First close meaning

As Winston Churchill observed at the Lord Mayor’s Luncheon in 1942, this is no finale—nor even the beginning of one—more likely the end of the opening chapter. So it is with the FCA’s Consumer Duty. A torrent of imagery has been offered, yet those delivering change or advancing board reporting gain scant practical direction: boiling frogs boiling kettles, not oceans golden threads the art of the possible The last two years of implementation mark only the first stage of a wholesale mindset shift for firms—and for the FCA—across retail markets. With its outcomes focus, the Duty requires firms to define what ‘good’ looks like for their business and the processes most likely to secure positive results for all customers. Meanwhile, the FCA is starting to close the gaps, setting a cadence of studies and feedback that appears likely to continue...

Powell v HMRC [2025] UKFTT 528 (TC) The taxpayer served as director and sole shareholder of T Ltd, a close company, and his director’s loan account with the company was overdrawn, giving rise to a charge on the company under section 455 of the Corporation Tax Act 2010 (CTA 2010). In 2020, after a share‑for‑share exchange, T Ltd became a subsidiary of PHSW Ltd, where the taxpayer was also a director at the time. The taxpayer, T Ltd and PHSW Ltd then executed a novation of the outstanding loan account so that T Ltd’s rights were assigned to PHSW Ltd instead. T Ltd released the taxpayer from his obligations to it and PHSW Ltd acquired those rights, thereby becoming the taxpayer’s creditor in his place. The tax paid by T Ltd under CTA 2010, s 455 in respect of the loan was subsequently repaid to the company...

In this issue: Key EU developments Competition and state aid Data protection and cybersecurity Financial services Environment Insurance and reinsurance Life sciences TMT International trade Daily and weekly news alerts New and updated content Trackers Key EU developments EU introduces competitiveness compass The European Commission has unveiled the competitiveness compass, a strategic blueprint to steer its programme over the next five years, setting out priority measures to bolster Europe’s competitiveness. It marks the first flagship move of this Commission’s mandate. The compass draws on the recommendations in the Draghi report, ‘The future of European competitiveness’, issued in September 2024 (see: LNB News 10/09/2024 44). The ambition is to secure Europe’s leadership in designing, producing and commercialising next-generation technologies, services and clean products, while progressing towards climate neutrality. Although productivity growth has trailed that of other major economies for two decades, the EU retains the ingredients to turn the tide — a...

What is a service charge? A service charge is a sum a tenant may have to pay to a landlord under a commercial lease to reimburse the landlord for services they provide in connection with the common parts and for the upkeep of the property. Commonly, this applies where multiple tenants occupy one property, for example a shopping centre, and the landlord looks after the communal parts of the building for everyone’s benefit. In most contemporary leases the tenant pays the service charge on account, before the landlord incurs the expenditure, calculated from an estimate of the next year’s costs. At the close of the accounting period a reconciliation is prepared and any shortfall or surplus is settled by or to the tenant. Sometimes, earlier forms of lease stipulate that the landlord must meet the outlay first. For more detail on service charges ordinarily charged to tenants of multi-occupied buildings by commercial landlords in Scotland, see Practice Note: Service charge and outgoing provisions in commercial leases in Scotland. ...

This Practice Note explains the two chargeable gains tax reliefs relevant to dealings under a scheme of reconstruction. For a definition of ‘scheme of reconstruction’, refer to the Practice Note: Schemes of reconstruction defined...

What is the PCA? The Permanent Court of Arbitration (PCA) is the oldest intergovernmental organisation devoted to enabling the peaceful settlement of international disputes. Based in The Hague, it was created by the 1899 Convention for the Pacific Settlement of International Disputes, signed at the close of the first Hague Peace Conference in 1899. Initially centred on state‑to‑state arbitration, the PCA now administers and offers related services for matters involving states, state‑controlled entities, intergovernmental organisations and private parties... The PCA Arbitration Rules In December 2012, the PCA issued its Arbitration Rules (the PCA Rules). These Rules superseded and replaced four earlier PCA rule sets: 1992 Optional Rules for Arbitrating Disputes between Two States (PCA State/State Rules) 1993 Optional Rules for Arbitrating Disputes between Two Parties of Which Only One is a State (PCA State/International Organisation Rules) 1996 Optional Rules for Arbitration Involving International Organisations and States, and 1996 Optional Rules for Arbitration between International Organisations and Private Parties ...

1 The separate business Name of the separate business: [ insert name ] Relationship between this firm and the separate business: [ describe relationship, eg the partners of this firm collectively own 50% of the separate business ] Do any of the following factors apply: you use the same or a similar name, branding, or staff as the separate business your premises are shared with, or situated close to, the separate business you have shared or linked websites or contact details with the separate business you will (or might) carry out joint publicity with the separate business the separate business will deliver legal services that consumers may expect a lawyer to provide clients seeking legal services will be directed first to the separate business the name or branding of your firm and the separate business are alike ☐ Yes ☐ No If yes, you will need to take extra care at section 3 to...

COMPANY NUMBER: [ insert number ] [ insert company name ] PLC Minutes of a meeting of the board of directors (the Meeting) of [ insert full name of company ] (the Company) convened at [ insert place of meeting ] on [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ] PRESENT: [ Insert names of the director(s) physically present ] [ [ Insert names of any directors present by telephone as permitted by the Company’s articles of association ] (by telephone) ] [ [ Insert names of any directors present by other means permitted by the Company’s articles of association ] by [ insert other means ] ] [ IN ATTENDANCE: ] [ [ Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any legal advisers) ] ] [...

[ INSERT COMPANY NAME ] LIMITED Minutes of a meeting of the board of directors (the Meeting) of [ insert full name of company ] (the Company) Held at: [ insert place of meeting ] On: [ insert day, month and year of meeting ] at [ insert time of meeting ] [ am OR pm ] Present [ Insert names of the director(s) physically present ] [ Insert names of any directors present by telephone as permitted by the Company’s articles of association ] (by telephone) [ Insert names of any directors present by other means permitted by the Company’s articles of association ] by [ insert other means ] In attendance [ Insert name of anyone in attendance, who does not count towards the quorum for the Meeting (eg the company secretary, any advisers) ] 1 Chair, notice and quorum [ Insert name ] was elected to...

Case study A one-year fixed term assured shorthold tenancy (AST) was initially granted, ending in February 2015. With the fixed term concluded, a statutory periodic tenancy has commenced. The landlord fears they might have failed to comply with duty to supply prescribed information; can they issue a section 21 notice to bring the statutory periodic tenancy to a close? Since the term expired, the tenancy continues on a statutory periodic footing. How to rent checklist The obligation to provide the publication ‘How to rent: the checklist for renting in England’, issued by the Department for Housing, Communities and Local Government, arose under Deregulation Act 2015 (DA 2015). However, amendments introduced by that Act do not extend to fixed term ASTs granted before 1 October 2015, even where agreements roll into a statutory periodic tenancy after 1 October 2015. This remains the stated position throughout...