Zero-rate meaning

STOP PRESS The Loan Market Association (LMA) has released refreshed editions of the standard terms and conditions for Par and Distressed Trade Transactions, the complete set of Funded Participation and Risk Participation Agreements, and the Secondary Debt Trading Documentation User Guide, with effect from 17 March 2026. The changes remove LIBOR references, update IBOR rate definitions and the Target2 definition, and revise ERISA representations to incorporate additional exemptions to the prohibited transaction rules under ERISA and the US Internal Revenue Code. The revised documentation is available exclusively to LMA members, accessible via the LMA’s Documentation Hub. These publications are updated versions issued by the LMA. Summary A core principle of trading under the LMA protocol is that ‘Trade is a Trade’; i.e. once a trade is struck—including an oral contract agreed by telephone—it is binding, and subsequent developments, even if adverse to one or both parties, do not entitle either party to cancel or ‘break’ the trade. By way of example, a failure to secure consent for...

Set out below are the key practical competition law considerations when preparing and submitting the Form CO to the European Commission (the Commission): Confirm eligibility for a Short Form CO to reduce disclosures. Build in time; a full Form demands extensive data, including Member State market shares. For turnover, use the Commission’s official ECB exchange rate and support the filing with economic analysis. If information is unavailable, explain why and estimate; if requests seem irrelevant, justify and obtain a waiver with the case team. Check accuracy; inaccuracies render the Form CO ineffective until the Commission is satisfied. Provide precise contact details for customers, competitors and suppliers, and include caveats for any assumptions. Allow time for authorisations and, where required, signature of the declaration by the relevant business person or in-house lawyers. Prepare required copies (one original, three paper, two CD or DVD) and translate supporting documents not in an EU official language. Review supporting documents for any “anti-competitive” language...

This checklist outlines the principal ISDA documentary points that should be considered during a financing transaction. Term sheet stage If acting for a borrower and specialist hedging advisers are engaged, obtain their input on the term sheet. If acting for a borrower, confirm the total pricing of the deal is clear (covering both the loan and the hedge). A borrower may pick a lender for a low loan margin, only to find that the swap credit spread from the same lender renders the overall economics less appealing than those from another lender. Are the loan and hedging set on an IBOR basis (eg EURIBOR) or on a risk free rate (eg SONIA or SOFR)? Does the lender require a zero floor in its loan? If acting for a borrower, ensure the borrower understands the consequences of any mismatch between this and the hedging documentation. ...

The EU has adopted ambitious goals to curb its greenhouse gas emissions steadily up to and beyond 2030, ultimately seeking to fully attain net zero emissions by the year 2050...

This Flowchart This Flowchart helps determine the appropriate rate of stamp duty land tax (SDLT) for the transaction in question. Different SDLT rates may apply to purchases depending on the property type (residential, non-residential (commercial property), or mixed-use property). Use this Flowchart in conjunction with Practice Note: Rates of SDLT. This Flowchart proceeds on the basis that: the buyer is acquiring a single property and the purchase is not linked with any other transaction. For further detail on linked transactions, see Practice Note: SDLT chargeable consideration—Linked transactions no relief from SDLT applies to the transaction...

This Flowchart Helps determine whether the stamp duty land tax (SDLT) higher rates surcharge applies to a transaction. The higher rates surcharge covers acquisitions of certain additional residential properties by individuals, and any residential purchases by purchasers who are not individuals as well. Read this Flowchart in full alongside Practice Note: Higher rates of SDLT on additional residential properties. To identify which rate applies to a transaction, refer to What rate of SDLT applies to my transaction?—Flowchart and Practice Note: Rates of SDLT. This Flowchart proceeds on the basis that: the buyer is acquiring one property, and that the acquisition is not linked with any other transaction...

State aid General Court annuls Commission decision on Danish waste water treatment pricing The General Court delivered its ruling in Case T‑486/18 RENV, Danske Slagtermestre v Commission, on an appeal challenging the Commission’s decision in State aid Case SA.37433—Denmark, concerning alleged State aid arising from rebates on waste water charges. The proceedings were remitted to the General Court following the Court of Justice’s judgment in Case C‑99/21. For context, in 2013 Denmark passed legislation introducing a lower rate per cubic metre once a certain volume of waste water had been discharged, which resulted in diminished payments for the largest users of water services (the 2013 Law). Danske Slagtermestre, a trade association, submitted a complaint to the Commission contending that the 2013 Law bestowed State aid on major slaughterhouses by reducing their contributions for waste water treatment. It concerned waste water treatment pricing, examining whether volume-linked reductions conferred selective advantages on significant users, notably large slaughterhouses benefiting from discounted tariffs thereunder...

Mergers The Commission approved: the purchase of exclusive control of VOLTERRA S.A. by MYTILINEOS S.A (M.11395) following a phase I review—see also Midday Express the purchase of joint control of Auberge Resorts LLC by MSD Hospitality Partners L.P....

In this issue: Air emissions and climate change Contamination and pollution Energy efficiency and buildings Energy for environmental lawyers Environmental information Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat conservation Waste Water, flooding and drainage Daily and weekly news alerts New and updated content Air emissions and climate change Greenhouse Gas Removals (GGR)-UK government publishes Business Model documentation On 27 August 2025, the Department for Energy Security and Net Zero (DESNZ) released a suite of papers on its proposed Greenhouse Gas Removals (GGR) Business Model and accompanying policy. The Lexis+ Energy team, working with Navraj Singh Ghaleigh, Senior Lecturer in Climate Law at the University of Edinburgh Law School, set out the context for the GGR Business Model; its relationship with the Power BECCS Business Model; the technologies the GGR framework intends to encompass; its legal footing and principal features; and how...

This tracker captures legislation taking effect in 2026, arranged in chronological order. Updates are published on a month-by-month basis throughout the year, and links to relevant news reports are included where appropriate. For legislation commencing later in 2026, see Practice Note: Legislation tracker—Employment. For measures in force prior to 2026, refer to these Practice Notes: Archived—2025 Legislation tracker—Employment Archived—2024 Legislation tracker—Employment Archived—2023 Legislation tracker—Employment Archived—2022 Employment horizon scanner—dates for your diary Legislation in force—January 2026 Commencement date (unless otherwise indicated) Legislative change 6 January 2026 Exclusivity clauses—protections for low-income and zero hours workers Section 8 of the Employment Rights Act 2025 (ERA 2025) widens the current protections to apply to all zero hours arrangements, whether contractual or not, and covers any restriction on taking work elsewhere. Any such term is void and unenforceable...

CASE HUB NOTE—appeal lodged before the Court of Justice in Cases C-806/19 P and C-883/19 P ARCHIVED —this archived case hub records the state of play as at the judgment dated 24 September 2019; it is no longer maintained. See further: timeline and relevant/related cases. Case facts Outline: Appeal brought before the General Court challenging the Commission’s decision of 7 December 2016, which found infringements and levied fines on three banks that did not settle, due to their involvement in a cartel in the Euro interest rate derivatives (EIRD) market (Case AT.39914). Latest developments On 24 September 2019, the General Court delivered its judgment, largely confirming the Commission’s conclusion that HSBC Holdings plc took part in a single and continuous infringement of Article 101(1) TFEU. Nonetheless, the General Court set aside the fine imposed on HSBC Holdings plc because the Commission provided ‘insufficient reasons’ for the methodology used to calculate that penalty...

Forthcoming change: Sections 6–7 of the Finance Act 2026 provide that, with effect from 6 April 2027, an individual’s property income will be subject to income tax at the property basic rate of 22%, the property higher rate of 42%, and the property additional rate of 47% for a given tax year. A person’s property income is treated as the highest portion of their income, save where they also have savings and/or dividend income. Where savings and/or dividend income arises, the property income is taken to be the portion of the person’s income that falls immediately before the savings and/or dividend income. FA 2026, Schedule 1, makes consequential amendments to ITA 2007. For these purposes, property income means income that is: chargeable under Chapter 3 of Part 3 of ITTOIA 2005 (profits of a UK property business or an overseas property business) chargeable under Chapter 7 of that Part chargeable under Chapter 8 of that Part chargeable under Chapter 9...

1 Legal costs 1.1 The legal costs of [ insert brief description of services, eg obtaining a grant of probate and distributing an estate ] consist of [ two OR three ] principal elements: our fees; outlays we pay on your behalf (often referred to as disbursements) [ ; OR . ] [ costs you may need to pay to another party. ] 1.2 Our charges We apply a fixed-fee structure [ of £[ insert price excluding VAT ] OR ranging between £[ insert price excluding VAT ] and £[ insert price excluding VAT ] depending on [ insert description of the factors that will dictate where in the fixed price range your fees will fall, eg the value and complexity of your matter ] ] . [ If a matter or transaction does not reach completion, we reserve the right to charge for the work undertaken, using our standard charging rate of £[ insert rate...

FORTHCOMING CHANGE: Potential changes to Wills Act 1837 The Law Commission’s review of wills culminated in a final report on 16 May 2025. Volume II contains a Draft Bill proposing replacement of the Wills Act 1837. For details of these proposals, including the published draft legislation, see Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: Draft Bill for a new Wills Act. STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 (FA 2025), which received Royal Assent on 20 March 2025, implements the abolition of the remittance basis and introduces a residence-based regime from 6 April 2025. FA 2025 makes residence, rather than domicile, the main determinant of liability to inheritance tax. changes to the rules defining excluded property status; removal of protected settlements status for offshore trusts; and modifications to overseas workday relief. For further information, see Practice Notes: The abolition of the remittance basis of taxation...

FORTHCOMING CHANGE: Potential changes to Wills Act 1837 On 16 May 2025, the Law Commission’s review of Wills published its final report, formally setting out its conclusions, with Volume II containing a draft Bill intended to supersede the Wills Act 1837. For details of these proposals, including the published draft legislation, consult Practice Note: Hot topic—modernising Wills and Modernising wills: Final Report Volume II: draft Bill for a new Wills Act. STOP PRESS: Ending the non-dom regime and moving to a residence-based IHT regime. The Finance Act 2025 (FA 2025), which obtained Royal Assent on 20 March 2025, enacts legislation for the removal of the remittance basis of taxation and substitutes a residence-based system commencing on 6 April 2025. It also displaces domicile as the principal determinant of inheritance tax (IHT) liability for individuals. Further measures cover revisions to the rules for excluded property status, the removal of protected settlements status for offshore trusts, and alterations to overseas workday relief as applicable. For more on these reforms, see...

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Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 (Week’s Pay Amendment Regs 2020), SI 2020/814 For broader guidance on SI 2020/814, see Practice Note: Coronavirus Job Retention Scheme—right to statutory redundancy and other termination payments [Archived]. This resource provides general context on the Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 and their application... The Week’s Pay Amendment Regs 2020, SI 2020/814, prescribe how to determine a week’s pay for an employee who is, or has previously been, furloughed under the CJRS. The rules apply when calculating specified payments, including an employee’s entitlement to payment under section 88 or 89 of the Employment Rights Act 1996 (ERA 1996). In effect, the instrument clarifies the approach to weekly pay where furlough is relevant, ensuring the correct basis is used for these statutory sums linked to notice or other termination-related payments as identified under the ERA 1996...

This Q&A presumes the beverages are not provided as part of catering. The Value Added Tax Act 1994 (VATA 1994) sets out the UK’s value added tax (VAT) framework. For broader guidance on VAT, consult Practice Notes: What is VAT?, When does VAT apply? and When can a person recover VAT? Zero-rated supplies A zero-rated supply still counts as a taxable supply, despite no VAT being levied on it. Accordingly, it differs from a VAT-exempt supply in VAT terms...