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Is your ground rent spiralling out of control?

Is your ground rent spiralling out of control?

Published: 3 August 2017

GROUND RENT SCANDAL

Background

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. 

Shares or Assets - What’s the Difference?

Shares or Assets - What’s the Difference?

Published: 1 August 2017

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.

Employment Tribunal Fees have been declared unlawful – So, what now?

Employment Tribunal Fees have been declared unlawful – So, what now?

Published: 26 July 2017

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…

An Honest Wage for an Honest Days’ Work

An Honest Wage for an Honest Days’ Work

Published: 25 July 2017

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.

Is your estate entitled to an extra inheritance tax saving?

Is your estate entitled to an extra inheritance tax saving?

Published: 21 July 2017

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. 

Fletcher Day attended  Toni & Guy 11th Annual Charity Golf Day

Fletcher Day attended Toni & Guy 11th Annual Charity Golf Day

Published: 14 July 2017

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.

Size up Your Investment

Size up Your Investment

Published: 13 July 2017

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.

Reclaiming a debt in court? Don’t fall foul of the new Debt Recovery Protocol

Reclaiming a debt in court? Don’t fall foul of the new Debt Recovery Protocol

Published: 10 July 2017

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.

Fletcher Day expands Dispute Resolution team with appointment of Senior Associate lawyer

Fletcher Day expands Dispute Resolution team with appointment of Senior Associate lawyer

Published: 6 July 2017

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.

Can TUPE apply on a SHARE ACQUISITION?

Can TUPE apply on a SHARE ACQUISITION?

Published: 5 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 [2017]. 

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.

Our growth continues to accelerate with second partner appointment to our Corporate and Commercial team this month

Our growth continues to accelerate with second partner appointment to our Corporate and Commercial team this month

Published: 4 July 2017

Fletcher Day are delighted to announce the arrival of Neil Pfister who joins as a Corporate and Commercial Law Partner. The appointment took effect from Monday 3 June 2017.

The Fletcher Day Summer Party 2017. A resounding success!

The Fletcher Day Summer Party 2017. A resounding success!

Published: 4 July 2017

The second annual Fletcher Day Summer Party was held at our Head Office in Mayfair on Thursday 29th June.

Offshore clients with UK property – Should you ‘De-envelope’ to save tax?

Offshore clients with UK property – Should you ‘De-envelope’ to save tax?

Published: 27 June 2017

Background

Over the past 10 years it has been popular for non-domiciled clients to purchase residential and commercial properties in the UK through an offshore corporate entity.

This has been particularly popular with clients domiciled in Africa, Asia and the Middle East who have chosen to set up these corporate entities in the BVI, Seychelles or Jersey as single purpose vehicles through which to own and manage their properties.   Those properties either form part of their investment portfolio or a main residence to serve as a family home, especially if their children attend school in the UK. 

Shared parental leave. To enhance or not enhance, that is the question...

Shared parental leave. To enhance or not enhance, that is the question...

Published: 20 June 2017

A recent Employment Tribunal case addressed the question of whether employers who provide enhanced Maternity Pay should now apply the same enhancement to their staff who take Shared Parental Leave, or risk claims for discrimination…

Are you happy leaving your estate to the government when you die?

Are you happy leaving your estate to the government when you die?

Published: 16 June 2017

“I don’t need a Will, my spouse gets everything anyway”

“I don’t need a Will because I’m not worth anything”

These are two very common misconceptions. Many people think that Wills are only necessary for people with a great deal of wealth, but this is not the case. There are certain laws governing how a person’s estate is divided if they die ‘intestate’ (i.e. without a Will), which might not be what you would expect or intend. The intestacy rules determine who inherits your assets. The intestacy rules do not allow for you or your family to choose who receives your estate, which is distributed in accordance with the strict legal rules. According to statistics, one in three people die intestate in the UK every year.

Significant changes to filing requirements for companies from 26 June 2017

Significant changes to filing requirements for companies from 26 June 2017

Published: 13 June 2017

Further changes have been announced to UK Anti-Money Laundering and the PSC (People of Significant Control) Regime which will impact company filing requirements. 

Fletcher Day expands Private Client offering with appointment of specialist Private Client & Tax lawyer

Fletcher Day expands Private Client offering with appointment of specialist Private Client & Tax lawyer

Published: 26 May 2017

Fletcher Day welcomes Elena Tzialli as a Senior Associate Solicitor heading up the newly formed Private Client department. 

Fletcher Day Growth Continues With Corporate Partner Appointment

Fletcher Day Growth Continues With Corporate Partner Appointment

Published: 25 May 2017

Fletcher Day is very excited to welcome Kyri Papantoniou as Partner to the Corporate team.

Fletcher Day represent father in important Judicial secrecy case

Fletcher Day represent father in important Judicial secrecy case

Published: 22 May 2017

Karim Assaad, a Partner within Fletcher Day Family Law team is representing a father in a widely-publicised case involving judicial secrecy and access to justice. 

Protecting Confidential Information

Protecting Confidential Information

Published: 19 May 2017

You may have a valuable brand or your business may depend upon a particular product or process.  You may have already taken steps to protect these products but have you also considered your confidential information?

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