Substitution meaning

What this checklist covers This checklist sets out the principal matters a solicitor guiding a first time issuer must verify and, where appropriate, propose changes to, when reviewing English law terms and conditions governing an issue of debt securities...

What this checklist covers This checklist identifies the principal matters a solicitor advising a first time issuer should review and, where appropriate, propose amendments to when considering an English law trust deed for a debt securities issue. It applies to trust deeds for both secured and unsecured debt securities. It should be read alongside Practice Note: Trust deed—first time issuer's guide, which explains: the advantages and disadvantages of appointing trustees in debt capital markets transactions and the nature of the relationship between an issuer and a trustee, and the practical aspects of the main provisions commonly included in trust deeds for debt capital markets transactions Although the terms and conditions of the debt securities being issued will be set out in an annex to the trust deed, this checklist does not cover terms and conditions—these are addressed in Terms and conditions—first time issuer's negotiation checklist and Practice Note: Terms and conditions—first time issuer's guide. References are made to provisions by their usual...

Market definition is fundamental to the application of competition law. This Checklist helps to determine the relevant market for competition-law purposes and the kinds of evidence that can be used when delineating a relevant market (see further, Market definition and analysis in EU and UK competition law)... Framework for assessment Keep in mind the purpose of defining the market in competition cases. Market definition is not a goal in itself; it is a tool for identifying the strongest and most immediate competitive pressures acting on a firm or firms for the evaluation of market power. Key points to bear in mind when defining and analysing markets are as follows: Consider the context in which the market-definition exercise is undertaken (whether it concerns the assessment of restrictive agreements, abuse of dominance, or mergers)...

The statement follows: A Ministry of Commerce spokesperson responded to media enquiries about China’s WTO complaint against India concerning subsidies for electric vehicles and batteries. Reports state that China has lodged a WTO case alleging India subsidises electric vehicles and battery output...

In this issue: Companies and corporation tax Employment taxes Taxes management and litigation International Individuals Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies and corporation tax Court of Appeal holds that payments in settlement of regulatory breaches were tax deductible (ScottishPower v HMRC) As noted in Tax weekly highlights—23 January 2025, the Court of Appeal has concluded that consumer redress paid by ScottishPower to resolve regulatory investigations is deductible for corporation tax, reversing the outcomes reached by both the First-tier Tax Tribunal (FTT) and the Upper Tribunal (UT). On the facts, the Court determined these sums were not fines or penalties and so the rule in McKnight (HM Inspector of Taxes) v Sheppard, which renders fines and penalties non-deductible, did not apply. The Court also dismissed the presence of any broader principle, in this context, that a payment must follow the tax treatment of...

In this issue: Post-market Intellectual property Pharmaceuticals—regulatory framework Research and development Medical devices Daily and weekly news alerts New and updated content Trackers Useful information Post-market What’s next for UK product liability? Andrew Austin, partner; Harriet Hanks, counsel; and Rachel Duffy, senior associate at Freshfields LLP, examine the UK Law Commission’s review of the domestic product liability framework for defective goods, with a particular lens on emerging technologies such as artificial intelligence, and set against notable recent developments in the EU. See News Analysis: What’s next for UK product liability? EMA updates pharmacovigilance requirements and ends EudraVigilance pilot phase The European Medicines Agency (EMA) has released guidance following adoption of Commission Implementing Regulation (EU) 2025/1466, which amends Regulation (EU) No 520/2012. This change formally concludes the EudraVigilance signal detection pilot for Marketing Authorisation Holders (MAHs), and requires all MAHs with authorised medicinal products in the EEA, including Northern Ireland, to monitor EudraVigilance...

The Employment Appeal Tribunal (EAT) The EAT may determine an appeal by directing any of the following outcomes: the appeal is dismissed the appeal succeeds and is remitted, either to the same employment tribunal or to a newly constituted tribunal the appeal succeeds and the EAT substitutes a different decision Failure by employment tribunal to make necessary findings Where a tribunal’s judgment fails to address an issue in whole or in part, and/or gives no reasons or inadequate reasons for its decision, the EAT may, on appeal, invite the tribunal to clarify and/or expand its reasoning and findings under the Burns/Barke procedure—see Non-standard EAT case management considerations—Appeals relying on inadequacy of employment tribunal’s reasons for further information. If, during a liability appeal, it becomes clear that the tribunal did not make a finding on a key liability issue, the EAT may itself reach a determination on that point, and then remit the matter to the employment tribunal for a...

Sukuk (singular form: ‘sakk’) Sukuk are Shari’a-compliant financing instruments, commonly described as Islamic certificates or bonds. For further detail, see Practice Notes: The structure and elements of a Sukuk transaction and Sukuk—investment bond arrangements and their UK direct tax treatment—What are sukuk? Where the statutory requirements are satisfied, sukuk can access the UK tax regime that applies to alternative finance investment bond (AFIB) arrangements. For guidance on those provisions, see Practice Note: Sukuk—investment bond arrangements and their UK direct tax treatment. A distinct variant is sukuk al ijara. In such structures, the bond-issuer (the legislative term for the sukuk issuer) typically holds land on trust for the certificate holders (the sukuk investors). The issuer secures a land interest through a sale and leaseback—the ijara element. For more detail, see Practice Notes: The structure and elements of a Sukuk transaction and Islamic finance standard documentation in the context of real estate finance transactions. The UK has issued sukuk al ijaras over land, most recently in March 2021. Since a sukuk...

This Practice Note outlines the varieties of state pension, the eligibility rules, the ramifications in divorce, dissolution, nullity or separation cases, how to obtain information and make disclosure, and the orders a family court may impose. It takes account of state pension reforms and explains their impact within family law. This Practice Note provides guidance on: the old state pension scheme for those who reached state pension age before 6 April 2016, and the new state pension scheme for those reaching state pension age on or after 6 April 2016 State pension entitlements are often missed on divorce, dissolution, nullity or (judicial) separation, either because they are seen as of limited worth or because their structure and the options available to address the parties’ financial needs are not fully understood. Comprehensive details of state pension rights should be gathered during financial disclosure by using Form BR19 (to request a state pension forecast) and Form BR20 (to obtain a cash equivalent (CE)...

This deed of retirement is entered into on [ insert day and month ] 20[ insert year ] Parties [ insert name of retiring general partner ] of [ insert address ] (the Retiring General Partner); [ insert name of new general partner ] of [ insert address ] (the New General Partner); and The individuals listed in Schedule 1 with their respective addresses (the Limited Partners). background The Partners have conducted the business of the limited partnership in accordance with the Limited Partnership Agreement. The Retiring General Partner will retire from the Limited Partnership on the Retirement Date, and the New General Partner shall be appointed on [ insert date ]. The terms of this deed shall govern the Retiring General Partner’s retirement, in substitution for any provisions of the Partnership Act 1890, the Limited Partnerships Act 1907, and the Limited Partnership Agreement that would otherwise apply to that retirement. ...

Stop press: The Data (Use and Access) Act 2025 (Commencement No 6 and Transitional and Saving Provisions) Regulations 2026, SI 2026/82 bring the remaining elements of the Data (Use and Access) Act 2025 (DUAA 2025) into operation. Measures addressing subject access requests, legitimate interests, purpose limitation, automated decision-making, international transfers and enforcement apply from 5 February 2026, while the provisions on penalty notices and complaints apply from 19 June 2026. For further details, see Practice Note: Data (Use and Access) Act 2025—employment implications. This Precedent will be revised shortly to reflect these updates. This Agreement is entered into on [ insert date ] Parties [ Name of Company ], a company incorporated in England and Wales with registered number [ insert company number ] whose registered office is at [ insert address ] (the Company); and [ Name of consultant ], of [ insert address ] (‘ you ’). Background (A) You operate in the business of [ insert description...

1 Definitions and interpretation 1.1 In this Agreement, and except where the context dictates otherwise, the expressions below shall bear the meanings set out here: Relevant Proportion means, for the purpose of clause, the greatest share of the Company’s [ trading ] losses [ and other amounts eligible for relief from taxation ] that the law permits to be surrendered to the relevant Shareholder (or a member of its Shareholder Group), or, as applicable, the greatest share of the Company’s trading profits against which the Shareholder (or a member of its Shareholder Group) is permitted by law to surrender its [ trading ] losses [ and other amounts eligible for relief from taxation ] ; VAT means United Kingdom value added tax [ and any other tax imposed in substitution for it OR , any other tax imposed in substitution for it and any equivalent or similar tax imposed outside the United Kingdom ] ; 2 Tax matters 2.1 [ The...