Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Liabilities definition

What does Liabilities mean? In practice, a scheme’s liabilities are what it owes: the future benefit payments (for example, pensions and lump sums) and the scheme’s expenses. They are usually measured as the present value of expected cashflows, determined by an actuary using assumptions on discount rate, longevity, inflation and expenses. Comparing liabilities with the market value of assets gives the funding level: a deficit arises where liabilities exceed assets; a surplus where assets exceed liabilities. “Liabilities” is a descriptive term used across legal, actuarial and accounting contexts rather than a single statutory definition. However, valuation bases are prescribed for particular purposes. In...

Acting for sellers in property transactions: environmental liabilities, permit transfers, contaminated land and climate risk (England and Wales)

Published by a LexisNexis Environment expert

Practice notes

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Types of environmental Liabilities

Environmental liabilities arise in relation to land, buildings and fixtures. Under caveat emptor/buyer beware, such liabilities and any capital expenditure needs will generally pass to the buyer as the new owner. Whether the seller remains on the hook depends on the applicable regime and whether the deal is an asset or share sale. For instance, in an asset sale, non-compliance with an environmental permit, or causing or knowingly permitting pollution, can still attach to the seller company or individuals after completion. The principal types are outlined below.

Land

Contamination, Asbestos in soil, water pollution, environmental damage, landfills, fly-tipped waste, flooding, ground subsidence, sinkholes, coal mining, unexploded ordnance, radon, Japanese knotweed, wildlife and habitat protection, riparian Ownership, shale gas, energy projects, planning conditions, high speed 2, cross rail, compulsory purchase

Buildings

Asbestos in buildings, air conditioning inspections, energy management and reporting, energy performance certificates, minimum energy efficiency standards, display energy certificates, energy savings opportunity scheme, F-gases and ozone-depleting substances

Fixtures

Oil storage tanks, underground storage tanks, septic tanks and sewage treatment...

...

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Keith Davidson

Irwin Mitchell

Keith is a Partner at Irwin Mitchell in Manchester specialising in environmental transaction advice. Keith is dual qualified in England / Wales and N.Ireland and is a former Environment Commissioner for Greater Manchester. His practice areas include contaminated land, brownfield development, environmental insurance, and carbon literacy training. He provides EHS transactional support to 20 other law firms. Keith has been top ranked in Chambers and Legal 500 for the last 15 years. “A leader at understanding and managing environmental liability” Chambers UK Guide...

Web page updated on 21/05/2026

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