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View the related checklists about Disposition

Charity land acquisition and disposal—checklist

Charity land acquisition and disposal—checklist Before and during the acquisition and disposal of land, trustees have a number of matters they should consider. Before acquisition • consider the purpose of the acquisition, eg is it functional, investment or for purposes • whether the trustees are agreed that the acquisition is necessary to further the aims of the charity and it is the interests of the charity to do so • ensure there is power in the governing instrument to acquire the land, and if not, on what basis can they legally justify the purchase • determine if the transaction needs to be financed and, if so, how • decide if the property is to be acquired in the names of the trustees or, perhaps, vested in the Official Custodian • consider the VAT status—where the seller/landlord has opted to tax or made a real estate election or the property id under three years old, an acquisition may not make sense unless: ◦ the supply will be zero-rated because the property...

Land registration—first registrations at HM Land Registry—checklist

Land registration—first registrations at HM Land Registry—checklist This Checklist looks at HM Land Registry’s requirements for first registration of title upon the transfer of a freehold or leasehold estate, the grant of a new lease or the creation of a first legal mortgage. It covers which dispositions trigger first registration, the time period for registration, the consequences for failing to apply for first registration and the information that must be provided to HM Land Registry with the application. Which dispositions trigger first registration? The following dispositions will trigger compulsory first registration. Transfers of unregistered freehold and leasehold estates The transfer or assignment of: • an unregistered freehold estate in land, and • an unregistered leasehold estate in land which has more than seven years left to run at the date of assignment for valuable or other consideration, by way of gift or in pursuance of an order of any court. Note that an instrument at a negative value is included as being for valuable or other consideration. The...

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Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

View the related practice notes about Disposition

Land registration—overriding interests, occupiers and interests which have lost overriding status

This Practice Note looks at overriding interests under the Land Registration Act 2002 (LRA 2002). It contains detailed content on actual occupation as an overriding interest as well as linking to additional relevant content which provides detailed information on other overriding interests. It also touches on interests which have lost overriding status since LRA 2002 came into force.Overriding interests under the Land Registration Act 2002Overriding interests generallyOverriding interests are unregistered interests which affect registered land even though they are not shown on the register. They bind both the registered proprietor and any person who acquires an interest in the property.Overriding interests fall into two categories:•those that override the first registration of land; these are set out in LRA 2002, Sch 1•those that override a registered disposition of land for value; these are set out in LRA 2002, Sch 3Both categories of overriding interest include the types of interest set out below.Leases for less than seven yearsMost leases for less than seven years are overriding interests. However, there are exceptions; a...

Charity land disposals

Identifying charity landCharity land can be held by any person or group of persons. The purpose for which the land is held determines whether or not it is charity land. In many instances land is held by a registered charity. However, it is possible that a company (whether limited by shares or guarantee), a local authority, a body of trustees or an unincorporated association might be holding land on the terms of a charitable trust without necessarily even being aware that it is doing so. See below for the statutory definition of ‘charity land’.Different types of charity for the purpose of land transactionsThere are three types of charity for the purpose of disposal, each of which requires a different procedure:•exempt charities—any charity listed in Schedule 3 to the Charities Act 2011 (CA 2011) is an exempt charity (this includes academies, foundation and voluntary schools, sixth form college corporations and most universities, certain museums and galleries and various charitable societies (eg housing associations)•non-exempt charities—although the term 'non-exempt charity' does not actually...

View the related precedents about Disposition

Will—unmarried, divorced, separated with children, no partner

Will—unmarried, divorced, separated with children, no partner STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. 1 Revocation I [full name of testator] of [address of testator] revoke all former testamentary dispositions made by me[ to the extent that and so far only as they affect my property of every...

Will—to spouse absolutely, then to children absolutely

Will—to spouse absolutely, then to children absolutely STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. 1 Revocation I [full name of testator] of [address of testator] revoke all former testamentary dispositions made by me [to the extent that and so far only as they affect my property of...

View the related q&as about Disposition

If the life tenant and remainder beneficiaries of a trust jointly resettle the trust fund, who would be treated as the ‘settlor’ for the purposes of the income tax settlements legislation? Could the original remainder beneficiaries be potential beneficiaries under the new trusts without the settlements legislation applying?

If the life tenant and remainder beneficiaries of a trust jointly resettle the trust fund, who would be treated as the ‘settlor’ for the purposes of the income tax settlements legislation? Could the original remainder beneficiaries be potential beneficiaries under the new trusts without the settlements legislation applying? For the purposes of the income tax settlements legislation in England and Wales, a ‘settlor’ is defined broadly. According to section 620 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), a settlor is any person by whom the settlement was made. This includes individuals who have provided funds directly or indirectly for the purpose of the settlement, undertaken to provide such funds, or entered into reciprocal arrangements with another person to make or enter into the settlement. Furthermore, HMRC guidance indicates that the settlements legislation can apply even if the settlor or their spouse or civil partner does not receive any benefit from the settlement income, as long as there is a possibility that they may benefit. The...

What are the inheritance tax rules concerning lifetime and testamentary gifts between UK and non-UK domiciled individuals?

What are the inheritance tax rules concerning lifetime and testamentary gifts between UK and non-UK domiciled individuals? The main point to appreciate is that the nil rate band (NRB) and the spousal exemption are two completely separate provisions of the inheritance tax (IHT) code. The NRB is a deduction from an individual’s estate which will have the effect of reducing the amount of the estate liable to IHT, whereas the spousal exemption provides a total exemption from IHT. The NRB is not restricted to UK domiciled persons. The legislation does not contain an express statement that the NRB applies to non-UK domiciled persons. Rather, it is the absence of any restriction that means it is available to both UK and non-UK domiciled persons. This can be illustrated by tracing through the applicable provisions of the Inheritance Tax Act 1984 (IHTA 1984) as follows. Details of the NRB are set out in IHTA 1984, Sch 1. IHTA 1984, s 7, which refers to IHTA 1984, Sch 1, states...

View the related News about Disposition

Private Client weekly highlights—17 April 2025

This week’s edition of Private Client highlights includes: (1) Changizi v Changizi, where a non-exempt beneficiary’s share of estate was liable for IHT under Re Ratcliffe; (2) Argyll and Bute Council v RF (by his litigation friend, the Official Solicitor), in which the Court of Protection refuses an application for recognition and enforcement of a Scottish Guardianship order; (3) Abbasi v Newcastle upon Tyne Hospitals NHS Foundation Trust; Haastrup v King’s College Hospital NHS Foundation Trust, in which the Supreme Court held that anonymity for clinicians in withdrawal of treatment cases involving children should normally be of limited duration; (4) Companies House launches a new voluntary identity verification service; (5) Armstrong v Bhattacharya, which highlights the importance of clear, contemporaneous documentary evidence and a consistent case in circumstances where a person wishes to demonstrate that ownership of a property differs to that which is recorded at HM Land Registry; (6) Tedford v Clarke, in which the court held that although a Will was badly drafted, it was not meaningless and...

Private Client weekly highlights—10 April 2025

This week’s edition of Private Client highlights includes: (1) HMRC publishes an updated IHT400 and new schedule IHT401a to record non long-term residence status of deceased; (2) Irwin Mitchell Trust Corporation Ltd v KS, an important decision which addresses the jurisdictional limits of the Court of Protection; (3) HMRC has confirmed that trustees must close and re-register trusts ceasing to be taxable under the Trust Registration Service; (4) HMRC publishes a new Residence and FIG Regime Manual and updates its Inheritance Tax, Trusts and Estates, and International manuals to reflect recent changes to the law on domicile; (5) HMRC publishes new directions for internationally mobile employees; and (6) 381 Southwark Park Road RTM Company Ltd v Click St Andrews Ltd, the first decision to award a building liability order under the Building Safety Act 2022 and which signals a major development in company law and the doctrine that different companies should generally be treated as different legal persons.