The Department for Environment, Food and Rural Affairs (Defra) announced that the Floods Resilience Taskforce has convened its fourth meeting, focusing on preparations for potential flooding in winter 2025–26. The Taskforce examined the Environment Agency’s progress in developing a new Flood Warning Service, highlighting how user feedback has informed improvements aimed at better serving the public. The meeting also evaluated progress on the current flood and coastal defence programme and considered the Taskforce’s Insurance Action Group’s plans to enhance homeowner insurance protection.

damages'>Liquidated damages which become payable if the development, when constructed, does not attain the stipulated minimum size requirements.

The first issue of shares to the public in a company new to the stock market.

Goods that are released by accident from a ship and are washed ashore.

ARCHIVED: This Practice Note has been archived and is not maintained. NOTE: SAVE FOR WHERE THE APPEAL NOTICE WAS FILED OR PERMISSION TO APPEAL WAS OBTAINED BEFORE 1 OCTOBER 2012, THIS PRACTICE NOTE IS

ARCHIVED: This Flowchart has been archived and is not maintained. Note: A new version of the

Grant of probate/administration—flowchart Drafting a Will—flowchart Renunciation—flowchart Administrator (entitlement to grant)—flowchart Entitlement on intestacy—flowchart Shariah inheritance—flowchart Intestacy in Scotland (no spouse)—flowchart Intestacy in Scotland (surviving spouse)—flowchart Inheritance

Where companies A, B and C are all in the same capital gains group and company A transfers the shares in company B to company C in exchange for an issue of shares by company C to company A, the following tax consequences may apply to the transaction: • the chargeable gain accruing to company A may be exempt under the substantial shareholdings exemption (SSE) in Schedule 7AC to the Taxation of Chargeable Gains Act 1992 (TCGA 1992). For more information about when the SSE applies to a share sale, see Practice Note: Substantial shareholdings exemption • the share exchange may for tax purposes be deemed not to involve a disposal by company A of its shares in company B, provided the conditions set out in TCGA 1992, s 135 are satisfied and the anti-avoidance condition in TCGA 1992, s 137 does not apply. Where section 135 applies, a modified

This flowchart provides an outline of the process of recruiting an

ARCHIVED: This archived chart outlines a suggested timetable for the employment aspects of a business reorganisation process and is designed to be sent

FORTHCOMING CHANGE relating to capital reduction demergers and statutory demerger conditions: At Tax Update 2026, HMRC published a consultation on ‘Modernising the distributions framework’. The consultation includes a range of proposals aimed at reducing opportunities for income tax payers to extract value from companies in the form of capital rather than income. A number of the proposals will, if implemented, affect the tax treatment of demergers, including: • preventing the implementation of new holding company structures which facilitate the extraction of value as capital. Currently, the insertion of a new holding company above an existing group holding company results