The compensation and termination rates from the 6th April 2025 for settlement agreements will be:-
Maximum basic award for unfair dismissal £21,570
Maximum compensatory award for unfair dismissal £118,223 (or 52 weeks gross pay if less)
Maximum statutory redundancy payment £21,570
A weeks pay £719 per week.
London and more generally the United Kingdom has always offered superb investment opportunities for foreign property buyers. It is therefore important to appreciate the various taxes that could be levied against you:-
1) Inheritance Tax 2) Capital Gains Tax 3) Annual Tax for Enveloped Dwellings – a tax on companies that own properties used by their owners 4) Income Tax 5) Stamp Duty Land Tax
A competent property solicitor would be able to advise you on how to minimise these potential liabilities.
The two year wait that a lessee has had to endure to extend their residential lease has been removed from next Friday 31st January 2025 as section 27 of the Leasehold and Freehold Reform Act 2024 (removal of qualifying period before enfranchisement and extension claims) comes into force.
Mixed marriages, that where people with children have divorced and remarried, have led to a large increase in inheritance disputes. This is largely due to intestacy and assets passing to the spouse. The need for a professionally clearly drafted will has thus been highlighted to avoid probate litigation and the need for raising caveats in Court.
Interest rate and commercial costs increases are set to hurl many businesses into the path of insolvency. National Insurance and minimum wage are two such cost factors. In the high street consumer confidence has also dropped, severely hampering the flexibility of the domestic purse as fewer savings and greater debt are recorded.
If you are planning to sell your business here are some points that you ought to consider now:-
1) Tax efficiency
2) Contract renewals
3) Share options
4) Employment contracts
5) Intellectual property
6) Companies House filings
The above are all likely to receive attention during the due diligence given to the transaction by the purchaser.
Solicitors in London have reported an increase in instructions from landlords, seeking to serve section 21 notices, and tenants, seeking to defend possession proceedings, as the Renters’ Rights Bill commences its way through parliament. The sight of the end of section 21 ‘no fault’ evictions had heralded this spark of litigation.
New legislation is due to come into force forcing employers to take a more proactive rather than a reactive approach to sexual harassment. The Worker Protection (Amendment of Equality Act 2010) Act 2023 comes into force this October. Damages for harassment are unlimited. A successful tribunal claim for sexual harassment, under the new legislation, can attract an additional compensation uplift of up to 25%. This significantly increases the potential exposure to financial liability for businesses.
A pre or post nuptial agreement will more than likely be enforced if you have not been forced to sign it, you and your fiance/e have each had independent legal advice, you are both completely aware of each others financial positions, and you completely understand the agreement’s content.
The office property market is going strong with new developments underway. Hedge fund involvement has been observed in the City with joint ventures between British property developers with those in the Far East such as Singapore. The total amount of offices being built is at a record high.