GLOSSARY

Rolled up definition

Produced in partnership with Anna Lewis-Martinez of Latham & Watkins

What does Rolled up mean?

The process of adding interest to the principal amount of the loan rather than paying it periodically during the life of the loan.

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Second charge mortgage regime

Second charge mortgage regime Second charge mortgages defined A regulated second charge mortgage is a loan secured on a borrower’s property that is used as, or in connection with a dwelling and already subject to a first ranking charge mortgage. Loans secured by a second charge on commercial property or buy-to-let properties (that fall within the exclusion in Article 61A of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO) are outside the regulated mortgage contract (RMC) regime. A second charge mortgage is subordinate to a first charge mortgage and in the event of default, a second charge lender's interest in the proceeds of realising the property will only arise once the liabilities owing to the first charge lender have been satisfied. Second charge lending is used for a number of reasons including debt consolidation and to fund home improvements. Second charge lending can also be used as an alternative to larger, unsecured personal loans. While second charge lending is typically larger in value than unsecured personal loans they are often smaller in value and shorter in term than first charge lending. Historically, second charge mortgages, alongside unsecured credit, were regulated by the Financial Conduct Authority (FCA) under the consumer credit regime (and before this by the Office of Fair Trading (OFT)). On 21 March 2016 the regulation of second charge mortgages was moved to

UK CCUS—an overview

UK CCUS—an overview This Practice Note examines Carbon Capture Usage and Storage (CCUS) from the UK perspective. While currently there are no CCUS plans on the Irish island, the approach considered in this note is expected to be the same in Northern Ireland). This Practice Note considers: • what is CCUS and the key types of technologies it encompasses • the development of CCUS clusters in the UK • government policy and legislative developments aimed at increasing the deployment of CCUS, including the development of business models for establishing an incentive mechanism for CCUS projects and the Carbon Capture and Storage Infrastructure Fund • key drivers, obstacles and risks for CCUS uptake • policy developments in relation to repurposing existing oil and gas assets for CCUS projects, and • existing national and international legislative framework surrounding CCUS projects For more information specifically on the: • planning framework applicable to CCUS projects, see Practice Note: Carbon capture usage and storage—planning and policy • permitting requirements for CCUS projects, see Practice Note: Carbon capture usage and storage—permitting requirements What is CCUS? CCUS is the collective name for a set of technologies which deal with the capture of carbon dioxide (CO2), generated as a by-product of another process (such as electricity generation from fossil fuel sources, industrial processes and others, and the transportation of such CO2 via pipeline, ship or road tanker to a site where it can be

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ET3 grounds for resisting claim—payment for annual leave

ET3 grounds for resisting claim—payment for annual leave [Insert in para 6.1 of response form ET3:] 1 It is denied that the Respondent [refused to permit the Claimant to exercise his rights OR failed to pay the Claimant any amount to which he was entitled] under the Working Time Regulations 1998 as alleged or at all. 2 The Claimant's claim for payment in respect of annual leave is denied on the following grounds: 2.1 [It is admitted that the Respondent did not pay the Claimant in respect of the [enter period, eg one week’s] leave that he took on [insert date]. The reason that it did not do so was that the Claimant had exhausted his annual leave entitlement by that date, having taken leave on [specify dates]. He was informed that if he took the leave in question, it would be treated as unpaid leave. OR 2.2 It is denied that the Claimant was entitled to any payment under reg 16 of the Regulations. He had a contractual

Loan note instrument—non-leveraged investment—corporate investors

Loan note instrument—non-leveraged investment—corporate investors £ [insert number] [insert rate]% [subordinated ]redeemable loan notes 20[insert year] [insert name of issuer] This Instrument is dated [insert day and month] 20[insert year] Parties 1 [Insert name of issuing company] incorporated in England and Wales under number [insert company number] whose registered office is at [insert address] (Issuer) Background The Issuer has resolved to create up to a maximum nominal amount of £[insert number] [insert rate]% [subordinated ]redeemable loan notes to be constituted as set out in this document. It is agreed as follows: 1 Definitions and interpretation 1.1 In this Instrument, unless the context otherwise requires the following expressions shall have the following meanings: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which clearing banks are open for non-automated commercial business in the City of London; Certificate • means the certificate in the form set out in Schedule 3; Conditions • means the conditions set out in Schedule 1 as amended from time to time in accordance with this document; Default Event • means any of the events specified in clause 10; Encumbrance • means any mortgage, claim, charge, pledge, lien, hypothecation, guarantee, right of set-off, trust, assignment, right of first refusal, right of pre-emption, option, restriction or other encumbrance or any legal or equitable third party right or interest including any security interest of any kind (or any like agreement or arrangement creating any of the same

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What options are available where the life tenant of a Will trust wishes to remain in the trust property for their lifetime, but the remainder of the deceased testator’s estate is insufficient to settle the inheritance tax (IHT) due on the property and the property would otherwise need to be sold? The life tenant is willing to settle the IHT liability themselves (with the instalment option) provided their estate is reimbursed when the property is sold after their death.

What options are available where the life tenant of a Will trust wishes to remain in the trust property for their lifetime, but the remainder of the deceased testator’s estate is insufficient to settle the inheritance tax (IHT) due on the property and the property would otherwise need to be sold? The life tenant is willing to settle the IHT liability themselves (with the instalment option) provided their estate is reimbursed when the property is sold after their death. The question suggests that the ultimate beneficiaries of the life interest trust are different to the persons who the life tenant wishes to benefit from their estate after they die. If that were not the case, then it would be open to the life tenant just to pay the inheritance tax (IHT) as it fell due. A question would then arise as to whether that was a transfer of value by them (bearing in mind that the value of the property is deemed to be included in their estate) but that is a separate question. The question suggests that the life tenant wants some consideration in return for paying the IHT, so they have something of equivalent value in their estate to pass to their chosen beneficiaries. In a situation like this the consideration can broadly take one of two forms. The payment of IHT could be by

What claims may a worker have against an employer that rolls up their holiday pay into their normal pay?

What claims may a worker have against an employer that rolls up their holiday pay into their normal pay? Before the Working Time Regulations 1998 (WTR 1998), SI 1998/1833 came into force, some workers (often low-paid, casual or temporary workers) were not given paid holiday. When WTR 1998, SI 1998/1833 came into force, some employers argued that the existing basic rate of pay for such workers included pay for annual leave under WTR 1998, SI 1998/1833, ie that holiday pay was 'rolled-up' into their normal pay for work done, or increased their workers' basic pay, stating that the increase was paid holiday entitlement. However, rolled-up holiday pay is a disincentive to take holiday because a worker receives no pay when he actually takes his leave. In Robinson-Steele the European Court of Justice held that: • rolled-up holiday pay does not comply with the requirements of Article 7 of Directive 2008/88/EC, the Working Time Directive, but • sums already paid 'transparently and comprehensibly' to a worker under a rolled-up holiday pay scheme could be set off against the holiday pay due to the worker, provided the sums represented an addition to pay for work done In Lyddon the EAT, relying on the decision in Robinson-Steele, subsequently held that rolled-up holiday payments can be offset against liability for holiday pay whenever they are paid, ie that rolled-up holiday pay arrangements may

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The contents of this judgment shame Cardiff City Council—Local authority in contempt of court (JS v Cardiff City Council)

Local Government analysis: The Honourable Mrs Justice Steyn DBE found the defendant local authority in contempt of court for its failure to comply with the terms of a mandatory injunction. The defendant had been required to complete future placement planning and produce a care and support plan for the claimant. The breach of the court order came against a background of breached undertakings due to the defendant’s long-standing difficulties in organising a placement suitable for the claimant’s needs. The judgment provides a useful overview of the approach in contempt proceedings when the contemnor is a public body. It includes a discussion of the matters which are relevant when considering breach, those which only go to penalty, and the question of whether a ‘threshold test’ applies. The public admonishment of the defendant also serves as a stark reminder of the importance of compliance with court orders. Written by Owain Rhys James, barrister and Crash Wigley, pupil barrister, both of Civitas Law.

Court confirms LPA acted lawfully in granting planning permission subject to provision of doctor’s surgery (R (on the application of HFAG Ltd) v Buckinghamshire Council)

Planning analysis: The claimant sought judicial review of the decision of Buckinghamshire Council (the Council), to grant planning permission for a mixed used sustainable urban development (the Development) on an area of land in Buckinghamshire (the Site). The main issue of the case was whether the Council acted lawfully in deciding to grant outline planning permission on the basis that the only health provision made was a doctor’s surgery, to be provided on Site, in accordance with the terms of an agreement made under section 106 of the Town and Country Planning Act 1990 (TCPA 1990) which was contrary to the representations made by two local NHS groups which requested significant financial contributions. Written by Andrew Swaffer, senior associate, and Sydney Chandler, trainee, at Sharpe Pritchard.

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