Completion date meaning

ARCHIVED: This Flowchart has been archived and is not maintained. Retained EU law is a concept introduced by the European Union (Withdrawal) Act 2018 (EU(W)A 2018) as part of Brexit preparations, establishing a new category of domestic legislation. It denotes the collection of EU‑derived rules preserved and converted into UK law under the EU(W)A 2018 (as amended) at the end of the post‑Brexit transition period (IP completion day). For background on the transition period, and what it means for retained EU law, see: In the context of Brexit, what is meant by the ‘transition or implementation period’? For further background reading on the underlying legislation, see: Practice Note: Brexit—key legislation explained News Analysis: What does IP completion day mean for the status of EU law in the UK? What is retained EU law? Retained EU law is a broad, complex legal term defined by the EU(W)A 2018. It covers anything that continues to form part of domestic law on or...

The auto-enrolment duty Since 1 October 2012, at their staging date employers must auto‑enrol eligible jobholders into a qualifying pension scheme, allow opt‑outs, pay minimum contributions, and re‑enrol every three years. They also had to identify their staging date, workers, and scheme. Identifying the staging date PAYE 120,000+: from 1 October 2012. Under 120,000: 1 Nov 2012 to 1 Apr 2017. PAYE first payable Apr 2012–Sep 2017: 1 May 2017 to 1 Feb 2018. On/after 1 Oct 2017: first worker’s start date. DB or hybrid schemes could defer to 1 Oct 2017. Staging could be moved, and auto‑enrolment postponed up to three months. Who needs to be enrolled automatically? Eligible jobholders work (or ordinarily work) in Great Britain under a worker’s contract, are 22 to under State Pension age, and have qualifying earnings above the earnings trigger. What type of pension scheme can be used? ...

This Checklist outlines the principal contractual points within a bundle of construction documents that a construction lawyer should review and report on for a prospective buyer of a property or development. It should be read alongside: Construction due diligence for property purchase-initial review of construction package-checklist. After reviewing the documents and raising enquiries, the purchaser’s construction lawyer will also need to produce a report on the construction documents, see Precedent: Report on construction documentation. The issues below proceed on the basis that construction at the relevant property has been completed. Accordingly, there is no need to scrutinise terms governing the running of the contract during the build, such as payment provisions; these are only relevant where a buyer is acquiring while works are ongoing and step-in rights are being offered. Building contracts Identity of contractor – Confirm the contractor continues to exist and carry out a financial check (for example via Dun & Bradstreet) to ensure it is financially sound. Date of contract –...

The flowchart below summarises the key steps required in order for an employer to be able to claim or deduct liquidated damages under the JCT Design and Build Contract 2024 While it concentrates on liquidated damages for delay in finishing the Works, the identical procedure equally applies to cases of late completion of a Section. Importantly, under the JCT Design and Build Contract 2024, if the contract ends before the Works are complete, the Employer may recover liquidated damages only up to the termination date, and general damages for any ensuing delay thereafter, rather than further liquidated damages for that period instead. For details, refer to Practice Note: JCT contracts—time—Liquidated damages and termination...

In this issue: Budgets and Finance Bills Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&A Useful information Budgets and Finance Bills Autumn Budget 2024 The Chancellor of the Exchequer, Rachel Reeves, presented the government’s Autumn Budget on Wednesday, 30 October 2024. For analysis of the consultations and statements pertinent to Private Client practitioners, see News Analyses: Autumn Budget 2024—Private Client analysis and Video analysis—Autumn Budget 2024: initial reaction from Harriet Brown, barrister at Old Square Tax Chambers. For coverage of the corporate tax themes, see News Analyses: Autumn Budget 2024—Tax analysis and Video analysis—Autumn Budget 2024: initial reaction from John Endacott,...

Harjono and another v HMRC [2024] UKFTT 228 (TC) The taxpayers acquired a property comprising a residential barn conversion with three acres of land. Roughly half of the acreage was a fenced paddock. This paddock bordered the garden and had two gates: one opening from the garden and another giving access to the road. The taxpayers agreed with a friend that she could graze her horse on the paddock for a fixed six-month period in return for a £50 monthly payment. Both parties signed the agreement before completion of the purchase, but it remained undated until after completion, when the taxpayers’ solicitor added the date as the effective date. The taxpayers filed their SDLT return on a mixed-use basis. They maintained that the paddock did not constitute part of the dwelling’s grounds because it was being used for commercial purposes unconnected with the residence, and therefore was not...

The Welsh Regulations, SI 2025/1321, implement the detailed procedural framework that governs the design, construction and completion of higher-risk buildings in Wales. They give procedural effect in Wales to the higher-risk buildings (HRB) regime created by BSA 2022, Pt 3, adapted for the Welsh building control system. What is the purpose of the Welsh Regulations? This article outlines, in practical terms, what the Welsh Regulations introduce, including: a mandatory gateway approval process heightened information and declaration obligations controls on changes to design and construction bans on commencing works or occupying an HRB without regulatory consent It concentrates on how the Welsh Regulations operate, upon whom obligations are placed, when they apply, and the legal consequences of non-compliance. The Welsh Regulations take effect on 1 July 2026 and apply to applicable building work that either begins after that date or is sufficiently advanced to trigger the transitional arrangements in Schedule 3. Although aligned with the Building (Higher-Risk Buildings Procedures)...

Scope of the regime (NSIA 2021) took full effect on 4 January 2022. From that point, the UK Government gained powers to scrutinise and intervene in a broad array of investments in entities operating in the UK, and in purchases of related assets, with the goal of stopping deals that might threaten the UK’s national security. The regime is run by the Investment Security Unit (ISU) within the Cabinet Office, while the formal decision‑maker is the Chancellor of the Duchy of Lancaster (described in the Act, and here, as the ‘Secretary of State’). Beyond handling notifications and associated proceedings, the ISU may issue guidance on the regime and how it applies to particular transactions. Under NSIA 2021, certain investments in business entities active across 17 specified UK sectors must be notified to the ISU by the investor and cleared by the Secretary of State before completion. This notification duty applies whether the investor is UK‑based or overseas, and also to investments in foreign entities active in these sectors in...

CASE HUB ARCHIVED This archive captures the position as at the date of the decision and is no longer maintained. NOTE Appeals were lodged before the General Court in Cases T-755/21, T-23/22, T-5/23 and T-591/23. See the timeline, commentary and related/relevant cases for further details. Case facts Outline European Commission inquiry into whether, amongst other matters, Illumina’s completion of its acquisition of GRAIL while the Commission’s in-depth review of the notified deal was still underway breached the standstill obligation under Article 7 EUMR (M.10493). Latest development On 6 September 2024, the Commission announced the withdrawal of its decisions in M.10493, M.10483, M.10938 and M.10939, following the Court of Justice’s judgment in Case C-611/22. Parties Illumina, Inc. (Illumina): Illumina is a global genomics business, incorporated and headquartered in the US, which primarily develops, manufactures and commercialises next-generation sequencing (NGS) systems for genetic and genomic analysis. GRAIL, Inc. (GRAIL): GRAIL is a US-incorporated and US-headquartered healthcare company focused on technologies...

Practice Note: Family proceedings with EU connections—toolkit At 11pm on 31 December 2020, the transition/implementation phase of Brexit came to a close following the UK’s exit from the EU; UK legislation terms this moment ‘IP completion day’. For hands‑on guidance on Brexit’s effects, consult this toolkit for practical assistance. The court carries an autonomous role and duty and remit to properly examine and decide whether it holds jurisdiction. This Practice Note explains the compulsory obligation on an EU Member State to stay proceedings when another Member State has already been seised of jurisdiction. The regime applies where the proceedings fall under Council Regulation (EC) No 2201/2003 (Brussels II bis, also known as Brussels IIA). As set out below, these obligations persist in this jurisdiction only where there are parallel proceedings started in the UK or an EU Member State on or before 31 December 2020, or where one set commenced on or before that date in the UK or an EU Member State and additional proceedings were begun on...

Variations can also push back the completion date, and may give the Claimant a right to extra time and to prolongation costs. These elements of a variation claim are commonly pursued separately, as an extension of time claim and a prolongation costs claim. By way of illustration, the principal JCT forms provide distinct procedures: one for pricing the changed work, and another for evaluating loss and expense arising from the variation’s effect on the progress of the works (see Practice Note: JCT contracts—variations — Valuing variations under JCT contracts). Accordingly, Claimants should take care not to ‘double dip’ across the separate elements of the claims. No. Description of Variation Claimant’s case Defendant’s response Judge/Tribunal comments The Claimant intended to adopt slab foundations for block A, as depicted on the Claimant’s drawing reference XX dated XX. By email dated XX, the Defendant directed the use of piled foundations for block A...

1 Definitions Completion – denotes the Date of Entry or, if later, the day the Price is paid and the purchase of the Property [ and Business ] is finalised under the Missives; Business – denotes the [ insert number ] [ star, ] [ , hotel ] [ , restaurant ] [ , café ] [ , bar ] [ , public house ] enterprise conducted by the Seller at the Property, providing [ [ describe accommodation type eg rooms, apartment or hotel ] ] [ , the sale of food and beverage ] [ , weddings ] [ , conference centre ] [ , leisure centre ] [ , spa ] [ , golf course ] [ , hairdresser ] [ , on-site staff accommodation ] together with all other activities, including those ancillary, incidental to, or connected with such business; Conclusion Date – means, unless stated otherwise, the first date on which the Missives bring about a concluded contract; Date of...

TO BE PRINTED ON THE BORROWER’S SOLICITORS’ HEADED PAPER To: [ insert details of the lender’s solicitors ] (the Lender’s Solicitors) and [ insert details of the lender ] (the Lender) Dear [ insert organisation name ] Completion undertaking This undertaking concerns the acquisition of [ insert property description ] (the Property) by [ insert borrower’s name ] (the Borrower) under a sale contract dated [ insert date ] between [ insert seller’s name ] (the Seller) and the Borrower (the Sale Contract), together with the grant of a first legal charge over the Property in favour of the Lender pursuant to a facility agreement dated [ insert date ] between [ insert details ] (the Facility Agreement). For the purposes of this letter, ‘completion’ means completion of the Transfer of the Property to the Borrower (the Transfer), and does not include registration of the Transfer at HM Land Registry. We are instructed by the Borrower. We enclose: ...

Broadly, varying a (stamp duty) lease constitutes a stamp duty land tax (SDLT) transaction. This is because the transaction’s effective date falls after the SDLT start date of 1 December 2003, and it is not undertaken under a contract concluded before 10 July 2003, the date on which the Finance Bill 2003 received Royal Assent. The fact that the lease being amended was granted prior to the implementation date does not alter this position...

We take it that both buyer and seller are unconnected third parties, dealing at arm’s length for these purposes; the asset being conveyed is situated in England and Wales; and the effective date is the date of completion. Although the seller might have a charge secured over its interest in the property, that does not automatically mean the sale to the buyer is caught by that charge by itself. Whether it is depends on what the parties agree. As a rule, a transfer is not taken subject to an existing mortgage. The notes below consider a transfer that is subject to a mortgage, and one that is not. Transfer subject to seller’s existing mortgage Where a property is conveyed to a buyer subject to the seller’s subsisting mortgage, the purchaser assumes the seller’s liability...

Q&A: Is a solicitor bound by an undertaking that they cannot complete because the client has changed solicitors? This addresses a scenario in which a solicitor is unable to fulfil an undertaking owing to factors wholly beyond their control. It notes that decisions of the Solicitors Disciplinary Tribunal (SDT) abound with rationalisations from defaulting practitioners for failing to comply, such as claiming the promise related to a client for whom they no longer act. However, ceasing to act does not absolve those solicitors from their ongoing professional duty to honour the undertaking...