing with a revenue determination for direct tax purposes—checklist A revenue determination in relation to direct tax is issued by HMRC where a taxpayer fails to file a tax return in response to a notice requiring the taxpayer to file a return. Receiving a revenue determination (unless it was issued by HMRC in error) represents a significant failure by a taxpayer to deal with their tax affairs. A revenue determination should be dealt with promptly and a taxpayer may wish to engage an adviser to help. For more information on the consequences of a revenue determination in respect of direct taxes and the ways in which to displace it, see Practice Note: What is a revenue determination for direct tax purposes? This Checklist sets out some practical steps on what to consider and how to proceed once a taxpayer has received a revenue determination from HMRC. Determinations in respect of stamp duty land tax (SDLT) are outside the scope of this Checklist. Unlike revenue determinations relating to...

View the related flowcharts about Stamp Duty Land Tax

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...

How does SDLT apply on my lease renewal (holding over)?—Flowchart

How does SDLT apply on my lease renewal (holding over)?—Flowchart This Flowchart assists with establishing which stamp duty land tax (SDLT) rules apply on a lease renewal when a tenant is ‘holding over’ in possession following the end of a fixed-term lease. This Flowchart should be read in conjunction with the more detailed Practice Note: SDLT—holding over. The SDLT rules that apply when a tenant holds over a lease (and the lease is renewed) are complex. The rules have been amended since SDLT was first introduced and different rules apply to particular scenarios producing different results. Broadly, the various holding over provisions attempt to ensure that SDLT is (where appropriate) accounted for in respect of the full period of occupation by a tenant (including any periods of holding over) without imposing double taxation on the tenant, however, the application of the rules (and their effect) is not so straightforward in practice. This Flowchart assumes that: • the transaction concerns a leasehold interest in England or Northern Ireland (and is therefore...

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2020–21—Budget and Finance Bill—overview [Archived]

2020–21—Budget and Finance Bill—overview [Archived] ARCHIVED: This Overview has been archived and is not maintained. This subtopic draws together content on the fiscal events throughout the tax year 2020–21 starting with the Summer economic statement on 8 July 2020, through release of draft provisions for Finance Bill 2020–21 to the expected passage through parliament of the Finance Act 2021 (FA 2021). For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process. Autumn Budget 2020 The Autumn Budget for 2020 was cancelled in an announcement HM Treasury on 23 September 2020 due to the coronavirus (COVID-19). On 24 September 2020, the Chancellor of the Exchequer, Rishi Sunak, unveiled his Winter Economy Plan. This set out the targeted measures that the government will introduce in response to the uncertain economic climate with the aim of helping businesses to protect jobs and manage their finances. All the analysis produced in this topic will be collected in Practice Note: 2020–21—Budget and Finance...

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Tier 1 (Investor): key practical considerations [Archived]

Tier 1 (Investor): key practical considerations [Archived] ARCHIVED: The Tier 1 (Investor) category was closed to initial applications, without warning, from 16:00 on 17 February 2022 through Statement of Changes in Immigration Rules CP 632. Those with existing leave in the route are still be able to extend their stay, including making an application for entry clearance outside the UK if they have held leave as a Tier 1 (Investor) migrant in the 12-month period preceding the date of application, and apply for settlement. Extension applications made inside or outside the UK must be submitted by 17 February 2026. Applications for settlement must be made before 17 February 2028. For further information, see: LNB News 17/02/2022 76. This Practice Note, which was last updated prior to the introduction of post-Brexit work and study routes in December 2020, further to Statement of Changes in Immigration rules HC 617, has been retained in archived form for historical interest. Anti-money laundering requirements and other client due diligence procedures Matters...

SDLT—options and rights of pre-emption

SDLT—options and rights of pre-emption This Practice Note looks at the way that options and pre-emption agreements over UK land are treated for stamp duty land tax (SDLT) purposes. Options typically arise in development situations but are also used in other transactions. For more on indirect tax in the context of commercial developments, see Practice Note: Commercial development—indirect tax issues. SDLT ceased to apply to any land transaction involving any interests in or over land in Scotland from 1 April 2015. From that date, land and buildings transaction tax (LBTT) applies to such transactions, subject to transitional provisions. Consequently, references in this Practice Note to 'UK land' or similar expressions in the context of the application of SDLT should be read to exclude any interests in or over land in Scotland from 1 April 2015. For further details, see the LBTT subtopic. SDLT ceased to apply to any land transaction involving any interest in or over land in Wales from 1 April 2018. From that date, land transaction...

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Tax and taxation definition

Tax or Taxation

Property warranties (short-form) in an asset purchase

Property warranties and definitions to include in a short-form asset purchase agreement 1 Definitions In this Agreement, unless the context otherwise requires: Encumbrance means any mortgage, claim, charge (fixed or floating), pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind or any type of preferential arrangement (or any like agreement or arrangement creating any of the same or having similar effect) and Encumbrances means more than one of them; Freehold Properties ...

View the related q&as about Stamp Duty Land Tax

How is SDLT calculated on the assignment of a lease?

How is SDLT calculated on the assignment of a lease? The assignment of a lease is generally treated in the same way as the transfer of a freehold interest and any payment or premium on the assignment (other than a reverse premium) will be subject to stamp duty land tax (SDLT) at the relevant rate. The assumption of the obligation to pay rent by the assignee does not count as chargeable consideration for the assignment. Where a relief from SDLT was claimed

A council is buying back land by agreement in relation to a possible compulsory purchase order. A seller is being paid the market value of their property as well as compensation in the form of disturbance payments and statutory loss. The seller does not want the amount set out in this way in the transaction documents but wants the full figure reflected in the TR1. How should this be reflected in the TR1, eg should option 1 in panel 8 be used or option 3 (other receipts). By using ‘other receipts’, would this have any effect on the stamp duty land tax payment?

A council is buying back land by agreement in relation to a possible compulsory purchase order. A seller is being paid the market value of their property as well as compensation in the form of disturbance payments and statutory loss. The seller does not want the amount set out in this way in the transaction documents but wants the full figure reflected in the TR1. How should this be reflected in the TR1, eg should option 1 in panel 8 be used or option 3 (other receipts). By using ‘other receipts’, would this have any effect on the stamp duty land tax payment? It is commonly the case that a local authority will seek to negotiate with landowners while a compulsory purchase order is being sought. The general compensatory principle is that the forced seller should be put in an equivalent position meaning that they are no worse off in financial terms after the acquisition than they were before, but also should be no better off. The...

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Property weekly highlights—12 December 2024

This week's edition of Property weekly highlights includes: new regulations on the register of overseas entities, RICS responses to the consultation on EPC regime reform and high street regeneration and cases on the right to manage and landlord charging for electricity where solar panels were not used.

Tax weekly highlights—5 December 2024

This week's edition of Tax weekly highlights includes: (1) key announcements from the Scottish government’s 2025–26 Budget, (2) News Analyses of the FTT’s decisions in L v HMRC, Stage One Creative Services and Rupert Grint, (3) HMRC’s latest Stakeholder Digest and (4) the European Commission closing state aid investigations into Amazon, Fiat and Starbucks.