Prompted by the high-profile collapses of the likes of BHS and Carillion, which left their employees facing severely diminished retirement funds due to pension scheme deficits of £275 million and £580 million respectively, the Government has proposed radical changes through the Pension Schemes Act 2021 (the “PSA”).
Read moreIn recognition of Disability Awareness Day on 12th September, we thought it a pertinent time to shine a spotlight on the current disability-related employment law hot topics.
Read moreThe delivery of new homes across England and Wales is clear to see, and the demand for new deliverable sites remains highly competitive. In this article we explore the commercial drivers behind development and the importance of accommodating evolving policy, market forces and public funding and delivery requirements. We also consider the preliminary stages of a development project and the overarching considerations for a successful Development Agreement.
Read moreThe Building Safety Bill (the Bill) was introduced to the Commons on 5 July 2021, some four years after the Grenfell Tower disaster.
Read moreWhilst the world of sustainability can seem overwhelming, these five key considerations should begin to show that small changes in outlook and focus can make an impact.
Read moreIn disputes between parents about children (e.g. where their children should live or how much time they should spend with each parent), clients frequently come to us with evidence they have gathered. In an age where our smartphones are never far from reach, this can take many forms: screenshots, videos (taken secretly or with the participants' knowledge), voice notes, voice recordings, social media posts, appearances on “FindmyPhone”, and so on and so forth.
Read moreThe government is keen to encourage funds to be set up in the UK, rather than, for example, Luxembourg and by publishing details of a new tax regime for asset holding companies last month, is demonstrating that it is prepared to change the UK tax legislation to allow this to happen.
Read moreThe UK government has confirmed its plans to implement a package of measures which will impose a new duty on employers to prevent sexual harassment in the workplace, proclaiming it to be a “symbolic first step” to combat a broader problem in workplace culture.
Read moreOwning a listed building is not for the faint hearted, but it can also be a source of much joy and fulfilment. Here are five crucial things to know for those thinking of purchasing, or already owning, a listed building.
Read moreEmployers and employees alike will be well aware that on 19 July 2021 the government lifted its instruction that people should work from home. This article will address how employers can best interpret the current government guidance (in conjunction with their statutory duties) and the takeaway points from recent Employment Tribunal decisions concerning the return to work.
Read moreA recent case (Criterion Buildings Ltd v McKinsey and Co Inc [2021] EWHC 216 (Ch)) has clarified the proper approach to the calculation of service charges in relation to commercial premises. In particular, the apportionment of the service charge between the tenants and the demands for sinking fund contributions was considered.
Read moreForsters are supporting The Chancery Lane Project – a pro bono collective effort by lawyers to develop new drafting for contracts and laws to help fight climate change.
Read moreThe Government has published its most recent plan to decarbonise the transport system in the UK. "Decarbonising Transport: A Better, Greener Britain" (the TDP) is intended to be a "greenprint" for the UK's road to a net zero transport industry by 2050. The publication of the plan is particularly timely given that the UK will be hosting the UN Climate Change Conference (COP26) in Glasgow later this year.
Read moreProperty experts from across the industry agree that the UK residential property market, particularly high-value London real estate continues to be a popular choice for international buyers, both as a place to call home and for investment purposes.
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 $11.7m!
Read moreWhile 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 moreThis is yet another recent County Court Judgment as to renewal of a business tenancy. It seems tenants are now keen to take renewals to Trial to not only seek lower rents but better terms generally.
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 moreIn recent years there has been a substantial growth in professional negligence claims against solicitors i.e. claims for breach of contract, negligence, trust or fiduciary duty. Insurers have apparently paid out over £2 billion in the last 10 years or so with half of such claims being property related. Premiums have increased as a result.
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 moreWhat better way to find out about the pros and cons, highs and lows of being a director than to ask someone who has done it all? So, we did. Danny kindly agreed to give us an insight into what being a director actually entails, the risks and challenges that directors face and what it takes to be an effective director.
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.
Read moreAfter what seems like a very long journey, and much campaigning over the years, it seems like the wait will be finally over on 6 April 2022.
Read moreWestminster City Council published its City Plan on 21 April 2021, deleting the controversial requirement for hotel development to make provision for affordable housing. The proposed policy threatened to further hamper the creation of much needed visitor accommodation within central London.
Read moreForsters LLP and Arnold Bloch Leibler discuss how the Australian Foreign Acquisitions and Takeovers Act 1975 might help to put the UK’s new National Security and Investment Act 2021 into perspective.
Read moreAs expected, in her speech at the State Opening of Parliament, the Queen announced that the Government will introduce "laws to modernise the planning system, so that more homes can be built".
Read moreThe National Security and Investment Act 2021 (the “NSI Act”) received Royal Assent on 29 April 2021 but apart from a new piece of legislation appearing in the statute books, it doesn’t appear that much has changed, at least in the short-term. Our summary of the National Security and Investment Bill still stands, save for the amendments set out here.
Read moreHammerson, one of the UK’s largest shopping centre owners, has stated it expects to cut rents for retail tenants by 30% as they are too high, there have been two Court Judgments which reflects the current state of the retail market. They both relate to Units within the Westfield Centre at Shepherds Bush, the largest retail and leisure destination in Europe.
Read moreOn 22 April 2021, the European Confederation of Directors Associations published its updated Corporate Governance Guidance and Principles for Unlisted Companies in Europe (the “Guidance”), originally published in 2010. Here we summarise some of the key points set out in the Guidance and explain why corporate governance should not be ignored by SMEs, owner-managed businesses and family companies.
Read moreLandlord and tenant obligations as to sustainability can take a number of different forms. In this briefing we set out an overview of the documents you may come across and when they are most likely to be used.
Read moreThe roll-out of Electric Vehicle Charging Points (EVCPs) across the UK is only going to continue to gather speed, with the government’s announcement last year of a ban on the sale of new petrol and diesel cars, to take effect from 2030. In this briefing we set out an overview of the key issues and questions for property owners to consider in relation to EVCPs.
Read moreOn 6 April 2021 new rules came into effect for individuals who use their own personal service company (PSC) to sell services to clients, and the client companies that engage them. HMRC are keen to tackle "disguised employment" situations where an individual is de facto employed by a client. This is in part due to the tax and NIC savings made by the individual and the client by treating their relationship as a "client-contractor" one rather than an "employer-employee" one.
Read moreWhen it comes to creating new residential property through permitted development rights, bigger really is better. In February 2021, the Planning Inspectorate rejected a proposal under permitted development rights to convert a chip shop in Leicester into three flats on the basis that the internal space would be too small to constitute dwellinghouses.
Read moreThere has been much discussion over recent months about the advantages and disadvantages of freeports and the Chancellor’s Spring Budget which announced the creation of eight freeports in the UK has only increased such speculation. Tax reliefs, enhanced trade and infrastructure development vie with claims of money laundering and tax evasion. In this article, we consider the pros and cons of freeports and what the proposed tax reliefs actually comprise.
Read moreForsters is uniquely placed to advise clients on the acquisition and disposal of trust companies both inside and outside the UK.
Read moreSince the onset of the COVID pandemic, many businesses have been considering their space requirements. In some cases, tenants will have leases that include break clauses which will let them terminate their leases before the contractual expiry date.
Read moreUK directors could be held liable for ensuring the accuracy of company financial statements, with directors of large businesses facing fines and even bans from board positions if they fail to do so, under plans being considered by the Department for Business, Energy and Industrial Strategy (“BEIS”).
Read moreOn 11 November 2020, the National Security and Investment Bill (the “Bill”) was put before Parliament. But, what transactions will be affected and how will the scrutiny work in practise? It's worthwhile being aware of the Bill’s main points.
Read moreDealing with the death of a family member or close friend is always difficult for those involved; the last thing anyone wants to deal with when grieving is navigating complicated tax and legal procedures. It is no wonder that the probate process can appear a daunting prospect to the personal representatives or 'PRs' (the people entitled to deal with a deceased person's estate, who are also known as 'executors' when they are appointed in a Will). We provide a helpful guide to the probate process, which can be broken down into five key steps.
Read moreMaking a Will is a vital part of any estate planning exercise. Sharing wealth with family and other loved ones in the most tax efficient way possible, is a priority for most people. Their aim is to provide for partners and ensure that children are supported financially to achieve their goals, whether those include buying a property, or starting a family or business.
Read moreGovernments recognise that encouraging people to start businesses and employ others is important for the economy, and that any charge to tax on disposal should be mitigated to recognise the years of work involved in building a business, and the financial risk that people take in doing so.
Read moreIn the past, if people wanted to pass wealth to their children (often prompted by the prospect of ultimately paying inheritance tax if they did not) they would use trusts, because then they could keep the assets under their control.
Read moreThis briefing provides an introduction to family philanthropy, outlining the key issues that need to be considered in order to ensure a successful charitable project.
Read moreAs Partner and Head of Family at Forsters, and having worked with hundreds of divorcing couples in the past 20 years, Jo Edwards shares her insight into where many marriages go wrong and tips on how to keep yours happy. This article was originally published in Brides magazine.
Read moreI have recently provided my daughter with funds to buy a flat in her own name and she wants her boyfriend to move in. Could he have a legal or financial claim on the property if they split?
Read moreHistorically, farming agricultural land has provided steady yields and inheritance tax relief, whilst supermarkets and developers bestowed occasional windfalls on those with fields in the right place. Beyond that, opportunities have been limited as robust land prices left many rural landowners asset rich but cash poor.
Read moreSpecial purpose acquisition companies (SPACs) have been around for a while and although they may have “historically been viewed as a bit shady” (Axios correspondent Felix Salmon), 2020 seemed to have been (at least for them) a good year, with SPACs (particularly in the US) being increasingly used as a means for established private companies to access capital markets and go public.
Read moreThe government has announced that the measures which were put in place last year to assist commercial tenants during the Covid-19 pandemic will be extended, once again, to 30 June 2021.
The effect of the latest announcement is as follows:
Read moreBitcoin (BTC) has been back in the news again recently, as values surged and continue to fluctuate. Investors are increasingly considering alternative assets, including crypto-assets, amidst the on-going economic gloom.
Read moreThe Stamp Duty Land Tax (SDLT) holiday will end on 31 March 2021. For those seeking to benefit from this, January could be argued to be the final month in which consumers can feasibly initiate a property purchase.
Read moreFollowing the recent introduction of significant new planning legislation, our Planning team have outlined a useful guide to the new use class system and a guide to new permitted development rights.
Read moreThe start of 2021 has had its ups and downs. However, the New Year brought some welcome news for lawyers, accountants and other professionals in the UK working on cross-border transactions and other arrangements, and for their clients.
Read moreUS citizens who are UK resident beneficiaries of US trusts may be taxed twice on the trust’s income or capital gains because of the overlapping scope of UK and US taxation. However, there are options for mitigating this exposure so that a UK resident may benefit from a US trust without suffering cross-border double taxation.
Read moreThe COVID-19 vaccination programme is well underway and with reports suggesting that all adults will be offered a vaccine by the end of May, employers will likely be considering the implications of this for their staff. This article considers some of the key issues.
Read moreThe recent decision of the Court of Appeal in Faiz and Others -v- Burnley Borough Council (22 January 2021) has brought welcome clarification for landlords as to when they can and cannot demand or collect rent arrears from a tenant in default whose tenancy they wish to terminate by forfeiture. Demanding or collecting rent at the wrong time can waive the right to forfeit.
Read moreWell, not enough and not fast enough. Whilst the additional £3.5 billion in funding represents a much need injection of cash, it misses the mark in many respects.
Read moreThe beginning of 2021 marks a new chapter for executives, employees and entrepreneurs from the European Economic Area (EEA) and Switzerland (referred to as the “EU” for the purposes of this article) travelling to the UK to either live, work or conduct business.
Read moreIt is often easy to assume that one only has to pay UK VAT if one lives in the UK but UK VAT is often paid by individuals, trustees and companies who are resident outside the UK but use the services of professionals who are based in the UK. The extent to which VAT is or is not chargeable has changed as a result of Brexit and the end of the transition period on 31 December 2020. Here, we consider the new post-Brexit VAT position.
Read moreAs part of the conveyancing process, solicitors submit ‘searches’ to various public authorities. These searches include (amongst others) a local authority search, an environmental search and a drainage and water search. These searches are used to help solicitors identify potential issues with the property and give an opportunity for the buyer to withdraw or negotiate the price if an adverse result is found.
Read moreEmployment Senior Associate, Joe Beeston, looks at the impact (if any) Brexit may have on UK employment rights.
Read moreIn the recent case of HMRC v Development Securities PLC and Others, the Court of Appeal held that a Jersey incorporated company with a majority of Jersey-based directors was UK resident. Although the facts of the case were unusual, some useful pointers as to what went wrong for the company and how it could have done better can be gleaned from the judgment.
Read moreSince the tragic Grenfell Tower fire, it has become clear that many recently constructed or refurbished residential buildings, particularly taller buildings, are unsafe and require urgent and substantial remedial action. 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 moreNon-resident SDLT will apply a 2% SDLT surcharge on English residential property purchased on or after 1 April 2021 by a non-UK resident. In this article, we explain what this new surcharge is, when this change will apply, who will be affected and how.
Read moreOn 7 January 2021, MHCLG issued an Announcement setting out initial government thinking on the Law Commission's Reports on enfranchisement valuation. This was followed by a Statement in Parliament from Robert Jenrick MP, Secretary of State, on 11 January 2021 which has clarified some of the uncertainties from the initial Announcement.
Read moreToday the Supreme Court found substantially in favour of the Financial Conduct Authority ("FCA"), and in turn, policyholders (including tenants and possibly landlords) in the business interruption insurance test case relating to losses suffered due to the pandemic.
Read moreWith England now having entered a third indefinite lockdown, employers should think about the steps they can take to ensure their employees remain engaged, motivated and healthy whilst working from home. We have set out some thoughts on how employers can look to achieve this below.
Read moreSince the tragic Grenfell Tower fire on 14 June 2017, it has become clear that many residential buildings are unsafe and require urgent and substantial remedial action. Grenfell Tower had Aluminium Composite Material ("ACM") cladding but many other cladding systems, as well as insulation and other materials making up the external walls, have now been found to also be combustible and unsafe. Moreover, many buildings have been built without adequate cavity barriers to stop the spread of fire.
Read moreCGT is a tax on the gain in value made when an individual disposes of a capital asset such as a residential property. Tax Partner, Elizabeth Small and Associate, Oliver Claridge discuss.
Read moreThe long-cherished dream of many people, i.e. cashing in the South London three-bed semi and buying the gorgeous villa with sea views (and good broadband) before retirement, is now a tangible possibility – or is it?
Read moreAs more and more insolvencies occur due to Covid-19 and market conditions, Directors are going to be under even more detailed scrutiny as to their actions, particularly where any distribution has been made in recent times.
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