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Leasing legal, regulation, tax

Are you being served?

Are you being served?

The courts insist parties abide by the terms of their contract and will be strict about deadlines. Most contracts, including lease finance agreements, will provide for how and when notices relating to the agreement are to be served. Failure to serve in accordance with the contract may well result in any potential claim being lost.

Problems caused by 'Mercury' decision

Problems caused by 'Mercury' decision

A plea for an amendment that reflects business transactions in the 21st century. In the ‘Mercury’ case (R (on the application of Mercury Tax Group and another) v HMRC (2008), a signature page to a deed attached to an earlier draft was signed by a party.

Skandia warns UK budget creates uncertainty over retirement age

Skandia warns UK budget creates uncertainty over retirement age

The UK government’s automatic review of the state pension age, linking it to future life expectancy will create uncertainty for UK citizens as to when they will be eligible to receive their state pension, according to Skandia.Free

The NHS: all change?

The NHS: all change?

Sam Yardley, a partner in the asset finance group at Watson, Farley & Williams and FLA NHS Forum member, and Louise Hamilton, head of NHS sales and marketing at Singers Healthcare Finance and chairwoman of the FLA NHS Forum, consider how the proposed regime change embodied in the current Health and Community Care Bill will affect financing.

Carebook: Bound by email

Carebook: Bound by email

Leasing companies know that a party seeking to avoid liability for debts that it has guaranteed will use all arguments available to enable it to do so. One recent argument has been that a guarantee contained in a chain of emails without a manual signature having been appended to it is unenforceable. This is because the Statute of Frauds 1677 requires a guarantee to be in writing and "signed" by the guarantor.

Hospital case

Hospital case

The Dutch Supreme Court has ruled on the abuse of law doctrine relating to hospital VAT leasing schemes. Remco Smorenburg, tax partner in Norton Rose's Amsterdam office, examines the decision and its implications.

Basel III to challenge SME credit access

Basel III to challenge SME credit access

The implementation of Basel III is likely to have a disproportionately negative impact on SMEs’ access to credit, making it important to develop alternative funding methods such as leasing. That was the conclusion of the European Association of Craft, Small and Medium-sized Enterprises (UEAPME), the Association of Chartered Certified Accountants (ACCA) and Leaseurope, following a debate on the impact of the impending capital requirements regulation.Free

Claims that schools' lease agreements are unlawful

Claims that schools' lease agreements are unlawful

Many finance houses have challenged the enforceability of lease agreements that have been entered into with schools. Councils are relying on the ultra vires defence, stating that the agreements are finance leases and that headteachers or bursars didn't have authority to sign the agreements on behalf of the school or the local council.

No trading loss relief for partners

No trading loss relief for partners

The first-tier tribunal in Samarkand Film Partnership No.3 v HMRC (2011) has held that a film leasing partnership was not trading. The question of whether an equipment lessor is trading is important because it allows the lessor to surrender any tax losses it makes and to receive surrenders of losses from other companies in the lessor group to reduce the lessor’s taxable profits.

Force majeure - an escape clause?

Force majeure - an escape clause?

A recent case found that collapsing world markets will not release a party from contractual obligations under force majeure. If the parties intend this, they must specify it, advises Greg Standing of Wragge & Co.


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