While the use of trusts to hold UK residential property can potentially offer some degree of asset protection when compared to outright personal ownership , this protection may not be as robust as clients would like.
Read moreThe acquisition of UK real estate by a non-UK domiciliary will always come with an increased exposure to UK inheritance tax (IHT). The value of UK property in a person’s estate will be subject to IHT at a flat rate of 40% on death if and to the extent that it exceeds the deceased’s available ‘nil rate band’ amount of up to £325,000. This may come as a shock to clients from the US, where the amount that can pass free of Federal estate tax is currently $12.92m!
Read moreProperty experts from across the industry agree that while many areas of the UK residential property market are slowing in light of rapidly increasing costs of finance and concerns around the economy in general, high-value London real estate and property located in sought after locations, continues to be a popular choice for international buyers, both as a place to call home and for investment purposes.
Read moreIntended to address concerns raised in the wake of the Grenfell Tower tragedy, the Bill had a bumpy ride through Parliament. Attempts to introduce a clause prohibiting remediation costs being passed to leaseholders failed. Much of the Act remains controversial, with concerns over the burden of costs on leaseholders enduring
Read moreThe recent case of Burnell v Trans-Tag Limited held that a director’s statutory duty to avoid conflicts of interest applied in relation to the director’s acts even when he was no longer a director. Read further for a summary of the case.
Read moreThere has been substantial publicity as to the plight of leaseholders facing serious safety issues and hefty service charge bills and a call for Government action to meet all the rectification costs. But the issue is not limited to residential buildings. It can equally apply to commercial buildings with cladding and there have been particular issues with student accommodation and hotels.
Read moreThe 31 March 2021 deadline for applications under the previous government-backed COVID-19 loan schemes has well and truly passed, however many businesses still need financial support as they try to recover from the economic effects of the pandemic. The Recovery Loan Scheme (the “Scheme”), announced in the Spring 2021 Budget, aims to do just that. A summary of the Scheme is set out in this article.
Read moreWhilst much of the focus on the decarbonisation of the built environment has been on owners and occupiers working together to reduce the operational carbon footprint of buildings, alongside this, we are increasingly hearing about the importance of addressing embodied carbon – the other key factor in establishing the total carbon footprint of a building.
Read moreThe Companies Act 2006 (CA 2006) provides at section 113 that every company must maintain a register of its members containing certain details of their membership, including their names and addresses.
Read moreBecoming a director is a significant step in your career. As a director, you will be responsible for managing the company on a day-to-day basis with the rest of the board and you will have decision-making responsibilities, whether on an individual basis, as part of a committee or at board-level. As such, you will hold a significant amount of power within the company structure.
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