Changes to Stamp Duty, LTT & EPTT in Jersey Increase to the first-time buyer threshold The Law provides a welcome amendment to first time buyer stamp duty rates (and equivalent land taxes such as land transactions tax (LTT) in respect of share transfer properties and enveloped property transactions tax (EPTT)), with the maximum purchase price threshold for first-time buyers increasing from £500,000 to £700,000 ...
On 1 October 2011 changes to the Housing Grants, Construction and Regeneration Act 1996 will come into force. The changes will apply to any construction contract entered into on or after that date. Construction contracts entered into before this date will continue to be governed by the old rules ...
AS HIGHLIGHTED BY QUÉBEC COURTS, SURETIES ARE KEY PLAYERS IN THE CONSTRUCTION INDUSTRY. IN 2002, THE QUÉBEC COURT OF APPEAL ACKNOWLEDGED THEIR IMPORTANCE IN A DISPUTE BETWEEN A CONSTRUCTION COMPANY AND A SUPPLIER. THE COURT NOTED THAT THE CONSTRUCTION COMPANY’S LOSSES HAD BEEN EXACERBATED BY THE WITHDRAWAL OF ITS SURETY FACILITY ...
More recently, the Québec Superior Court established that the active participation of a surety in the restructuring of a company under the Canadian Companies’ Creditors Arrangement Act (“CCAA”) was critical to determining whether a surety’s obligations could be reduced under the terms of an arrangement .2 accordingly, in Charles-Auguste Fortier inc ...
The Probate (Amendment) (Jersey) Law 2023 came into force on 27 October 2023 and has introduced some flexibility for the management of a deceased person's movable (personal) property. Small estates exemption The main change is to the exception for small estates. Under the previous regime it was necessary for someone to apply a grant of probate/letters of administration (a "grant") if a deceased person died leaving any movable property in Jersey of any value whatsoever ...
On 12 January 2021, David Mathias, Tim Willis, Sam Grange and Matthew Stimson from our Planning & Environmental team hosted a webinar to discuss the main changes introduced to the existing ‘Standard Method’ used for assessing housing need in England and Wales ...
With the Commercial Tenancy (Retail Shops) Agreements Regulations (No. 2) 2012 (WA) (Regulations) being gazetted on Friday 30 November 2012, the amendments to the Commercial Tenancy (Retail Shops) Agreements Act 1985 (WA) (Act) and the Regulations will now both come into effect on 1 January 2013.The Act and Regulations aim to 'improve the tenancy rights of small business and to enhance the clarity and effectiveness of the legislation' ...
A local planning authority (“LPA”) can take enforcement action in respect of planning breaches where it considers it to be expedient to do so. However, breaches of planning control can become lawful and immune from enforcement action after a period of time ...
Channel Island Wills for non-Jersey domiciliaries Do I need a Channel Island Will? It is not essential for you to have a separate Will to cover your Channel Island assets especially if you already have a validly executed Will which covers your entire estate, including Jersey and Guernsey, and which is validly executed. However, there are certain benefits to having a separate Channel Island Will in place ...
For those of us in the HUD-insured multifamily finance space who make our living trying to shrink the time period between firm commitment and closing, Chapter 19 of the new Multifamily Accelerated Processing (MAP) Guide was a must-read when it was published at the end of 2020 ...
Through an announcement issued by the Ministry of Finance, Mario Marcel, the government presented the general outlines of its tax reform proposal. This reform would consist of four bills (two of which would be submitted to Congress during July, and the remaining ones during the fourth quarter), which will be relevant to know in order to analyze the details of this announcement. On our web page (https://reformatributaria.carey ...
On 11 July 2006, six Chinese ministries (Ministry of Construction, Ministry of Commerce, National Development and Reform Commission, The People’s Bank of China, State Administration for Industry and Commerce and State Administration of Foreign Exchange) jointly issued a circular “Opinions on Regulating the Entry into and the Administration of Foreign Investment in the Real Estate Market” Jianzhufang [2006] Circular No ...
On 22 January 2007, the Ministry of Construction and the Ministry of Commerce jointly issued the Regulations for the Administration of Construction Project Service Enterprises with Foreign Investment. Effective 26 March 2007, the Regulations outline the approval process for construction project service enterprises with foreign investment and set out the permissible types of business for these enterprises ...
The State Administration of Taxation issued the Notice on Several Issues in the Implementation of Tax Agreements and the Individual Income Tax Law on Individuals With No Domicile in China on 23 July 2004. The Notice, which entered into effect on 1 July 2004, clarifies a number of issues related to the levy of PRC individual income tax ("IIT") on expatriate employees ...
On 16 March 2007, the Standing Committee of the National People’s Congress promulgated the Enterprise Income Tax Law of the People’s Republic of China. The Law harmonises the tax laws applicable to foreign and domestic enterprises. The new law marks a major change in PRC tax policy. Effective 1 January 2008, both domestic enterprises and foreign-invested enterprises (FIEs) will be subject to income tax at the unified rate of 25% ...
The State Administration of Taxation issued the Measures on the Self- Declaration of Personal Income Tax (Trial Implementation) on 6 November 2006. The Measures cover the filing process for those who satisfy one of the following conditions:1. Annual income of 120,000RMB or more; 2. Wages or stipends earned from two or more sources within China; 3. Income earned outside China; 4. Any acquired taxable income without withholding; 5 ...
On 16 March 2007, the National People’s Congress issued the Property Law of the People’s Republic of China. Effective on 1 October 2007, the Law defines the scope of property and property-related rights, such as use and possession, and sets out the protections afforded to State, collective and private property owners.BackgroundWork on the Property Law first began in 1993 ...
At the 18th Session of the Standing Committee of the 10th National People’s Congress held on 27 October 2005 amendments were adopted to the Individual Income Tax Law of the People's Republic of China. The amendments were promulgated by President Hu Jintao on 27 October 2005 and enter into effect on 1 January 2006. Tax free allowance A first amendment raises the tax free allowance applicable to wages and salaries from RMB 800 to RMB 1,600 ...
On 27 November 2006, the Ministry of Finance and State Administration of Taxation jointly issued the Notice Regarding Several Stamp Tax Policies. The Notice states that:1. Stamp tax will be levied on contracts submitted electronically. 2. Stamp tax will be levied on purchase and sale contracts between power plants and power grid networks and on those between two power grid networks ...
The State Administration for Taxation issued the Reply of the State Administration of Taxation on Issues relating to Tax Refund for Reinvestment by Foreign Investors on 20 October 2005. The Reply explains the conditions under which a foreign investment enterprise (“FIE”) can obtain a rebate on its enterprise income tax (“EIT”) for re-investment of its profits if such re-investment is made in instalments or in phases ...
The State Administration of Taxation ("SAT") issued the Notice on Relevant Issues in Adjusting the Method for Calculation of Individual Income Tax Annual Lump Sum Bonus Etc. Received by Individuals on 21 January 2005. The Notice, which took effect on 1 January 2005, repeals two SAT Notices issued in 1996 and addresses the issue of the calculation of individual income tax ("IIT") on annual bonuses ...
