Ownership Definition

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GLOSSARY

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What does Ownership mean?

The term ownership denotes a wide array of rights over property.

Ownership appears to have the widest set of rights over property and sometimes is called “absolute ownership” including rights of exclusive enjoyment, of destruction, alteration and alienation, of maintaining and recovering possession of the property from all other persons. Ownership of land differs from ownership over personal property or over goods in that the common law did not treat land as the subject of absolute ownership but only of tenure. Also, the common law did not recognise the alternative that the ownership of goods could be split up into lesser successive interests or estates, or remainders or reversions in chattels. See Halsbury's Laws of England, 80 (5th), 812, 813.

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Influencer risk assessment—checklist

Influencer risk assessment—checklist Influencers are so named because of their extensive social media following. They have a self-selecting, trusting audience that can typically be categorised by age, sex, location and/or interest. By using influencers effectively, brands can deliver targeted messages to large, interested groups and crucially, those messages are being delivered by a trusted source. Brands commonly work with influencers by: • paying influencers to post particular content (ie advertorials), and/or • providing affiliate links or discount codes to be included in posts where the influencer gets paid for every ‘click-through’ or sale tracked back to the influencer’s content (ie affiliate marketing) An influencer is effectively a business partner and should be carefully chosen to minimise potential damage and maximise the success of the campaign. This Checklist outlines key points to consider prior to engaging with an influencer for a specific project. Regulation of influencer advertising The primary legislation applicable to influencer advertising is Part 4 of the Digital Markets, Competition and Consumers Act 2024 (DMCCA 2024), which regulates unfair and misleading business-to-consumer commercial practices....

Commercial contract review and execution (business personnel)—checklist

Commercial contract review and execution (business personnel)—checklist This is a Checklist for in-house lawyers to provide to those of its employees (eg procurement or sales professionals) who are engaged in negotiating commercial contracts. It sets out the primary issues to consider when negotiating or reviewing a business-to-business commercial contract, and includes practical guidance. This Checklist may be suitable for use in low risk contracts where employees who are not legally qualified are authorised to conduct negotiations and contract review. It may be customised as required to work with a company playbook on contract negotiation and review, to include suggested fall-back drafting positions and escalation points for recourse to a legal team as appropriate. As it is intended to be used by non-legal professionals, it does not include links to further detailed legal commentary in each case. For a Checklist intended for use by legal professionals with links to further information, see: Commercial contract drafting and review—checklist. In-house lawyers should check that business personnel engaged in negotiating and concluding commercial contracts...

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Preparing for the auditors—in-house lawyers

Preparing for the auditors—in-house lawyers One of the key dates in your organisation’s calendar is the date of the annual audit. An important part of the auditors’ role is to ensure that your organisation’s processes are fit for purpose. Central to that is your organisation’s approach to legal matters and legal risk. As an in-house lawyer, you need to prepare for the auditors’ visit because inevitably they will want to meet with you. While each audit firm has its own standard set of questions for in-house lawyers, the questions tend to follow certain themes, eg: • your risk register • litigation • applicable law and regulation • contracts • intellectual property (IP) • legal work process • your knowledge and experience Since joining your organisation, you have hopefully had the opportunity to meet with the key directors and heads of function. Those meetings will have given you the opportunity to find out more about many of the issues the auditors will be interested in. See Practice...

Annual tax on enveloped dwellings (ATED)—the basics

Annual tax on enveloped dwellings (ATED)—the basics What is the annual tax on enveloped dwellings? The annual tax on enveloped dwellings (ATED) was introduced as part of a package of measures aimed at making it less attractive to hold high-value UK residential property indirectly, eg through a company, in order to avoid or minimise taxes such as stamp duty land tax (SDLT) on a subsequent disposal of the property. The other measures included in the anti-avoidance package relating to high-value UK residential property include: • the single higher rate of SDLT on the acquisition of high-value UK residential property for non-natural persons (NNPs) (for further details, see Practice Notes: Rates of SDLT and Single higher rate of SDLT for high-value residential property transactions), and • prior to 6 April 2019, a capital gains tax (CGT) charge on sales of high-value UK residential property by NNPs (abolished from 6 April 2019 (for further details, see Practice Note: Capital gains tax charge on ATED-related gains [Archived])) When does ATED...

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Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

Template replies to CPSE 4 (version 3.3)—Supplemental pre-contract enquiries for commercial leasehold property on the assignment of the lease

Template replies to CPSE 4 (version 3.3)—Supplemental pre-contract enquiries for commercial leasehold property on the assignment of the lease WARNING These template replies to enquiries are intended only as a framework and starting point to assist the Seller in building their bespoke replies to enquiries. They are not a recommended, comprehensive or conclusive list and should not be used without careful consideration and bespoke amendment to suit the particular transaction. Replies to enquiries form part of the contract and it is imperative that they are correctly tailored to the specific matter and do not include any false or flippant statements. They should also not contain any generic statements, such as ‘Not to the Seller’s knowledge’, unless the Seller has made an effort to discover a more comprehensive answer to the enquiry. Such a response contains within it an implication that the Seller has itself made reasonable enquiries relation to the enquiry in question. You must stress to your client the importance of reviewing the draft replies very carefully and, if...

Dive into our 153 Precedents related to Ownership

Can an individual who owns UK residential property, but is resident outside the UK for several years, claim principal private residence relief? What are the eligibility criteria for overseas workday relief?

Can an individual who owns UK residential property, but is resident outside the UK for several years, claim principal private residence relief? What are the eligibility criteria for overseas workday relief? Principal private residence (PPR) relief exempts part or all of the gain realised on the disposal of an individual’s dwelling-house from capital gains tax (CGT) if the dwelling–house has been his only or main residence at some point during his period of ownership. UK resident taxpayers can claim PPR relief on the disposal of a UK residence or a non-UK

The trustees of a non-UK trust have been asked to make a loan to a UK-resident beneficiary so that the beneficiary can remortgage their home in the UK. The loan will be secured by a first legal charge on the property. The loan could be made directly by the trustees, or by an underlying company of the trust. Would this constitute a regulated activity for the trustee or the company so that it would need to be licensed by the Financial Conduct Authority?

The trustees of a non-UK trust have been asked to make a loan to a UK-resident beneficiary so that the beneficiary can remortgage their home in the UK. The loan will be secured by a first legal charge on the property. The loan could be made directly by the trustees, or by an underlying company of the trust. Would this constitute a regulated activity for the trustee or the company so that it would need to be licensed by the Financial Conduct Authority? The loan may be a regulated activity for the purposes of the Financial Services and Markets Act 2000 (FSMA 2000). This is because you state that the loan will be secured on the property by first legal mortgage. If the person making the loan is doing so 'by way of business', they must be authorised to do so under FSMA 2000. Otherwise, they will be committing a criminal offence. In its guidance, the FCA provides that whether or not a mortgage is

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Institute for Government outlines legal aspects of nationalisation

The Institute for Government has published a guide detailing the legal aspects of UK nationalisation, prompted by recent emergency legislation regarding British Steel's Scunthorpe plant. The analysis outlines how nationalisation requires primary legislation, European Convention on Human Rights (ECHR) compliance particularly regarding property rights and considers judicial review risks for secondary legislation. The document examines legal structures for state ownership, Transfer of Undertakings Protection of Employment (TUPE) implications, and compensation requirements under Human Rights Act 1998 constraints.

OFSI publishes updated sanctions FAQs to address Russian bank mergers and licence amendments

The Office of Financial Sanctions Implementation (OFSI) has updated its Financial Sanctions FAQs to address the mergers of designated Russian banks Rosebank PJSC with TBank and Bank Otkritje with BM-Bank, both effective from 1 January 2025. The update clarifies that entities holding OFSI licences referencing these merged banks must request amendments to continue using their licences. OFSI has proactively amended affected General Licences relating to the Rosebank PJSC merger, while confirming that BM-Bank remains designated due to its ownership by VTB Bank.

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GLOSSARY