Overseas transfer charge meaning

This Checklist is intended for situations where you act for the buyer acquiring a registered freehold or leasehold commercial property, whether with vacant possession or already let under one or more leases. It is not comprehensive and cannot anticipate every scenario in every deal. You should always assess if any further points require attention. It is assumed that: the property is not subject to any residential tenancies; and the seller is solvent This Checklist covers these principal areas: Preliminary matters Is the buyer using finance to acquire the property? Before exchange of contracts Are you ready to exchange? Exchange of contracts Post exchange steps Between exchange and completion Are you ready to complete? Completion Post completion Preliminary matters See also Practice Note: Transferring commercial property—a practical guide — Preliminary matters. Are the buyer’s instructions and intended use for the property clear? Strong due diligence and effective...

This Checklist is primarily for use on the assignment of a commercial lease This is a guidance tool for assignments of commercial leases. It is not comprehensive and may not address every circumstance on each deal. You should always consider whether any additional matters require attention. It works on the basis that: the lease relates to commercial premises let at an open market rent to an occupier, on terms under which the landlord insures the premises the assignor has used the premises for business purposes and the assignee likewise intends to use them for their business the lease is a head lease and the premises are not held under any underleases the lease is not subject to a fixed charge (this would be uncommon in practice), and no premium is payable If the assignment forms part of a wider or more complex arrangement, you may find further relevant material in Acquisition of commercial property (buyer)—checklist and Practice Note: Transferring...

Use this Checklist when representing the seller in the disposal of a registered freehold or leasehold commercial property, whether with vacant possession or subject to one or more leases. It is not comprehensive and will not address every eventuality for every transaction. You should always consider if any additional matters need to be dealt with. Always reflect on whether other relevant issues should be addressed. It is assumed that: the property has no residential tenancies, and the seller is solvent It includes the following key sections as part of the transaction: Preliminary matters Is the property subject to a legal charge? Before exchange of contracts Are you ready to exchange? Exchange of contracts Post exchange Between exchange and completion Are you ready to complete? Completion Post completion Preliminary matters See also Practice Note: Transferring commercial property—a practical guide—Preliminary matters. Are the seller’s instructions clear? Effective due...

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: Pensions allowances Mansion House speech Types of pension arrangements Daily and weekly news alerts Dates for your diary Trackers Pensions allowances Coming into force of two tax regulations making corrections to the lifetime allowance abolition provisions As anticipated, two regulations commenced on 18 November 2024, applying retrospectively from 6 April 2024, to fix provisions relating to the abolition of the lifetime allowance. The first is the Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024, SI 2024/1012. Among other measures, they: require members to give all pension scheme administrators a copy of their transitional tax-free amount certificate (TTFAC) and to notify them if it is cancelled permit members to transfer pension savings while keeping any lump sum protection available under their enhanced protection adjust the transitional rules for the overseas transfer allowance so funds crystallised into drawdown before 6 April 2024 are not counted twice if moved...

In this issue: Key developments and horizon scanning Transferring property Residential property Property management Easement, rights and covenants Statutory compliance Property development Property taxes Property in Scotland LexTalk®Property: a Lexis®Nexis community Additional property updates this week Daily and weekly news alerts New and updated content Trackers Key developments and horizon scanning Spring Budget 2024 The Chancellor, Jeremy Hunt, set out measures in Spring Budget 2024 that offered few major shifts for the property sector, with the focus on furnished holiday lettings, the removal of multiple dwellings relief for stamp duty land tax (SDLT), and a cut to the higher rate of capital gains tax (CGT) on residential disposals. As trailed, the government will scrap the Furnished Holiday Lettings regime from 6 April 2025, thereby removing the favourable treatment enjoyed by short-term furnished holiday lets over homes rented to longer-term tenants. The change is intended to apply from 6 April...

This Practice Note This Practice Note outlines the steps involved in transferring a commercial property. It proceeds on the basis that the asset is a registered freehold or leasehold, is being disposed of with vacant possession or subject to existing lease(s), and is being bought either as an investment or for the purchaser’s own occupation. It sets out the principal sections that map the usual stages of a sale and purchase, with each section signposting Lexis+ UK resources offering fuller guidance on the subjects covered: Preliminary matters Pre-exchange—the due diligence process The contract and exchange Between exchange and completion Completing the transaction Post completion The guidance here is not exhaustive and will not address every eventuality for every transaction. See also: Structure of real estate finance—overview Real estate in corporate transactions—overview Practice Note: Buying from an insolvency practitioner—the sales process and insolvency issues in property Practice Notes: Property development joint ventures—acting for...

A pension transfer A pension transfer takes place when an individual’s rights under one pension scheme are moved to another. The ceding scheme passes the relevant assets to the receiving scheme, which then assumes responsibility for providing the benefits for the person concerned. Members of all UK registered pension schemes that are personal pension schemes have an overriding statutory entitlement to transfer the cash equivalent of their benefits to another pension arrangement, subject to meeting certain prescribed conditions. Many personal pension schemes also allow transfers out in wider situations than those giving rise to the statutory right, for example: partial transfers transfers of benefits that are in drawdown transfers of particular assets in non-cash form In practice, it is crucial that transfers paid from personal pension schemes constitute a recognised transfer for HMRC purposes and do not inadvertently forfeit any tax-related protections or statuses the member may hold. Personal pension schemes can also receive transfers from other pension...

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 (FA 2025), which gained Royal Assent on 20 March 2025, enacts the removal of the remittance basis of taxation and brings in a residence-based system commencing on 6 April 2025. FA 2025 also replaces domicile with residence as the key factor in establishing liability to inheritance tax. Additional measures further revise the rules for excluded property status, abolish the protected settlements status of offshore trusts, and amend overseas workday relief. For further detail and context, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. ARCHIVED: This Practice Note is archived and not maintained. It summarises the inheritance tax (IHT), income tax and capital gains tax (CGT) regimes applying to UK-resident non-domiciliaries, and highlights the fundamental planning opportunities available to them. Such planning generally relates to the overseas assets and income of non-domiciliaries. To make use of the favourable rules,...

date [ date ] Parties [ name of Seller ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and with a service address in England and Wales at [ address ] ] ( Seller ) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and with a service address in England and Wales at [ address ] ] ( Buyer ) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and with a service address in England and Wales at [ address ] ] ( Guarantor ) ] 1 Definitions Within this Agreement, the terms below have these meanings: Actual...

Date [ date ] Parties [ name of Seller ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Seller) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Buyer) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Guarantor) ] 1 Definitions In this Agreement, the terms set out below shall have the following meanings: Actual Completion...

date [ date ] Parties [ name of Seller ], in administrative receivership [ and also in liquidation ], incorporated in England and Wales (company registration number [ number ]), whose registered office is at [ address ] (Seller), acting through [ any one of ] its [ joint ] administrative receiver[s], [ name of (first) receiver ] (Insolvency Practitioner) [ of [ address ] OR [ and [ name of joint administrator ] (Insolvency Practitioner) [ both ] of [ address ] ] ] (Receiver[s]) [ name of Buyer ] [ of OR incorporated in England and Wales (company registration number [ number ]) whose registered office is at ] [ address ] [ and whose address for service in England and Wales is [ address ] ] (Buyer) 1 Definitions For this Agreement, the terms below shall mean: Actual Completion Date — the day when the Transfer is in fact completed; Buyer’s Solicitors —...