A provision in a loan agreement, which allows payment to be received for a certain period of time after the actual due date. During this period, no late fees will be charged and late payment will not result in default or cancellation of the loan.
Applying to naturalise as a British citizen: eligibility Naturalisation is the most common way for adults to acquire British citizenship. The naturalisation route to British citizenship enables adults who do not fulfil automatic registration criteria but who have lived in the UK for specified periods to apply to become a British citizen. A person who becomes a British citizen through naturalisation is considered a British citizen otherwise than by descent. The current legal framework governing the criteria under which an application for naturalisation can be made is set out in the British Nationality Act 1981 (BNA 1981). BNA 1981, s 6 and Sch 1 set out a series of requirements, some of which are compulsory and others of which are subject to an exercise of discretion on the part of the Secretary of State for the Home Department (SSHD) to disregard. The requirements for naturalisation are different for an applicant who is married to, or in a civil partnership with, a British citizen, or who is in Crown service overseas or married to a British citizen in such service. Naturalisation, unlike registration, is not an entitlement. The grant of a certificate of naturalisation is at the discretion of the SSHD. Under BNA 1981, s 6, the SSHD may grant a certificate of naturalisation to a person of full age and capacity if satisfied that person meets the requirements set out in
Changes to the taxation of offshore trusts from 6 April 2017 This Practice Note describes the new income tax and capital gains tax (CGT) regime which applies to trusts settled by non-UK domiciliaries prior to becoming deemed domiciled in the UK from 6 April 2017 under section 835BA of the Income Tax Act 2007 (ITA 2007), a new rule introduced by the Finance (No 2) Act 2017 (F(No 2)A 2017). It does not deal with the inheritance tax (IHT) treatment of residential property held through such trusts (for which see Practice Note: IHT on UK residential property held indirectly by non-domiciliaries from 6 April 2017). For more information on the changes to the deemed domicile rules including a history of the proposals, see Practice Note: Deemed domicile for tax from 6 April 2017. The broad aim of the proposed changes is to allow deemed domiciliaries who have established non-UK resident trusts before becoming deemed domiciled to continue to be able to roll up the foreign income and all trust and corporate gains tax free. The tax charge for trusts is then restricted to the following: • tax on UK source income where the trust is settlor-interested, eg UK rental income received by the trustees or by an underlying corporate vehicle. The settlor will be chargeable to tax on this income on an arising basis in accordance with current rules
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Short-form facility agreement (term loan): single company borrower—bilateral—unsecured Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the Facility; Drawdown Date • means the date of Drawdown as specified in the [applicable] Drawdown Notice; Drawdown Notice • means an irrevocable written notice of each intended Drawdown in a form acceptable to the Lender; Event of Default • has the meaning given to it in Clause 16 (Events of Default); Facility • means the Sterling term loan facility made available under this Agreement in an amount equal to the Commitment; Facility Period • means the period from the date of this Agreement until all
Report on title—long form Property: [insert name and/or address of the Property] (‘Property’) Purchaser: [insert name, address and (if applicable) company registration number of buyer] Transaction: [insert brief details] 1 Executive summary 1.1 Scope of report This report is addressed to you [insert buyer’s name] and has been prepared for your sole benefit in connection with your proposed acquisition of the Property. This report may not be disclosed to or relied upon by any other party without our prior written consent. 1.2 [ Good and marketable title We are of the opinion that, subject to the matters referred to in this report, upon completion of the purchase of the Property, payment of [ stamp duty land tax OR land transaction tax] and registration at HM Land Registry, you will obtain a good and marketable title to the Property.] 1.3 Areas of concern [Insert any concerns about the Property arising from your due diligence]. [Title indemnity insurance [has been OR will be] obtained in respect of [insert details of title defect which has been/will be insured against]. The indemnity insurance policy provides cover up to a maximum of £[insert amount] for a period of [insert period of cover] against [insert risks covered].] [[Insert any other relevant information and advice about the policy.]] 2 Transaction summary and key terms [You have informed us that this is an investment purchase and this report is based on the assumption that you will continue to use the
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If a care home dismisses an employee who refuses the coronavirus (COVID-19) vaccination and cannot provide evidence of a medical exemption and their notice period ends after 11 November 2021 (the date on which the statutory requirement comes into effect), would the employee be entitled to pay for the period of notice falling after 11 November 2021? How does the 'ready, willing and able to work' principle apply? Under amendments to the Health and Social Care Act 2008 (Regulated Activities) Regulations 2014, SI 2014/2936 set out in the Health and Social Care Act 2008 (Regulated Activities) (Amendment) (Coronavirus) Regulations 2021 (Regulated Activities Amendment Regulations, 2021), SI 2021/891, from 11 November 2021 a care home provider (or its ‘registered person’) will be required to ensure that a person does not enter the premises unless (with certain exemptions) they provide evidence that satisfies the registered person that they: • have completed a course of authorised coronavirus vaccination, or • should not be vaccinated for clinical reasons (ie have a medical exemption) The question of whether, and when, a care home employee who cannot provide evidence of completed vaccination or a medical exemption (and therefore will be unable to work in care home premises) can be fairly dismissed is discussed in News Analysis: Compulsory coronavirus (COVID-19) vaccination of care home staff. Entitlement to notice Section 86 of the Employment Rights Act 1996 (ERA 1996) provides for
Do you have any guidance for the employer of an employee who is an EEA citizen, employed in the UK, who is refusing to apply for the EU settlement scheme by 30 June 2021, despite being entitled to it, and the effect on the UK employment contract? Right to work checks A correctly conducted right to work check can provide an employer with a statutory excuse against a civil penalty for employing a person illegally, should it be that the employee in question does not have, or loses, the right to work at some point during the employment. To obtain the excuse, the employer must show that it has taken particular steps during the right to work check. Whatever the circumstances of the worker’s illegality a valid right to work check will, with one important exception, act as a statutory excuse for the employer against a civil penalty. The sole exception to this is where the employer has had knowledge ‘at any time during the period of employment’ that the employment was unlawful. The use of the phrase ‘at any time’ suggests that knowledge of illegality does not have to be concurrent with the period of illegality. Knowledge of illegality, or having reasonable cause to believe that a person does not have the right to work, also gives rise to the separate criminal offence of employing a person illegally. For
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Pensions analysis: In July 2022 the Department for Work and Pensions (DWP) published a response to its consultation on the Draft Pensions Dashboards Regulations 2022 (the Regulations). Richard Knight, partner at Burges Salmon considers the outcome and implications of this response.
Law360: Perenco has frozen bank accounts in Luxembourg used by Ecuador to pay its sovereign debt, as the British oil and gas company continues trying to enforce a US$412m award it won following more than a decade of arbitration proceedings over the allocation of profits from two Amazonian oil blocks.
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