Tag Archives: UK

ILN Today Post

Secondary insolvency proceedings

The Supreme Court has considered the meaning of “economic activity” and “establishment” for the purpose of deciding whether there can be secondary insolvency proceedings in the UK pursuant to European Regulation 1346/2000.

In Trustees of Olympic Airways Pension and Life Assurance Scheme v Olympic Airlines SA [2015] UKSC 27, the court had to decide whether the activities of Olympic Airways in England were sufficient to justify a winding up order in England where the main insolvency was in Greece.

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How to Change Your Name in Scotland

In Scotland, anybody is allowed to change his or her name legally at any time, provided that this is not an attempt to defraud. Changing your name by Deed Poll is relevant in English law only.

Statutory Declarations

Although you can change your name informally in Scotland, some agencies, such as Banks and the Passport Authority may ask for proof to show the connection between your new name and your original name. A Statutory Declaration is a signed document declaring that, from a stated date, an individual has been using the new name. It must be signed in the presence of a Notary Public or local Registrar. A parent can sign a declaration on behalf of a child under 16 years of age.

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New Stamp Duty Land Tax proposals – a market changer?

In the Autumn Statement last month, the Government proposed that purchases of additional residential properties in England, Wales and Northern Ireland should be subject to an extra 3% Stamp Duty Land Tax (SDLT) on top of the standard SDLT rates.  All types of residential property will be caught – second residences, buy-to-lets or furnished holiday lets – unless worth under £40,000. 
 
The key test of whether the new rules will apply is this.  If, at the end of a day in which an individual purchases a residential property, that individual owns two or more residential properties and the purchase was not replacing their main residence, the additional 3% SDLT will be due.  The main exception to this (for home-owners) is if the individual was purchasing a main residence and can demonstrate that a previous main residence was sold within 18 months of the purchase.
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