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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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STOP PRESS: On 19 June 2025, the Data ( Use and Access) Bill obtained Royal Assent, becoming the Data ( Use and Access) Act 2025 ( DUAA 2025), with parts taking effect that same day. Provisions addressing matters such as dealing with data subject access requests and granting powers to make further regulations commenced immediately on 19 June 2025. Other measures, covering notices from the Information Commissioner and certain facets of law enforcement processing, began on 19 August 2025 (two months after Royal Assent). The bulk of DUAA 2025’s measures still require additional regulations, in the form of statutory instruments, before they can commence. Parts 5 and 6 update elements of UK data protection and e Privacy law, including the United Kingdom General Data Protection Regulation, Assimilated Regulation ( EU) 2016/679 ( UK GDPR), the Data Protection Act 2018 and the Privacy and...
What are covered bonds? Covered bonds are asset-backed securities ( ABS) with distinctive features: Issuer – they are brought to market by banks or other mortgage lenders Collateral – they are secured against a pool of mortgages or public sector indebtedness (the asset pool) Dynamic asset pool – the pool is maintained on a dynamic basis so that repaid or defaulted assets are replaced with new ones Dual recourse – bondholders have claims on both the issuer and the asset pool Statutory and regulatory regime – issuance takes place under a statutory and/or regulatory framework that ensures: the asset pool is segregated from the issuer’s other assets the pool is sufficient to cover repayment of the covered bonds ...
Under article 60N(1) of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO), entering into a regulated consumer hire agreement as the owner in the UK, in the course of business, amounts to a regulated activity. Further, article 60N(2) confirms that exercising, or holding the right to exercise, the owner’s rights and obligations under such an agreement is likewise a regulated activity. This Practice Note considers: the scope of these regulated activities the meaning of a regulated consumer hire agreement exemptions under RAO, SI 2001/544, arts 60O–60Q additional exclusions in RAO, SI 2001/544, art 60R exemptions potentially available under the Financial Services and Markets Act 2000 ( Exemption) Order 2001, SI 2001/1201 (the Exemption Order 2001) Regulated activities—general Section 19(1) of the Financial Services and Markets Act 2000 ( FSMA 2000) sets a general prohibition on carrying on regulated activities in the UK unless the...
This Practice Note addresses the regulated activity of managing investments... Definition Managing investments is a regulated activity under article 37 of the Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO). It entails exercising discretion over assets that beneficially belong to another person, where those assets consist of, or include, any investment categorised as a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’. For further detail on what constitutes a ‘security’, a ‘structured deposit’ or a ‘contractually-based investment’, see Securities, structured deposits or contractually-based investments below)... The exercise of discretion This regulated activity only arises where the investment manager exercises discretion. Where portfolio management is non-discretionary—for example, the manager purchases shares strictly on client instructions, or simply receives and forwards client orders—the work is more likely to fall within another regulated activity, such as ‘dealing in...
The general prohibition Under section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000), no person may undertake regulated activities in the UK unless they are authorised or fall within an exemption. This is referred to as the general prohibition. For guidance on the territorial reach of this restriction, see Practice Note: Territorial scope of the prohibition. Under FSMA 2000, s 31, an authorised person is one who: has been granted permission by the Financial Conduct Authority ( FCA) or the Prudential Regulation Authority ( PRA) under FSMA 2000, Pt 4A to carry on specified regulated activities; or is a Gibraltar-based person with a Schedule 2A permission to carry on one or more regulated activities. Please note that this latter provision, inserted by section 22(1), (2) of the Financial Services Act 2021, is not yet in force......
Being a member of an occupational or personal pension scheme allows individuals to utilise tax reliefs throughout their working life to build a retirement pension. This Practice Note outlines, in broad terms, the principal areas where members can maximise available tax reliefs to improve their retirement benefits. It highlights the following features and, where relevant, flags certain pitfalls to avoid: pensionable earnings personal contributions their interaction with the annual allowance Previous discussions of these topics would have referred to the lifetime allowance charge and the lifetime allowance; the lifetime allowance charge was abolished with effect on and from 6 April 2023, and the lifetime allowance itself was abolished with effect on and from 6 April 2024. Further information is available at PTM164100 - Information and administration: overview of the information requirements in respect of the lifetime...
This Practice Note concentrates on the range of tax reliefs (income tax relief, national insurance contribution relief and corporate tax relief) available for member and employer payments into registered pension schemes. It further outlines how a member may obtain income tax relief for their own contributions, and explains the tax position of employer contributions paid on termination of the member’s employment. For broader guidance on pension taxation, see Practice Note: Tax treatment of pensions—an introduction. Member contributions to registered pension schemes Section 188 income tax relief A key benefit of registered pension schemes is the availability of income tax relief for members on contributions they, or a third party on their behalf, pay into the scheme. That relief, set out in section 188 of the Finance Act 2004 ( FA 2004), has the following features: conditions......
This new starter guide introduces design rights, spotlighting the core principles and supplying numerous links to Lexis+® UK sources and materials for fuller detail. It is intended for trainee solicitors and readers new to the law of design rights. Further information on other intellectual property ( IP) rights, including additional new starter guides, is set out in Practice Note: Intellectual property ( IP)—new starter guide. Where a topic falls outside this basic guide, explore the two Designs subtopics: Designs transactions and management Designs disputes For summaries of these areas, see: Design transactions and management—overview and Design disputes—overview. This guide also outlines how to sign up to the IP daily and weekly news alerts and how to contact Lexis Ask. Introductory materials For an introduction to designs in the UK, see the following Practice Notes: UK registered and unregistered designs ...
The register of overseas entities The register of overseas entities took effect on 1 August 2022. Overseas entities wishing to buy, sell or transfer land or property in the UK were required to sign up with Companies House and state their registrable beneficial owners or managing officers by 31 January 2023. Corporate transparency is now regarded as a critical component of any plan to curb or eradicate corruption, tax evasion, terrorist financing and money laundering. In the aftermath of Russia’s invasion of Ukraine, HM Government fast‑tracked the Economic Crime ( Transparency and Enforcement) Act 2022 ( EC( TE) A 2022). Under EC( TE) A 2022, an overseas entity must register with, and supply details of its beneficial owners to, UK Companies House before it can be recorded as the legal owner of UK land. EC( TE) A 2022 is, in large part, derived from the...
Most material generated by central government bodies and government ministers in the UK carries Crown copyright. The bulk of this information can be re-used at no charge under the Open Government Licence ( OGL). Re-using existing public sector information enhances its economic and social value, and underpins the government’s commitments to transparency and re-use. The Re-use of Public Sector Information Regulations 2015 ( RPSI 2015), SI 2015/1415, govern such re-use, replacing the Re-use of Public Sector Regulations 2005 in July 2015. The RPSI 2015 Regulations remain in force as retained EU-derived domestic legislation under EU( W) A 2018, s 2. Tailored guidance for the public and cultural sectors, and for re-users, is available on The National Archives website. What is Crown copyright information? Crown copyright is defined in section 163 of the Copyright, Designs and Patents Act 1988 ( CDPA 1988) as works created by officers or...
This Practice Note examines the regulatory information services regime through which an issuer (whose transferable securities are admitted to trading on a UK regulated market) must make regulated information public. It focuses on the functions of the regulatory information service ( RIS) and primary information provider ( PIP), and outlines the principal continuing obligations, together with the approval process and supervisory framework for a PIP. What is regulated information? Regulated information covers all information that an issuer, or any other person who has sought admission of financial instruments to trading on a regulated market without the issuer’s agreement, is required to disclose under: the Disclosure Guidance and Transparency Rules ( DTR); articles 17 to 19 of Assimilated Regulation ( EU) 596/2014 ( UK Market Abuse Regulation); the UK Listing Rules ( UKLR). This includes inside information, financial results and...
Background to the regulated activity of issuing electronic money Under section 19 of the Financial Services and Markets Act 2000 ( FSMA 2000), no one may perform regulated activities in the UK unless that person is authorised or enjoys an exemption. This rule is referred to as the general prohibition. For further detail on the general prohibition and how it applies territorially, see Practice Notes: The general prohibition and implications of its breach, and Territorial scope of the general prohibition. ' Regulated activities' covers specified activities undertaken by way of business that concern 'specified investments' or any form of property to which the relevant activity relates. For these purposes, 'specified' means identified by HM Treasury. The Financial Services and Markets Act 2000 ( Regulated Activities) Order 2001, SI 2001/544 ( RAO) lists numerous activities and investments that are so specified. For more on what amounts to...
What are CCPs and what do they do? A central counterparty ( CCP) is a kind of financial institution, often called a clearing house, that enables the clearing of both over‑the‑counter ( OTC) derivatives and exchange‑traded derivatives ( ETDs) in financial markets. CCPs fall within the category of financial market infrastructures ( FMIs) within financial markets. A derivative is a financial instrument whose worth is set by reference to, and thus derived from, an underlying asset, index, rate, reference point or risk, commonly termed the underlying asset or simply the underlying. Derivatives are bilateral contracts that shift some or all of the economic risk and return tied to the underlying from one counterparty to another, without any immediate delivery of the underlying item. For OTC derivatives, terms are negotiated directly between the parties themselves, or at times arranged via a broker acting as...
A significant share of those investing in UK property reside outside the UK. The British real estate market appeals to a broad and diverse spectrum of investors, from high net worth individuals buying premium residential assets to international funds placing capital into London office space or out-of-town shopping centres across the UK. Typically, such investors seek to organise their investment so that: as far as possible, they do not fall within the scope of UK taxation, namely: for companies—corporation tax on income and chargeable gains for individuals and trusts—income tax on trading income, capital gains tax ( CGT) and inheritance tax to the extent any UK tax does arise, they are entitled to double tax...
This Practice Note This Practice Note explains how far interest costs are deductible for individuals within income tax and companies within corporation tax when they invest in UK real estate assets. The treatment of interest for those acting as dealers in UK real estate falls outside this Practice Note. In a standard property investment, the taxpayer acquires a property intending to keep it for an extended period and to generate receipts by letting the premises to tenants. By contrast, where property is bought for re-development with the intention of selling at a profit, that activity will generally amount to trading (or dealing) in real estate rather than investment. For further guidance, see Practice Note: Dealing in property or property investment? As a broad principle, interest outgoings on borrowing used to fund a UK property business are deductible, if at all, only in...
Swap arrangements Swap contracts are frequently used alongside the financing of UK property, primarily as protection against movements in interest rates. Where borrowing costs on UK real estate are charged at a floating rate, a borrower might enter an interest rate swap so it pays a fixed rate and receives a floating rate from the swap counterparty, using those receipts to service its debt. While this Practice Note concentrates on interest rate swaps, property-related swaps can also address other exposures, such as changes in foreign exchange, asset values and rental receipts. This Practice Note outlines the principal issues in assessing how UK real estate investors are taxed on their hedging swap positions. The tax position of swap dealers (that is, traders) in UK real estate falls outside the scope of this Practice Note. A standard property investment involves a taxpayer purchasing real estate to hold for a...
Many of the covenants commonly found in a standard syndicated loan facility will, in one guise or another, be relevant to a real estate finance development deal. For background on those undertakings—what they are and why lenders require them—see Practice Note: Covenants. In a development facility, the borrower draws funds not only to acquire the site but also to carry out the build. Consequently, the bulk of covenants used in a real estate finance investment facility are equally applicable to a development facility, albeit with variations and further undertakings to address the development aspects of the transaction. For further discussion of covenants in investment facilities, see Practice Note: Real estate finance—covenants in investment facilities. This Practice Note focuses on the particular undertakings that are typically seen in a real estate finance development...
Introduction to UK REACH REACH is the shortened name for Regulation ( EC) 1907/2006 of the European Parliament and the Council, which covers the registration, evaluation, authorisation and restriction of chemicals. Before REACH, there were worries that the risks arising from chemicals placed on the EU market were not being properly controlled or examined, and that public authorities bore the whole responsibility. REACH set out to tackle this by shifting the obligation to show understanding of, and to manage, chemical risks to those who manufacture and/or import chemicals and goods containing them — in short, industry. In addition, REACH aims to: ensure a high level of protection of human health and the environment allow the free movement of substances on the EU market enhance the competitiveness and innovation of the EU chemicals industry promote the use of alternative methods for assessing hazardous properties, such as quantitative...
Introduction to UK REACH REACH is the shorthand for Regulation ( EC) 1907/2006 of the European Parliament and the Council, covering the registration, evaluation, authorisation and restriction of chemicals. Before REACH, there were concerns that the risks from chemicals placed on the EU market were not being sufficiently managed or investigated, and that the entire burden fell on public authorities. REACH sought to correct this by shifting responsibility to those who manufacture and/or import chemicals and articles containing them, requiring industry to demonstrate understanding of hazards and to manage risks appropriately. ensure a high level of protection for human health and the environment facilitate the free movement of substances within the EU market boost the competitiveness and innovation of the EU chemicals sector encourage alternative methods to assess hazardous properties, such as quantitative...
Introduction to UK REACH REACH is the shorthand for Regulation ( EC) 1907/2006 of the European Parliament and of the Council, which governs the registration, evaluation, authorisation and restriction of chemicals (the REACH Regulation). Before REACH came into force, there were worries that the risks from chemicals placed on the EU market were not being properly controlled or sufficiently examined, and that the entire responsibility sat with public authorities. REACH set out to change this by shifting the onus for proving understanding of, and effectively managing, chemical risks to those who manufacture and/or import chemicals or goods that contain them, namely industry. In addition, REACH aims to: ensure a high level of protection for human health and the environment; enable the free movement of substances within the EU market; strengthen the competitiveness and innovation of the EU chemicals industry; and promote...
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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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