Major interest meaning

In this issue: Key developments and materials Brexit Air pollution and climate change Contamination and environmental pollution Energy efficiency and buildings Product energy efficiency Energy for environmental lawyers Environmental assessment Environmental information Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Marine Nature, biodiversity and habitat conservation Waste Waste producer responsibility regimes Water, flooding and drainage Daily and weekly news alerts New and updated content United Kingdom Environmental Law Association (UKELA) Annual Conference Key developments and materials Spending Review 2025—Key Energy and Environment announcements On 11 June 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, set out to Parliament the government’s Spending Review 2025 (SR25). This News Analysis draws out announcements and commitments of significance to the energy and environment sectors. See News Analysis: Spending Review 2025—Key Energy and Environment announcements. 2025 UN Ocean Conference...

In this issue: Payment Building safety Scots law Consultants on construction projects Guarantees Construction industry news Daily and weekly news alerts New and updated content Construction trackers Payment Late payments—Tackling poor payment practices—government response Tim Wright, Partner in technology, outsourcing and commercial at Fladgate LLP, reviews the government’s reply to the late payment consultation ‘Time to Pay Up’, issued on 24 March 2026, setting out the most far‑reaching measures to deal with overdue payments in more than a quarter of a century. Government figures suggest overdue invoices drain £11bn annually from the UK economy and push 38 firms out of business each day. The reform bundle would grant the Small Business Commissioner (SBC) stronger authority to probe, determine and penalise firms; impose a hard ceiling of 60 days on payment terms; mandate statutory interest at 8% over the Bank of England base rate; fix a legal cut‑off for challenging invoices; and float a prohibition...

In this issue: Budgets and Finance Bills Taxes management and litigation Business structures Anti-avoidance Employment taxes Devolution International Individuals and income tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills National Insurance Contributions (Employer Pensions Contributions) Bill in the House of Lords The National Insurance Contributions (Employer Pensions Contributions) Bill has passed through the House of Commons and is now being scrutinised by the House of Lords. See: LNB News 23/01/2026 8. Further changes to Finance Bill 2026; Public Bill Committee timetable On 23 January 2026, the UK government introduced additional amendments to Finance Bill 2026 (FB 2026) for the Public Bill Committee to examine: clause 13 (enterprise management incentives) and clause 225 (tax adviser registration). The Committee has also released its schedule, with proceedings due to conclude no later than 26 February 2026. See: Tax—Finance...

Firms sometimes extend low-interest (or interest-free) borrowing to directors or staff as part of a remuneration package, or on particular occasions, to assist the individual with major financial outlays. As with any other form of employment reward, where a loan is made by a third party rather than by the employer, the disguised remuneration rules in Part 7A of Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) must be considered first, since those provisions take precedence over most mechanisms for charging employment income to tax (including the benefits code). For further information, see: Disguised remuneration and EBTs—overview and, also, regarding the loan charge within the disguised remuneration rules, refer to Practice Note: Disguised remuneration—history of the loan charge. If no third party is involved (eg where the employer itself advances the loan), or an exemption from the disguised remuneration regime applies, the provisions in the benefits code for employment-related loans outlined below may instead govern the position for the particular loan in question...

What is land remediation relief? (LRR) LRR provides corporation tax relief on expenditure incurred in remediating contaminated land or in bringing derelict sites back into use. In 2009, the regime was broadened to address market failure by returning long-term derelict land to use, bringing such sites back into use. An incentive applies where land, whose development has been affected by various kinds of continuing dereliction, is brought back into productive use. The extension was intended to correct market failure by encouraging activity on sites blighted by ongoing dereliction. The relief was at risk of being discontinued after 2012; however, the 2012 Budget confirmed it would continue. The October 2024 HM Treasury Corporate Tax Roadmap, published alongside Autumn Budget 2024, notes the new Labour government’s commitment to a brownfield-first approach, prioritising the development of previously used land wherever possible. Given the time since the last review of LRR, and the potential for it to help progress the government’s objectives, the Roadmap announced that a consultation would be launched to...

Practice Note This Practice Note consists of two strands created to help dispute resolution practitioners remain up to date with developments in case law that affect their field, or which influence civil litigation procedure more generally: selected forthcoming appeals to the Supreme Court are highlighted below; see Key forthcoming appeals to the Supreme Court—2022 summaries of significant appeal decisions in England and Wales (ie rulings of the Court of Appeal and Supreme Court and, where appropriate, certain judgments of the Competition Appeal Tribunal, Judicial Committee of the Privy Council, Court of Justice of the European Union), and ECtHR, which we have covered; see: Key forthcoming appeal cases—2022 You can navigate this content using the table of contents in the left-hand margin. Alternatively, search this tracker using [CTRL]+[F]. This material is not intended to be a comprehensive register of every appeal or major decision relevant to dispute resolution practitioners. Key forthcoming appeals to the Supreme Court—2022 Tort and negligence ...

1 Reserve Fund 1.1 Definitions In this clause, the following further definitions apply: Fund Account – an interest‑bearing [ trust ] account [ opened with [ name of bank ] ] held in the Landlord’s name; Reserve Fund – a fund that the Landlord may, though is not obliged to, set up and keep from time to time to receive and hold a Reserve Fund Contribution; Reserve Fund Contribution – the sum (if any) in each Service Charge Period that the Landlord [ (acting reasonably) ] determines to be a fair annual payment by the Tenant towards the advance funding of [ providing the Services OR regularly‑recurring major items of [ the Service Costs OR service charge expenditure ] ] [ (including, but not limited to, repair, decoration, maintenance and renewal) ], and including any VAT payable where the Landlord cannot obtain a credit for that VAT from HM Revenue & Customs...

Date [ date ] Parties [ name of Landlord ], [ of OR incorporated in England and Wales (company registration number [ number ]) ], whose registered office is at [ address ] [ together with an address for service in England and Wales at [ address ] ] (the Landlord); [ name of Tenant ], [ of OR incorporated in England and Wales (company registration number [ number ]) ], with its registered office at [ address ] [ and an address for service in England and Wales at [ address ] ] (the Tenant); [ [ name of Guarantor ], [ of OR incorporated in England and Wales (company registration number [ number ]) ], having its registered office at [ address ] [ and an address for service in England and Wales at [ address ] ] (the Guarantor) ]...

1 Sinking Fund 1.1 Definitions For this clause, the following supplementary definitions shall apply: Fund Account • an interest-accruing [ trust ] account [ held with [ name of bank ] ] in the name of the Landlord; Sinking Fund • a fund that the Landlord may, but is not required to, create and maintain from time to time for receiving and holding any Sinking Fund Contribution; Sinking Fund Contribution • the sum (if any) in each Service Charge Period that the Landlord [ (acting reasonably) ] assesses as a fair annual contribution by the Tenant towards projected future costs of the [ [ major ] repair, ] renewal and/or replacement [ of the [ Property OR Building OR Centre ] AND Plant ] (including any applicable VAT to the extent that the Landlord cannot obtain a credit for that VAT from HM Revenue & Customs)...

Mary Ashley of 15 Old Square Higher SDLT rates apply where an individual buys a major interest in a single dwelling if conditions A–D are met at day‑end: A — consideration of £40,000 or more B — not subject to a lease with over 21 years unexpired C — purchaser owns another £40,000+ dwelling not so leased D — does not replace the only or main residence Dwelling includes a building or part used, suitable or being built/adapted as one dwelling, its gardens, grounds and benefiting land, and off‑plan contracts. Mixed‑use is excluded; no apportionment. As this freehold includes residential and non‑residential parts, it is mixed‑use, so the 3% surcharge should not arise. Sean Randall of Blick Rothenberg Limited The 3% applies to “higher rates transactions” in FA 2003, Sch 4ZA, paras 3–7, each requiring the main subject‑matter to consist of a major interest in at least one dwelling. The chargeable interest includes the first‑floor flat but does...

Acquisition or appropriation of remainderman's interest Under a life interest trust, the life tenant is entitled to live in the property or take the income it produces. The scenario assumes the life tenant might acquire the remainderman’s interest in the property, thereby converting their position into an absolute interest. In such a case, the remainderman would receive cash in exchange for their reversionary interest. Where the Will trust does not confer an express power on trustees to reallocate or modify beneficial interests, the life tenant and the remainderman may agree a variation pursuant to the rule in Saunders v Vautier, so long as they are both of full age and have capacity. This route is unavailable if any minors or unborn persons have, or may have, an interest under the trust. If there are potential beneficiaries of that kind, an application can be made to the court to approve the arrangement under the Variation of Trusts Act 1958. For further guidance, see: Termination of trusts—overview...

Condition C Where the buyer is a private person, one requirement of the increased rates (Condition C) is that, by the close of the completion day for their transaction, they hold a ‘major interest’ in a residence other than the one acquired. In some situations, this test is satisfied despite the buyer not holding any such interest at all...