Best consideration meaning

In this issue Probate Trusts Court of Protection UK taxation for private clients HMRC manuals: updates Art and heritage property, landed estates and farming families Pensions, insurance and tax‑efficient investments Scotland, Wales and Northern Ireland International Question of the week Further Private Client updates this week Daily and weekly news alerts LexTalk® Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Useful information Probate Unique codes for probate applications can now be issued by email. HMRC’s Trusts and Estates Newsletter (August 2024) confirms that IHT400 filers may provide an email address and sign a disclaimer so HMRC can send the unique code required for the probate application electronically. See: LNB News 28/08/2024 16. Source: HMRC Trusts and Estates Newsletter (August 2024). Following a 3 September 2024 update from HM Courts & Tribunals Service Probate, the MyHMCTS service now allows applicants to...

In this issue Court of Protection UK taxation for private clients Updates to HMRC Manuals Tax avoidance, evasion and non-compliance Budgets and Finance Bills Private client insolvency Digital and crypto assets Charity and philanthropy Disputed trusts and estates Pensions, insurance and tax‑efficient investments International Further Private Client updates this week Question of the week News alerts—daily and weekly LexTalk® Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Court of Protection Court rules that an anonymity application under CPR 39.2(4) and section 6 of the Human Rights Act 1998 must proceed on a statutory basis (PMC (a child by his mother and litigation friend FLR) v Local Health Board) The claimant, a boy born in 2012, pursued a clinical negligence action against an NHS trust for injuries at birth. The claim, issued in March...

UK Finance responds to FCA consultation on aligning sustainability disclosures with ISSB standards UK Finance has issued its reply to the Financial Conduct Authority’s consultation on bringing sustainability-related disclosures into line with international standards, backing the plan to embed the UK Sustainability Reporting Standards within the Listing Rules and to align with the International Sustainability Standards Board baseline, while underlining the need for international consistency and comparability. It supports the proposed ‘comply or explain’ model, yet seeks clearer signalling on the FCA’s next steps, including whether the regime will persist in its current form or shift towards mandatory adherence. The submission also urges consideration of the implications for the competitiveness of UK listings and for the broader corporate reporting landscape, and says the FCA should take a proportionate, supportive supervisory stance, especially during initial implementation, acknowledging that firms may rely on best endeavours as capabilities mature. UK Finance further stresses that using the ‘explain’ option should not be equated with non-compliance, and it does not support introducing...

For both the investing private equity fund and the target’s leadership, the prime lure of a private equity-backed buyout is the chance to crystallise a meaningful gain on exit. There are several potential paths to exit from such an investment, most typically: a trade sale to another company operating within the same sector, a flotation (IPO), or a secondary buyout (SBO). The ultimate route will hinge on considerations such as public market appetite for a listing and whether credible purchasers are available. Management often influence the decision, and may favour renewed private equity support via an SBO when the business model and prevailing market backdrop align. A secondary buyout (SBO) is, in essence, a private equity-backed acquisition of a company that has already undergone a private equity-backed buyout. In an SBO, the existing private equity owner exits its stake, though the current management team can remain in post afterwards. Alternatively, fresh management might be appointed, or a blend of old and new...

Overview This Practice Note outlines key characteristics of covenant loose and covenant lite financings and considers certain risks that investors in these facilities may encounter. It assumes a degree of familiarity with leveraged finance terminology and documentation. For introductory material on leveraged finance financial covenants, see Practice Note: Leveraged finance—financial covenants. For an introductory guide to acquisition finance, see Practice Note: Introductory guide to acquisition finance. The Glossary of acquisition finance terms and jargon may also be helpful... Terminology Traditional ‘covenanted’ facility European leveraged facility agreements have traditionally included a package of financial covenants designed to monitor the borrower‑group’s financial performance against a base case financial model. The full suite typically comprises the following covenants: Leverage — this is the ratio of the group’s total [net] indebtedness to its earnings before interest, tax, depreciation and amortisation ( EBITDA ). The leverage ratio gauges the group’s indebtedness against its ordinary operating profit; the higher the ratio, the more indebted the group and the greater...

Withholding tax on UK source interest payments The obligation to deduct tax from UK‑source interest (ie withholding tax) is a key issue to weigh up when launching a bond in the UK. Where a deduction must be made, the impact is: at best, a cash flow timing drawback, ie the UK tax withheld can be credited against other UK or foreign tax due on the interest; and at worst, a permanent cost, ie the bondholder either has no liability, or a lower liability than the amount withheld, and cannot reclaim it. Accordingly, in both cases a bondholder would prefer to receive interest gross (ie with no deductions). Consequently, whether tax withholding will apply to a bond is a critical consideration for the issuer and for the managers or arrangers seeking subscribers. In the context of retail bonds (ie where the bond is issued to consumer investors), market practice is certainly to expect interest to be paid gross...