2022

7 December 2022

Sotheby’s and Forsters - An Owner's Guide to Art - Part 2

If you wish to transfer artwork from the UK to another jurisdiction, you will need to comply with any applicable export reporting obligations and tax payments under UK rules and any import payment or reporting obligations in the jurisdiction of entry. Similarly, if you wish to bring artwork into the UK, you will likely have an exposure to UK VAT. This article outlines the applicable restrictions and rules in the UK and aims to provide practical tips for the transportation process.

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30 November 2022

Sotheby’s and Forsters - An Owner's Guide to Art - Part 1

Acquiring and selling art can often be an intimidating prospect, particularly for a first-time buyer or seller. Even well-versed art collectors can find the process hard to navigate. In Part 1, we highlight key points that you may wish to consider when it comes to acquiring and selling art for personal use, either privately or by auction.

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10 November 2022

Are you being served?

On 3 November 2022, The Court of Appeal published its decision in O G Thomas Amaethyddiath v Turner & Ors [2022] EWCA Civ 1446 which concerned a narrowing of the scope of the Mannai Principle, a rule that can be relied upon in certain circumstances to save a defective notice.

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2 November 2022

The Building Safety Act 2022 (“the Act”)

The Act runs to more than 250 pages, covering a vast range of fire safety related matters in great detail. The Act’s provisions will become law in stages, with the changes to the Defective Premises Act and the Building Act (explained below) having taken effect first on 28 June 2022.

So, what does the Act change in practice?

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12 October 2022

Last Mile Logistics Conference 2022

On Tuesday 11 October 2022, Commercial Real Estate Senior Associate Paul Grayson, along with Construction Senior Associate, Daniel Burr, attended the Last Mile Logistics Conference at the Postal Museum in London.

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4 October 2022

Update on the Charities Act 2022

The Charities Act 2022 (the “Act”) received Royal Assent on 24 February 2022. It implements many of the recommendations made by the Law Commission in its 2017 report entitled “Technical Issues in Charity Law” with a view to simplifying charity administration.

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28 September 2022

SDLT cuts – what do they mean for me?

Following the Mini Budget delivered on 23 September 2022, residential Stamp Duty Land Tax rates have changed (again). Unlike Sunak’s “SDLT holiday of 2020-2021”, Kwarteng has confirmed that these cuts are permanent – a relief for the real estate sector at the prospect of no looming SDLT deadlines.

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26 September 2022

Innovations in Art - a video mini-series with Smartify

Forsters’ Art and Cultural Property team with Private Client Partner, Catherine Hill launch ‘Innovations in Art’ together with Smartify – the world’s most downloaded museum app.‘Innovations in Art’, a mini-series of videos, features specialist artists and their works, to help demonstrate innovations in the art world and their relevance today. We explore evolution in the creative process, ownership and sale of art works and restoration techniques, demonstrating the value of art as a record of our shared cultural history.

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22 September 2022

The Register of Overseas Entities: how does it apply to trusts?

The new register of overseas entities ("ROE") maintained by Companies House came into effect on 1 August 2022. The aim of the ROE is to record the beneficial ownership through "overseas entities" of land in the UK. Non-compliance with registration obligations will in practice make it impossible for overseas entities to buy, sell, let or charge UK land and also carries criminal sanctions. It is therefore crucial that overseas entities, including corporate trustees, are aware of their obligations in relation to the ROE.

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23 August 2022

Should SDLT go “green”?

With rising energy costs and challenging net zero targets, could Stamp Duty Land Tax (SDLT) be a useful tool to help Britain take the next steps towards more energy efficient homes?

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17 August 2022

The Recovery Loan Scheme: The Next Generation

Earlier this month, the British Business Bank outlined the key terms of a new iteration of the Recovery Loan Scheme intended to help smaller UK businesses in their battle against rising costs in the current economic climate.

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12 August 2022

The Register of Overseas Entities is Go! What does this mean for lenders?

The register of overseas entities (the Register) which was created pursuant to the Economic Crime (Transparency and Enforcement) Act 2022 (the ECA) went live on 1 August 2022. As such, overseas entities can now apply to Companies House to register, although property transactions will not actually be affected until 5 September 2022. So, what does this mean for lenders?

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6 July 2022

Funding a Wine Estate or Winery

Making wine is expensive. You need the land, the labour and specialist plant and machinery plus long-term capital to support expansion and maintenance. It takes five to ten years for a new vineyard to start selling wine so sufficient capital will be needed in the early years.

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21 June 2022

An undisputed legacy - Ensuring your wealth is passed on unhindered

Any individual fortunate enough to have generated wealth, or to have been a custodian of family wealth, during their lifetime should plan for how it will be dealt with after their death.

In this paper, we consider nine key steps individuals can take to help ensure that their estates pass to the next generation without disputes or litigation.

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21 June 2022

A corporate re-domiciliation regime edges ever closer

Earlier this year, we wrote about the government’s consultation requesting views on whether foreign-incorporated companies should be able to re-domicile to the UK without any loss of, or impact on, their legal identity (the Consultation).

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16 June 2022

Buying a vineyard or winery

Buying a vineyard or a winery involves acquiring a bundle of assets. Land is at the heart of the transaction, but you may also be buying crops, buildings, subsidies, goodwill, and intellectual property. Overlaid with that is how you are buying them – trading businesses may be sold as corporate transactions or “share sales” rather than a direct purchase of the underlying assets.

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26 May 2022

Special Purpose Vehicle (SPV) Sales – The Key Issues

A significant number of property purchases continue to be undertaken as corporate transactions, with the buyer acquiring the shares in the target company which owns the property, the target company generally being a special purpose vehicle. In order to reduce the risk of time and money being wasted, we consider here some of the key issues which the parties should consider at the outset of a transaction in order to establish whether or not a corporate deal is viable.

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12 May 2022

Student Housing Conference 2022 - what did we learn?

Commercial Real Estate Partners, Ronan Ledwidge and Anthony Goodmaker, were back at this year’s Student Housing Conference - an in-person event held at the Grand Connaught Rooms on Wednesday 11 May, which brought together all the biggest names in the UK student accommodation market.

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26 April 2022

The Register of Overseas Entities – 5 steps lenders should be taking now

There has been a plethora of recent articles about the Economic Crime (Transparency and Enforcement) Act 2022 and its provisions which deal with the register of overseas entities, but given that the register is not yet in force and there is no suggestion as to when it will become effective, how concerned should lenders be?

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25 April 2022

The Register of Overseas Interests and Corporate Transactions

We may not yet know when the register of overseas entities (the “Register”) to be set up under the Economic Crime (Transparency and Enforcement) Act 2002 (the “ECA”) will become effective, but we can be fairly certain that it will be in the not-too-distant future.

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25 March 2022

Economic Crime (Transparency and Enforcement) Act 2022: Register of Overseas Entities

The Economic Crime (Transparency and Enforcement) Act 2022 (the “ECA”) received Royal Assent on 15 March 2022. The ECA covers three main areas – the creation of a register of overseas entities (the “Register”), amendments to the unexplained wealth orders regime, and amendments to the sanctions regime. This note provides a brief overview of the creation of the Register and what impact this will have on overseas owners of UK property.

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21 March 2022

The Commercial Rent (Coronavirus) Act 2022

The Commercial Rent (Coronavirus) Bill is being finalised in Parliament and should receive Royal Assent, 25 March 2022. The Act will be called the Commercial Rent (Coronavirus) Act 2022.

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8 March 2022

Introduction to trusts

This note provides an introduction to discretionary trusts, and an overview of the control mechanisms that can be incorporated into a trust arrangement - including the appointment of protectors and the use of letters of wishes.

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4 March 2022

No statutory reform needed for smart legal contracts – takeaways

Towards the end of 2021, the Law Commission published its Advice to Governments: Smart Contracts, concluding that England and Wales’ current legal framework can accommodate smart legal contracts without the need for statutory reform, although there are several potential issues which require further thought.

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24 February 2022

Letter of Wishes

‘Letters of wishes’ play an important role in respect of trusts; both those created on death (by Will) and during lifetime.

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16 February 2022

Philanthropy in the Frame: How can artists engage in charitable activities?

The question of how to engage in philanthropy is an important one for artists. While some artists will have funds which can be used to make charitable gifts or to fund endowments, others may find that a large portion of their wealth is bound up in anticipated sales of their work and, therefore, relates either to future work or an unsold collection.

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16 February 2022

The Corporate Insolvency and Governance Act 2020: a refresher on termination clauses in supply contracts

The Corporate Insolvency and Governance Act 2020 (“CIGA”) was enacted in June 2020 and introduced certain business rescue reliefs and insolvency measures, some temporary and others permanent in nature. Now, 18 months later, as the UK emerges entirely from Covid-related restrictions, the temporary measures have fallen away, but what is the continued impact of CIGA from a supply point of view?

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15 February 2022

The Environment Act – A Quick Guide for Landowners and Developers

The much-delayed Environment Act 2021 (“the Act”) which finally received Royal Assent during the second week of COP26 (in November 2021), has been described by the UK government as delivering “the most ambitious environmental programme of any country on earth”. The Act introduces far-reaching statutory changes aimed at, amongst other things, increasing biodiversity, restoring natural habitats, reducing waste and making better use of our resources.

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15 February 2022

“Follow the paint” on a unique tour of artist Jock McFadyen’s studio whilst he reveals the mastery behind his paintings and artistic legacy

Forsters’ Head of Art and Cultural Property, Catherine Hill, joins longstanding client Jock McFadyen at his artist studio in London Fields for a captivating conversation in which Jock reveals his painting techniques, reflects on a 50-year career and the challenges of accepting the kind of artist you’ve become, as well as musings on the future of the art market.

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14 February 2022

Can Tenants get a Rent Free Period for Fit out Works and Lease Renewals?

The Judgment on a significant retail test case has just been made public involving Boots and Quadrant Estates and CarVal Investments owners of a portfolio of 123 Boot Stores regarding lease renewal claims. The 123 stores are let to Boots under a sale and leaseback arrangement but this case, in particular, centred on the renewal of the lease of Boots’ premises at The Promenade/Princess Street in Bridlington, Yorkshire.

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2 February 2022

New Year, New Build

Once upon a time the words “new build” might have triggered images of numerous small studio apartments crammed into soulless high-rise tower blocks, but the face of residential development in London has undergone substantial transformation over recent years.

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31 January 2022

Planning: Past, Present and Future?

After two years of unprecedented challenges faced by real estate and the planning industry, industry predictions for 2022 have perhaps been more eagerly anticipated than ever.

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21 January 2022

"Follow my lead": the Government's Net Zero Playbook

The UK public sector manages more than 300,000 individual properties, at a combined value of £515bn, which makes it the largest property portfolio in the country – so it is very important that it must lead the way in green matters and set an example to the rest of the industry.

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20 January 2022

Moving House - To Do List

Moving house can be an inherently stressful process. The best way to ensure a smooth transaction is to be prepared with all papers and possible issues in advance, so these do not stall the process due to late discovery, and enabling your solicitor and agent to ensure all matters are properly addressed in advance. We have set out below a short checklist, which is not exhaustive, but should assist in initial preparations so that you can hit the ground running once a buyer is found.

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6 January 2022

We Need To Talk – Financial Difficulties and Facility Agreements

Unfortunately, businesses often face financial difficulties and the pandemic in particular, has caused problems for many. This is a stressful and worrying time for any business, even if they have no bank debt, but what are your options if you do have debt finance in place and are at risk of defaulting under the facility agreement?

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"Forsters is one of the best contentious trusts and estates teams."
The Legal 500 UK, 2022
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