A to Z of land and buildings terminology

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

The following list, while not exhaustive, provides an overview of the meanings of commonly used terms that a business and / or its adviser may encounter when dealing with a land and property transaction:

Term	Definition
Alienation clause	Clause restricting the tenant’s right to assign a lease or sublet a property
Beneficial occupation	The occupation of land to the benefit or advantage of the occupier
Beneficial owner	A party that has title to the land for their own benefit
Charge certificate	This is the certificate issued by the Land Registry to the mortgage lender showing the charge on the Land Registry
Charge	This is an interest in land which secures payment of a debt
Chattels	Moveable personal property
Completion	This is the final step which leads to the transfer of ownership of a property. The purchaser receives the title documentation in exchange for payment of the purchase price
Completion monies	This is the sum payable to the vendor to complete the purchase of the property
Completion

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

Associated companies ― from 1 April 2023

Associated companies ― from 1 April 2023Implications of associated companiesFrom 1 April 2023, the rate of corporation tax that a company is subject to depends on the level of its augmented profits. The rate of tax is based on a comparison of the company’s augmented profits against the corporation

22 Mar 2021 10:21 | Produced by Tolley Read more

Employment Tax

Company cars

Company carsIntroductionCompany cars are one of the most common taxable benefits. The rules for calculating the benefit are complex, and the reporting requirements are more onerous than most benefits. Company cars are covered by very specific legislation. Detailed guidance on each of the following

14 Jul 2020 11:15 | Produced by Tolley Read more

Corporation Tax

Foreign exchange issues

Foreign exchange issuesOverview of foreign exchange provisionsForeign exchange (FX) movements are generally taxed following the rules applicable to the underlying income, expenditure, asset or liability on which they arise, broadly as follows:Capital assetsOn a realisation basis (ie on disposal)

14 Jul 2020 11:44 | Produced by Tolley Read more

��Ƶ