Real return meaning

European Commission v Republic of Malta ECLI:EU:C:2025:283 What are the practical implications of this case? The judgment curbs Member States’ latitude in conferring nationality where this entails EU citizenship, and prohibits nationality—and thus EU citizenship—being awarded in return for fixed payments or investments. The court confirmed EU citizenship as a core status that demands a real connection between the applicant and the Member State. Granting nationality on the basis of finance alone would erode the substance of Union citizenship and violate the duty of sincere cooperation (Article 4(3) TEU). The ruling bolsters the Commission’s supervisory function, making clear it can contest naturalisation arrangements that impinge on EU citizenship rights. It underscores the court’s resolve to safeguard the integrity of EU membership and citizenship. Other Member States operating investor programmes to draw in foreign capital must rethink or scrap such citizenship offers, ensuring they are not commodifying nationality and thereby EU citizenship. The case also underscores the obligation to embed substantive integration measures in naturalisation routes, such as genuine...

Magomedov and other companies v TPG Group Holdings (SBS), LP and other companies [2023] EWHC 3134 (Comm) What are the practical implications of this case? The court unequivocally affirmed the orthodox test for a freezing injunction: a good arguable case suffices, and there is no need for a detailed merits appraisal at the interim stage. It underlined that, even though the same terminology appears, the jurisdictional inquiry serves different purposes from the freezing-order analysis. Moreover, any look at the merits for jurisdiction is directed solely to demonstrating that a jurisdictional gateway is met, rather than embarking on a comprehensive merits evaluation. The court cautioned that transposing the three-stage jurisdiction framework into the context of freezing relief would draw both parties and the court into mini-trials at the interlocutory phase, with the attendant danger of depriving claimants of the protective remedy they seek. In addition, the court considered the proper method for assessing the risk of dissipation of assets, making clear that forming a generalised view about the respondent’s character,...

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Insolvency—private client Digital assets and cryptoassets Contentious trusts and estates Scotland, Wales and Northern Ireland International Question of the week Additional 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&A Useful information Probate HMCTS updates form PA7A and adds new form PA7B HM Courts and Tribunals Service (HMCTS) has revised form PA7A, the application used to request the withdrawal of a Will or codicil held in HMCTS storage. Updates include adding the testator’s date of birth to question 1, introducing a new question (6) about other executors named in the Will, and providing an option to return PA7A by email. A new companion form, PA7B, must be...

Banks and other financial institutions raise income by levying interest on the loans they extend. For lending to produce a return, the rate charged must at a minimum offset the lender’s own costs. See Practice Note: Introductory guide to interest in loan agreements—Cost of lending. In most syndicated facilities, many interest and interest period terms align with those used in real estate finance. This Practice Note highlights the interest and interest period mechanics that are particular to real estate finance (REF) deals. Where to start with drafting interest and interest period provisions in a real estate finance transaction These provisions for any given deal are ordinarily settled at term sheet stage before the facility agreement is drafted. It is therefore essential to review the term sheet’s terms before preparing the facility agreement. LMA real estate finance documentation The LMA includes clauses to address interest and interest period points within its real estate finance documentation, including its: single currency term facility agreement for real...

What is a facility agreement? Many construction projects, especially larger developments, often need external finance from banks or other lenders to support them during the build phase. The borrower will usually enter a facility agreement with the lender (or a group of lenders), which sets out the terms and conditions of the deal. It records the financing arrangements reached between the parties. It covers obligations, core pricing and timing requirements mutually agreed between them. Typical structure The precise make-up of a facility agreement varies according to factors such as the form of facility provided and the proposed application of the funds. Nonetheless, its core purpose is to see the lender’s capital repaid on time and to secure the return the lender expects on the loan at the agreed point. Consequently, most facility agreements contain broadly comparable provisions, commonly set out in a similar framework. This Practice Note outlines the standard elements of a bilateral, committed facility agreement made with a corporate borrower for a construction or development...

This Practice Note considers receivers appointed under the Law of Property Act 1925 (LPA 1925) or by an express power in a charge (for ease of reference, both are referred to in this Practice Note as LPA receivers, or simply receivers). This Practice Note does not address administrative receivers, nor receivers appointed by the court. VAT issues for receivers A receiver’s principal task is the collection and application of monies that come to them during their appointment. The factual circumstances may, in practice, be straightforward or intricate, depending on the nature of the property over which the receiver is appointed, the powers conferred by the mortgage deed under which the receiver is appointed, and the appropriate steps the receiver must take to maximise the return to the appointing mortgagee. A receiver, as a general rule, ordinarily controls the property in question for which they are appointed, but not the mortgagor’s wider business as a whole (even where that property makes up most of the business). A receiver...

How to use this test These questions aim to assess what you have learnt following training on anti-money laundering and counter-terrorist financing. [ It additionally includes counter-proliferation financing. ] Once you have finished this test, please return it to [ insert name ]. General Name of individual completing the test [ Insert name ] Role [ Insert role ] Date [ Insert date ] Circle the correct response. The law and red flags Question Multiple choice answers How is money laundering defined? (a) The method by which criminal proceeds and their real source and ownership are disguised so they seem lawful (b) Requesting or receiving a bribe (c) Staff removing funds from client accounts to finance crime What does terrorist financing mean? (a) Intimidating clients by insisting on payment (b) Raising or supplying money...