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Since our last briefing, there have been several significant tax developments which affect the real estate sector. The new Labour Government's first Budget included welcome confirmation that it will press on with introducing a new form of investment fund (the RIF) that is expected to be particularly attractive for investment in commercial real estate, and proposals for significant reform to the tax treatment of carried interest.
In this edition, we focus on the infrastructure implications of the new Labour Government's first Budget, including for energy, vehicles, telecoms, housing and major projects. We also look at new initiatives affecting the UK water industry and UK infrastructure investment more generally. Please get in touch if you would like to discuss any of the issues discussed below.
On 21 November 2024, the Minister of State for Housing and Planning, Matthew Pennycook, issued a written statement setting out the Government's plans for leasehold reform during this Parliament. As well as passing the regulations needed to implement the Leasehold and Freehold Reform Act 2024 (discussed here), new primary legislation to improve that Act, and strengthening the regulation of property agents, he also announced that the Government intends to make commonhold the default tenure for new-build flats by the end of this Parliament and will also engage on the conversion of existing flats to commonhold.
Leading law firm Travers Smith LLP and McCarthy Stone, the UK’s leading developer and manager of retirement communities have authored a report looking at commonhold and the retirement housing sector.
In the seventh episode of this series, Senior Associate Aimee Hutchinson and Associate Claudia French from our Tax team shed light on some possible changes Labour may make to Real Estate taxes ahead of the forthcoming Autumn Budget. They discuss Labour's manifesto pledges, the future of the reserved investor fund and how other anticipated tax changes to CGT and carried interest will impact the real estate sector.
Our round-up of recent and forthcoming developments in UK law and practice for our international stakeholders.
In this briefing, we focus on four areas of law and practice which have seen interesting recent changes: landlord and tenant; nuisance; real estate development; and protest. Our briefing explores some of the ways in which the real estate sector continues to be impacted by, and to respond to, challenges around energy efficiency; housing rights and safety; water management; environmental protection; and the right to protest.
Our regular round-up of recent and forthcoming developments in law and practice for in-house counsel.
Travers Smith LLP has acted as lead counsel advising Sixth Street Partners ("Sixth Street"), a leading global investment firm, and Patron Capital ("Patron"), the pan-European institutional investor focused on property investments, on the acquisition of the major UK house builder CALA Group ("Cala") from Legal & General Group plc by Ferguson Bidco Limited, an entity owned by funds managed by Sixth Street and Patron.
Travers Smith LLP has advised established carpet and flooring retailer Carpetright and its administrators on the pre-pack administration sale of its business and certain of its assets to CWHP Limited, part of the Tapi group.
Travers Smith LLP has advised long-standing client Clearbell Capital LLP, a private equity real estate fund management and advisory business, on its Clearbell Property Partners IV LP fund (Clearbell) acquisition of Parkside Industrial Estate, Wolverhampton for £7.725 million, adding to its expanding logistics platform.
Travers Smith LLP has advised Student Roost on its acquisition of land at Selly Oak, Birmingham from Galliard Homes and Apsley House Capital.
In this edition, we look at what a Labour Government could mean for investors in and operators of UK infrastructure. We also provide an update on disclosure rules for corporates, greenwashing rules for funds and a range of other topics, from EV charging, housing and planning through to tax and expiry of PFI/PPP deals. Please get in touch if you'd like to discuss any of the issues discussed below.
Travers Smith LLP has advised Student Roost on its acquisition of One Medlock, Manchester from Whitbread PLC.
New day, new Government! With the sun having set on the previous 14 years of Conservative administration, Labour have now seized the reins.
Travers Smith LLP has announced today the promotion of six lawyers to its partnership, with effect from 1 July 2024.
Since February 2024, most new planning permissions in England have been subject to a pre-commencement condition requiring a 'biodiversity gain plan' for the development. In this section of the Spring Briefing, we answer some frequently-asked questions about the new regime.
The biggest surprise in the Spring Budget was perhaps the raucous reaction given by the House to a fairly muted set of tax proposals. Perhaps it was the whiff of an election in the air that was the cause of excitement, so much so that the Deputy Speaker had to frequently intervene instructing all sides of the chamber to "shout more quietly".
The proposals in the Renters (Reform) Bill, which were first set out in the 2022 fairer private rented sector white paper, are intended to implement many of the proposals for improving the private rental sector ("PRS") for renters contained in the Government's 2017 white paper "Fixing our broken housing market". This includes the introduction of minimum standards for housing in the PRS, and the abolition of both the section 21 method of obtaining vacant possession and the assured shorthold tenancy.