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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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Organisations caught by the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLR 2017), SI 2017/692 must: apply enhanced customer due diligence ( CDD) measures and strengthened ongoing monitoring for any transaction or business relationship with a person established in a high-risk third country not place reliance on a third party established in a high-risk third country The obligation to undertake enhanced due diligence in relation to high-risk third countries applies where there is a relevant transaction and an establishment in a high-risk third country. A relevant transaction is one for which you are required to apply CDD under MLR 2017, reg 27, and being established in a country means: for a legal person, being incorporated in, or having its principal place of business in, that country, or—where a financial...
Overview This one‑minute guide summarises updates to the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017, SI 2017/692 ( MLRs), introduced by the Money Laundering and Terrorist Financing ( Amendment) ( No. 2) Regulations 2022, SI 2022/860, as they apply to financial services. It concentrates on revisions regarding: proliferation financing cryptoassets businesses Annex 1 financial institutions FCA AML/ CTF supervision information sharing and information gathering reporting discrepancies and the Register of overseas entities trust or company service providers ( TCSPs) account information service providers ( AISPs) The Amendment No. 2 Regulations 2022, SI 2022/860, implement a targeted set of measures, while a separate review of the MLRs is ongoing to inform the UK’s broader AML/ CTF approach for the coming years. For additional detail, see the following Practice Notes: Introduction to the UK AML/ CTF legal and regulatory framework for financial services— UK AML/ CTF...
ARCHIVED: This Practice Note has been archived and is not maintained. This Brexit quick guide examines measures made under the European Union ( Withdrawal) Act 2018 ( EU( W) A 2018), as altered by the European Union ( Withdrawal Agreement) Act 2020 ( EU( WA) A 2020), to put in place and refine the UK’s anti‑money laundering ( AML) and counter‑terrorist financing ( CTF) framework following Brexit, including bringing the Wire Transfer Regulation ( WTR2) into UK law It also addresses pending European AML/ CTF initiatives, the Sanctions and Anti‑ Money Laundering Act 2018 ( SAMLA 2018), amendments to the Money Laundering Regulations ( MLRs) via EU Exit statutory instruments, and resulting updates to the FCA Handbook For developments concerning the UK and EU positions on the UK’s AML/ CTF regime post‑ Brexit, including items highlighted in this quick guide, see the following Practice Notes: ...
STOP PRESS: This document is being updated to reflect implementation of the Data ( Use and Access) Act 2025 ( DUAA 2025) which amends the UK GDPR and Data Protection Act 2018. For detailed help on DUAA 2025’s compliance impact, consult Practice Note: Data ( Use and Access) Act 2025—compliance implications. The rules within the United Kingdom General Data Protection Regulation ( UK GDPR), the Assimilated Regulation ( EU) 2016/679, and the Data Protection Act 2018 ( DPA 2018) pose particular difficulties for the anti-money laundering ( AML), counter-terrorist financing ( CTF) and counter-proliferation financing framework, such as: pinpointing a lawful basis to handle personal data meeting transparency and information duties safeguarding client information gathered through client due diligence ( CDD) disclosing client details to law enforcement bodies, for example via suspicious activity reports ( SARs), and dealing with data...
This FLASHCARD is intended to help you absorb and recall the key points on the UK regime for alternative investment funds ( AIFs) and their managers, derived from the Alternative Investment Fund Managers Directive ( AIFMD) ( Directive 2011/61/ EU). What is the AIFMD? The Alternative Investment Fund Managers Directive 2011/61/ EU ( AIFMD) came into effect on 21 July 2011 and had to be implemented by EU Member States by 22 July 2013. It sets out a comprehensive regulatory framework for alternative investment fund managers ( AIFMs) that market or manage AIFs—such as hedge funds, private equity funds, and real estate investment funds—within the EU. How was the AIFMD implemented in the UK? In the UK, implementation combined HM Treasury statutory instruments with rules and guidance in the Financial Conduct Authority ( FCA) Handbook. The principal UK regulation transposing the AIFMD was the...
This Practice Note This Practice Note examines provisions in the Alternative Investment Fund Managers Regulations 2013, SI 2013/1773 ( AIFM UK Regulations), together with the Financial Conduct Authority ( FCA) Handbook—specifically the Investment Funds sourcebook, chapter 3 ( FUND 3). FUND 3 implemented in UK law the Alternative Investment Fund Managers Directive ( Directive 2011/61/ EU) ( AIFMD) obligations for UK alternative investment fund managers ( AIFMs) covering investor disclosures, annual reporting, submissions to regulators, private equity disclosures, and anti-asset stripping rules. Further related material is available in the following Practice Notes: Practice Note: UK AIFM regime—transparency rules and the prospectus on the requirements concerning transparency and the information which must be disclosed to potential investors prior to making a decision to invest Practice Note: EU AIFMD disclosure, reporting and anti-asset stripping requirements on the equivalent requirements under the EU AIFMD...
AI procurement and contract resources This resource kit brings together the principal practical guidance available across Lexis+® UK that addresses issues encountered when procuring artificial intelligence ( AI) technologies and when negotiating AI contracts. It is revised as new material is published. For broader AI content and the legal questions arising from its use across different contexts and sectors, see Practice Note: Artificial intelligence ( AI) resource kit. Guides, checklists and overviews Practical guidance document More information Practical guidance content type Negotiation guide— AI contracts This negotiation guide delivers hands-on advice on key points that may arise when agreeing contracts to source AI solutions. Aimed chiefly at customers buying AI systems, it also reflects positions suppliers may adopt. It outlines each party’s objectives, explores potential bargaining positions and flags frequent pitfalls that can occur in AI contract...
ARCHIVED: This content was published in 2023 and is not maintained. Market Standards and Lexis+® UK Practical Guidance have carried out an in-depth examination of AGM voting and meeting set-ups across the 2023 season. Using insights within the Market Standards database, the report offers a detailed assessment of this season’s shareholder voting behaviour, highlighting key patterns in defeated resolutions, sizeable against votes, and meeting format. It features commentary from Will Chalk, Partner, Ashurt, and ends with closing reflections by Wilma Rix, senior associate, Linklaters, on this year’s voting outcomes and emerging matters practitioners should be alert to as the 2024 season unfolds......
BREXIT At 11pm ( GMT) on 31 December 2020, the IP completion day, the transition/implementation phase that followed the UK’s departure from the EU came to a close. From then, key transitional measures ended and notable changes started to apply across the UK’s legal framework. This note provides guidance on areas affected by these shifts. Before continuing your research, see: Brexit and financial services: materials on the post- Brexit UK/ EU regulatory regime [ Archived]. Setting the scene The Financial Services Authority ( FSA) — predecessor to the Financial Conduct Authority ( FCA) — brought in the Retail Distribution Review ( RDR) to strengthen consumer confidence in financial services by tightening rules on transparency and charging. The reforms chiefly aimed to keep product charges separate from adviser charges and, in particular, to prevent adviser firms from receiving commissions, profit shares or other payments from product...
This Practice Note outlines the evolving policy and regulatory landscape for the potential future deployment of Advanced Nuclear Technologies, with particular emphasis on small modular nuclear reactors ( SMRs) in the UK. It compiles details of, and links to, key policy documents, alongside an overview of ANT licensing, planning, siting, decommissioning and insurance. For further practical guidance on the financing of energy, power and resources projects across a range of sectors, including those covered in this Practice Note, see also the textbook: Energy and Resources Financing: A Practical Handbook... What are Advanced Nuclear Technologies ( ANT)? The term ‘ ANT’ is a collective description for the most recent nuclear technologies, namely: small modular reactors ( SMRs) small and medium-sized reactors micro nuclear reactors advanced modular reactors ‘ SMR’ is used interchangeably to refer to ‘small modular reactors’ or ‘small and...
Share-based payments Businesses typically recognise share-based payments as expenses in their profit and loss accounts, although lighter obligations may apply to small and micro entities. This Practice Note offers a high-level overview of the accounting for share-based payments. It is an introductory guide only. However, the subject is complex, so specialist professional advice should be sought on the accounting impact of different share incentive schemes. For accounting purposes, share-based payments ( SBPs) encompass: share awards and share options, where settlement occurs through shares (known as equity-settled share-based payments); and phantom share awards, share appreciation rights ( SARs) and other cash awards or payments where the amount is linked to the value of the underlying shares (known as cash-settled share-based payments) In essence, the accounting for an SBP depends upon whether settlement is in equity or cash. Where there is a choice between cash or shares, that election can also...
Autumn Budget 2024 At the Autumn Budget on 30 October 2024, the Labour government confirmed it would scrap the remittance basis of taxation and bring in a residence-based regime, commencing on 6 April 2025. From the same date, inheritance tax ( IHT) will also switch to a residence-based system, supplanting the previous rules tied to an individual’s domicile. As part of the Autumn Budget package, the government published a set of documents, including: a TIIN, ‘ Reforming the taxation of non- UK domiciled individuals’; a technical note outlining the income tax, capital gains tax ( CGT) and IHT changes affecting UK-resident non-domiciliaries; and 103 pages of Draft Finance Bill measures. On 7 November 2024, Finance Bill 2025 ( FB 2025) was published along with explanatory notes, including the draft legislation which was published at Autumn Budget. FB 2025 received Royal Assent on 20 March 2025 and is now enacted as...
ARCHIVED : This archived Practice Note centres on the abolition of defined benefit ( DB) contracting-out, effective from 6 April 2016. It is no longer maintained. For details of the DB contracting-out framework in force from 6 April 2016, see Practice Note: Legal regime applicable to Section 9(2B) rights and GMPs from 6 April 2016. For general guidance on the meaning and purpose of contracting-out, see Practice Note: What does ‘contracting-out’ mean for pension lawyers? In addition to DB contracting-out, there was once another route—contracting-out on a money purchase basis (also called defined contribution ( DC) contracting-out). DC contracting-out was abolished on 6 April 2012. For more, see Practice Note: Abolition of DC contracting-out [ Archived]. Why was DB contracting-out abolished? From 6 April 2016, contracting-out on a salary-related basis (that is, DB contracting-out) came to an end. Schemes that were...
Practice Note This Practice Note consolidates coverage of fiscal developments across the 2026–27 tax year, beginning with the Spring Forecast 2026 on 3 March 2026. For further details about the Budget and Finance Bill procedures, and the broader fiscal schedule, consult Practice Note: The Budget and Finance Bill process for timetable information......
Fiscal events for 2026–27 This section brings together content on the fiscal events for 2026–27, beginning with the Spring Forecast on 3 March 2026......
This Practice Note sets out how prospectuses are approved under the UK public offers and admissions to trading regime that took effect on 19 January 2026. It concentrates on the obligations as they apply to the debt capital markets. For further detail on the regulatory architecture of the new regime and the principal provisions affecting debt capital markets, see Practice Note: The new UK public offers and admissions to trading regime—essentials. For guidance on the practical consequences for debt capital markets deals, see Practice Note: The new UK public offers and admissions to trading regime—key practice points for debt capital markets. In summary A refreshed regulatory regime for public offers and admissions to trading of securities in the UK—covering when a prospectus is needed and what it must contain—commenced on 19 January 2026, supplanting the earlier EU law‑derived framework. From 19 January 2026,...
This Practice Note compiles material on fiscal events across the 2025–26 tax year, beginning with the Spring Statement 2025 on 26 March 2025. For further detail on the Budget and Finance Bill procedures, as well as the broader fiscal timetable, see Practice Note: The Budget and Finance Bill process. Spring Statement 2025 On 26 March 2025, the Chancellor of the Exchequer, Rachel Reeves, delivered the Spring Statement 2025 to Parliament. The government outlined consultations and policy papers on substantive and administrative tax measures and other prospective developments. For more on the announcements, see News Analyses: Video analysis— Spring Statement 2025: Private Client perspective Spring Statement 2025— Tax analysis Tax update spring 2025: simplification, administration and reform On 28 April 2025, the Exchequer Secretary to the Treasury, James Murray, issued a written ministerial statement setting out a package of measures to simplify and reform the tax system and improve tax...
Released in July 2025, the UK’s fourth National risk assessment ( NRA) on money laundering and terrorist financing sets out the principal money laundering and terrorist financing risks facing the UK, and highlights how these have evolved since the government’s previous NRA, issued in 2020. This Practice Note summarises the NRA’s context, sets out its key findings, and explains what the report’s publication means for you. Background Under the Money Laundering, Terrorist Financing and Transfer of Funds ( Information on the Payer) Regulations 2017 ( MLR 2017), SI 2017/692, as amended, the Treasury and Home Office are required to put in place arrangements for a risk assessment to be carried out to identify, assess, understand and mitigate the money laundering and terrorist financing risks affecting the UK......
ARCHIVED: This archived Practice Note draws together and compiles material on fiscal developments across the 2024–25 tax year, from the Spring Budget of 6 March 2024 through to the anticipated passage of Finance Bill 2024–25 in Parliament. For details on the yearly Budget and Finance Bill cycle, consult Practice Note: The Budget and Finance Bill process. Spring Budget 2024 The Spring Budget 2024 was presented by the Chancellor of the Exchequer, Jeremy Hunt, on Wednesday 6 March 2024......
ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note collates material on the fiscal events throughout the entirety of the tax year 2023–24, including the following: Tax Administration and Maintenance Day ( TAMD), which took place on 27 April 2023 Tax legislation day ( L Day), which occurred on 18 July 2023 Autumn Statement, which was delivered on 22 November 2023 the publication of the Autumn Finance Bill 2023 ( AFB 2023), also known as Finance Bill 2024 and Finance Bill 2023–24, which was published on 29 November 2023 and which received Royal Assent on 22 February 2024 and was enacted as Finance Act 2024 Spring Budget 2024, which took place on 6 March 2024, and the publication of the Spring Finance Bill 2024 ( SFB 2024), also known as Finance ( No 2) Bill 2024 and Finance ( No 2) Bill 2023–24, which was...
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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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