GROUND RENT SCANDAL
During the past few months there has been somewhat of an explosion of the ground rent scandal in relation to leasehold houses. This has resulted in the Government recently launching a consultation into banning unfair leasehold practices, including the sale of new build houses which contain punitive ground rent clauses.
An eight week consultation was launched on 24 July 2017 which will consider the various unfair practices. This is clearly justified, bearing in mind that there are four million leasehold homes in the UK.
As a result of this scandal Taylor Wimpey have set aside £130m to compensate buyers of new built leasehold houses.
GROUND RENT SCANDAL
Whether you are buying or selling a business, it is a significant decision and one which must be considered carefully by all parties involved.
There are two principal ways of acquiring a business in the UK:
1. Asset purchase –the buyer chooses to buy certain assets and rights of a business which are owned by the selling company; and
2. Share purchase – the buyer acquires ownership of the target company in its entirety. This acquisition would include all assets, liabilities and obligations of the business.
The Supreme Court has today – perhaps surprisingly – ruled that the current Employment Tribunal fees system is unlawful. The claim was bought by Unison, who appealed to the Supreme Court, having lost in both the High Court and also the Court of Appeal. Whilst a humiliation in no uncertain terms for the government, this is a seminal decision on the rule of law. In addition, it could potentially open a whole slew of “other” issues not least the basic logistics and implications of repayment of several years’ worth of fees to the claimants who were required to pay them…
What employers should know about the Taylor “Good Work” Report [July 2017]
Over the last few years we have seen an increasing number of companies in the modern economy move away from traditional employment models for their workforces. As a result of new technology platforms, a need for cost efficiency and an increasing emphasis on flexibility in the workplace, businesses in the “gig economy” manage their staff on a wide variety of working patterns, or in new contractor-based structures.Companies such as Uber, CitySprint and Deliveroo use app technology platforms to purchase labour from their workforce of contractor-drivers or couriers “per gig” (i.e. a car journey or a delivery).Companies such as Sports Direct, and JD Wetherspoons are using “zero hours” contracts to maintain a bank of available workers without set working hours, ready to meet the fluctuating demands of the business when they arise.
The Residence Nil Rate Band
With effect from 6th April 2017, a new inheritance tax relief came into force that could save the children of a married couple thousands of pounds in inheritance tax.
Unfortunately, rather than simply raising the inheritance tax threshold from its current rate of £325,000, which would have been much easier to understand, the ‘residence nil-rate band’ (‘RNRB’) was introduced.
A team of golfers from Fletcher Day were delighted to have attended the Toni & Guy 11th Annual Charity Golf Day which took place on Wednesday 13th July 2017.
Each year the Foundation raises money to support Stroke Association, Macmillan Cancer Support and Variety, the Children’s Charity.
Are you looking to invest in a business? It’s so easy to dive straight in and transact on a handshake. This could be a costly mistake. Pause and consider the risk profile of investing in the business, as well as the threats to which the business is exposed to. Set out all the terms of the deal in writing.
In this opening article, we highlight some of the fundamental considerations when you are looking at investing equity capital in a business and in a series of EIGHT bite size articles, we examine each of these areas in more detail.
Changes to debt recovery before commencing litigation in England and Wales from 1 October 2017
The implementation of the Civil Procedure Rules in 1999 brought in a new concept: pre?action protocols.
The aim of these protocols was to encourage early engagement and communication between the parties with a view to enabling them to resolve matters without the need to start court proceedings and to save costs.
However, it has taken the Ministry of Justice until 2017 to suggest a suitable pre-action protocol for the litigation of debts owed by one party to another. This new protocol applies to any business debt, or claiming payment of a debt from an individual.
Central London Commercial Law firm Fletcher Day is excited to welcome back Luiz Costa, following his appointment as Senior Associate within the Dispute resolution team. The appointment took effect from Monday 3rd July 2017.
Possibly, in certain circumstances was the (slightly worrying) view of the High Court in the recent case of ICAP Management Services Ltd –v- Berry .
Mr Berry was a senior executive in electronic broking with ICAP Management Services Ltd. He was placed in the garden (for his 12 month notice period) when he gave notice to join ICAPs main competitor; BGC.