Mutual fund meaning

In this issue: Electricity and gas market regulation and licensing Renewable energy Conventional power, waste to energy, biomass, and CHP projects Hydrogen, CCUS and emerging technologies Energy disputes Air emissions, efficiency, and climate change International energy LexTalk®Energy: a Lexis®Nexis community New and updated content Dates for your diary Trackers Energy resources on Lexis+® Daily and weekly news alerts Electricity and gas market regulation and licensing DESNZ confirms enduring governance for Smart Secure Electricity Systems DESNZ has issued its response to the 2025 consultation on enduring governance for the Smart Secure Electricity Systems (SSES) Programme, confirming that Elexon, through the Balancing and Settlement Code (BSC), will establish new Technical and Security Governance Groups to guide the technical and security frameworks that enable consumer-led flexibility. Using powers in section 245 of the Energy Act 2023, the government will amend the BSC so Elexon can run these groups as BSC Panel sub-committees and...

In this issue: Employment taxes VAT International Individuals and income tax Taxes management and litigation Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Employment taxes Appeal court rules that loans advanced through a remuneration trust were chargeable as disguised remuneration and that the linked costs were non-deductible (Marlborough DP Limited v HMRC). In Marlborough DP Ltd, the Court of Appeal dismissed the taxpayer’s case and upheld the Upper Tribunal (UT). It found that amounts lent to a director under a remuneration trust fell within the disguised remuneration regime in Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), as they were made in connection with employment. The Court further concluded that the associated payments were not allowable for corporation tax, since they were not incurred wholly and exclusively for the purposes of the company’s trade. See News Analysis: Court of Appeal...

Bath Racecourse Co. Ltd and others v Liberty Mutual Insurance Europe SE and others On the opening day of the hearing, counsel for companies compelled to shut during the March 2020 UK lockdown told the UK Supreme Court that the Coronavirus Job Retention Fund did not, as a matter of law, remove or reduce the liability to pay wages owed to staff. The dispute, Bath Racecourse Co. Ltd and others v Liberty Mutual Insurance Europe SE and others, is politically contentious. Its outcome will determine whether small businesses or insurers end up as the ultimate beneficiary of a portion of the £70bn of taxpayers’ money that was spent to support furloughed workers when the pandemic broke out in 2020. The case focuses on the operation of savings clauses...

Brief history Before it went into liquidation, Primeo Fund (Primeo) operated as an open‑ended mutual investment vehicle. It was sponsored by Bank Austria and domiciled in the Cayman Islands. As is typical, it collected capital from investors and deployed those monies. A significant proportion of investors were Austrian private individuals, subscribing for shares in Primeo. At the outset, between 1993 and 1996, Primeo allocated its portfolio to several external managers, including Bernard L. Madoff Investment Securities LLC (BLMIS). The directors’ first allocation mandated that 7.5% of Primeo’s assets be placed with BLMIS. In 1996, reflecting BLMIS’s seemingly strong performance, Primeo bifurcated into two sub‑funds: the existing fund became Primeo Global, while a new vehicle, Primeo Select, was formed to invest solely with BLMIS. By February 2001, a decision was taken to wind down Primeo Global, which had underperformed markedly compared with Primeo Select. Primeo Select maintained a direct relationship with BLMIS until May 2007, when it was reorganised to gain exposure indirectly via Herald Fund SPC (Herald). Under that...

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 ...

Private Client England & Wales glossary A Abatement When, after settling the deceased’s funeral costs, debts and liabilities, the remaining estate cannot satisfy all legacies in full, the gifts are reduced accordingly, unless the Will shows a different intention. In a solvent estate, the order for reduction appears in Part II of Schedule 1 to the Administration of Estates Act 1925. Refer to Practice Note: Payment of legacies. Accruals basis Where income is taxed on an accruals basis, it is attributed to a given tax year by reference to the number of days within that year during which the activity giving rise to the liability accrued. See Practice Note: What is the basis of income tax?. Accumulation and maintenance (A&M) trust A form of non‑interest in possession trust designed to benefit children and young people up to 25, which received favourable inheritance tax treatment between 1975 and 2006. See Practice Note: Accumulation and maintenance trusts—IHT [Archived]. Accredited Legal Representative (ALR) ...

This Deed of Partition is dated [ date ] Parties 1 [ life tenant ] of [ address ] (the Life Tenant ) 2 [ remainderman ] of [ address ] (the Remainderman ) and 3 [ trustee ] of [ address ] and [ trustee ] of [ address ] (the Trustees ) Background (A) This Deed is supplemental to a trust dated [ date ] and made between [ parties ] (the Trust ). (B) Under the Trust [ and in the events that have occurred ] the Trustees hold the Trust Fund on trust to pay its income to the Life Tenant during their lifetime and, subject to that, on trust as to both capital and income for the Remainderman absolutely. (C) The Trust Fund comprises the investments and capital cash described in Part A of the Schedule...