Estate duty meaning

This Checklist This Checklist explains the actions property solicitors must take to perfect security in a real estate finance transaction. Real estate finance lenders will typically seek a comprehensive security package over all assets connected with the real estate. A real estate solicitor within a multi-disciplinary team will commonly arrange or contribute to the following securities and documentation: security over the land, rental income, insurance proceeds, development and construction, and contractual rights reviewing the management agreement and negotiating a duty of care agreement (although in a multi-disciplinary team, this is sometimes handled by the banking and finance lawyer) dealing with completion undertakings and post-completion registration of the legal charge at Companies House and HM Land Registry, as well as giving third party notices regarding rent payment, notice of charge and, where necessary, assignment of contractual rights or warranties See Practice Notes: Security in real estate finance transactions, Taking security over land and Taking security over unregistered land and Taking and perfecting...

Use this Checklist when considering and reviewing a registered title as part of the due diligence process. It presumes the title is being assessed in the context of a proposed purchase of the property; however, identical considerations arise when due diligence is undertaken in relation to taking a registered charge over the property, or when negotiating and entering into a new lease of the property. For land that is unregistered, refer to Practice Notes: Deducing title to unregistered land—compulsory first registration, party to register, evidence of title, good root of title and unbroken chain of ownership; and Deducing title to unregistered land—stamp duty, mortgages, execution of documents, missing title deeds, sales of part and other considerations. Have official copies of the register and plan been provided? Official copies—register and plan For registered land, title is shown by supplying current official copies of the register and plan. They must be obtained from HM Land Registry, either by: sending a paper form using the...

This checklist is intended for use in a due diligence process where a purchaser, tenant or lender is examining title to property that is burdened by, or enjoys the benefit of, positive covenants. It sets out the relevant matters to consider when reviewing and reporting on positive covenants. Are there any positive covenants affecting the property? A positive covenant is a commitment to perform an act or to make a financial contribution to something. Typical examples in property transactions include covenants to erect and keep in repair a fence, or to contribute towards the upkeep of a shared driveway or other communal facilities. HM Land Registry has no duty or authority to record the benefit of a positive covenant on a registered title...

In this issue: Budgets and Finance Bills Companies and corporation tax International Funds Real estate tax Employment Taxes Individuals and income tax Energy and environment Anti-avoidance Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills Spring Statement 2025 The Chancellor of the Exchequer is set to deliver her Spring Statement to Parliament on Wednesday 26 March 2025. Finance Bill 2025 to receive Royal Assent Royal Assent for the Finance Bill 2025 is expected on 20 March 2025, at which point it will be enacted as the Finance Act 2025. This comes after the Bill’s second and third readings in the House of Lords on 19 March 2025 and the usual bypassing of the committee stage. The House of Lords made no amendments to the Bill as received from the House of Commons. See: Finance Bill 2025...

In this issue: Disputes and remedies Neighbour and party wall disputes Enforcing security and property insolvency Property disputes in Scotland LexTalk®Property Disputes: a Lexis®Nexis community Additional Property disputes updates Daily and weekly news alerts Dates for your diary New and updated content Trackers Disputes and remedies Supreme Court confirms no tortious damages recoverable where the ‘but for’ causation test is unmet in relation to Japanese knotweed (Davies v Bridgend County Borough Council) In Davies v Bridgend County Borough Council [2024] All ER (D) 32 (May) [2024] UKSC 15, the Supreme Court unanimously allowed the appeal, holding that, applying the ‘but for’ test, compensation is not payable where the drop in value of the claimant’s land was not brought about by the defendant’s tortious acts, and therefore no award of damages is appropriate in such circumstances. The ruling matters particularly for claims where Japanese knotweed encroachment commenced before the duty to treat Japanese knotweed...

In this issue: Budgets and Finance Bills UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Family businesses and ownership structures Contentious trusts and estates Pensions, insurance and tax efficient investments International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Trackers Latest Q&As Useful information Budgets and Finance Bills Finance Bill 2026 published Finance (No 2) Bill 2024–26 was released on 4 December 2025 with explanatory notes. Also known as Finance Bill 2026 (FB 2026), it was presented in the House of Commons and received its first reading on 2 December 2025. For insights into the principal Private Client measures in FB 2026, see News Analysis: Private Client—publication of Finance Bill 2026. For commentary on the key Tax provisions, see News Analysis: Tax—publication of Finance Bill 2026. For comprehensive tracking of FB 2026—covering a...

Variation of Will or intestacy after death—Q&As An instrument of variation can be used to alter how a deceased person’s estate is distributed under a Will or on intestacy. It is commonly executed by deed. To secure effectiveness—typically to obtain favourable inheritance tax (IHT) and capital gains tax (CGT) treatment under section 142 of the Inheritance Tax Act 1984 (IHTA 1984) and section 62(6) of the Taxation of Chargeable Gains Act 1992 (TCGA 1992)—certain formalities must be met. These include that the deed is in writing, contains the requisite statement applying the statutory provisions, is not made for any extraneous consideration, and is signed by all relevant parties, including the deceased’s personal representatives (PRs) where additional tax would otherwise arise. For guidance on deeds of variation, see Practice Note: Variation of Will or intestacy after death. See also Practice Note: Post-death rearrangements. Compliance with these requirements will usually deliver the intended IHT and CGT position. The formalities for execution of variation should be followed accordingly. Precedent deed of variation...

The properties held by a company can be obtained by two routes: an acquisition of assets owned by the company (an asset purchase), or an acquisition of the company’s shares (a share purchase) Asset purchase On an asset purchase: the buyer takes the undertaking as a going concern and may select which elements of the business, together with any assets and liabilities, it wishes to take on every property owned, used or occupied by the undertaking must be conveyed, assigned or transferred to the purchaser within the sale documents Properties may be sold outright, or the buyer may be granted a fresh lease. Where a leasehold interest is involved (whether already existing or newly created), particular issues arise. For more information, see Practice Note: Leasehold property issues arising on an asset purchase. The properties will be identified in the sale agreement and it is the property interests themselves that are transferred, rather than the company’s...

The medical specialty focused on diagnosing and treating cancer is oncology. Handling oncology clinical negligence claims requires an understanding of cancer’s nature, its many forms, symptoms and treatments, diagnostic methods, and the limits of what diagnosis and intervention can achieve. The timing of both actual care and the hypothetical non‑negligent treatment in the counter‑factual scenario is crucial to causation and injury. Choosing an expert is not always straightforward. These cases also demand careful management of a claimant’s expectations from the outset. Sometimes a decision is needed between seeking damages for a living claimant or for the estate or dependants of someone who has died. This Practice Note therefore outlines the essentials: what cancer is, how and when it is identified and treated, the limitations on treatments, and the applicable case law. What is cancer? Cancer develops when cells in the body divide faster than they should, forming a lump or tumour. Such tumours can be benign or malignant. There are more than 200 different cancers, including breast, lung,...

I leave to my trustees the sum of £[ insert amount ] (‘the gift’), to be held on trust, invested, and the income applied towards the care and upkeep of my [ describe the animal, eg dog, cat etc adding gender ] named [ insert name of animal ] for a term of [ insert period not exceeding 21 years ] from my death, provided that [ insert name of animal ] survives for that time; and upon the earlier of the death of [ insert name of animal ] or the expiry of 21 years, the fund shall revert to and form part of my residuary estate. OR I bequeath to [ insert name of beneficiary ] a legacy of £[ insert amount ] together with my [ describe the animal together with its gender ] named [ insert name of animal ] (if alive when I die), and I record my wish (without creating any binding duty on [ insert name of beneficiary ]) that [ insert name...

Definitions Core expressions include Additional Service, Anti-bribery Laws (including BA 2010), Codes of Practice, Legislation, Occupier, Occupation Agreement, Services, Termination Event, VAT and Working Day. Appointment and Duties The Owner appoints an independent Property Manager to provide the Services with appropriate skill, care and diligence, in line with good estate management and the Codes of Practice, always acting in the Owner’s best interests. Authority and Fees The Property Manager may act for the Owner within approved limits, engage specialists where reasonably necessary, and must obtain consent for material matters. Fees track recoverable service charge provisions; Additional Services are separately agreed and all fees are subject to VAT against a valid invoice. Insurance and Liability The Property Manager maintains professional indemnity and public liability insurances and indemnifies the Owner for losses arising from any breach, negligence, misconduct or default. Termination and Handover The Owner may terminate on a Termination Event. Upon ending, the Property Manager must transfer accounts, documents and information, assign...

[ insert name of property ] Executive summary [ insert a general summary of the construction documents/highlight any key areas of concern ] Building contract and related documents Save as noted below, the Building Contract, consultants’ appointments and collateral warranties broadly reflect prevailing market standards, and in particular include the following: a duty to carry out the Works/provide the Services with the reasonable skill and care of a suitably qualified professional or contractor experienced on comparable schemes; a commitment not to specify or use harmful or deleterious materials in the Works; an obligation to grant an irrevocable, royalty‑free copyright licence over all documents and materials created by the Contractor/Consultants, assignable or transferable to third parties without restriction; a requirement to maintain professional indemnity insurance covering liabilities under the Building Contract/Appointments (as relevant) at the stated level; a right to assign the benefit of the Building Contract/Appointment/collateral warranty to third parties...

The general rule The general rule is that when a buyer of a freehold interest enters into covenants with the seller, although the burden of restrictive obligations will in many instances bind a successor in title, positive duties requiring the covenantor to act do not run when the freehold is conveyed. A rentcharge operates as a device by which a monetary duty can pass to the successor of the initial buyer. There is no issue, as a matter of contractual privity, in imposing on the purchaser a contractual obligation to pay the seller for the supply of services relating to the land; however, matters become more intricate once the seller transfers the freehold estate to a third party. The rentcharge nonetheless entitles its holder to demand regular periodic payments of money from the owner of the freehold estate. It is not a mortgage, because it does not function as security for a debt...

For the purpose of this Q&A, we have assumed that: the asset concerned is a residential dwelling property A and B hold either a freehold estate, or a leasehold granted for a term exceeding seven years A occupies a different dwelling as A’s only or principal residence, in which A has a freehold or leasehold interest A and B are not civil partners of one another and/or are separated in circumstances that are likely to be permanent A is not acquiring B’s interest as part of any business activity of buying and selling dwellings carried on by A the trust to be declared by B in favour of A will take the form of a bare trust arrangement completion of A’s acquisition will take place on or before 31 March 2021 As A’s share of the dwelling, in monetary terms, is £225,000, A will need to provide consideration of £220,500 to B to secure a 99% beneficial interest...

If a landlord fails to comply with a repairing duty in a lease, the tenant is entitled to damages for the loss resulting from that breach. The purpose of those damages is to restore the tenant to the position they would have occupied had the covenant been fulfilled. See, for instance, Langham Estate Management Ltd v Hardy...