Development capital meaning

Question Answer This Checklist is for in-house lawyers. It helps you gauge how well you grasp the key finance and accounting concepts you are likely to encounter day to day, and how they apply within the business. Use it to spot knowledge gaps-both technical and business-specific-and to prioritise what to tackle next so you can contribute more effectively to commercial discussions. Assess your current confidence level honestly; this will show you where to concentrate your learning. Some questions test awareness of concepts, others explore how you have used this knowledge practically; use both to target your development. If several areas feel uncomfortable, that is common and fixable. See Practice Notes: Introduction to business finance and accounting-financial accounting and external performance and Introduction to business finance and accounting-management accounting and internal decision-making for guidance on the essentials of business finance and accounting, and why this matters for in-house lawyers. See: Improving your financial literacy-checklist for practical steps that you can take to improve your financial literacy and understanding of how...

Purpose of checklist This checklist aims to set out the types of considerations that must be kept in view-and for which client instructions will be required-when preparing a joint venture agreement (JVA) and articles of association for a corporate real estate transaction. For further key points to address when drafting a JVA, see Checklists: Corporate joint venture preliminary issues-checklist and Joint venture shareholders’ agreement-checklist. See also Practice Note: Property Joint Ventures-general issues for a summary of the commercial matters the joint venture parties will need to weigh when establishing a property joint venture (JV). Corporate real estate JVs typically involve collaboration between parties able to source real estate (with one party possibly owning, and contributing to the joint venture company (JVC), the property to be developed), provide substantial capital to the JVC, supply or arrange debt funding (to finance the development) and offer the expertise to develop and/or manage the property. The JVA will document the parties’ agreement on their respective rights in relation to issues such as management...

Introduction This checklist flags issues to consider when acting for the seller of agricultural land, including the Basic Payment Scheme (so far as it still applies in Wales), taxation, capital allowances and VAT. For several items identified, the main aim is to provide a thorough contract, title and information pack to the buyer as early as possible, limiting the chance of later ‘price-chipping’ if unexpected ‘blemishes’ emerge during the process. Physical extent, boundaries, rights, etc Does the sale plan align with: the evidence in the title deeds; and the actual boundaries of the property as indicated by fences, walls, ditches, rivers, streams, etc, or as disclosed by the seller in replies to enquiries? For further guidance, see Practice Note: Property boundaries Is a new boundary being created by the sale? Has it been clearly set out on the ground, and do the plans accurately show its position? Who will...

In this issue: Lending Security Debt capital markets Derivatives Cryptoassets Daily and weekly news alerts New and updated content Useful information Lending Nova Leipzig Sarl v Gravity Fitness Ltd [2025] EWHC 1262 (Comm) An application to the Commercial Court sought a stay on the basis of forum non conveniens. The court held that Gravity Fitness Limited, an English company, had not satisfied its burden on the ‘More Appropriate Forum’ question. The defendant’s reliance on the potential application of German law was insufficient to establish that Germany was a more suitable forum than England, whether viewed from the parties’ interests or the broader interests of justice. Security Brooke Homes (Bicester) Ltd v Portfolio Property Partners Ltd (in administration) [2025] EWHC 1305 (Ch) This dispute examines equitable rights and duties between secured creditors after development land was sold by the first-ranking mortgagee, Desiman. The second-ranking creditor, Brooke Homes, sought an equitable account and pressed...

In this issue: Sustainable finance and ESG weekly round-up Economic Crime and Corporate Transparency Act 2023 Lending Acquisition finance Shipping finance Real estate finance Sustainable finance Debt capital markets Derivatives Regulation for banking lawyers Sanctions Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG weekly round-up For a summary of this week’s Sustainable finance and ESG developments, see Sustainable finance and ESG weekly round-up—14 November 2024. Economic Crime and Corporate Transparency Act 2023 Economic Crime and Corporate Transparency Act 2023 (Commencement No 3) Regulations 2024 (SI 2024/1108): Provisions in ECCTA 2023 on civil recovery of cryptoassets in Scotland took effect on 7 November 2024, and measures introducing the UK-wide offence of failure to prevent fraud will commence on 1 September 2025. See: LNB News 07/11/2024 12. Unique Identifiers (Application of Company Law) Regulations 2024 (SI 2024/Draft): These draft Regulations would widen...

In this issue Trusts Court of Protection Elderly and vulnerable clients UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Budgets and Finance Bills Contentious trusts and estates 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&As Useful information Trusts Insufficient credible evidence led to rejection of trustee expense claims (Hubbard v Hubbard) An account in common form concerning a trust holding development land, with trustees reporting to beneficiaries. The court determined the trustees failed to properly substantiate numerous costs, leading to substantial disallowances. Core principles include: trustees bear the onus to prove expenditure charged to the trust; poor or absent records are no excuse; and the court may grant a...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

Successive UK governments have aimed to cement the UK as one of the world’s most appealing settings for innovation and enterprise. To that end, a wide-ranging suite of tax incentives has been rolled out to encourage innovative companies, supporting both investors and trading entities, and assisting businesses at every phase of a business’s life cycle. These incentives include: R&D tax reliefs patent box business asset disposal relief (previously entrepreneurs’ relief) capital allowances for purchases of: knowhow patents, and plant and machinery venture capital trusts the enterprise investment scheme, and the seed enterprise investment scheme This Practice Note outlines the UK position on key tax considerations when determining how to structure an innovative business with international or global aspirations. The observations are general in nature and work on the basis of a clean slate; revisiting an existing IP ownership arrangement will inevitably demand a bespoke solution (notably...

What is land remediation relief? (LRR) LRR provides corporation tax relief on expenditure incurred in remediating contaminated land or in bringing derelict sites back into use. In 2009, the regime was broadened to address market failure by returning long-term derelict land to use, bringing such sites back into use. An incentive applies where land, whose development has been affected by various kinds of continuing dereliction, is brought back into productive use. The extension was intended to correct market failure by encouraging activity on sites blighted by ongoing dereliction. The relief was at risk of being discontinued after 2012; however, the 2012 Budget confirmed it would continue. The October 2024 HM Treasury Corporate Tax Roadmap, published alongside Autumn Budget 2024, notes the new Labour government’s commitment to a brownfield-first approach, prioritising the development of previously used land wherever possible. Given the time since the last review of LRR, and the potential for it to help progress the government’s objectives, the Roadmap announced that a consultation would be launched to...

Ref: [ description ] (the Property) Vendor: [ name of Seller ] Purchaser: [ name of Buyer ] 1 Extent of the Property 1.1 Who owns the perimeter walls, fences, hedgerows and ditches? If title to any boundary is unclear, please indicate who has looked after it previously, and for how long if known. 1.2 Please provide full particulars of any disagreements about the boundaries or their upkeep known to the Seller (past, current or anticipated, and whether settled or outstanding) as applicable. 1.3 If a river, watercourse or ditch adjoins the Property, does the Property boundary lie on the near bank, the opposite bank, or run precisely through the centre of the channel bed? 2 Access 2.1 Does the Property connect directly to a public highway with no verges whatsoever in between? 2.2 Is there an easement permitting passage over any private road or footpath? If yes, please provide particulars. 2.3 Has the Seller encountered...

Re: [ description ] (the Property) Seller: [ name of Seller ] Buyer: [ name of Buyer ] 1 Extent of the Property 1.1 Boundaries 1.1.1 Kindly supply a plan of the Property identifying the ownership of every boundary. Where the title does not clearly evidence ownership, state who has previously maintained the boundary and set out any contributions made towards its upkeep. 1.1.2 Please confirm there are no inconsistencies in the title deeds concerning the Property’s boundaries and that the physical boundaries exactly match those shown in the deeds. If any discrepancy exists, provide full particulars. 1.1.3 Have any boundaries been moved or re-aligned by the Seller or by any earlier proprietor? 1.1.4 Is there any existing or anticipated liability relating to the maintenance of the boundaries? 1.1.5 If any part of the Property adjoins a river, ditch, or other watercourse, does the boundary sit on the near bank, the far bank, or along the centre of the bed? ...

1 Definitions In this Agreement, these terms have the following meanings: AA 2020 – Agriculture Act 2020. Actual Completion Date – the date on which the Transfer is finalised. Agreement – this Agreement together with any collateral or supplemental document. Buyer’s Solicitors – [name] of [address] (ref [details]) or any firm later notified by the Buyer. Completion Date – [date] or [20] working days from today. Deposit – [£[amount] or [10]% of the Price]. Interest Rate – [4]% above the [bank] base rate from time to time. LRA 2002 – Land Registration Act 2002. Price – [amount in words] pounds (£[figures]). Property – the freehold known as [description] ([title number]) shown [edged/coloured/hatched] [colour] on [Plan]. Seller’s Solicitors – [name] of [address] (ref [details]) or any firm later notified by the Seller or the Buyer. Standard Conditions – the Standard Commercial Property Conditions (Third Edition—2018 Revision). Transfer – the transfer of the Property from the...

Under the Capital Funding Guide issued by Homes England, where a development lies within a designated protected area (DPA) and benefits from grant, the registered provider (RP) granting a shared ownership lease must include one of two provisions: limit staircasing to a maximum of 80%; or if staircasing beyond 80% is permitted, require the leaseholder to sell their share back to the landlord (or a nominee that is also an RP) at market value when they wish to sell. In certain cases, a local authority can seek a waiver of these conditions from Homes England where the supply of shared ownership homes is no longer constrained. Notwithstanding guidance suggesting one of the above clauses is mandatory for every shared ownership lease in a DPA, our understanding is that the applicable regulations do not impose this where the site has not received grant. For more detail, see: Practice Note: Entitlements under shared ownership leases Housing (Shared Ownership Leases)...