Carried interest meaning

This Checklist summarises the principal due diligence issues for conservation areas in Scotland. It clarifies the effect of a property lying within a conservation area designated under the Planning (Listed Buildings and Conservation Areas) (Scotland) Act 1997 (P(LBCA)(S)A 1997), including tighter planning controls, possible Article 4 directions, and notification duties for works to trees... It outlines the consequences of undertaking demolition without planning permission or conservation area consent, covering enforcement action and criminal liability with no time limit. It also flags how potential breaches are identified and what the due diligence report should address. This forms part of wider guidance on planning in Scotland-see: Planning for property lawyers in Scotland-collection... Conservation areas are parts of localities designated under P(LBCA)(S)A 1997, s 61, as areas of special architectural or historic interest, the character or appearance of which it is desirable to preserve or enhance. See further: Designation of conservation areas: Stair Memorial Encyclopaedia [315]... What are the implications of the property being in a conservation area? Planning...

Conservation areas are neighbourhoods or districts identified and designated under the Planning (Listed Buildings and Conservation Areas) Act 1990 (in England) and the Historic Environment (Wales) Act 2023 (HE(W)A 2023) as places of particular architectural or historic interest, whose character or appearance it is desirable to protect or enhance. See Practice Notes: Conservation areas in England and Conservation areas in Wales for further guidance. What are the implications of the property being in a conservation area? If the property lies within a conservation area: planning controls are tighter—permitted development rights are generally more limited in conservation areas; some conservation areas may additionally be subject to specific Article 4 directions, which restrict permitted development even further (see: Permitted development—overview and Practice Note: Article 4 directions) in England, conservation area consent is not needed for the demolition of any buildings. Proposals to demolish such buildings are determined by the local planning authority (LPA) via a formal application for planning permission accordingly. See Practice Note: Planning...

Is listed building consent required? Section 7 of the Planning (Listed Buildings and Conservation Areas) Act 1990 (P(LBCA)A 1990) in England, and section 88 of the Historic Environment (Wales) Act 2023 (HE(W)A 2023) in Wales from 4 November 2024, provide that no person may carry out, or cause to be carried out, any works comprising: the demolition of a listed building; or its alteration or extension in any way that would affect its character as a building of special architectural or historic interest, unless those works are authorised by listed building consent. Whether proposed works affect the building’s character is a matter of individual judgement, and opinions may vary between the owner, interested parties and the local planning authority (LPA). Alterations that do not require planning permission may still need listed building consent; for instance, internal changes that are not ‘development’ within section 55 of the Town and Country Planning Act 1990 can nonetheless require listed building consent...

Antitrust Commission penalises Eurofield and Unanime Sport €172,000 for incomplete information in synthetic turf sector probe The Commission stated it has imposed fines totalling about €172,000 on Eurofield SAS (Eurofield) and Unanime Sport SAS (Unanime Sport), the ultimate parent of Eurofield at the time of the infringement, for submitting an incomplete response to an information request issued as part of its ongoing inquiry into a possible infringement of Article 101(1) TFEU. Background On 7 June 2023, the Commission revealed that it had carried out unannounced inspections at the premises of companies active in the synthetic turf sector across several Member States. It explained that the inquiry concerns synthetic turf for sports use and noted its concerns that the inspected companies may have breached Article 101 TFEU. In the course of this investigation, the Commission also sent requests for information to the companies under investigation, including Eurofield...

In this issue: Private equity and venture capital Employment taxes Taxes management and litigation Real estate tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Private equity and venture capital CIOT publishes its response to call for evidence on tax treatment of carried interest The Chartered Institute of Taxation (CIOT) has issued its reply to the government’s call for evidence concerning how carried interest is taxed. See: LNB News 03/09/2024 5. Employment taxes Upper Tribunal allows HMRC IR35 appeal (HMRC v S&L Barnes Ltd) In HMRC v S&L Barnes Ltd, the Upper Tribunal (UT) set aside the First-tier Tax Tribunal’s (FTT) decision and upheld HMRC’s appeal, concluding that the intermediaries legislation (IR35) applied to a personal service company supplying the services of former rugby international Stuart Barnes (B) to Sky TV as a co-commentator and pundit. See News Analysis: Upper Tribunal allows HMRC...

In this issue: Trusts Court of Protection UK taxes for Private Client HMRC Manuals updates Insolvency—Private Client Charity and philanthropy Contentious trusts and estates Scotland, Wales and Northern Ireland International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&A Useful information Trusts Companies House publishes guidance on removal of overseas entities from register Companies House has issued guidance setting out the process for taking an overseas entity off the Register of Overseas Entities. It applies where the entity no longer holds registered title to UK land or property acquired on or after 1 January 1999 in England and Wales, 8 December 2014 in Scotland, and 5 September 2022 in Northern Ireland. The guidance confirms the entity must have disposed of all UK property or land, and the transfer of ownership...

STOP PRESS: On 19 June 2025, the Data (Use and Access) Bill secured Royal Assent, transforming into the Data (Use and Access) Act 2025 (DUAA 2025) and taking partial effect on that same date. Provisions of DUAA 2025 dealing with issues such as handling data subject access requests, and granting the power to make further regulations, commenced immediately on 19 June 2025. Other elements, relating to notices issued by the Information Commissioner and certain facets of law enforcement processing, began to apply on 19 August 2025 (being two months from the date of Royal Assent). The bulk of DUAA 2025’s measures will only commence once additional regulations, by way of statutory instruments, are made and brought into force. Parts 5 and 6 of DUAA 2025 operate to revise and update areas of UK data protection and ePrivacy law within the UK, including the United Kingdom General Data Protection Regulation, Assimilated Regulation (EU) 2016/679 (UK GDPR), the Data Protection Act 2018, and the Privacy and Electronic Communications (EC Directive) Regulations...

The SRA Standards and Regulations allow law firms and legal service providers to organise their businesses in several formats, depending on whether they deliver reserved legal activities. Options comprise: a single SRA-regulated entity delivering both reserved and non‑reserved services an SRA‑regulated entity delivering reserved legal services, with some or all non‑reserved work carried out by a separate, non‑SRA regulated business (which, importantly, may employ SRA‑regulated solicitors) a non‑SRA regulated entity supplying only non‑reserved legal services, employing SRA‑regulated solicitors a freelance solicitor—see Practice Note: Dealing with freelance solicitors This Practice Note offers guidance to law firms on running a separate business, including allocating parts of a client matter between the law firm and the separate business, which will entail unbundling legal services. It reflects the Legal Services Act 2007 (LSA 2007) and the SRA Standards and Regulations, together with separate business guidance issued by the SRA. Unless stated otherwise, references in the Practice Note to: ‘solicitor’ includes Registered European...

A certificate of lawfulness for proposed works under section 26H of the Planning (Listed Buildings and Conservation Areas) Act 1990 (P(LBCA)A 1990) provides formal confirmation that intended works of alteration or extension—though not demolition—affecting a listed building in England do not need listed building consent, because they do not impact the character of the listed building as a building of special architectural or historic interest. As a result, such works are not liable to enforcement action under P(LBCA)A 1990, s 38. Refer to the Practice Notes: Listed building regime and listed building consent in England, and Listed buildings enforcement and criminal liability regime in England. Certificates are available only for works that have not yet been carried out—they cannot be secured retrospectively. Is there an obligation to obtain a certificate? There is no duty on any person to seek a certificate, nor any statutory requirement to apply. If an individual is satisfied that the planned works do not require listed building consent, they may proceed without any confirmation...

The purpose of the claim form A claim form initiates proceedings. It sets out information relevant to the case, including: the court reference number to be used on all subsequent court documents; the parties to the proceedings; what is being claimed; particulars of the claim (including any claim for interest); and contact details for the claimant, typically the claimant’s solicitor. Guidance on the contents of a claim form in general is available in the Practice Note: Claim form—the contents. This Precedent includes suggested text for use where the claim concerns trade mark infringement and/or passing off. The form provides direction on the particular points that should be considered when completing a claim form for use in such proceedings. The attached N1 claim form is provided as an example only. We recommend that practitioners download the latest N1 claim form in PDF from the official source for submission, and use the attached version solely as an aid to completing it....

This limited partnership Agreement is entered into on [ insert day and month ] 20[ insert year ] Parties [ insert name of general partner ] of [ insert address ] (the General Partner); and Each of the persons named in Schedule 1, Part B. BACKGROUND The Limited Partnership is registered as a limited partnership and designated as a private fund limited partnership in England under the LPA 1907 with number LP [ insert number ]. The General Partner has agreed to act as the general partner of the Limited Partnership and to manage the business of the Limited Partnership, and the Limited Partners have agreed to make Contributions to the Limited Partnership on the terms set out below. The General Partner and the Limited Partners intend that the Limited Partnership will carry on the Business and agree to regulate the affairs of the Limited Partnership on the terms set out below. ...

Transfer of a going concern 1 The Seller and the Buyer both agree that the disposal and assignment of the Property, carried out in line with this Agreement, shall amount to the transfer of a business, or part of a business, as a going concern under section 49(1) of the Value Added Tax Act 1994 (VATA 1994) and article 5 of the Value Added Tax (Special Provisions) Order 1995, SI 1995/1268, with the result that the Property transfer is correctly treated as neither a supply of goods nor a supply of services for the purposes of VAT...

Where a tenant makes an encroachment onto neighbouring land owned by a third party adjacent to the demised land, the appropriation is treated as accruing to the benefit of the tenant’s landlord. In Tower Hamlets LBC v Barrett [2006] P&CR 132 (not reported by LexisNexis®), Neuberger LJ observed at para [26] that the doctrine is clearly articulated in these terms: in every case—whether the enclosed land is part of the waste, belongs to the landlord, or is owned by someone else—the presumption is that the tenant enclosed it for the landlord’s advantage, unless the tenant has carried out some act disclaiming the landlord’s title...

Section 106 agreements (section 106 of the Town and Country Planning Act 1990 (TCPA 1990)) These provisions enable any person with an interest in land to, ‘by agreement or otherwise’, enter into obligations under TCPA 1990, s 106(1)(a) to (d), which may: limit or control the development or use of the land require that specified operations or works are carried out stipulate that the land is used in a particular way require payment of a sum or sums to the authority As s 106 allows obligations to be given ‘by agreement or otherwise’, they may equally be created by a unilateral undertaking, rather than solely through an agreement. This note considers both mechanisms and their effect in practice. For either an agreement or a unilateral undertaking to bind all interests in the land, everyone holding an interest must be joined as a party to the agreement, or must join in the unilateral undertaking, as appropriate. In either event, the local...

For the purpose of this Q&A, we have assumed that: the asset concerned is a residential dwelling property A and B hold either a freehold estate, or a leasehold granted for a term exceeding seven years A occupies a different dwelling as A’s only or principal residence, in which A has a freehold or leasehold interest A and B are not civil partners of one another and/or are separated in circumstances that are likely to be permanent A is not acquiring B’s interest as part of any business activity of buying and selling dwellings carried on by A the trust to be declared by B in favour of A will take the form of a bare trust arrangement completion of A’s acquisition will take place on or before 31 March 2021 As A’s share of the dwelling, in monetary terms, is £225,000, A will need to provide consideration of £220,500 to B to secure a 99% beneficial interest...