Winckworth Sherwood

This Practice Note deals with the determination of the terms of a renewal lease by the court under the sections 32–34 of the Landlord and Tenant Act 1954 (LTA 1954), in the event that the parties cannot reach agreement, in respect of the premises, length of term, the rent payable, and other terms including improvements, rent review break options, guarantors, repairs, reinstatement and alterations, service charges and rent deposits.

Capital payments made by an offshore trust to UK resident-domiciled beneficiaries are governed by a series of tax hierarchy rules. These rules govern the tax treatment of the amounts received by the beneficiary. The first stage in determining the beneficiary’s tax liability is to ascertain the available relevant income (ARI). This Practice Note by Dhana Sabanathan, partner at Michelmores LLP, considers the ARI legislation (sections 731–735 Income Tax Act 2007 (ITA 2007)) and its practical application.

This Practice Note by Dhana Sabanathan, partner at Michelmores LLP, considers Schedule 4C to the Taxation of Capital Gains Act 1992 (TCGA 1992) which comes into operation when, as a result of the rules in TCGA 1992, Sch 4B, non-resident trustees make a transfer of value linked with trustee borrowing.

This Practice Note by Dhana Sabanathan, partner at Michelmores LLP, considers the ‘flip-flop’ tax planning scheme which avoided charges to tax under sections 86 and 87 of the Taxation of Capital Gains Tax Act 1992 (TCGA 1992), and the anti-avoidance rules in Schedules 4B and 4C to TCGA 1992 which were introduced in 2000 to counter the flip-flop scheme.

This Practice Note written by Dhana Sabanathan, partner at Michelmores LLP, considers the special provisions contained in section 90 of the Taxation of Capital Gains Act 1992 (TCGA 1992) that apply where all or part of the settled property of a settlement is transferred to another settlement, and the transferor settlement has TCGA 1992, s 1(3) amounts (‘trust gains’) and offshore income gains (OIGs). This note also briefly considers the circumstances in which TCGA 1992, s 90 does not apply.