Sale and leaseback meaning

Morgan Lloyd Trustees Ltd v HMRC [2025] UKUT 102 (TCC) The company acted as trustee to small, self‑administered pension schemes (SSASs) established by more than 500 employers, who then entered into arrangements with their SSASs aimed at releasing cash. The structures adopted were either loans, secured by charges over various intellectual property (IP) items—such as domain names, websites and trade marks—or, alternatively, sale and leaseback, or sale and licence‑back, deals concerning comparable IP assets. HMRC took the view that many employers had received unauthorised employer payments and accordingly issued assessments to unauthorised payment charges and surcharges. In addition, HMRC assessed MLT to scheme sanction charges. MLT applied to HMRC for discharge of the charges under FA 2004, s 268; however, HMRC refused certain applications and concluded that others were submitted outside the time limit. MLT and the employers appealed to the FTT, which dismissed all of the appeals. The first issue for the UT was the extent...

HMRC v Altrad Services Ltd and Robert Wiseman and Sons Ltd [2024] EWCA Civ 720 The taxpayers participated in a promoted tax avoidance arrangement intended to take advantage of the capital allowances regime in force during 2010 and 2011. The legislation was later changed, by section 33 of the Finance Act 2011, to ultimately render such structures ineffective. The plan sought to markedly expand the amount of capital allowances available to the corporate taxpayers through a sale and leaseback with a bank. After a few weeks, the companies would obtain the assets again when the bank exercised a put option granted by each company at the outset...

Sukuk (singular form: ‘sakk’) Sukuk are Shari’a-compliant financing instruments, commonly described as Islamic certificates or bonds. For further detail, see Practice Notes: The structure and elements of a Sukuk transaction and Sukuk—investment bond arrangements and their UK direct tax treatment—What are sukuk? Where the statutory requirements are satisfied, sukuk can access the UK tax regime that applies to alternative finance investment bond (AFIB) arrangements. For guidance on those provisions, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment. A distinct variant is sukuk al ijara. In such structures, the bond-issuer (the legislative term for the sukuk issuer) typically holds land on trust for the certificate holders (the sukuk investors). The issuer secures a land interest through a sale and leaseback—the ijara element. For more detail, see Practice Notes: The structure and elements of a Sukuk transaction and Islamic finance standard documentation in the context of real estate finance transactions. The UK has issued sukuk al ijaras over land, most recently in March 2021. Since a sukuk...

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...

Sukuk Sukuk (singular: ‘sakk’) are a form of Shari’a‑compliant financing, commonly referred to as Islamic bonds or certificates. For further detail, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment—What are sukuk? Where the relevant conditions are met, sukuk can qualify for the UK tax treatment that applies to alternative finance investment bond (AFIB) arrangements. For the specific rules, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment... Sukuk al ijara Sukuk al ijara is a particular variant of sukuk. In a sukuk al ijara, the asset that the bond‑issuer (the term used in legislation for the sukuk issuer) holds on trust for the sukuk investors (the certificate holders) is typically land. The issuer acquires an interest in that land via a sale and leaseback—the sale and leaseback constitutes the ijara. For more information, see Practice Notes: Sukuk al ijara—tax reliefs for sale and leaseback arrangements—What is sukuk al ijara?, The structure and elements of a Sukuk transaction and Islamic finance...

date [ date ] Parties [ name of Seller ] [ 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 ] ] ( Seller ) [ 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 ) [ [ name of Guarantor ] [ 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 ] ] ( Guarantor ) ] Definitions In this Agreement, the definitions below apply: Actual Completion Date...