Closing value meaning

UK developments HMT seeks views on a UK Green Taxonomy. HM Treasury (HMT) has opened a consultation inviting feedback on the value case for creating a UK Green Taxonomy within the UK’s broader sustainable finance framework. Submissions are requested by 6 February 2025. The deadline is 6 February 2025. See: LNB News 15/11/2024 63. Sources: Open consultation: UK Green Taxonomy and Consultation. HMT issues consultation response and draft rules for ESG ratings providers. HMT has set out its response to its consultation on the future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers, outlining the intended perimeter of the new framework together with accompanying draft legislation. Views on the draft regulation are invited by 14 January 2025. The closing date is 14 January 2025. See: LNB News 15/11/2024 51. Sources: Consultation outcome: Future regulatory regime for Environmental, Social, and Governance (ESG) ratings providers and FCA welcomes move to bring ESG ratings providers into regulation. EU developments The Council of the...

About £77bn was issued by lenders in government-guaranteed loans to keep firms afloat during the pandemic. Government data puts suspected fraud at £1.8bn. While sizeable, that sum is modest beside early assessments from the National Audit Office, the public spending watchdog, which suggested the real total for Covid loan fraud might reach £26bn. The revised outlook ‘is a world away from the sensationalist numbers bandied about four years earlier’, observed Daniel Staunton, an associate in Kingsley Napley LLP’s restructuring and insolvency team. The Bounce Back Loan Scheme, unveiled by the government in April 2020, enabled small and medium-sized enterprises to swiftly seek loans ranging from £2,000 to 25% of turnover, with a ceiling of £50,000. Ministers hailed the programme as successful, saying the schemes threw a lifeline to nearly 1.7m businesses nationwide and that 75% had been cleared in full by December 2023 or are progressing to be settled completely. Yet worries over fraud potential emerged rapidly. Accounts surfaced of insolvent entities obtaining loans, or directors extracting funds before closing...

In this issue: Wills Trusts Older and at-risk clients UK taxation for Private Client HMRC Manual revisions Tax avoidance, evasion and non-compliance Private Client insolvency Disputed trusts and estates Art, heritage assets, 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 Latest Q&As Useful information Wills Court upholds validity of 2008 Will (Parfitt v Jones) The King’s Bench Division considered challenges to the 19 November 2008 will of Mary Barbara Wadge. It concluded that the claimant, Carolyne Hiddins, proved proper execution, testamentary capacity, and that the testatrix made the will freely and without undue influence. The court also rejected assertions that Mary did not know...

NOTE—to check whether notification thresholds in Vietnam and worldwide are triggered, please consult: Where to Notify. 1. Have there been any recent developments regarding the Vietnamese merger control regime and are any updates/developments expected in the coming year? Are there any other ‘hot’ merger control issues in Vietnam? In 2020, Vietnam promulgated Decree 35 on Detailed Regulations for Implementation of the Law on Competition dated 24 March 2020 (Decree 35), which became effective on 15 May 2020. This marked a pivotal step in putting into operation the competition framework envisaged under the Law on Competition dated 12 June 2018 (Competition Law). The body designated under the Competition Law, the Vietnam Competition Committee (VCC), was established on 1 April 2023 and from that date assumed responsibility for the merger control regime. Decree 35 introduced the following clarifications to merger control: Notification thresholds, under which a transaction must be notified where: the total assets or turnover in Vietnam of...

FORTHCOMING CHANGE relating to call for evidence on tax support for entrepreneurs: At Budget 2025, the government launched a formal public call for evidence (closing date: 28 February 2026) on how existing tax incentive arrangements operate and on potential measures to extend support for entrepreneurs. The exercise concentrates in part on the venture capital schemes and on enterprise management incentives. It also references investors’ relief and, more specifically, invites views on how the tax regime might better enable reinvestment by successful entrepreneurs, including the function and effectiveness of business asset disposal relief. Investors’ relief is a capital gains tax (CGT) relief intended for individuals who invest in unquoted trading companies while not taking part in the management or operation of the business. Such investors will not generally qualify for business asset disposal relief (BADR, formerly entrepreneurs’ relief, see Practice Note: CGT—business asset disposal relief (formerly entrepreneurs' relief)) when they realise their investment and, without investors’ relief, would instead be charged at the standard CGT rates. Investors’ relief applies the...

In recent years, the idea of Legal Project Management (LPM) has gained real momentum within the legal sector. This Practice Note offers an introduction to LPM and explores: what LPM is and how it can assist in-house lawyers the phases of legal project management and what occurs at each stage how to begin with LPM This Practice Note can be read alongside Practice Note: Legal project management: A step-by-step guide, and further guidance on project management generally is available in the Project management subtopic. What is Legal Project Management (LPM)? Put simply, it is the application of project management principles to legal work. Project management first emerged in the 1950s, with roots in engineering and construction. Over the decades, its value was recognised beyond heavy industry, and it was taken up across numerous business sectors, including IT, finance and professional services. Today, project management is regarded as an essential business skill, with frameworks such as PRINCE2 (developed by the UK...

ARCHIVED: This Precedent has been archived and is no longer maintained [ ISSUER ] Offering (the ‘Offering’) of [ ● ] global depositary receipts (the ‘GDRs’), with each GDR evidencing an interest in [ ● ] ordinary share[s] of nominal value [ ● ] (the ‘Shares’). 1 Parties involved in the offering Issuer ( ILC ) Custodian ( Custodian ) Clearstream Banking, société anonyme ( Clearstream, Luxembourg ) Issuer’s Counsel ( IC ) Manager’s Counsel ( MC ) Euroclear BankS.A./N.V. as operator of the Euroclear System ( Euroclear ) Issuer ( Company ) Selling Shareholder (Selling Shareholder) Manager 1 ‘ [ ● ] ’ and ‘ Stabilisation Manager ’ Manager 2 ‘ [ ● ] ’ and ‘ Settlement Agent ’ London Stock Exchange ( LSE ) Manager 1 and 2 ( Managers ) Depository ( Depository ) The Depository Trust Company ( DTC ) Financial Conduct Authority ( FCA )...