Act of division and sale meaning

In this issue: Tax treatment Regulatory Budgets, Autumn Statements and Finance Bills Corporate governance Useful information Dates for your diary Weekly highlights from other practice areas Tax treatment FTT rules that shares issued by the appellant were employment-related securities, and that disposals above market value triggered income tax and NICs (CooperVision Lens Care Ltd v HMRC). The UK First-tier Tribunal (Tax) for the most part dismissed the appellant’s challenge to HMRC’s conclusion that it ought to have operated PAYE and accounted for Class 1 National Insurance contributions on sums paid to three of the four shareholders on the company’s sale in 2014. The shareholders had, between themselves, agreed a non-proportionate division of the consideration, under which certain majority holders took a larger slice than they would have received on a strict pro rata basis. HMRC maintained that the uplift over market value was taxable as income and subject to NICs under Chapter 3D of Part 7 of...

In this issue: Transferring property Property management Statutory compliance Property development Easements, rights and covenants Agricultural property Property taxes Key developments and horizon scanning Additional property updates this week Daily and weekly news alerts Trackers New Q&As Transferring property Valid transfer to widow of King of Saudi Arabia The Business and Property Courts in Asturion Fondation v Alibrahim [2023] EWHC 3305 (Ch) dismissed the claimant’s contention that a transfer by its Liechtenstein foundation to the defendant was invalid. The court concluded the individual acting for the claimant executed the transfer within his powers, and it did not conflict with the foundation’s purposes. See: [2024] All ER (D) 43 (Jan). Analysis to follow. Order for sale to satisfy debt—sham trust deed In Al Saud v Gibbs [2023] EWHC 3183 (Ch), the Chancery Division granted the claimant an order for sale of the first defendant’s (D1) property. D1 and the second...

In this issue: Key developments and horizon scanning Residential property Property development Statutory compliance Transferring property Property insolvency Property taxes Property in Scotland Statutory compliance Additional property updates this week Daily and weekly news alerts New and updated content Trackers Key developments and horizon scanning Property and Property Disputes—major developments in 2025 and a comprehensive look ahead to 2026. This News Analysis brings together and summarises the principal shifts across Property and Property Disputes in England & Wales during 2025 and anticipates what is on the horizon for 2026. This edition spotlights business tenancies, the Leasehold and Freehold Reform Act 2024, residential tenancies, building safety, service charge and outgoings, commonhold, electronic communications, contractual controls on land, adverse possession, investigating title, the ‘Etridge’ protocol, energy performance and business rates. See News Analysis: Property and Property Disputes—key developments in 2025 and horizon scanning for 2026. Residential property RICS responds to government...

This Practice Note explores how the stages of commercial property sales differ between England and Wales and Scotland, covering pre-contract, contract, post-contract, completion or settlement, and post-completion or settlement. Assuming a straightforward transaction with no funding, the outline below sets out the principal steps at each stage for both jurisdictions... Pre-contract England and Wales Buyer submits pre-contract enquiries to the seller Buyer undertakes due diligence and orders required searches (for example official copies, land charges searches, coal mining reports, and local authority search and enquiries), see Practice Note: Pre-contract searches Seller circulates a draft contract incorporating the standard conditions of sale The parties negotiate the draft contract Buyer makes an official search with priority; see Pre-completion searches—checklist Scotland Seller supplies a title pack, comprising a copy title sheet where registered in the Land Register, or title deeds if still in the Register of Sasines, together with all necessary reports and searches (such as a legal...

This is a glossary of common words and expressions used in Scottish insolvency law with the nearest England and Wales insolvency law equivalent (where relevant) Absolute insolvency Meaning: When a person’s liabilities are greater than the overall worth of their assets. Nearest English equivalent: Balance sheet insolvency. Accountant in Bankruptcy (AiB) Meaning: A Scottish Government agency overseeing the regulation of personal bankruptcy (sequestration and Protected Trust Deeds) in Scotland, and able to serve as trustee in sequestrations where no insolvency practitioner is appointed. It also maintains records of corporate insolvencies in Scotland (receivership and liquidations only) but does not perform the role of Official Receiver. See Practice Note: Scotland: the Accountant in Bankruptcy. Nearest English equivalent: N/A. Accountant of Court Meaning: A court-appointed officer within Scottish Courts and Tribunals who administers funds consigned to the Accountant of Court pursuant to a Court of Session interlocutor or during liquidation proceedings. They oversee Judicial Factors or Administrators appointed by the Court to manage estates...

The Landlord and Tenant (Covenants) Act 1995 (LTCA 1995) The LTCA 1995 does not extend to “old tenancies”, that is, those granted before 1 January 1996. Consequently, where the sale contract is silent on the matter, the entitlement to pursue the tenant for pre-completion rent arrears in respect of such “old tenancies” automatically passes to the purchaser with the transfer of the reversion (see the Law of Property Act 1925, s 141; Claims to the Possession of Land, paragraph B4.2; and Hill and Redman, Division A, Chapter 4, paragraph 1087). That entitlement is a chose in action, which can be expressly reassigned to the seller...