Budget meaning

Securing litigation funding can take considerable time for clients and their legal advisers; however, supplying a funder-ready application can accelerate matters. The table below serves as a checklist of the principal issues most third party funders expect you to cover, grouped into three categories... Recovery Funders are commercial enterprises that typically see a return only when money is actually received from the defendant(s). Applicants should pinpoint and evaluate any enforcement risks and raise these with the funder at the outset. Tolerance for enforcement risk differs from funder to funder. If a funder is uneasy about the route to recovery, it is unlikely to back the claim, irrespective of the merits and quantum. Therefore, where material recovery risks exist, applicants ought to outline a recovery strategy, even at a preliminary stage. This helps a funder judge, at first sight, whether the matter is fundable... Financials Funders regard legal claims as an asset class. Consequently, they must grasp the headline economics of their investment in the event of...

FORTHCOMING CHANGE related to Making Tax Digital Under the government’s wider MTD programme, and subject to limited exceptions and deferrals, sole traders and landlords will need to provide quarterly digital updates to HMRC using compatible software. Phased entry depends on income: Above £50,000 from April 2026 Above £30,000 from April 2027 Above £20,000 from April 2028 At Budget 2025, the government confirmed legislation in Finance Bill 2026 to take effect from 1 April 2026, clarifying scope and introducing powers to regulate end‑of‑year returns. A consultation from 12 November 2020 to 5 March 2021 considered extending MTD to corporation tax—voluntary from 2024 and mandatory not before 2026—but this did not proceed. In its 21 July 2025 Transformation Roadmap, HMRC stated it will not introduce MTD for corporation tax. The 2020 ten‑year roadmap for digitalising tax administration provides further background. MTD for VAT has applied to all VAT‑registered businesses since April 2022, affecting how records are kept and returns submitted,...

This Checklist covers the key considerations when formulating a strategy to combat counterfeiting and piracy. Use this Checklist together with Practice Note: Anti-counterfeiting and anti-piracy—strategy. Begin by evaluating how widespread the issue is. Consider who has been consulted: Internal teams close to the market, such as customer services dealing with consumer complaints External investigators gauging counterfeit prevalence across specific channels (online and in store) and carrying out test purchases Agencies including the Chartered Trading Standards Institute (‘Trading Standards’) and HMRC Internet service providers and website operators where targets largely trade online Be aware that staff or members of the public may spot fake goods in shops, market stalls, at events or while on holiday and may proactively alert the rights holder. Confirm whether the following key details have been established: Most affected territories Most affected products Health and safety concerns Degree of risk to consumers and brand value Principal perpetrators Any...

FORTHCOMING CHANGE: On 26 November 2025, as part of Budget 2025, it was confirmed that, with effect from 6 April 2026, the EMI gross assets ceiling will be increased from £30 million to £120 million, the maximum number of full-time equivalent employees will rise from 250 to 500, and the overall aggregate cap on the value of unexercised EMI options that a company or group may have in existence at any given time will be lifted from £3 million to £6 million...

Mergers The Commission has authorised Gala Investment SAS and ICG plc to take joint control of Magellan Partners (M.12095) following a phase I investigation—see further, Midday Express The Commission has received an official notification for Banca CF+/Banca Sistema (M.12102) under the simplified merger procedure NOTE—For all current merger investigations before the Commission, see further, EU mergers—ongoing cases tracker State aid Applying EU State aid rules, the Commission has approved an amendment to a German renewable energy scheme first approved in December 2022, increasing the budget for the biomass and biogas support scheme by €7.9bn—see further, Midday Express NOTE—For all active State aid decisions and ongoing formal State aid investigations, see further, EU State aid decisions—ongoing cases tracker Upcoming dates For the full timetable of forthcoming EU competition developments, see further, EU Competition calendar...

In this issue: Air emissions and climate change Contamination and pollution Energy efficiency and buildings Energy for environmental lawyers Environmental information Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat conservation Waste Water, flooding and drainage Daily and weekly news alerts New and updated content Air emissions and climate change Greenhouse Gas Removals (GGR)-UK government publishes Business Model documentation On 27 August 2025, the Department for Energy Security and Net Zero (DESNZ) released a suite of papers on its proposed Greenhouse Gas Removals (GGR) Business Model and accompanying policy. The Lexis+ Energy team, working with Navraj Singh Ghaleigh, Senior Lecturer in Climate Law at the University of Edinburgh Law School, set out the context for the GGR Business Model; its relationship with the Power BECCS Business Model; the technologies the GGR framework intends to encompass; its legal footing and principal features; and how...

In this issue: Key developments and materials Electricity and gas market regulation and licensing Networks and network connections Conventional power, waste to energy, biomass, and CHP projects Nuclear energy Air emissions, efficiency, and climate change International energy Daily and weekly news alerts New and updated content Dates for your diary Trackers Key developments and materials Friends of the Earth has won a pivotal High Court judgment against the government, with the court ruling that the climate strategy advanced by the Secretary of State for Energy Security and Net Zero is unlawful. The court determined that adopting the Carbon Budget Delivery Plan contravened the Climate Change Act 2008. See: LNB News 03/05/2024 70. Electricity and gas market regulation and licensing Ofgem has released its conclusions on the consultation regarding updates to the licence fee cost recovery principles (LFCRP) and issued the LFCRP for May 2024. After reviewing consultees’ submissions, Ofgem confirmed it...

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: In 2027, stamp duty and SDRT are set to be superseded by a single, self‑assessed tax on securities — the securities transfer charge (STC) — to be paid and reported via a new online portal. The STC’s core features are expected to broadly reflect the proposals consulted on in 2023. Finance Act 2026 (FA 2026) confers a power for secondary legislation to let taxpayers trial the digital service, self‑assessing their stamp taxes on securities liabilities and submitting transactions electronically. For further details on the modernisation of stamp taxes on securities, see: News Analyses: Budget 2025—Tax analysis—Stamp and transfer taxes Tax update spring 2025—Stamp taxes on shares modernisation Tax update spring 2025—Tax analysis—Stamp and transfer taxes TAMD 2023—Stamp taxes on shares modernisation TAMD 2023—consultation—stamp taxes on shares Tax Administration and Maintenance Day—27 April 2023—Stamp and transfer taxes The government also consulted on modernising and clarifying...

FORTHCOMING CHANGE relating to UK transfer pricing: At Budget 2025, the government confirmed that it intends to move ahead with a new duty on in‑scope multinationals to submit annual information regarding cross‑border related party transactions and dealings for accounting periods starting on or after 1 January 2027. The detailed rules for the new ‘International Controlled Transactions Schedule’ (ICTS) are expected to be formally issued for technical consultation during spring 2026. A consultation on this measure ran from April through to July 2025. See News Analysis: Budget 2025—Tax analysis—International. This Practice Note reviews the UK transfer pricing rules as they apply to chargeable periods (referred to in this Practice Note for ease and convenience as ‘accounting periods’) commencing before 1 January 2026. Note that the Finance Act 2026 introduced a range of reforms to the UK’s transfer pricing regime, most of which apply for accounting periods beginning on or after 1 January 2026, subject to specified transitional provisions. For wider background on transfer pricing, see Practice Notes: Transfer pricing—what is...

Introduction and context This Practice Note provides a summary of the taxation of internationally mobile employees in relation to securities options (Options) charged to tax within Chapter 5 of Part 7 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003). On 30 October 2024, as part of the Autumn Budget 2024 announcements, the Labour government confirmed that it would proceed with the former Conservative government’s plans to abolish the remittance basis of taxation and replace it with a residence‑based regime, scheduled to commence on 6 April 2025. These changes were enacted through Finance Act 2025 (FA 2025) and have also affected, in particular, the availability and operation of overseas workday relief. This Practice Note reflects the current position under the new tax regime; however, the previous regime is still relevant for Options granted before 6 April 2025, because any elements of the Options’ ‘relevant period’ (see discussion below—broadly, the vesting period) that occur before 6 April 2025 remain subject to certain aspects of the earlier rules. For...

Precedent T Precedent T is a costs precedent that came into force on 1 October 2020...

1 General information Reporting period [ Insert the time span covered by this report ] Compiled by [ Insert name of the individual preparing the report ] Report date [ Insert date ] 2 Snapshot of pro bono activity in [ insert the period of time this report covers ] v [ insert previous period ] Metric overview Volume of pro bono cases or initiatives supported Current period: [ Insert the number of cases, clinics or projects supported on a pro bono basis in the current period ] Previous period: [ Insert the number of cases, clinics or projects supported on a pro bono basis in the previous period ] Total time committed to pro bono activity Current period: [ Insert total amount of time spent on pro bono activity in the current period ] Previous period: [ Insert...

The monthly budget estimates the revenue entering the business and the monetary outgoings leaving each month, culminating in a forecast of net profit for the period...

Both sides must record their agreement or dispute within a costs budget discussion report (Costs Precedent R)...

Dynamic Purchasing Systems A Dynamic Purchasing System (DPS) enables a contracting authority to acquire goods, services and works needed on a recurring basis without running a full public procurement exercise for every individual purchase. It provides a route to buy regularly required items efficiently while remaining compliant. A DPS is intended for sourcing common-use items that are widely available on the market and satisfy the contracting authority’s specifications. Further reading Practice Notes: Introduction to public contracts procurement and Introduction to framework agreements and dynamic purchasing systems Crown Commercial Service (CCS): Dynamic purchasing system guidance Under the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102, any authority setting up a DPS must follow the rules specified and cross‑referred in PCR 2015, SI 2015/102, reg 34. In keeping with all procedures under PCR 2015, SI 2015/102, contracting authorities should also adhere to the core procurement principles, treating all DPS participants equally and without discrimination, and acting in a transparent and proportionate manner...