The Practice Note outlines the key terms and issues arising when considering, drafting or reviewing a power purchase agreement (PPA) between an electricity generator and an offtaker/power purchaser. It has been produced in partnership with Pinsent Masons.
Second charge mortgages are loans secured on a property that is already subject to a first ranking charge mortgage. Historically, second charge mortgages were regulated by the Office of Fair Training (OFT), and later the Financial Conduct Authority (FCA) under the customer credit regime. On 21 March 2016 the regulation of consumer credit was moved to the FCA's regulated mortgages regime. This Practice Note considers the regulation of the second charge under the FCA's regulated mortgages regime.
This Practice Note covers the data protection obligations that were relevant to pension schemes before 25 May 2018, under the Data Protection Act 1998. This Practice Note also looks at the impact these obligations had on scheme trustees, scheme members, employers and other pension scheme players (eg administrators).
This Practice Note describes the extent of HMRC’s powers to make value added tax (VAT) assessments, and the procedures and time limits it must comply with. In some situations, such as when a person fails to submit a VAT return or submits an incorrect return, HMRC can make an assessment for the outstanding VAT. This Practice Note is produced in partnership with Pinsent Masons.
A person who is registered for VAT in the UK may be deregistered (ie their VAT registration may be cancelled) on a compulsory or voluntary basis. This Practice Note covers the rules on when a business can, or must, have its VAT registration cancelled, and the consequences of deregistration. It also looks at how deregistration interacts with the rules on the option to tax land, transferring a business as a going concern and VAT groups.
This Practice Note looks at the recovery of VAT paid on professional fees (of accountants, lawyers and other advisers) incurred on business sales and acquisitions, share sales and acquisitions, corporate restructurings, and share issues. It also covers VAT recovery by holding companies. This Practice Note was produced in partnership with Pinsent Masons.
The Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD) was transposed into national law in the UK on 22 July 2013 and introduced requirements concerning transparency and the information which must be disclosed to potential investors prior to making a decision to invest. The principal document for any investor and alternative investment fund manager (AIFM) is the investment prospectus, also known as an information memorandum, which must be drafted to include all information in relation to the investment opportunity to allow an investor to make an informed choice. This Practice Note, written in partnership with Pinsent Masons, lists the prospectus transparency requirements imposed by AIFMD and explores those concepts in relation to preparing an investment memorandum that is fit for purpose.
This note explains how the Assessment of Energy Performance of Non-domestic Buildings (Scotland) Regulations 2016 (AEP Regs 2016), SSI 2016/146 apply to commercial property in Scotland.
This Practice Note looks at the territorial application for the prosecution of offences under the Bribery Act 2010 (BA 2010) in Scotland and explains how such jurisdictional issues are dealt with within the UK, particularly where cross-border issues arise. It covers the jurisdictional problems under BA 2010 created as a result of the provisions governing the prosecution of conduct committed outside of England and Wales (eg Scotland) as well as the requirements of the Memorandum of Understanding (MOU) between the Crown Office and Procurator Fiscal Service (COPFS) and the Serious Fraud Office (SFO) for the investigation of bribery offences in Scotland.
This Practice Note examines the key regulatory requirements and issues when changing the authorised corporate director (ACD) of an open-ended investment company (OEIC), including the background to OEICs and ACDs; the circumstances under which a change of ACD will occur; the practical considerations when removing an ACD and the key procedure and timings for changing the ACD of an OEIC.
This Practice Note considers the differences between the protection given to a purchaser, tenant or lender by an official search with priority (priority search) in England and Wales and an advance notice in Scotland.
This Practice Note looks at the management and maintenance of common areas in residential and commercial developments in Scotland using either a deed of conditions or the development management scheme
This Market Tracker Trend Report examines the current recommendations and guidelines for public companies in relation to ethnic diversity reporting in the UK, focusing on how these have been interpreted, implemented, and reported on by FTSE 100 constituents. The report also examines recent and upcoming developments anticipated to have an impact on this area, and provides companies with expert ‘best practice’ guidance in advance of the upcoming target deadline set by the Parker Review for FTSE 100 companies to have at least one ethnic minority director on the board by the end of 2021.
This Practice Note, produced in partnership with Jason Collins and Catherine Robins of Pinsent Masons, provides a broad overview of the application of FATCA to UK Trusts. It is one of a series of Practice Notes explaining the reporting requirements in the UK arising as a result of the introduction of FATCA. It considers the Intergovernmental Agreement (IGA) between the UK and the US (the UK:US IGA) as well as the IGAs with the Crown Dependencies and British Overseas Territories (CDOT) (known as UK FATCA or Son of FATCA)(the UK:CD/Gib IGAs) and the UK’s domestic implementation regulations, the International Tax Compliance Regulations 2015, SI 2015/878.
This Practice Note contains a glossary of common words and expressions used in Scottish property law with the nearest England and Wales equivalent (where relevant) and links to useful property related websites.
This Practice Note considers the different stages in transactions for the sale of commercial property in England and Wales compared to those in Scotland, at pre-contract, contract, post-contract, completion and settlement and post-completion and settlement stages.
This Practice Note considers the different stages in lease negotiations for commercial property in England and Wales compared to those in Scotland, at pre-contract, contract, post-contract, completion and settlement and post-completion and settlement stages.
This Practice Note explains the basis of the Health and Safety Executive’s (HSE) powers in Scotland and highlights the different approach to the investigation and prosecution of health and safety breaches under the Health and Safety at Work etc Act 1974 (HSWA 1974) and associated safety regulations in Scotland. It explains the powers of inspectors under section 19 of the Health and Safety at Work Act 1974, interviews under section 20 of the Health and Safety at Work Act 1974 and the use of interviews under caution and voluntary witness statements in Scottish health and safety investigations as well as conflicts of interest and how the decision to prosecute is taken in Scotland.
This Practice Note sets out and examines the remedies of permanent interdict and interim interdict under Scots law. In doing so it considers a number of key concepts including: the nature and scope of final interdict and interim interdict; the Scottish courts’ jurisdiction and discretion to determine actions for interdict; what is required for a competent interdict claim including title and interest, craving interdict, the need for precision, etc; defences to interdict; damages for wrongful interdict; recalling interdicts; challenging the court’s decision to grant or refuse interdict whether final or interim; the ramifications of breaching an interdict; and judicial expenses in relation to interdict.
This Practice Note explores non-UCITS retail schemes (NURS) and comments on investment powers, new rules on NURS investing in illiquid assets, promotion, key investor information documents, and NURS that are funds of alternative investment funds (FAIFs) or property authorised investment funds (PAIFs).
This Practice Note, produced in partnership with Jason Collins and Catherine Robins of Pinsent Masons, provides an introduction to the increased penalties that apply where an individual’s non-compliance involves an offshore matter, offshore transfer or relevant offshore asset move and income tax, capital gains tax (CGT) or inheritance tax (IHT) has been evaded. It covers offshore penalties for errors on a return (Schedule 24 to the Finance Act 2007), failure to notify (Schedule 41 to the Finance Act 2008) and failure to make a return (Schedule 55 to the Finance Act 2009). It sets out the offshore penalty rates, the categories of territory and the meaning of offshore matter, offshore transfer and relevant offshore asset move. It also looks briefly at the increased penalties, asset-based penalty and offshore tax errors—publishing details of deliberate tax defaulters (all included in Finance 2016).
This Flowchart demonstrates how health and safety cases progress from investigation, to trial and to Fatal Accident Inquiries (FAIs) in Scotland.
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