A New Fixed Costs Regime

A new Fixed Costs Regime is coming into force on 1 October 2023 for most claims worth between £25,000 and £100,000, where the trial would last no more than three days. This will be known as the Intermediate Track.

Currently there is no limit on the amount of the costs that a successful party may recover from the losing party for such claims, other than that they must be proportionate and reasonably incurred. This generally means that the costs will not be permitted to exceed the value of the claim.

For claims in this bracket issued after 1 October 2023, the successful party will only be able to recover the fixed costs which have been set by the Ministry of Justice. These fall into four bands, depending on the complexity of the case.

London weighting of 12.5% will be added to the fixed costs where the party lives or has a business in London or within the jurisdiction of the Bromley, Croydon, Dartford, Gravesend, and Uxbridge County Court hearing centres.

So for example, under the new regime, a claim allocated to Complexity Band 3 that reaches a two day trial where judgment is given at the end of the trial, the Claimant is awarded the sum of £60,000. And, where Counsel has drafted the Particulars of Claim, advised in writing, and attended the trial, the fixed costs that are recoverable from the losing party will be £42,800 (or £48,150 with London weighting).

Potential Claimants are therefore encouraged to consider whether they should start to pursue any existing claims now so that they are ready to issue court proceedings before 1 October 2023, after having complied with any pre-action procedure as required by the Civil Procedure Rules. This will avoid having their recoverable costs limited by the new fixed costs regime.

Should you have any questions, please please do not hesitate to contact Michael Shapiro directly on: [email protected] or 0207 822 2246.

© 2023 GSC Solicitors LLP. All rights reserved. GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

 

GSC SOLICITORS ADVISES CARETECH ON £200M SALE & LEASEBACK INVESTMENT BY CIVITAS INVESTMENT MANAGEMENT

Press Release 

City law firm GSC Solicitors LLP is delighted to announce that it advised longstanding client CareTech on a £200m property portfolio sale and leaseback investment by the Civitas Investment Management (CIM), the UK’s largest specialist care investor.

The portfolio comprises special schools, children’s homes and adult specialist care homes and follows the £1.1bn public to private acquisition of CareTech by its co-founders, Farouq and Haroon Sheikh in September 2022.

Founded in 1993, CareTech provides specialist social care services to 5,000 adults and children with a range of complex needs in more than 550 schools, residential services, hospitals and day centres. It employs more than 11,000 staff in the UK and internationally.

CIM is the UK’s largest investor in specialist care with over £3.5bn under management in community healthcare and social infrastructure in the UK and Europe. It manages over 1,200 properties across the UK, providing homes for more than 10,000 people, with support provided by over 120 operators in a combination of supported housing and residential care homes.

Commenting on the deal GSC senior partner Saleem Sheikh said: “This transaction illustrates the long-term demand for high quality specialist care properties in the UK and will form part of CareTech’s strategy to grow in the UK, investing in digital technologies and international markets.’

The GSC team was led by senior partner Saleem Sheikh and included commercial real estate partners, Harvey Posener and Matthew Phillips, corporate partner Clive Halperin and international private wealth partner James Cohen. Civitas was advised by Norton Rose Fulbright.

© 2023 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

GSC Solicitors LLP’s higher rankings in the Legal 500 2023

We are proud to announce another year of continuous achievement in the Legal 500 United Kingdom 2023 rankings. We are especially delighted to see that GSC’s Property Finance team has moved one tier up the tables.

In addition, this year more lawyers are mentioned by name in Legal 500 UK commentary for their standout contribution to respective practices. Also, another achievement this year was that Harvey Posener who heads Commercial Property team has been listed in the Elite ‘Leading Lawyers’ Group, a category that essentially is a badge of honour given to a few lawyers in the UK.

Consistent with last year, our work has been praised by a large number of clients, current and new ones, domestic and international.

Our already highly ranked Commercial Property team was mentioned as ‘cutting edge legal thinking combined with commercial savvy experts’ . Practice head Harvey Posener provides an ‘unparalleled service’ with his extensive experience in advising large corporate occupiers on leasing and acquisitions. He is described by clients as an expert who ‘provides an unparalleled service in terms of legal advice, strategic thinking, commercial application and responsiveness.’  Peter Belcher who heads Property Finance team is ‘extremely well-reputed’ for his focus on the hotel, banking, leisure, and healthcare sectors regarding commercial property transactions, and is ‘well respected amongst financial institutions which gives banks the comfort they need’.

We are also proud of our Private Client team that was distinguished as a ‘well established and diverse’ team ‘with various specialists under the one roof’. One of their clients referred to ‘the key strength of GSC’ as ‘its commercial approach to problems when dealing with the full array of private client matters ranging from international ultra-high-net-worth clients through to significant owner of blue-chip companies’. Saleem Sheikh who heads the ‘highly responsive team‘ team is ‘a great strategic adviser’ with an ‘outstanding commercial and professional approach’. James Cohen is endorsed as an ‘one of the most professional ethical and authentic lawyers who listens, understands the needs when providing his service’. He has also been noted as ‘a knowledgeable individual’ who ‘acts with gravitas’. 

Headed by Michael Shapiro, ‘a commercial and contractual and shareholder disputes expert’, the Commercial Litigation department routinely acts for clients in complex litigation matters, including cases in the Commercial Court, as well as in other business and property courts, and the Court of Appeal. Clients recognise Michael’s ability to ‘be successful in all cases’ while leading the team with ‘exceptional star quality who know how to win a case’. Senior Consultant Barry Samuels is continuously referred to as ‘a living legend in the market who does not stop working until he gets results’. He is also is recommended as a ‘brilliant and approachable’ litigator who ‘was born to litigate’. GSC’s Litigation Rising Star Sana Sheikh who is a Senior Associate in the team, is also mentioned in the guide as ‘a real future star in the making, exceptionally bright and will go far’.

Recommended purely on its personalised service, merit and client-focus, our Real Estate Finance team active in refinancing mandates for clients in the retail, hospitality and care home sectors, as well as for high-net-worth individuals with extensive residential portfolios. Peter Belcher sits at the helm of the practice, advising on acquisition and development finance matters while Matthew Phillips is also of note for his ‘work in secured lending for fast food franchise owners and commercial tenants’. Carole Joseph who works alongside Peter Belcher, has also been noted for her ‘great availability’ and who clients love to work with’ and who is ‘commercially oriented and shows incredible productivity and professionalism in day-to-day support.’ In general, the team is acknowledged for its ‘problem solving’ style, ‘personalised service and availability, commercially focused, and long-term relationships built.’

IP, Media & Entertainment is continuously noted for its music industry expertise including their active work with large music industry bodies such as the Phonographic Performance Limited (PPL), Video Performance Limited (VPL) and the Performing Right Society (PRS), whereas ‘other clients come to the firm for its expertise in advertising and branding’. Justin Goldspink ,who leads the team with ‘exceptional skillsets’, ‘leverages his expertise as a barrister to represent clients in music, copyright, and branding litigation’. Both, Justin and Ross Waldram are described by clients as ‘incredible in providing invaluable advice and guidance on copyright infringement cases’. Clive Halperin described by a client as an expert ‘with knowledge second to none’ who ‘stands above the crowd’, ‘takes the time to fully understand business and what they are trying to achieve’.  The team has been singled out for its ability to ‘respond immediately to any queries’ as well as to go ‘above and beyond in supporting with complex referrals and always having time for the client, a great example of creating harmonious client relations’.

Finally, we are pleased that our Corporate Commercial department with its M&A work has been noted in the Guide once again, for its ‘niche expertise in the life sciences, pharmaceutical, healthcare, and technology sectors’. Team head Clive Halperin, a qualified pharmacist, ‘has a particular interest in technology and artificial intelligence’ whilst David Nathan has ‘particular expertise in the hospitality and care home sectors.’

Commenting on the 2023 rankings, Senior Partner Saleem Sheikh said: “The Legal 500 is a leading independent guide into the best law firms in the UK. In its 36th year, it is widely acknowledged as the world’s largest legal referral guide. We are delighted that GSC is consistently recognised for our key specialisms including commercial litigation, real estate, personal tax, trusts and probate, Media & Entertainment and our Corporate practice. It is especially rewarding to see our rankings moving up as well as the genuine and exceptional testimonials given to us by our clients. With the strong client base that comes from the five continents globally, solid and longstanding client relationship remains our most valuable asset.’

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

The Growth Plan 2022: Highlights

The Chancellor of the Exchequer, Kwasi Kwarteng, delivered the Growth Plan 2022 on 23 September 2022. The document is setting out the plans to address energy costs and assist businesses and households.

Below is a summary of the key announcements for the private client world.

Income tax
  •  The basic rate of income tax will be reduced from 20% to 19%.
  • The additional rate of income tax (currently 45%) will be abolished, leaving a single higher rate of 40%.
  • From 6 April 2023 the dividend ordinary rate will be reduced to 7.5%. The dividend upper rate will be reduced to 32.5%. The dividend additional rate will be removed.
 Stamp duty land tax
  • The residential nil rate band will be doubled to £250,000.
  • The level first time buyers start paying stamp duty will be increased from £300,000 to £425,000.
  • First time property buyers will have access the relief when they buy a property costing up to £625,000 instead of £500,000.
National Insurance Contributions
  • The 1.25% increase will be reversed from 6 November 2022.
  •  Thehealth and social care levy set out in the Health and Social Care Levy (Repeal) Bill and will be cancelled.
  • The NICs thresholds that were increased earlier in 2022 will be maintained.
EIS and VCT
  • The government will continue to support the Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT).
Seed Enterprise Investment Scheme (SEIS)
  • The maximum amount a company can raise via SEIS investment will be increased from £150,000 to £250,000
  • The gross asset limit will be increased from £200,000 to £350,000.
  • The age limit for eligible companies will be increased from two to three years.
  • The annual investor limit will be increased from £100,000 to £200,000.
Corporation tax
  •  The rise in the main rate of corporation tax from 19% to 25% scheduled for April 2023 has been abolished.

If you have any questions, please do not hesitate to contact James Cohen directly on [email protected] or 0207 822 2257

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

GSC SOLICITORS ADVISES BELGRAVIA INVESTMENTS LIMITED AND KENSINGTON CAPITAL LIMITED ON THE £870.3m ACQUISITION OF SOCIAL CARE PROVIDER, CARETECH

PRESS RELEASE

City law firm GSC Solicitors LLP is delighted to announce that it advised Belgravia Investments Limited and Kensington Capital Limited as part of a consortium on its recommended £870.3m cash and share acquisition of the entire issued and to be issued share capital of AIM listed CareTech Holdings PLC (“CareTech”). The public-private transaction values the group at £1.2bn.

Founded in 1993 and listed on AIM in 2005, CareTech is one of the UK’s biggest social care providers that runs hundreds of residential homes and specialist schools across the country for adults and children with complex needs.

Commenting on the deal GSC senior partner Saleem Sheikh said: “This innovative transaction will help fund the expansion of CareTech’s technology division and presence across the Middle East.”

In recent years, CareTech has expanded into the Gulf region through buying majority stakes in AS Group, Wellness Group, and home healthcare firm Dmetco-Bayti, all of whom are based in the United Arab Emirates.

The GSC team was led by senior partner Saleem Sheikh and included corporate partner Clive Halperin and international private wealth partner James Cohen.

About CareTech

CareTech is a public limited company incorporated in England and Wales whose shares are admitted to the AIM-market of the London Stock Exchange. CareTech is the UK’s biggest provider of private children’s homes with about 8 per cent of that market, generated £490mn in revenue in its latest financial year, up 14 per cent from a year earlier, on underlying pre-tax profit of £68mn. Its property portfolio is valued at close to £1bn.

The business, which began with a single home in 1993, has expanded to take about 5 per cent of the fragmented £12bn market. The group has 160 properties and offers almost 5,000 places to support adults and children with complex needs in the UK.

www.caretech-uk.com

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Trust Registration Service: Update

Background

All trusts with a UK tax liability have been required to register under the Tax Registration Service (TRS) since March 2018. Following the country’s adoption of the EU’s 5th Money Laundering Directive, the scope of the TRS has been expanded. As a result of the change, all existing UK trusts and some non-UK trusts, irrespective of whether the trust has a UK tax liability, need to now register with HMRC too, unless they fall within the list of excluded trusts.

What are excluded trusts?

 Excluded trusts include but are not limited to:

  • charitable trusts;
  • will trusts (for the first two years after date of death only);
  • co-ownership trusts where legal and beneficial owners are the same person;
  • bank accounts for minors;
  • trusts for bereaved minors or adults aged 18-25;
  • trusts of life policies paying out on death, terminal illness or disability;
  • trusts imposed by courts or created by legislation.

It is important to note that bare trusts have not been excluded and, therefore, will be required to register.

What information is required?

The following information will need to be provided:

  • trust name;
  • status;
  • details of assets;
  • reference numbers of settlor, trustees and beneficiaries.
Who is the information available to?

 The register can be viewed by HMRC and law enforcement authorities.

What is the registration deadline?

 The deadline for registrations for non-taxable trusts is 1 September 2022.

Are there any other deadlines?

 Both taxable and non-taxable trusts will have 90 days to report any changes.  If the trust is taxable, a declaration that the trust is up to date needs to be made on an annual basis by 31 January.

What to do next?

 Trustees have a legal duty to comply with the HMRC reporting requirements. If you have any questions, please contact us, and we will advise on the above.

If you have any questions, please do not hesitate to contact James Cohen directly on [email protected] or 0207 822 2257, or Alla Stepanyants on [email protected] or 0207 822 2222.

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

Machine Learning engineer? Why you should consider the UK for your next move

LinkedIn has listed Machine Learning Engineer as second place in this year’s 20 most in-demand job titles in the UK. Top locations for this position include London, Cambridge and Edinburgh, and employers are generally asking for around three years of experience. Interestingly, while Data Engineers and Back End Developer roles are also in demand, London and Manchester are the most popular locations.

If you’re thinking of relocating here, the UK is attractive for many reasons; here are just a few:

  • The average base pay for a Machine Learning Engineer is £51,487, and it goes up to a six-figure salary for the right person (Glassdoor[1]).
  • The UK is ranked third in the world for private venture capital investment into AI companies; in 2019, investment into the UK reached almost £2.5bn. It’s also home to a third of Europe’s total AI companies.
  • More and more Unicorn start-ups[2] are making their presence felt in the UK, with three in four of the UK’s unicorn companies based in London. As this includes all 20 fintech unicorns[3], the demand for a skilled workforce couldn’t be higher.
  • The UK offers the most flexible visa for specialists and highly skilled individuals. The traditional Skilled Worker visa route is readily available if you qualify to enter the UK market on a sponsored route.
  • Alternatively, the Global Talent Visa offers great flexibility if you’re a highly accomplished ML engineer. A successful application will get you through a fast-track route to permanent residency status after three years and you wouldn’t be bonded to any employer throughout the visa duration.

The UK also offers a fantastic work-life balance for professionals with a family. With excellent commuting routes, you wouldn’t necessarily have to live in London. With access to an exceptional school system and being strategically located geographically, it’s a smooth ride for your family members if they relocate to the UK with you.

At GSC Solicitors LLP, we advise clients on all aspects of Immigration, UK tax, and UK employment law. If you’re considering moving to the UK for work, get in touch with our specialist immigration team to discuss your options. Call our Private & Corporate Immigration expert Shareena Rahman on +44 (0)20 7822 2222 or email [email protected]

[1] https://www.glassdoor.co.uk/Salaries/machine-learning-engineer-salary-SRCH_KO0,25.htm

[2] https://startupsoflondon.com/the-complete-list-of-unicorn-startups-in-the-uk-2021/

[3] https://www.beauhurst.com/research/unicorn-companies/

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

GSC Solicitors LLP hosts a roundtable discussion with Malaysian women business leaders

GSC Solicitors LLP were delighted to host a roundtable discussion with The Hon. Datuk Hajah Zuraida Kamarudin, Minister of Plantation Industries and Commodities, Malaysia. She is also the Chairman of the Malaysian Women Political Council. She was joined by a delegation of 5 women business leaders from Malaysia. The event was led by Shareena Rahman, Immigration Advisor.

Also in attendance were GSC’s Senior Associate Solicitor / Higher Courts Advocate Sana Sheikh, Mei Sim Lai OBE DL, Dr Yvonne Thompson CBE, Sabila Din, Zehan Albakri Verden, Rie Hamagguchi, and Aimee Alado all of whom are representatives of prominent businesswomen based in London.

The Hon. Minister and our guests discussed topics relating to women empowerment and the two main topics discussed were:

  1. Women in business – East vs West – the challenges of setting up a business for women in today’s climate
  2. Women work force – The current challenges and how we can improve the women work force?

The attendees from the British and Malaysian delegation shared their personal experience of running large organisations and how they have since made the pathway for younger women to follow. The attendees also discussed the core issues on the importance of setting up strong foundations and to give back by helping other women on their road to success.

GSC in the Press – Entrepreneur Tribune: GSC Solicitors advises longstanding client on £420m acquisition

 

Source: https://entrepreneurtribune.com/gsc-solicitors-advises-longstanding-client-queensway-on-tristan-capital-partners-420m-acquisition-of-point-a-hotels/ 

© 2022 GSC Solicitors LLP. All rights reserved.  GSC grants permission for the browsing of this material and for the printing of one copy per person for personal reference. GSC’s written permission must be obtained for any other use of this material. This publication has been prepared only as a guide to provide readers with general information on recent legal developments. It is not formal legal advice and should not be relied on for any purpose. You should not act or refrain from acting based on the information contained in this document without obtaining specific formal advice from suitably qualified advisors.

 

GSC Queensway Tristan Deal

GSC SOLICITORS ADVISES LONGSTANDING CLIENT QUEENSWAY ON TRISTAN CAPITAL PARTNERS £420M ACQUISITION OF POINT A HOTELS

City law firm GSC Solicitors LLP is delighted to announce that it advised longstanding client Queensway in the £420M acquisition of a majority holding in Raag Hotels Limited which owns Point A Hotels, by Tristan Capital Partners’ European Property Investors Special Opportunities 6 (EPISO 6) Fund. Queensway will remain a minority partner but with management and development responsibility.

The Point A portfolio comprises 1,520 rooms in 10 hotels, with 80% of its value in London and in Glasgow, Edinburgh and Dublin. Under the new partnership, Queensway will co-invest and act as hotel operator, asset manager and development partner for future sites.

Commenting on the transaction, Lead corporate partner Clive Halperin/Peter Belcher, Head of GSC’s Hotel & Leisure team said: “We were delighted to assist our longstanding client Queensway in respect of this complex matter. Under Queensway’s management, the Point A Hotels brand has developed a high-quality product at great value. We look forward to assisting our client further with its expansion plans in the future.”

Naushad Jivraj, CEO, Queensway said:
“GSC Solicitors has acted for Raag Hotels since its inception in relation to all seven London properties. We, at Queensway, are pleased to have been supported by them to form this new partnership with Tristan Capital Partners. We are excited by the next chapter of the Point A Hotels story as we, together with Tristan, continue to develop our product, brand and service to the ever-evolving needs of our guests.”

The Tristan EPISO 6 fund was advised by BCLP, Maples, Brodies, PWC, Savills, Artelia and Longevity.
Raag Hotels was advised by CBRE, Eastdil, Derek Gammage, DLA Piper, BDO and Voisin Law.
Queensway was advised by GSC Solicitors.

-ENDS-

For further information please contact Paul Jaffa at Myddleton Communications, London on +44 7957 433312 or [email protected].

Notes for editors
About GSC Solicitors LLP
GSC Solicitors LLP is a Legal 500 recommended commercial law firm based in the City of London. With a client base of innovators and thought leaders, home grown entrepreneurs, global brands and ultra-high-net worth individuals, the firm’s lawyers provide a wide range of services, from wealth management to corporate commercial, real estate, intellectual property and immigration to private client and trusts. The firm has a global portfolio, undertaking work in Asia, the Middle East, Africa and the Far East and in celebrating its 50th Anniversary in 2022.

About Queensway
Queensway is a family-owned business that acquires, develops and operates a broad portfolio of real estate across the hospitality sector.
Founded in 1973, Queensway exists to bring teams together to create meaningful and memorable hospitality experiences for customers. The portfolio comprises a residential property business, Point A Hotels, Montagu Place Hotel, Sloane Place Hotel, The Sloane Club, ibis Styles Hotel Nairobi, sole franchisee for KFC in Austria and Slovakia and a franchise partnership with Starbucks in the UK. The Queensway organisation is made up of over 800 individuals across 50 locations in 5 countries, united by a shared DNA and core values.
For more information on Queensway, please visit www.queensway.com

About Point A Hotels
Small Hotels. Big Heart.
Point A Hotels believes a hotel should never just be a room. Across its 10 properties in central London, Glasgow, Edinburgh and Dublin, the brand aims to deliver heartfelt hospitality to everyone, no matter their budget. They define and customise their hotel offering to provide the best possible experience and value to their guests through thoughtful design, sincere service and active contributions to the local communities in which they operate.
Find out more: www.PointAHotels.com