Excess Definition

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Seller's SPA drafting guide (unconditional completion)—checklist

Seller's SPA drafting guide (unconditional completion)—checklist This Checklist serves as a guide of certain key matters for the seller’s solicitors to consider when drafting, or commenting on, a share purchase agreement (also known as SPA or share sale agreement) recording the sale and purchase of the entire issued share capital of a private limited company, where the transaction involves simultaneous exchange and completion. Parties The drafter should: • check to see if the legal and beneficial title to the sale shares is split, ie check to see if the seller's sale shares are held in the name of a nominee, requiring the beneficial owner to: ◦ be named as the seller in the SPA instead of the registered holder, and ◦ procure the sale of the sale shares to the buyer • check to see if the transaction involves any parties connected with company directors, which may constitute substantial property transactions requiring certain approvals (see Practice Note: Substantial property transactions—requirement to obtain members’ approval) • resist proposals to include in...

Time limits for filing returns and paying tax—table

Time limits for filing returns and paying tax—table FORTHCOMING CHANGE related to Making Tax Digital: As part of the government’s wider Making Tax Digital (MTD) programme: • subject to limited exceptions and deferrals, sole traders and landlords will be required to submit quarterly digital updates to HMRC about their income and outgoings and returns in digital compatible formats with effect from April 2026, April 2027 or April 2028 for those with income in excess of £50,000, £30,000 or £20,000 respectively, and • the previous government consulted from 12 November 2020 to 5 March 2021 on the design for extending MTD to corporation tax on a voluntary basis from 2024 and a mandatory basis not before 2026, for more detail see News Analysis: Further provisions for draft Finance Bill 2021—Tax analysis—Business and enterprise The 2020 10 year roadmap for digitalising tax administration is explained in more detail in News Analysis: Making tax digital—getting on the virtual road. MTD for VAT has applied to all VAT-registered businesses, regardless of...

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Employment claims in Scottish civil courts

Employment claims in Scottish civil courts Scottish civil courts, like their counterparts in England and Wales, can and do decide certain employment disputes. However, there are very significant differences between the civil court systems in Scotland and in England and Wales which practitioners need to be aware of. This Practice Note provides an overview of: • the most common orders sought by employment lawyers in Scottish civil courts • the structure of the Scottish civil court system • the jurisdiction and key features of each relevant court • rights of audience • rules of procedure • important points about: ◦ breach of contract claims in Scotland ◦ injunctive (interlocutory) relief in Scotland ◦ dawn raids in Scotland ◦ industrial relations disputes in Scotland ◦ equality of terms claims in Scotland The purpose of this Practice Note is to provide an introduction to the key features of the Scottish civil court system for employment lawyers. It is not intended to and does not purport to be a comprehensive account of...

Increasing pensions in payment

Increasing pensions in payment FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. THIS PRACTICE NOTE APPLIES TO ALL OCCUPATIONAL PENSION...

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Spousal and civil partner maintenance—client guide

Spousal and civil partner maintenance—client guide This document provides general guidance regarding an application to the court for maintenance on divorce or dissolution of a civil partnership. Your family lawyer will be able to provide specific advice based on your circumstances. Who can apply for maintenance? Either spouse or civil partner may make an application to the court for a spousal or civil partner maintenance order, also known as a periodical payments order. The person making the application is the applicant and the other person is the respondent. A potential applicant must, except in certain specified circumstances, consider with a mediator whether the dispute may be capable of being resolved through non-court dispute resolution. The court will expect all applicants to have complied with these requirements before commencing proceedings and will expect any respondent to have attended a mediation information and assessment meeting (MIAM). For details of the requirement to attend a MIAM see Practice Note: Non-court dispute resolution—mediation information and assessment meetings (MIAMs). What happens...

Application letter—deferral of SDLT on contingent or uncertain consideration

Application letter—deferral of SDLT on contingent or uncertain consideration [ To be printed on headed notepaper of applicant including full contact details ] HMRC SDLT Deferment Applications [[insert relevant HMRC address]] United Kingdom Dear HMRC Deferral of stamp duty land tax (SDLT) [Insert name of purchaser] UTRN: [insert UTRN of form SDLT1 tax return if already prepared] [We OR I] write to apply for deferral under section 90 of the Finance Act 2003 in respect of SDLT due on [the acquisition disclosed by the above SDLT1 return OR an acquisition of a chargeable interest by [name of purchaser]]. Details of the transaction and the deferral sought are set out in the table below in accordance with HMRC guidance provided in SDLTM50910. The effective date of the transaction [was [insert date] OR has not yet passed but is expected to occur [before [insert date] OR on or around [insert date]]. This application is submitted before completion to maximise the time available for you to consider...

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Where a counterclaiming defendant has paid security for costs into court and the costs have been paid, can any excess funds remaining in court be used to satisfy an unpaid judgment debt for damages against the counterclaiming defendant?

Where a counterclaiming defendant has paid security for costs into court and the costs have been paid, can any excess funds remaining in court be used to satisfy an unpaid judgment debt for damages against the counterclaiming defendant? Security for costs A claimant can take a commercial decision that it was not financially viable to bring a claim against the defendant, but a defendant does not have any choice about whether it was sued. Security for costs is a mechanism which is aimed at protecting a defendant when the court considers that there is a significant risk that the defendant will have no real prospect of recovering its costs if it is ultimately successful in its defence. This is to ensure protection and fairness for defendants. When considering whether to make an order for security for costs, the court will need to consider whether the conditions in CPR 25.13 have been satisfied. The order for security for costs is specific that the court is ordering the claimant to...

What happens if a lender incorrectly charges interest on a credit agreement?

What happens if a lender incorrectly charges interest on a credit agreement? BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. How should interest be charged on a credit agreement? The term of the credit agreement will specify the interest rate payable (if any) on the credit provided under the terms of the agreement. As well as setting out the rate of interest, which must be charged on a per annum basis, the credit agreement will also set out how interest is calculated and added to the account. For example, for certain fixed-sum loans the amount of interest will be calculated at the beginning of...

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Private Client weekly highlights—5 June 2025

This week’s edition of Private Client highlights includes: (1) OPG publishes updated professional deputy costs for England and Wales and updated property and financial affairs guidance for attorneys; (2) the Law Commission launches a consultation on a new regulatory framework for funerary methods; (3) HMRC updates its guidance on VAT and private schools; (4) Jusan Technologies Ltd v Uconinvest Llc, which considers the registration of shareholders and the power of directors to bind a company; (5) New Supplemental Swiss Rules for Trust, Estate and Foundation Disputes which will come into force on 1 July 2025; (6) analysis of HNW Lending Ltd v Lawrence, which provides useful guidance on the application of the Contracts (Rights of Third Parties) Act 1999; and (7) two more free webinars.