2022

Sotheby’s and Forsters - An Owner's Guide to Art - Part 2

If you wish to transfer artwork from the UK to another jurisdiction, you will need to comply with any applicable export reporting obligations and tax payments under UK rules and any import payment or reporting obligations in the jurisdiction of entry. Similarly, if you wish to bring artwork into the UK, you will likely have an exposure to UK VAT. This article outlines the applicable restrictions and rules in the UK and aims to provide practical tips for the transportation process.

Sotheby’s and Forsters - An Owner's Guide to Art - Part 1

Acquiring and selling art can often be an intimidating prospect, particularly for a first-time buyer or seller. Even well-versed art collectors can find the process hard to navigate. In Part 1, we highlight key points that you may wish to consider when it comes to acquiring and selling art for personal use, either privately or by auction.

Key Takeaways - Nicola Copsey attended the ‘Current Trends in Sheds and Industrial Developments’ webinar

Commercial Real Estate Senior Associate, Nicola Copsey, attended the ‘Current Trends in Sheds and Industrial Developments’ webinar. The event described the most recent movements in the industry.

Are you being served?

On 3 November 2022, The Court of Appeal published its decision in O G Thomas Amaethyddiath v Turner & Ors [2022] EWCA Civ 1446 which concerned a narrowing of the scope of the Mannai Principle, a rule that can be relied upon in certain circumstances to save a defective notice.

The Building Safety Act 2022 (“the Act”)

The Act runs to more than 250 pages, covering a vast range of fire safety related matters in great detail. The Act’s provisions will become law in stages, with the changes to the Defective Premises Act and the Building Act (explained below) having taken effect first on 28 June 2022.

So, what does the Act change in practice?

Ten years on from the Montague Review: What’s next for the Build-to-Rent sector?

Helen Streeton, Partner and Head of Build to Rent gives her key takeaways from the British Property Foundation and Get Living breakfast event, hosted by FTI Consulting on 19 October 2022.

Last Mile Logistics Conference 2022

On Tuesday 11 October 2022, Commercial Real Estate Senior Associate Paul Grayson, along with Construction Senior Associate, Daniel Burr, attended the Last Mile Logistics Conference at the Postal Museum in London.

Update on the Charities Act 2022

The Charities Act 2022 (the “Act”) received Royal Assent on 24 February 2022. It implements many of the recommendations made by the Law Commission in its 2017 report entitled “Technical Issues in Charity Law” with a view to simplifying charity administration.

SDLT cuts – what do they mean for me?

Following the Mini Budget delivered on 23 September 2022, residential Stamp Duty Land Tax rates have changed (again). Unlike Sunak’s “SDLT holiday of 2020-2021”, Kwarteng has confirmed that these cuts are permanent – a relief for the real estate sector at the prospect of no looming SDLT deadlines.

Innovations in Art - a video mini-series with Smartify

Forsters’ Art and Cultural Property team with Private Client Partner, Catherine Hill launch ‘Innovations in Art’ together with Smartify – the world’s most downloaded museum app.‘Innovations in Art’, a mini-series of videos, features specialist artists and their works, to help demonstrate innovations in the art world and their relevance today. We explore evolution in the creative process, ownership and sale of art works and restoration techniques, demonstrating the value of art as a record of our shared cultural history.

The Register of Overseas Entities: how does it apply to trusts?

The new register of overseas entities ("ROE") maintained by Companies House came into effect on 1 August 2022. The aim of the ROE is to record the beneficial ownership through "overseas entities" of land in the UK. Non-compliance with registration obligations will in practice make it impossible for overseas entities to buy, sell, let or charge UK land and also carries criminal sanctions. It is therefore crucial that overseas entities, including corporate trustees, are aware of their obligations in relation to the ROE.

Landlords on alert as Cineworld collapse raises spectre of widespread closures – Andrew Denye speaks to CoStar

Head of Retail, Andrew Denye, has offered his comments to CoStar News on how Britain’s Cineworld, the world’s second-biggest cinema chain, has filed for bankruptcy protection in the US in a move that has left landlords across the country staring down the barrel of widespread anchor-unit closures.

Ready, Steady, (almost) GO! The Register of Overseas Entities is live

The register of overseas entities managed by Companies House (the Register) is now live and accepting applications, but there is a short grace period until 5 September for the registration of land transactions.

Loan agreement default interest rates: How much is too much?

It would be a strange loan agreement indeed if there was no provision for the payment of interest by the borrower on the amount outstanding, and this rate of interest will generally increase if the borrower defaults on a payment.

Should SDLT go “green”?

With rising energy costs and challenging net zero targets, could Stamp Duty Land Tax (SDLT) be a useful tool to help Britain take the next steps towards more energy efficient homes?

The Recovery Loan Scheme: The Next Generation

Earlier this month, the British Business Bank outlined the key terms of a new iteration of the Recovery Loan Scheme intended to help smaller UK businesses in their battle against rising costs in the current economic climate.

The Register of Overseas Entities is Go! What does this mean for lenders?

The register of overseas entities (the Register) which was created pursuant to the Economic Crime (Transparency and Enforcement) Act 2022 (the ECA) went live on 1 August 2022. As such, overseas entities can now apply to Companies House to register, although property transactions will not actually be affected until 5 September 2022. So, what does this mean for lenders?

Here endeth the wait: Register of overseas entities goes live – an M&A update

The register of overseas entities (the Register) took effect last week with UK property-owning overseas entities now being able to apply to Companies House to be listed on the Register.

Funding a Wine Estate or Winery

Making wine is expensive. You need the land, the labour and specialist plant and machinery plus long-term capital to support expansion and maintenance. It takes five to ten years for a new vineyard to start selling wine so sufficient capital will be needed in the early years.

“The challenge of your career” – our takeaways from the BPF Annual Conference 2022

We had a fantastic morning at the BPF Annual Conference on 15 June 2022. It was the first since the coronavirus pandemic and there was only one topic on the agenda – the path to achieving Net Zero.

An undisputed legacy - Ensuring your wealth is passed on unhindered

Any individual fortunate enough to have generated wealth, or to have been a custodian of family wealth, during their lifetime should plan for how it will be dealt with after their death.

In this paper, we consider nine key steps individuals can take to help ensure that their estates pass to the next generation without disputes or litigation.

A corporate re-domiciliation regime edges ever closer

Earlier this year, we wrote about the government’s consultation requesting views on whether foreign-incorporated companies should be able to re-domicile to the UK without any loss of, or impact on, their legal identity (the Consultation).

What a corker! We take a look at Sussex wine’s PDO status

Still and sparkling wines produced in East and West Sussex are the latest UK product to win Protected Designation of Origin (PDO) status.

Buying a vineyard or winery

Buying a vineyard or a winery involves acquiring a bundle of assets. Land is at the heart of the transaction, but you may also be buying crops, buildings, subsidies, goodwill, and intellectual property. Overlaid with that is how you are buying them – trading businesses may be sold as corporate transactions or “share sales” rather than a direct purchase of the underlying assets.

Mind The Step: Understand your rights and obligations as a step-parent

It is now finally accepted that there is no such thing as a “typical” family. Families comprised of step-children, half-siblings and non-biological parents – so-called “blended” families – are the norm for many across the country, including our clients.

Special Purpose Vehicle (SPV) Sales – The Key Issues

A significant number of property purchases continue to be undertaken as corporate transactions, with the buyer acquiring the shares in the target company which owns the property, the target company generally being a special purpose vehicle. In order to reduce the risk of time and money being wasted, we consider here some of the key issues which the parties should consider at the outset of a transaction in order to establish whether or not a corporate deal is viable.

A guide for British Expats in Singapore: Estate & Wealth Planning Post-Divorce

Your divorce is now final. What next? The last thing on your mind may be to consider your estate and wealth planning, and the prospect of dealing with lawyers again so soon after your divorce can quite understandably be unappealing for some!

Renters' Reform Bill – the end of no fault evictions?

The government has announced in the Queen’s Speech that it will shortly publish a White Paper setting out details of the much anticipated Renters' Reform Bill.

The Green Unknown: might Conservation Covenants transform the English countryside?

Conservation Covenants (“CCs”) will allow landowners to contract voluntarily with a “Responsible Body” to commit their land to “conservation”.

Student Housing Conference 2022 - what did we learn?

Commercial Real Estate Partners, Ronan Ledwidge and Anthony Goodmaker, were back at this year’s Student Housing Conference - an in-person event held at the Grand Connaught Rooms on Wednesday 11 May, which brought together all the biggest names in the UK student accommodation market.

The Register of Overseas Entities – 5 steps lenders should be taking now

There has been a plethora of recent articles about the Economic Crime (Transparency and Enforcement) Act 2022 and its provisions which deal with the register of overseas entities, but given that the register is not yet in force and there is no suggestion as to when it will become effective, how concerned should lenders be?

The Register of Overseas Interests and Corporate Transactions

We may not yet know when the register of overseas entities (the “Register”) to be set up under the Economic Crime (Transparency and Enforcement) Act 2002 (the “ECA”) will become effective, but we can be fairly certain that it will be in the not-too-distant future.

Residential Property Developer Tax – the clock’s ticking

As Residential Property Developer Tax (“RPDT”) has now begun, it’s worthwhile reminding ourselves of the key points surrounding it.

Economic Crime (Transparency and Enforcement) Act 2022: What does the Register of Overseas Entities mean for lenders?

The ECA received Royal Assent on 15 March 2022 and covers three main areas – the creation of the Register, amendments to the unexplained wealth orders regime, and amendments to the sanctions regime. This note provides a brief overview of the Register, how lenders will be affected, and some practical steps lenders may wish to take.

Economic Crime (Transparency and Enforcement) Act 2022: Register of Overseas Entities

The Economic Crime (Transparency and Enforcement) Act 2022 (the “ECA”) received Royal Assent on 15 March 2022. The ECA covers three main areas – the creation of a register of overseas entities (the “Register”), amendments to the unexplained wealth orders regime, and amendments to the sanctions regime. This note provides a brief overview of the creation of the Register and what impact this will have on overseas owners of UK property.

The Commercial Rent (Coronavirus) Act 2022

The Commercial Rent (Coronavirus) Bill is being finalised in Parliament and should receive Royal Assent, 25 March 2022. The Act will be called the Commercial Rent (Coronavirus) Act 2022.

Top 10 points about the Commercial Rent (Coronavirus) Act 2022

Property Litigation Partner, Jonathan Ross, summarises the top 10 key takeaways from the launch of the Commercial Rent (Coronavirus) Act.

UK signs digital trade deal with Singapore strengthening their trading relationship and offering new business opportunities

On 25 February 2022 the UK and Singapore signed the UK-Singapore Digital Economy Agreement (DEA), the first digitally-focused trade deal signed by a European nation. The DEA aims to strengthen and increase the UK’s trading relationship with Singapore which was worth £20 billion in 2020.

Introduction to trusts

This note provides an introduction to discretionary trusts, and an overview of the control mechanisms that can be incorporated into a trust arrangement - including the appointment of protectors and the use of letters of wishes.

No statutory reform needed for smart legal contracts – takeaways

Towards the end of 2021, the Law Commission published its Advice to Governments: Smart Contracts, concluding that England and Wales’ current legal framework can accommodate smart legal contracts without the need for statutory reform, although there are several potential issues which require further thought.

Remittance Basis Users: Beware of giving collateral over foreign income and gains for UK loans

In light of an HMRC change of practice, remittance basis users need to take additional care if providing collateral over non-UK assets for loans brought into or taken out in the UK.

Letter of Wishes

‘Letters of wishes’ play an important role in respect of trusts; both those created on death (by Will) and during lifetime.

BTR at a glance - A Build to Rent A-Z Guide

Download our Build to Rent A-Z Guide - helping you get to grips with the terminology and key concepts behind this rapidly evolving market.

Philanthropy in the Frame: How can artists engage in charitable activities?

The question of how to engage in philanthropy is an important one for artists. While some artists will have funds which can be used to make charitable gifts or to fund endowments, others may find that a large portion of their wealth is bound up in anticipated sales of their work and, therefore, relates either to future work or an unsold collection.

As simple as E.S.G.? – pre-empt the challenges of implementing an Environmental, Social and Governance (“ESG”) agenda

Having in place a genuine ESG agenda counts for a lot in today’s employment market. As well as appealing to prospective employees, it also attracts attention from peers who can view open reports.

The Corporate Insolvency and Governance Act 2020: a refresher on termination clauses in supply contracts

The Corporate Insolvency and Governance Act 2020 (“CIGA”) was enacted in June 2020 and introduced certain business rescue reliefs and insolvency measures, some temporary and others permanent in nature. Now, 18 months later, as the UK emerges entirely from Covid-related restrictions, the temporary measures have fallen away, but what is the continued impact of CIGA from a supply point of view?

“Follow the paint” on a unique tour of artist Jock McFadyen’s studio whilst he reveals the mastery behind his paintings and artistic legacy

Forsters’ Head of Art and Cultural Property, Catherine Hill, joins longstanding client Jock McFadyen at his artist studio in London Fields for a captivating conversation in which Jock reveals his painting techniques, reflects on a 50-year career and the challenges of accepting the kind of artist you’ve become, as well as musings on the future of the art market.

Painting a legacy: How Forsters’ Art Group advised pre-eminent artist Jock McFadyen on his estate planning

Jock McFadyen is a pre-eminent contemporary British painter and Royal Academician who is best known for his gritty urban landscapes and use of texture. Jock's works are held in 40 museum collections, including the Tate, National Gallery, the V&A, the British Museum and the Scottish National Gallery of Modern Art.

The Environment Act – A Quick Guide for Landowners and Developers

The much-delayed Environment Act 2021 (“the Act”) which finally received Royal Assent during the second week of COP26 (in November 2021), has been described by the UK government as delivering “the most ambitious environmental programme of any country on earth”. The Act introduces far-reaching statutory changes aimed at, amongst other things, increasing biodiversity, restoring natural habitats, reducing waste and making better use of our resources.

Can Tenants get a Rent Free Period for Fit out Works and Lease Renewals?

The Judgment on a significant retail test case has just been made public involving Boots and Quadrant Estates and CarVal Investments owners of a portfolio of 123 Boot Stores regarding lease renewal claims. The 123 stores are let to Boots under a sale and leaseback arrangement but this case, in particular, centred on the renewal of the lease of Boots’ premises at The Promenade/Princess Street in Bridlington, Yorkshire.

New Year, New Build

Once upon a time the words “new build” might have triggered images of numerous small studio apartments crammed into soulless high-rise tower blocks, but the face of residential development in London has undergone substantial transformation over recent years.

Employment Law 2022 Forecast

With 2022 well underway, you may want to keep an eye out for some of these anticipated employment law changes.

Planning: Past, Present and Future?

After two years of unprecedented challenges faced by real estate and the planning industry, industry predictions for 2022 have perhaps been more eagerly anticipated than ever.

London Calling? Government Proposes Overseas Companies Re-Domicile to the U.K.

Elizabeth Small, Partner in our Tax team, looks at the U.K. government’s proposed scheme for international companies to re-domicile to the U.K., and assesses the processes and potential tax implications for businesses that contemplate doing so.

"Follow my lead": the Government's Net Zero Playbook

The UK public sector manages more than 300,000 individual properties, at a combined value of £515bn, which makes it the largest property portfolio in the country – so it is very important that it must lead the way in green matters and set an example to the rest of the industry.

Moving House - To Do List

Moving house can be an inherently stressful process. The best way to ensure a smooth transaction is to be prepared with all papers and possible issues in advance, so these do not stall the process due to late discovery, and enabling your solicitor and agent to ensure all matters are properly addressed in advance. We have set out below a short checklist, which is not exhaustive, but should assist in initial preparations so that you can hit the ground running once a buyer is found.

We Need To Talk – Financial Difficulties and Facility Agreements

Unfortunately, businesses often face financial difficulties and the pandemic in particular, has caused problems for many. This is a stressful and worrying time for any business, even if they have no bank debt, but what are your options if you do have debt finance in place and are at risk of defaulting under the facility agreement?