Carry trade meaning

Number and identity of the partners How many partners will there be, and who are they? What is each partner’s status: individual, company, another partnership, or other entity/body? Do all partners possess the requisite qualifications? Will any be salaried or fixed‑share partners? What rights and duties will they hold? Will they sign and be bound by the partnership agreement? Can new partners be brought in; if so, must they sign a deed of adherence? Is unanimous approval required to admit new partners? Business details What activities will the partnership undertake? Is it an ongoing venture or a one‑off project (or projects)? Are any regulatory consents, approvals and licences needed? What will the partnership be called; does the name clash with an existing one? Carry out searches at Companies House and the Trade Marks Registry. Will a domain be needed; check availability and register it. Where will the partnership...

Number and identity of the partners What is the total number of partners, and who are they? In what capacity does each participate—individual, company, another partnership, or other entity/body? Who will act as general partner(s) and who as limited partner(s)? Can additional limited partners be admitted, and if so, on what terms? May limited partners hold other business interests and undertake activities beyond the limited partnership, including interests and activities in direct competition with it? Business details What activities will the limited partnership undertake? Is it an ongoing enterprise or a one-off project or series of projects? Are any regulatory consents, approvals, and licences required for the intended business? What name will the limited partnership trade under? Does the chosen name conflict with any registered limited partnership or business name? Carry out Companies House searches. Who will be responsible for registering the limited partnership with Companies House? Is a domain name...

China has unveiled a bolstered trade-policy compliance framework obliging state bodies to carry out compulsory, pre-emptive reviews to confirm that domestic actions accord with World Trade Organisation (WTO) rules and China’s wider ambition of further opening its economy. The updated implementation rules were issued on 5 December 2025 by the Ministry of Commerce (Mofcom) and will come into force 30 days after release. These adjustments may prompt more prudent policymaking, as officials are under heightened scrutiny to prove WTO alignment before rolling out measures that influence markets...

Investment and Securities Trust Ltd v HMRC [2025] UKUT 331 (TCC) In broad terms, the higher SDLT rate is engaged when a company buys a high‑value interest in residential property. That charge is switched off if the company acquires the interest solely for the purposes of its property development trade. Likewise, relief from ATED—the annual levy on companies that own high‑value dwellings—can be claimed for each day the company holds the interest exclusively for its property development trade. A helpful contrast emerges: SDLT is a one‑off impost, and entitlement to relief turns on the reason for the acquisition; ATED recurs annually, and relief depends on the purpose for which the property is held. As will become apparent, these distinctions mattered in this case. The taxpayer company had two directors and shareholders: an individual, L, and her son, M. L owned a house in St John’s Wood, London, which she needed to dispose of urgently for financial reasons. M wished the company to carry out a development and then sell...

In this issue: Trade marks/passing off Patents LexTalk®IP: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Useful information Trade marks/passing off McDonald’s loses EU Big Mac trade mark in respect of poultry products Following a judgment of the General Court, McDonald’s has lost its EU trade mark Big Mac for poultry products. The court found McDonald’s had not shown genuine use of the contested mark over a continuous five-year period for the goods ‘chicken sandwiches’, the goods ‘foods prepared from poultry products’ and the services ‘rendered or associated with operating restaurants and other establishments or facilities engaged in providing food and drink prepared for consumption and for drive-through facilities; preparation of carry-out foods’. The material provided gave no real indication of the extent of use of the mark for those goods and services, particularly with respect to sales volume, the duration of use,...

Trustees and personal representatives can, in fact, carry on a trade. For example, where a self-employed trader dies, the personal representative may keep the business running until it is wound down or sold. In the same way, trustees or interest in possession beneficiaries might be trading and could qualify for reliefs such as roll-over relief or business asset disposal relief. The broad tax rules governing trading apply to all traders alike, whether they are individuals, trustees, or personal representatives. This Practice Note sets out those principles below. Is there a trade? The key issue to examine is whether there is a trade. At times this will be clear, for instance when personal representatives step in to continue the deceased’s business; however, in other situations even a solitary transaction can amount to a trade. As an illustration, trustees who buy a property to renovate may, depending on the circumstances, be regarded as operating a property development business. If so, any gain on the later sale would fall within income...

This Practice Note This Practice Note reviews employment law matters that can emerge in connection with volunteers and voluntary workers engaged in voluntary or charitable activity. It covers how volunteers are recruited (notably criminal record vetting and immigration considerations), arrangements made with volunteers, the national minimum wage, equality and banned conduct, data protection, and health and safety. In broad terms, a person is regarded as a volunteer where they are free from any duty to work but choose to carry out tasks without remuneration. In the absence of consideration, no binding contract can exist (whether of employment or worker status). That said, volunteers may have out-of-pocket expenses properly repaid without jeopardising their volunteer status. A volunteer may generally arrive and leave at their own discretion. Because volunteer positions are frequently loosely defined, if any form of consideration is identified, the role performed by the individual for the organisation may in fact amount to that of a ‘worker’ or an ‘employee’, thereby conferring statutory employment protections. In February 2026, the...

The capital gains regime allows corporate groups to organise the offset of allowable losses arising in one group company against taxable gains arising in another. The most straightforward route is to elect to move a gain or a loss between companies within the group. That election rests on the premise that group members function, in many ways, as a single economic unit, and that the tax code ought to mirror that reality. The purpose of the provisions is to enable groups to net gains and losses against each other where both the gains and the losses arise within the same group. This treatment is not meant to apply to companies acquired into a group specifically because they already carry losses. The pre-entry loss rules exist to stop groups from cutting their gains by purchasing losses in this fashion. Although intended to counter avoidance, the pre-entry loss rules can bite regardless of whether the parties involved are driven by tax motives, and they apply even where tax considerations are not the...

[ To be printed on the Transferee’s headed paper ] [ Insert the Transferor’s address ] [ Insert date ] Dear [ insert name of Transferor ] Notice of cancellation of election to carry out pre-transfer redundancy consultation This letter gives written notice, under section 198A(5) of the Trade Union and Labour Relations (Consolidation) Act 1992, that the election of [ insert name of Transferee ], dated [ insert date ], to conduct pre-transfer consultation is cancelled with immediate effect. [ For the avoidance of doubt, this notice also ends the pre-transfer collective redundancy consultation agreement between [ insert name of Transferor ] and [ insert name of Transferee ] dated [ insert date ]. ] Please confirm receipt by signing, dating, and returning the enclosed counterpart of this letter no later than [ insert date ]. Yours sincerely [ Signature of Transferee’s representative ] For and on behalf of [ insert name of Transferee ] [ On copy...

[Transferee headed notepaper] [Address of appropriate representative/transferring individual/Secretary of State] [Date] Dear [Recipient’s name], Notice of cancellation of election to carry out pre-transfer redundancy consultation Further to our letter dated [date of the letter notifying the election or proposed dismissals], [insert name of Transferee] had chosen to undertake pre-transfer consultation concerning dismissals it intended to implement following the proposed transfer of [insert name of business or services to be transferred] from [insert name of Transferor] to [insert name of Transferee]. This correspondence gives notice, under section 198A(6)(c) of the Trade Union and Labour Relations (Consolidation) Act 1992, that on [insert date], [insert name of Transferee] served [insert name of Transferor] with immediate cancellation of that election. [Insert any explanation the Transferee wishes to provide for the cancellation, for example, that the transfer will no longer proceed.] Please confirm receipt by signing, dating, and returning the enclosed duplicate no later than [insert date]. Yours sincerely [Signature of Transferee’s representative]For and on...

1 Introduction 1.1 This document explains the Company’s policy and procedure for dealing with: 1.1.1 unsatisfactory performance (meaning insufficient skill or aptitude to carry out a role) (see paragraph 2); 1.1.2 genuine persistent, intermittent, short-term absence (see paragraph 3); and 1.1.3 long-term ill-health absence (see paragraph 4). Paragraph 5 describes the formal capability procedure that will apply where informal steps to address any of these matters are not enough, ie invitations, attendance, the right to be accompanied, how capability meetings are run, adjournment, the decision and the right of appeal. 1.2 This policy [ was agreed following consultation with [ trade union representatives OR the staff association OR employees ] and ] applies to all employees. 1.3 This policy aims to offer a framework to handle matters in a fair, supportive and consistent way. It is issued solely as a statement of the Company’s policy and does not constitute part of any contract of employment or otherwise create contractual...