Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Crystallisation definition

What does Crystallisation mean? In pensions practice, crystallisation means starting to take benefits from all or part of a pension arrangement — as income (for example, by entering drawdown or buying an annuity) and/or as a lump sum (such as a pension commencement lump sum). Funds not yet accessed are “uncrystallised”. The term is descriptive, but UK pensions tax law defines related “benefit crystallisation events” (Finance Act 2004), which historically triggered a test against the lifetime allowance. From 6 April 2024, HMRC instead tests certain lump sums and death benefits against the new lump sum allowance and lump sum and death benefit allowance. Practitioners...

Fixed and Floating Charges: Key Cases on Characterisation, Control, Priority, Crystallisation and Qualifying Floating Charges

Published by a LexisNexis Banking & Finance expert

Practice notes

This Practice Note outlines principal cases and linked material on fixed and floating charges. The matters are arranged by subject and include:

The distinctive nature of fixed and floating charges
Lender issues: fixed versus floating charges
crystallisation of floating charges
Qualifying floating charges

The distinctive nature of fixed and floating charges

Names of parties: Re Yorkshire Woolcombers Association [1903] 2 Ch 284
Judgment date: 3 April 1903
Case summary: The court articulated the classic hallmarks of a floating charge: (i) security over a class of a company’s assets, present and future; (ii) a class which, in the company’s ordinary business, is expected to fluctuate; and (iii) an understanding that, until a future step is taken by or for those with an interest in the charge, the company may continue its business in the usual manner as regards the charged class (Romer LJ at 295).
Relevant content: See Practice Notes: Fixed and floating charges and Floating charges...

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Web page updated on 27/05/2026

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