Relevant property regime meaning

Checklist—acting for a tenant seeking landlord’s consent to carry out works This checklist, though not comprehensive, sets out principal actions and considerations when representing a tenant of commercial premises seeking the landlord’s consent to undertake works within its demised premises. For key steps and issues when advising a landlord that has received a tenant’s application for a licence to carry out works, see Licence for alterations—acting for landlord—checklist. For a transaction guide, see Practice Note: A practical guide to dealing with licences for alterations. This checklist does not address the additional matters relevant to alterations to an existing higher-risk building (eg, subject to certain exclusions, a building exceeding 18 metres or seven storeys in height and of a description prescribed in regulations—broadly (i) hospitals, (ii) care homes, or (iii) buildings with at least two residential dwellings (in England), or one residential dwelling (in Wales)—so a mixed use building may fall within the higher-risk buildings regime). For guidance, see Practice Notes: Building Safety Act 2022—design and construction requirements of the...

STOP PRESS: A major, wide-ranging overhaul of the UK listing framework took effect on 29 July 2024, abolishing the premium and standard listing segments and introducing a unified category for equity shares of commercial companies. That commercial companies category is strongly disclosure-led and sits alongside other listing categories, including the shell companies, secondary listing and closed ended investment fund categories. A new UK Listing Rules sourcebook commenced to deliver these reforms, and the previous Listing Rules sourcebook was withdrawn at the same time. For more detail, see Practice Note: Reform of the UK listing regime—fundamentals for guidance. This Checklist represents the listing regime as it existed before 29 July 2024. A limited company may acquire its own shares if certain conditions set out in the Companies Act 2006 (CA 2006) are satisfied under that statute. This is commonly referred to as a share buyback or a purchase of own shares. In addition to the provisions of the CA 2006, further rules and guidelines are relevant to a listed company...

This checklist outlines the initial points to assess whether an overseas company must register in the UK, together with the actions needed to complete that registration. The framework for registering an overseas company trading in the UK is clearly separate and distinct from the regime for registering overseas entities that hold an interest in UK property. Item to be reviewed or action to be taken Reference to the relevant provision of the Companies Act 2006 (CA 2006) and/or other legislation Tick box once the action is completed or the point considered Preliminary considerations Has the overseas company set up an 'establishment' in the UK?...

This Flowchart helps you decide whether the Business & Property Courts (B&PCs) Disclosure Scheme (CPR PD 57AD) applies to your claim, or if disclosure is governed by CPR 31, CPR PD 31A and CPR PD 31B. It does not address the position on: transfer of proceedings from a non‑Disclosure Scheme scenario to a Disclosure Scheme one; and disclosure in appeals Relevant content referred to in this Flowchart: Disclosure Scheme—when and where it applies Disclosure—overview Business and Property Courts Disclosure Scheme—Extended Disclosure Disclosure Scheme—Extended Disclosure and Less Complex Claims See also: Disclosure Scheme (Business & Property Courts)—overview...

This Practice Note sets out solicitors’ duties concerning disclosure owed to their client and the court. It further outlines the imperative to retain documents, make the necessary disclosure and work with the opposing side, particularly in relation to electronic disclosure (e-disclosure). This Practice Note does not address the provisions of the disclosure regime operating within the Business and Property Courts. For guidance, see: Disclosure Scheme (Business & Property Courts)—overview. Obligations Throughout the disclosure process you owe duties to your client, to the court, and to comply with other relevant requirements...

ARCHIVED: This flowchart has been archived and is not maintained. These flowcharts were produced to help identify whether an asset counts as excluded property for UK inheritance tax (IHT) on or after 6 April 2017. From 6 April 2025, a new framework came into force, replacing domicile as the primary test for an individual’s IHT exposure with the concept of long‑term residence. The reforms also adjusted the criteria for when trust property falls within the scope of excluded property... From 6 April 2025, assets held in trust qualify as excluded property only where: they are non‑UK situs assets, and the settlor is not a long‑term resident of the UK at the point a potential IHT charge arises For more information, see Practice Note: New IHT regime from 6 April 2025—FAQs. The flowcharts consider whether an asset is excluded property by reference to the location (situs) of the property and, where relevant, the domicile of the beneficial owner or settlor...

In this issue: Key developments and horizon scanning Transferring property Property insolvency Property taxes Easements, rights and covenants Property in Scotland Leasing property LexTalk®Property: a Lexis®Nexis community Additional property updates this week Daily and weekly news alerts Trackers New Q&As Key developments and horizon scanning Leasehold and Freehold Reform Act 2024 The Leasehold and Freehold Reform Act 2024 (LFRA 2024), which gained Royal Assent on 24 May 2024 and featured in last week’s highlights, has now been published. Sections 113 (controls on remedies for arrears of rent charges), 117 (recovery of legal costs etc through service charge), 118 (repeal of section 125 of the Building Safety Act 2022) and 119 (higher-risk and relevant buildings: insolvency notifications) take effect two months after Royal Assent (24 July 2024). The rest of LFRA 2024 will commence by regulations to be made by the new government after the election. See: LNB News 04/06/2024 14. ...

The Mayor and Commonality and Citizens of The City of London v 48th Street Holding Ltd and another company [2025] EWHC 1130 (KB) What was the background? The second defendant (‘POLL’) traded in devising rate mitigation schemes (the RMS) for empty premises for third parties. The first defendant, 48SHL, implemented one such arrangement and relied on it as a defence to a claim for non‑domestic rates. Under the arrangement, once relevant property fell vacant, section 45(1) of the Local Government Finance Act 1988 together with the Non‑Domestic Rating (Unoccupied Property) (England) Regulations 2008, SI 2008/386, regs 3 and 4a, operated to confer an exemption from liability for unoccupied rates for three months and, on the expiry of that three‑month period. To facilitate this, 48SHL granted POLL a lease of the premises and, at the same time, served a break notice bringing the lease to an end six weeks after the grant. This was done to demonstrate occupation by POLL for the scheme’s purposes...

Adriatic Land 5 Ltd v Long Leaseholders at Hippersley Point [2025] EWCA Civ 856 What are the practical implications of this case? Relevant service charge sums incurred by a landlord and already collected from leaseholders before the commencement of BSA 2022, Sch 8 remain unaffected. Conversely, where a landlord had not succeeded in recovering those categories of service charge costs from a leaseholder under a qualifying lease before the coming into force of BSA 2022, the landlord is now prevented from doing so by the new regime. In the same vein, any relevant service charges incurred after Sch 8 came into force are not recoverable. The effect is potentially far‑reaching, as other provisions within Sch 8 are phrased so as to apply retrospectively, including those addressing cladding remediation, and are therefore likely to have broader implications across similar claims. What was the background? Adriatic Land 5 Ltd (Adriatic) was entered on 12 April 2017 as the registered freehold proprietor of Hippersley Point. The property was at...

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...

This Practice Note has been archived and is no longer maintained. Finance Act 2025 (FA 2025) brings in legislation to abolish the remittance basis of taxation and to replace it with a residence-based regime from 6 April 2025. Adjustments have also been made to overseas workday relief, so that an employee’s entitlement depends on their residence for the relevant tax year and, subject to certain transitional provisions, whether they are eligible for the four-year foreign income and gains regime for that year. For details on these updates, see the following Practice Notes: The abolition of the remittance basis of taxation from 2025–26 Foreign income and gains regime from 6 April 2025 Overseas Workday Relief from 6 April 2025 For the OWR rules that applied before 6 April 2025, see Practice Note: The statutory residence test—overseas workday relief before 6 April 2025 [Archived]. Facts Petra is a German national and is domiciled in Germany for UK tax purposes....

This Practice Note summarises the confiscation regime set out in the Proceeds of Crime Act 2002 (POCA 2002), together with the changes introduced by Schedule 8 to the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023), insofar as it operates in Scotland. Schedule 8 amended the Proceeds of Crime Act 2022 to make provisions in connection with cryptoassets and confiscation orders. Those amendments have not yet been brought into force. Introduction to Scottish confiscation law and procedure Confiscation is the mechanism by which, after conviction, an offender’s financial gain from offending is taken away. The POCA 2002 confiscation provisions are designed to facilitate the recovery and seizure of the proceeds of crime in order to: disincentivise criminal activity, and prevent offenders from retaining the proceeds of crime following conviction This Practice Note addresses the Scottish confiscation process and procedure. For the parallel provisions in England and Wales, see the subtopic: Restraint and Confiscation. A confiscation order requires...

1 Introduction 1.1 Client and matter inception is a vital process that safeguards our firm, helps us understand our clients and their particular requirements, and ensures adherence to a range of regulatory obligations in full. 1.2 This document clearly explains our procedure for accepting new clients and opening new matters. It applies to all relevant people working at every level, including partners, consultants, solicitors, and other employees (whether permanent, fixed‑term or temporary), contractors, trainees, seconded staff, home‑workers, casual staff, agency staff, interns and students, agents, sponsors, volunteers, or any other person associated with the firm wherever located (collectively referred to as ‘staff’ in this policy). 2 Responsibility The [ insert, eg compliance officer for legal practice (COLP) ] holds responsibility for this document and oversees the firm’s arrangements for both client and matter inception. If they are not available and a prompt response is needed, please contact [ state who should be contacted, eg their deputy, your line manager, a partner ] as appropriate. 3...

We proceed on the basis that the default legacy will take the form of a discretionary trust in favour of the testator’s grandchildren and does not create an immediate post-death interest (IPDI) trust under section 49A of the Inheritance Tax Act 1984 (IHTA 1984). We further assume that it is not a disabled trust within IHTA 1984, s 89...

Section 2 of the Landlord and Tenant Act 1987 (LTA 1987) Section 2 of the Landlord and Tenant Act 1987 (LTA 1987) states that a person is the landlord if they are (a) the direct landlord of the qualifying tenants of flats in the premises, or (b) where any such tenant is a statutory tenant, the person who, but for that statutory tenancy, would have the right to possession of the flat. Consequently, the relevant landlord is usually the immediate landlord of the qualifying tenants, so a transfer of a superior interest is generally outside scope. Intermediate headleases are often used to avoid the regime. However, s 2(2) LTA 1987 provides that where the immediate landlord is also a tenant of the premises under a tenancy that is either: a term under seven years, or a term exceeding seven years, but capable of termination within the first seven years at the superior landlord’s option, the superior landlord is also treated as the...

Practice Note: Relevant property trusts—the principal (ten-year) charge within the Trusts—inheritance tax subtopic For details on the inheritance tax (IHT) rules applicable to discretionary trusts under the relevant property regime, see Practice Note: Relevant property trusts—the principal (ten-year) charge within the Trusts—inheritance tax subtopic...