Insights: July 2015

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Fladgate advises on acquisition of Crown International Estates

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Fladgate LLP advised a Hong Kong owned company, LCA Capital, on the purchase of Crown International Estates Limited as the SPV owning a development site adjoining London City Airport. In addition to the work on the corporate acquisition we are advising on the property due diligence and post completion condition in preparation for the development […]


Zero hours contracts: Avoiding the loopholes

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Although they have been part of the employment landscape for some time, zero hours contracts became particularly popular during the recent recession, on the basis that they afforded employers access to a pool of workers, but with a financial commitment that was limited to paying only for work actually carried out. More recently, following the […]


The new Inheritance Tax Residence Nil Rate Band

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The Summer Budget Finance Bill (the Finance (No. 2) Bill 2015) has now been published and it contains the draft legislation to implement the new Inheritance Tax (IHT) Residence Nil Rate Band (RNRB). So let’s take a look at the detail of what’s involved. The RNRB can only apply in full if a person’s estate […]


Don't end up Breaking Bad

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A right to break in a lease is often something that is fiercely fought over at heads of terms stage. If the tenant successfully obtains such a right, it should be cherished, since it provides a hugely beneficial flexibility that could be crucial in the future. This flexibility can be useful as a negotiating point, […]


Fladgate advises provisional liquidators of Rainbow Insurance Co in Privy Council

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Mauritian based Rainbow Insurance Co Ltd.’s registration was suspended in 2007 by The Mauritian Financial Services Commission (FSC), regulators of local insurance companies, for capital inadequacy, solvency and liquidity. Rainbow applied to the Supreme Court of Mauritius for judicial review of the suspension. The application was refused. Rainbow then appealed to the Privy Council in […]


All change for non-dom taxation in the UK

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The UK Summer Budget 2015 has brought the most significant reforms in the taxation of non-UK domiciliaries in recent years. However, most of the changes are due to take effect from 6 April 2017, so there will be plenty of time to consider the best course of action if you or your clients are affected. […]


A first look at the new Inheritance Tax Main Residence nil rate band

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In his Summer 2015 Budget, the Chancellor has extended the scope of Inheritance Tax (IHT) so that more ‘non-doms’ will have to pay IHT on their UK residential property. However, what the Chancellor takes away with one hand, he gives with another! And so, individuals who personally own a UK residence, whether UK domiciled or […]


UK Government announces extension of IHT to more non-dom UK property owners

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The first Conservative Government Budget for 19 years will fundamentally change how non-UK domiciliaries (non-doms) are taxed to UK taxes. In this article, we focus on one aspect of the announced changes – the Government’s plan to make more non-doms pay Inheritance Tax on their UK residential property from April 2017, even if it is […]


Trustbusters

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Most English trusts these days specify a ‘Trust Period’ of no more than 125 years. In practice, this means that someone must have a vested interest in the trust assets (whether that’s vested in possession (i.e. an immediate right to ‘current enjoyment’) or vested in interest (an immediate right to ‘future enjoyment’)) within 125 years. […]


Winners announced in Constructing Excellence Awards 2015

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As a sponsor of the 2015 Constructing Excellence in London and the South East Awards, Fladgate LLP is delighted to congratulate the winners. The highly coveted awards were presented at a gala dinner on 2 July, attended by more than 500 leading construction industry professionals. Client of the Year Winner: Heathrow Airport Limited Outstanding Customer […]


It ain't how you do it, it's what you do!

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At the annual review of the Leisure Property Forum held at our offices in early February, the view was taken that the market had now reached such a strength in certain areas of Central London that landlords were choosing tenants for unoccupied units, on the basis of what they did and what product they were […]