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Introduction to statutory interpretation The aim of statutory interpretation is to determine the legal meaning of a statute, that is, the sense that expresses the legislator’s intention. The clearest guide to that intention is the statutory wording itself, read in its context and with its overall purpose in mind, and its broader legislative setting. Courts should seek to fulfil the purpose of legislation by construing its language, so far as they can, in the manner that most effectively serves that purpose. Put differently, the courts’ default method is purposive, and every enactment is to be construed with that end in view. There is a starting presumption that the grammatical and ordinary sense of an enactment reflects the meaning intended by the legislator. Where an enactment reasonably bears only a single meaning, and no other interpretative tools or
This Practice Note addresses identifying a fiduciary, fiduciary duties and obligations, the no conflict rule, the no profit rule, a fiduciary's duty of confidence, and the remedies available for breach of fiduciary duty. Who is a fiduciary? There is no definitive catalogue of relationships that give rise to fiduciary obligations at common law in every situation universally. Certain relationships are inherently fiduciary, eg trustee and beneficiary, solicitor and client, principal and agent, business partner and co-partners, together with mortgagor and mortgagee. The obligations of some fiduciaries have been set out in statute; for instance, trustees owe a statutory duty of skill and care under section 1 of the Trustee Act 2000 (TrA 2000), and directors' relationships with their companies are addressed in the Companies Act 2006 too. For guidance on directors' fiduciary duties, see Practice Note: of directors for further detailed
Definition of ADR Alternative dispute resolution (ADR) is defined in the CPR Glossary as a collective label for methods of settling disputes other than through the usual trial process. Some courts adopt the term ‘negotiated dispute resolution’ (NDR) to describe resolution by alternative means; for ease, this Practice Note uses ADR. For guidance on how ADR is addressed in the various court guides, see Practice Note: ADR and NDR in the court guides. In essence, ADR is a means of resolving a dispute outside the court system. It typically involves a neutral third party who either helps the parties reach a negotiated outcome, or issues a determination of the dispute that is legally binding. A binding result can follow where the agreement to refer the dispute to ADR so provides. There are multiple forms of ADR processes. For an outline of the different types and their
In brief The British constitution is uncodified, meaning it does not spring from a single constitutional document or code. It draws on a wide range of written and unwritten sources. Alongside the principal written sources of law in England and Wales—legislation (which has also introduced international and human rights principles into our constitution) and the common law—the constitution also rests on two further unwritten bases within this system: the prerogative, and non-legal constitutional conventions. In addition, on one view the basic or prevailing principle of our constitution, Parliamentary sovereignty, is ultimately grounded in political fact rather than in law. Legislation Legislation is the foremost source of constitutional law. Acts of Parliament may set out detailed constitutional rules, or even pass authority to create them to ministers or to others. Under the doctrine of Parliamentary sovereignty, legislation is traditionally regarded as taking precedence over any other form or kind of
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This Practice Note reviews the obligation on trustees to file a Trust and Estate Tax Return (form SA900) where a trust is chargeable to income tax and/or capital gains tax ( CGT). For guidance on the rules governing trust income, expenses and capital gains, and the computation of tax liabilities, see the Trusts—income tax and capital gains tax subtopic. For commentary on completing the Trust and Estate Tax Return for estates by personal representatives, see Practice Note: Estate tax returns and informal procedures. All UK express trusts (not solely those with a UK tax liability in a given tax year) must be registered with the Trust Registration Service ( TRS) unless an exemption applies. See Online registration and beneficial ownership information reporting requirements for trustees below for further guidance. Requirement to submit a tax return The income and gains of trusts fall within the Self...
STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 ( FA 2025), which received Royal Assent on 20 March 2025, brings in legislation to remove the remittance basis and usher in a residence-based system from 6 April 2025. FA 2025 also substitutes domicile as the determining factor for inheritance tax exposure. Additional updates amend the rules for excluded property, abolish the protected settlements status of offshore trusts, and alter overseas workday relief. For further detail, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates ( Finance Bill 2025) and Finance Act 2025. Trustees have multiple duties to file tax returns and supply information to HMRC. Alongside submitting a self assessment trust and estate tax return ( SA900) when income...
Money Laundering Regulations 2017 and Money Laundering Regulations 2020 The Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLR 2017), SI 2017/692, sit within the UK’s anti-money laundering and counter-terrorist financing framework. They took effect on 26 June 2017 to implement the EU’s Fourth Anti- Money Laundering Directive, Directive ( EU) 2015/849 (4MLD), and have subsequently been broadened significantly by the Money Laundering and Terrorist Financing ( Amendment) ( EU Exit) Regulations 2020 ( MLR 2020), SI 2020/991. Those 2020 amendments give effect to aspects of the EU’s Fifth Anti- Money Laundering Directive, Directive ( EU) 2018/843 (5MLD), concerning the registration of trusts. The Money Laundering and Terrorist Financing ( Amendment) Regulations 2019, SI 2019/1511, also transposed elements of 5MLD into UK law; however, they addressed areas other than trust registration and therefore fall outside the ambit of this...
THIS PRACTICE NOTE APPLIES TO TRUST- BASED OCCUPATIONAL PENSION SCHEMES This Practice Note considers the Pensions Regulator’s (the Regulator’s) powers to suspend or prohibit trustees of occupational pension schemes, and the statutory bases on which an individual or other legal person can be disqualified from acting as a trustee of an occupational pension scheme. Suspension and prohibition orders—reserved regulatory functions of the Regulator The Regulator’s powers to suspend or prohibit trustees of occupational pension schemes are: reserved regulatory functions exercised by the Regulator’s Determinations Panel and therefore subject to the standard procedure or, in special circumstances, the special procedure As part of the standard procedure, the Regulator must notify those persons who appear to be directly affected by a suspension or prohibition order that such an order is to be made. This will ordinarily include the continuing trustees of the relevant scheme. For further information on the...
Background to the HMRC's online HMRC’s online trust registration approach was devised to give effect to the EU’s Fourth Anti- Money Laundering Directive, Directive ( EU) 2015/849 (4MLD), via the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLR 2017), SI 2017/692, and to the EU’s Fifth Anti- Money Laundering Directive, Directive ( EU) 2018/843 (5MLD), through the Money Laundering and Terrorist Financing ( Amendment) ( EU Exit) Regulations 2020 ( MLR 2020), SI 2020/991. The Money Laundering and Terrorist Financing ( Amendment) Regulations 2019, SI 2019/1511 also transposed 5MLD into UK law, but addressed matters other than the registration of trusts. Accordingly, this Practice Note concentrates on MLR 2017, SI 2017/692 and MLR 2020, SI 2020/991. For guidance on implementing 5MLD in the UK, including the consultations undertaken, see Transposing 5MLD into UK law below. MLR...
STOP PRESS Major changes to the UK prospectus regime took effect on 19 January 2026. The framework for public offers of securities and for admissions to trading in the UK now sits primarily in the Public Offers and Admissions to Trading Regulations 2024, SI 2024/105 (the POATRs), and the FCA sourcebook, The Prospectus Rules: Admission to Trading on a Regulated Market ( PRM). The UK Prospectus Regulation and the FCA Prospectus Regulation Rules have been repealed. The objective is to simplify capital raising and materially reduce the occasions when a company must publish an FCA‑approved prospectus for a further issue of shares. For full details on the changes, see Practice Note: UK prospectus regime reform. This Practice Note reflects the regime in place before 19 January 2026. It explains the nature and typical structure of a trombone rights issue, as well as why and when a...
Transport projects This Practice Note provides a concise overview of transport projects and signposts useful materials on the topic available from Lexis Nexis® and other external sources. Transport plays a vital role in economic and social development at regional, national and international levels... Initiatives in this field generally demand significant investment and sophisticated infrastructure, and are frequently lengthy, demanding and of notably high value. Transport projects commonly need to align local and/or national infrastructure policies and funding approaches with the commercial aims and expectations of private sector organisations involved in their delivery... Activities in the transport sector span a wide range of modes and related infrastructure, including: roads—road widening, toll roads, smart motorways, safety improvements, congestion relief rail (light and heavy)—station upgrades/enhancements, renewing and enhancing rail infrastructure, viaducts, lineside infrastructure airports and aviation (airside and...
ARCHIVED: This Practice Note is archived and is not being maintained. The UK transport sector spans multiple modes and related infrastructure, such as roads, tunnels and bridges, buses, heavy and light rail, aviation, and shipping. Drawing on several of these sub-sectors, this Practice Note highlights key points for those considering the procurement of a transport scheme. Planning and procurement matters must also be addressed and are considered separately in our Practice Notes: Transport project procurement—planning law considerations [ Archived] Transport project procurement—procurement law considerations [ Archived] Project appraisal and scoping At the outset, robust appraisal and clear scoping are essential. This should encompass evaluations of: technical, legal and commercial feasibility deliverability affordability value for money capacity to satisfy planning and environmental obligations Further early-stage considerations include determining the correct government accounting treatment and the overall procurement approach....
FORTHCOMING CHANGE relating to UK transfer pricing legislation: Finance Bill 2026 (as introduced) sets out a suite of amendments to the UK’s transfer pricing rules. Subject to enactment, for accounting periods commencing on or after 1 January 2026, the package will, amongst other matters, do the following when enacted: switch off UK‑to‑ UK transfer pricing (with exclusions to prevent tax arbitrage opportunities), revise the participation condition, confirm that the OECD Model Tax Convention and OECD Transfer Pricing Guidelines serve as interpretative aids, and introduce several changes to the provisions governing financial transactions so as to align the UK rules more closely with the OECD Transfer Pricing Guidelines. Alongside these reforms, the government announced at Budget 2025 that it will proceed with a requirement for in-scope multinationals to report information annually on cross‑border related party transactions for accounting periods beginning on or after 1...
FORTHCOMING CHANGE relating to UK transfer pricing legislation: Finance Bill 2026 (as introduced) sets out a suite of revisions to the UK’s transfer pricing framework. Taking effect for accounting periods commencing on or after 1 January 2026, once enacted the package will, amongst other matters: withdraw UK‑to‑ UK transfer pricing, with exclusions to stop tax arbitrage; revise the participation condition; confirm the OECD Model Tax Convention and OECD Transfer Pricing Guidelines operate as interpretative aids; and update the financial transactions rules to better align the UK regime with the OECD Transfer Pricing Guidelines. Alongside this, the government announced at Budget 2025 that it will proceed with an annual reporting obligation for in‑scope multinationals on cross‑border related party transactions for accounting periods beginning on or after 1 January 2027; technical regulations for the new ‘ International Controlled...
FORTHCOMING CHANGE relating to UK transfer pricing legislation: Finance Bill 2026 (as introduced) sets out a series of reforms to the UK’s transfer pricing regime, encompassing legislative updates across key areas. Effective for accounting periods commencing on or after 1 January 2026, once enacted, the measures will, amongst other outcomes: disapply UK-to- UK transfer pricing (subject to limited exclusions intended to prevent opportunities for tax arbitrage), revise the participation condition, confirm that the OECD Model Tax Convention and the OECD Transfer Pricing Guidelines serve as interpretative aids, and introduce several amendments to the provisions governing financial transactions to better align the UK rules with the OECD Transfer Pricing Guidelines. Alongside this package, the government stated at Budget 2025 that it will proceed with an annual reporting requirement for in-scope multinationals to report information each year on...
FORTHCOMING CHANGE relating to UK transfer pricing legislation: Finance Bill 2026 (as introduced) proposes a suite of amendments to the UK’s transfer pricing framework. Once enacted, and applying to accounting periods beginning on or after 1 January 2026, the reforms will, amongst other steps, disapply UK‑to‑ UK transfer pricing (with targeted exclusions to prevent tax arbitrage), revise the participation condition, confirm that the OECD Model Tax Convention and OECD Transfer Pricing Guidelines operate as interpretative aids, and update the financial transactions provisions so UK rules more closely align with the OECD Transfer Pricing Guidelines. In parallel, at Budget 2025 the government confirmed it will proceed with an obligation for in‑scope multinationals to report annually on cross‑border related party transactions for accounting periods beginning on or after 1 January 2027. Technical regulations for the new ‘ International Controlled Transactions Schedule’ ( ICTS) are expected in spring...
FORTHCOMING CHANGE relating to UK transfer pricing: At Budget 2025, the government confirmed that it intends to move ahead with a new duty on in‑scope multinationals to submit annual information regarding cross‑border related party transactions and dealings for accounting periods starting on or after 1 January 2027. The detailed rules for the new ‘ International Controlled Transactions Schedule’ ( ICTS) are expected to be formally issued for technical consultation during spring 2026. A consultation on this measure ran from April through to July 2025. See News Analysis: Budget 2025— Tax analysis— International. This Practice Note reviews the UK transfer pricing rules as they apply to chargeable periods (referred to in this Practice Note for ease and convenience as ‘accounting periods’) commencing before 1 January 2026. Note that the Finance Act 2026 introduced a range of reforms to the UK’s transfer pricing regime, most of which apply for...
FORTHCOMING CHANGES: At Budget 2025 on 26 November 2025, the government confirmed minor remedial changes to the residence-based tax framework introduced by the Finance Act 2025 would be implemented......
STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime The Finance Act 2025 ( FA 2025), which secured Royal Assent on 20 March 2025, enacts the removal of the remittance basis and brings in a residence-based regime with effect from 6 April 2025. FA 2025 also makes residence, rather than domicile, the principal criterion for determining inheritance tax exposure. Further measures include: Revisions to the rules for determining excluded property treatment Removal of protected settlements status for offshore trusts Updates to overseas workday relief For details, refer to Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates ( Finance Bill 2025) and Finance Act 2025. This Practice Note is archived and not...
FORTHCOMING CHANGES: At the Budget 2025 on 26 November 2025, the Government signalled it will introduce minor corrective changes to the residence-based tax framework enacted in Finance Act 2025......
FORTHCOMING CHANGES: At the 2025 Budget on 26 November 2025, the government confirmed plans for minor corrective changes to the residence-based tax regime introduced by the Finance Act 2025......
This Practice Note examines the transactions in securities ( Ti S) rules aimed at countering avoidance of both income tax and corporation tax. The Ti S regime can apply to various arrangements, notably where a company returns capital to its shareholders. Where a corporate liquidation is contemplated, advisers should also review the ‘phoenix targeted anti-avoidance rule’ outlined in Practice Note: Key tax consequences of an insolvent liquidation— Distributions (which in the main applies to solvent liquidations). For guidance on the clearance process, counteraction notices and appeals, see Practice Note: —clearances and administration. For the suggested format of a clearance request under the Ti S provisions, refer to Precedent: Clearance letter— TCGA 1992, ss 138 and 139(5), ITA 2007, s 701 and CTA 2010, s 748. Function and evolution of the transactions in securities legislation The Ti S measures were enacted in 1960 to tackle...
This Practice Note covers the: clearance procedure, and administrative rules (enquiries, counteraction notices and appeals) relating to the anti-avoidance regime for transactions in securities ( Ti S). There are separate Ti S rules depending on whether the potential avoidance concerns income tax or corporation tax. The procedure a taxpayer must follow to obtain a clearance is the same under both regimes, but the process HMRC must follow to counteract a tax advantage differs. For guidance on the practicalities of drafting and submitting a clearance, see Precedent: Clearance letter— TCGA 1992, ss 138 and 139(5), ITA 2007, s 701 and CTA 2010, s 748. For an explanation of the circumstances in which the Ti S rules apply, see Practice Note: Transactions in...
The Markets in Financial Instruments Regulation ( Regulation ( EU) 600/2014) ( Mi FIR) Mi FIR established a transaction reporting framework so competent authorities can spot and probe suspected market abuse, and oversee the proper, orderly operation of markets and the business of investment firms, thereby strengthening supervision and investigatory capabilities in particular. Because Mi FIR and the relevant regulatory technical standards on transaction reporting — Commission Delegated Regulation ( EU) 2017/590 ( RTS 22) — had direct applicability in the UK while it remained an EU member, and applied in full, they generally did not need to be transposed into domestic legislation or rulebooks to take effect in practice. At 11 pm ( GMT) on 31 December 2020 ( IP completion day), the Brexit transition/implementation period concluded following the UK’s exit from the EU. From IP completion day, core...
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When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...
This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...
Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...
I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...
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