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GLOSSARY

Gain definition

Published by a LexisNexis Corporate Crime expert

What does Gain mean?

The term 'gain' appears in many statutes and is not generally restricted to commercial gain or profit.

For example, under the Theft Act 1968, s 34(2), while 'gain' extends only to gain in money or other property it also extends to any such gain which is merely temporary and includes a gain by keeping what one has as well as a gain by getting what one has not. 'Gain' is similarly defined by the Fraud Act 2006, s 5.

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Drafting a building contract/schedule of amendments—checklist

Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...

Digital assets and cryptoassets on death—checklist

Digital assets and cryptoassets on death—checklist The personal representatives (PRs) of an estate have a duty to administer the estate and this includes dealing with all the deceased’s digital assets, including online accounts and profiles even if they have no monetary or immediate value. While it is estimated that there are already over two million people in the UK who hold some form of cryptoasset, to date relatively few people have died with such assets in their estate and this is still a developing area of law and practice. More generally, the vast majority of the UK population is likely to have some sort of digital profile or digital asset in their estate on death. For information on what are considered to be digital assets, see Practice Note: Dealing with digital assets after death—What are digital assets? This Checklist deals with specific issues for PRs to consider where the estate contains digital assets, including cryptoassets. It focuses solely on issues relating to digital assets rather than physical assets and should...

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Fraud by failure to disclose and abuse of position

Fraud by failure to disclose information while under a legal duty to do so An offence of fraud by failure to disclose is committed where a defendant:•dishonestly fails to disclose information to another person while under a legal duty to do so, and•with the intention to make a gain or cause a lossThe elements of the offence in section 3 of the Fraud Act 2006 (FrA 2006) must be read in conjunction with the offence creating provision in FrA 2006, s 1.The offence is focused on the defendant's conduct and intention and it is irrelevant whether anyone was actually deceived or if there is any actual loss or gain.There is a degree of overlap with the FrA 2006, s 2 offence (Fraud by false representation) as any incomplete disclosure of information may be a misleading representation. See further, Practice Note: Fraud by false representation.Defining what it means to cause a gain or a lossGain and loss extends only to gain and loss in money or other property, whether temporary or...

Fraud by false representation

This Practice Note covers the offence of fraud by false representation. You may also be interested in the following Practice Notes: •Fraud by failure to disclose and abuse of position•Obtaining services dishonestly under the Fraud Act 2006•Possessing or making articles for use in fraud•Conspiracy to defraud•Internal company fraud investigationsFor civil fraud claims, see: Civil fraud—overview.Fraud by false representationFraud by false representation is an offence under section 2 of the Fraud Act 2006 (FrA 2006), when read in conjunction with FrA 2006, s 1.The elements of the offence are:•making•a false representation •dishonestly •knowing that the representation is or might be untrue or misleading•with intent to make a gain for themselves or another, to cause loss to another or to expose another to the risk of lossFraud by false representation applies to a broad range of conduct. No gain or loss need actually be made, and no deception need actually result from a representation for FrA 2006 offences to bite. The offence is complete as soon as the defendant makes a false...

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An introduction to trade association competition compliance—a guide for staff

An introduction to trade association competition compliance—a guide for staff 1 What must you do if you are invited to a trade association meeting? Insist on an agenda before attending a trade association meeting and always review the agenda in advance. Satisfy yourself that the agenda topics are permissible under competition law by reminding yourself of the permitted and non-permitted areas for trade association meetings (see What are the permitted areas for trade association meetings? and What are the non-permitted areas for trade association meetings? below). If in doubt about the legality of any topic seek legal advice. If legal advice is not available in time, do not attend the meeting. [You must inform [insert, eg the legal department] if you are joining a trade association. See our [insert Contact with competitor form].] [You must also complete both [insert Competition law compliance-meeting with competitors risk assessment] and [insert Competition law compliance—preparing for a meeting with competitors—checklist for staff ]] [For further information, see [insert Competition law compliance—trade...

Explanatory note for a client's Will—fully discretionary

Explanatory note for a client's Will—fully discretionary 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, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, 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. [Your ]Will—[explanatory note] This [explanatory note] explains the main provisions of your Will. Please read this [explanatory note] and your Will carefully. If, after reading this [explanatory note] and your Will, you conclude that...

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I have a client who is UK tax resident but non-domiciled. He holds some dollar bonds in his clean capital accounts. Can I check whether foreign currency bonds are exempt from capital gains tax as qualifying corporate bonds (QCBs)? Can you please confirm the rules in relation to them? Separately, on remittance does any gain on QCBs have to be declared?

I have a client who is UK tax resident but non-domiciled. He holds some dollar bonds in his clean capital accounts. Can I check whether foreign currency bonds are exempt from capital gains tax as qualifying corporate bonds (QCBs)? Can you please confirm the rules in relation to them? Separately, on remittance does any gain on QCBs have to be declared? In this Q&A, we have assumed that the individual is a remittance basis user by way of claim and the bonds are non-UK situs assets for the purposes of capital gains tax (CGT). For CGT purposes, a bond is a qualifying corporate bond (QCB) if it is a security the debt on which represents a normal commercial loan ‘expressed in sterling’ with no conversion into or redemption in another currency (section 117 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992)). Bonds that are dollar denominated are unlikely to meet the requirement of being expressed in sterling and therefore will not be a QCB...

Can an individual who owns UK residential property, but is resident outside the UK for several years, claim principal private residence relief? What are the eligibility criteria for overseas workday relief?

Can an individual who owns UK residential property, but is resident outside the UK for several years, claim principal private residence relief? What are the eligibility criteria for overseas workday relief? Principal private residence (PPR) relief exempts part or all of the gain realised on the disposal of an individual’s dwelling-house from capital gains tax (CGT) if the dwelling–house has been his only or main residence at some point during his period of ownership. UK resident taxpayers can claim PPR relief on the disposal of a UK residence or a non-UK

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TMT weekly highlights—5 June 2025

Welcome to this week’s edition of the TMT weekly highlights: a hand-picked summary of news analysis, updates and new content from across the technology, media and telecoms sectors. These highlights focus on key topics including new technologies, software, cloud computing, internet, outsourcing, music, film & television, publishing, defamation and telecoms.

PI & Clinical Negligence weekly highlights—5 June 2025

This week's edition of PI & Clinical Negligence weekly highlights includes news of interest rate reductions for Court Funds Office accounts effective 30 May 2025 following a decrease in the Bank of England’s base rate, and a new guide for the Court of Appeal (Civil Division) introducing mandatory electronic filing and streamlined procedures for civil appeals. We consider a High Court decision where a teenage passenger’s claim for brain damage from a motorbike accident was reduced by 20% for contributory negligence for not wearing a helmet and accepting a ride from an inexperienced rider. We also bring you a workplace COVID-19 appeal that was allowed due to errors in applying the causation test during summary judgment, and a claim involving occupational injury from acoustic shock that was dismissed after the required diagnostic criteria were not met. In addition, we have our usual round-up of other news, cases and New Law Journal articles of interest and we have included a free webinar.

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