We own 28 flats and are shareholders of the freeholding company. We want to lengthen our leases from 95 to 999 years or whatever. Are there any tax implications?

The freehold company could be making a capital gain when it grants the new long leases, which would be subject to corporation tax. The individuals could be subject to income tax if they purchase the lease extension from the company for consideration less than market value. Depending on the transaction amount, there could be stamp duty land tax for the individuals to pay. It also makes a difference whether this matter is structured as a 'surrender and re-grant' of the lease, or by way of putting in place an 'overriding lease'.