Blog Posts: December 2009

This must have been a question Lloyds Banking Group's customers were asking themselves this morning with the announcement that Lloyds agreed to pay at least $3.6 billion over 15 years to raise $2 billion in capital. According to Bloomberg, the bank sold hybrid Tier 1 securities on Dec. 15 that cost 12 percent, or $240 million a year in interest, until 2024. That’s a higher interest rate than bicycle-rack maker TriMas Corp. paid to sell senior notes, which Moody’s Investors Service ra.... (read more...)

Cousins Business Law licensing specialist Nigel Musgrove has been named as a leader in his field in Chambers UK 2010.Nigel specialises in licensing and gaming law advising breweries, pubcos, hotels, pubs, restaurants and clubs. He has acted as legal adviser to a local authority during the licensing transitional stage. Nigel is an Affiliate Member of the British Institute of Innkeeping and teaches monthly on their personal licence holder qualification. Nigel, who joined Cousins Business L.... (read more...)

There is nothing like a looming election to concentrate the mind of government. Those issues which have been festering in a dark corner of their cupboard suddenly are dragged out to be sorted. Never mind that they have been waiting for 7 years, it is now all hands to the deck to make the Licensing Act 2003 fit for purpose. In my last blog I mentioned the sudden surge to allow electronic service of most licensing applications. This should have been possible from the very start, but the EU h.... (read more...)

This Act of Parliament has now received Royal Assent but the date for it actually coming into effect has yet to be announced.  Although this sounds like some obscure piece of law, there will be one significant benefit for property developers. At present, an option to purchase land is void if it is not exercised within twenty-one years of the date the option is granted.  Now twenty-one years may sound a long time but for investors and developers who specialise in the strategi.... (read more...)

Giving with one hand, taking away with the other? The chancellor’s pre-budget report is perhaps no big surprise in delivering both pluses and minuses for the small business owner. Along with The Federation of Small Businesses (FSB), I welcome the chancellor's decision to defer the one pence rise in corporation tax for small firms. This increase had been due to come into effect from 1st April next year, but will now be delayed until April 2011. I’m sure this deferral will help some sm.... (read more...)

The rate of VAT returns to 17.5% on January 1, 2010.  What VAT treatment applies to quarterly rental payments due on December 25?  Where contracts are exchanged in 2009 to complete in 2010, and VAT becomes payable on the contract deposit, what VAT treatment applies at exchange and at completion? December 25 rent payments The tax point for standard-rated leases is the date the landlord issues a VAT invoice or receives payment of the rent, whichever happens first. Hence, on Decemb.... (read more...)