It is now one year since the implementation of the Finance Act, 2022. Capital Gains Tax (CGT) has since 1 January 2023 been charged at a rate of 15% up from 5%. This may be a timely juncture to assess the overall effect of the increased CGT.
Amrit Soar is a Consultant in the Real Estate and Finance practice group at IKM Advocates with 35 years post-admission experience in real estate and banking transactions. She has handled numerous multimillion dollar real estate projects, including the acquisition of embassies and consulates by key diplomatic missions.
Amrit has also handled complex corporate finance and security documentation for both local and international banks. Her expertise also covers probate and estate planning. She is a respected and trusted legal advisor to many local and international clients and banks in her core areas of practice. She has been recognized by Chambers Global as “an outstanding conveyancer.” She also handles the training, knowledge management and risk management initiatives for the firm.
Experience has included advising:
- A developer in the acquisition and sale of 28 warehouses in a business park
- A women’s hospital in the purchase of a hospital / medical complex
- Developers in end-to-end purchase and sale of plots and houses in several gated communities
- Several banks, both local and international, in the preparation of security documentation for advances particularly to businesses in the flower, horticultural and manufacturing industries
- Banks on realization and restructuring of securities
- On due diligences for purposes of acquisition of land for renewable energy projects
- On land issues relating to special economic zones (SEZ)
- Advocate admitted to the High Court of Kenya (1983)
- Kenya School of Law, Diploma in Law (1982)
- University of Nairobi, Bachelor of Laws LL.B. (1979)
- Ranked as leading lawyer in Chambers & Partners Global
- Ranked as leading lawyer in IFLR1000
- 2023 to date, Consultant, DLA Piper Africa, Kenya (IKM Advocates)
- 2013 to date, Partner, DLA Piper Africa, Kenya (IKM Advocates)
- 2011 to 2012, Consultant, DLA Piper Africa, Kenya (IKM Advocates)
- Law Society of Kenya
- Law Society of Kenya (currently serving as member, LSK Continuing Professional Education Committee)
- Institute of Certified Public Secretaries of Kenya
- Former member of the working group, Internationally Trained Lawyers Programme (ITLP), Faculty of Law, University of Toronto, Canada
Inflation rates in Kenya have steadily increased impacting the cost of living. One of the sectors affected is the real estate sector where inflation has resulted in increased construction costs, property values, rent and other operational and maintenance costs such as service charge
The ever increasing rural to urban migration has led to a proliferation of informal settlements with little or no social amenities such as water, drainage and sewerage systems. This situation has rendered article 43 of the Constitution which inter alia, entitles every person a right to accessible and adequate housing, and to reasonable standards of sanitation, nugatory.
Lenders who provide loans do so with the paramount aim of being paid back. Towards this end, when borrowers take credit facilities, the lenders sometimes require them to provide guarantors as security for repayment of the facilities. The issuance of a guarantee usually provides additional security and comfort to the lender that in the event of default, it can either go after the principal borrower or the guarantor.
Ardhisasa is a platform through which land transactions, previously done manually, can now be done online.