Author: Zhanna Sutton

Senior Partner Saleem Sheikh welcomes UKPBC’s inaugural issue of The UK Pakistan Business Times Magazine

GSC’s Senior Partner Saleem Sheikh who was elected to be the President of the UK Pakistan Business Council (UKPBC) last year, issued a Welcome Word to readers of the very first issue of UKPBC’s publication, The UK Pakistan Business Times Magazine.

The objective of the publication is to create a vast international business network though which businesses can share knowledge and forge trading relationships.

UKPBC is a unique organisation based in the UK, with chapters in both Pakistan and the UAE. Their mission statement is “to serve and connect businesses for prosperity, resources and success”.

What happens when Nawaz Sharif’s passport is cancelled?

The Pakistan government has announced that it will cancel former prime minister Nawaz Sharif’s passport in a month-and-a-half on February 16 when his current passport expires – indicating that Nawaz’s passport will not be renewed.

On Wednesday, Interior Minister Sheikh Rashid Ahmed said: We have decided to cancel Nawaz Sharif’s passport on February 16.

Adviser to Prime Minister for Parliamentary Affairs Babar Awan said Nawaz’s stay in London will become illegal after his passport expires. The only option for the PML-N supremo, after his passport expires, would be to come back to Pakistan and appear in court to face the cases against him, Awan said.

While several ministers have made statements, it’s understood that Prime Minister Imran Khan will make a final decision on this matter in a few days and the opinion of Shahzad Akbar, PM’s advisor on accountability is likely to be taken because of his background in law.

GSC’s Head of Corporate & Private Immigration Hateem Ali comments for two Media channels, geo.tv and news.com.pk:

Speaking to Geo, Hateem Ali, head of immigration at the leading London law firm GSC Solicitors LLP, said former PM Nawaz Sharif can continue staying in London when and if his passport is cancelled – without claiming asylum.

The UK Home Office in any event allows those on medical visas normally up to 18 months on the grounds that he is receiving treatment in the UK, he said.

Ali said that Nawaz can “potentially extend this even further depending on the nature of the treatment and with the current global pandemic the UK immigration authorities can also take this into consideration and grant further extensions of stay if necessary”.

The immigration law expert said: Mr Sharif could claim asylum potentially if he wants to, although it is unlikely that he would do so. He has the ability to claim statelessness (assuming he has no other nationality) if his citizenship has been revoked and he is left with no other nationality.

Sources: https://www.geo.tv/latest/327345

https://www.thenews.com.pk/print/767021-cancellation-of-nawaz-s-passport-won-t-affect-his-london-stay

© 2020 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 appoints Chief Finance and Operating Officer

We are delighted to welcome Peter Cooper as GSC’s newly appointed Chief Finance and Operating Officer (CFOO).

Peter is a Chartered Accountant, registered with the Institute of Chartered Accountants in England & Wales, and has been working with the GSC Partnership Board since 2019 as a consultant.

With over 30 years’ experience working within the London finance sector, Peter will bring his expertise to the firm, where he will focus on assisting GSC in achieving its strategic and financial goals.

Throughout his career, Peter has advised a wide range of financial institutions and management teams covering a multitude of industry sectors. He was previously a Partner in one of the UK’s top 10 accountancy firms where he led a national team of restructuring experts.

In particular, he has specialist business finance lending experience, which was obtained during his time at one of the UK’s leading asset based lending Banks.

Commenting on Peter’s appointment, GSC’s Senior Partner Saleem Sheikh said, ”I am absolutely delighted to welcome Peter as a member of the GSC family. I am confident that his knowledge and expertise will be very valuable to GSC in implementing our strategic vision.”

 

Online court hearings – How to prepare yourself?

As we all know, courts also had to move to online platforms allowing hearings to still take place in the time of the pandemic.

However, as it is a new way for both, courts and those attending hearings in any other relevant capacity, how does one prepare themselves for an online hearing?

In today’s video under The GSC Academy digital series, GSC’s Litigation & Dispute Resolution expert Mark Richardson provides you with a step-by-step guide how to prepare yourself in the best way, should you find yourself in the situation when you’d need to attend an online court hearing:

 

For further questions please contact Mark Richardson directly on [email protected] or 0207 822 2240.

© 2020 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 strengthen Commercial Property department with Islamic Finance offering

We are delighted to welcome Leila Mustafa to GSC’s Legal 500-recommended and well-respected Commercial Property team.

Leila specialises in commercial property acquisitions and disposals. Her experience also includes dealing with business leases and land options.  Leila also has expertise in Islamic finance and banking.

Commenting on Leila’s appointment, GSC’s Senior Partner Saleem Sheikh said: “We are pleased to welcome Leila to the firm, as we continue to expand our Real Estate practice with the best talent.”.

Capital Gains Tax Review: Clawback Proposals

The Office of Tax Simplification (OTS), an independent adviser to the Government, has been asked by Chancellor, Rishi Sunak to review Capital Gains Tax (CGT) to identify any potential administrative and technical issues and need for reform.

It is inevitable that taxes will have to rise to meet the cost of supporting the British economy through the COVID-19 pandemic, and this review is likely to use CGT as a way of increasing revenue for the Government.

We expect the report, to be released in early 2021, to make the following recommendations:

  1. to change the CGT rates to align them with Income Tax rates
  2. to reduce the number of CGT rates, and the extent to which liabilities depend on the level of income of the taxpayers
  3. to consider reducing the Annual Exempt Amount
  4. to remove the capital gains uplift on death if a relief or exemption from Inheritance Tax is applicable, and to treat the recipient as acquiring the deceased’s assets at the historic base cost
  5. to replace the Business Asset Disposal Relief with a relief more focused on retirement
  6. to remove relief for investors selling shares in unlisted companies if they have owned them for a minimum of three years.

Whilst the Government has commissioned the report, it is not obligated to accept its findings but, at some point, it will have to turn its attention to how to cover the cost of the pandemic.

We expect that clients will be considering accelerating their restructuring or exit strategy in preparation of the increase in tax rates in the near future.

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

© 2020 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.

 

Succession planning in a pandemic and beyond

What can you do when reviewing your succession planning? GSC’s Private Client Partner Amanda Chapman talks you through some essentials and actionable tips on where to place your focus.

The top tips given in the video include reviewing one of the most important documents like a Will, where Amanda explains what can be done in order to reduce the lack of understanding or clarity, as well as costs and conflict.

Furthermore, what feasible steps one could take to preserve their business assets and to obtain an optimum tax treatment. These are just a few of the issues covered in the video, it can be viewed here or by clicking on the image below:

© 2020 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.

 

We continue supporting you

Following the UK Government’s announcement on Saturday evening regarding the planned national lockdown in England, that came into force today, Thursday 5th November 2020, we would like to take this opportunity to provide reassurance to all our clients of our continued support during this difficult time.

As was the case during the initial lockdown back in March, we can confirm that it is very much business as usual for GSC Solicitors LLP.  Our team will continue to be available to support you with your enquiries either by phone 0207 822 2222 or email: [email protected]

Our priority remains the best interests of our clients and in particular the concerns that clients will understandably have regarding their staff and businesses. As per usual we are available to speak to clients about the challenges they are facing as well as to provide pragmatic advice on any specific concerns whether it is in relation to managing staff, dealing with cancelled contracts, managing supplier distress, dealing with tax concerns or cybersecurity issues.

We will continue to comply with the government’s guidance on managing the risk of COVID-19 to ensure the safety of our staff. In the meantime, please feel free to contact me personally or any of your usual contacts here at GSC.

On behalf of all of us at GSC we are wishing you and your loved ones to stay well.

Kind regards,

GSC Solicitors LLP

Redundancies: How (not) to

In today’s issue of The GSC Academy digital series Head of Employment David Nathan talks you through important steps of redundancy process, with focus on what mistakes employers should try to avoid as they may bring costly consequences:

© 2020 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.

 

Commercial Lease: Rescue tools for Landlords and Tenants

In the next video under The GSC Academy digital series we focus on commercial lease issues.

What are the actions that can be feasible and practical for both, Landlords and Tenants, in relation to commercial leases? GSC’s Property expert Carole Joseph talks you through some of these, including how Tenants can terminate/get out of commercial lease and what options are available for them. Carole also explores how Landlords can restructure a lease if it is not possible for a Tenant to terminate the lease.

© 2020 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.