ARCHIVED: This Practice Note has been archived and is not maintained. This practical guidance relates to the pre-Procurement Act 2023 regime This Practice Note contains guidance relevant to public procurement exercises commenced before the Procurement Act 2023 (PA 2023) came into force on 24 February 2025. It captures the law as it stood at that point in time. In-scope procurements begun on or after 24 February 2025 are governed by PA 2023. Under the transitional and savings provisions for PA 2023, the previous public procurement regimes continue to apply to the extent necessary to allow contracting authorities to complete and manage procurements commenced before PA 2023 came into force (ie ongoing procurements). This Practice Note should be read in that context. For background reading, see Practice Note: Introduction to the Procurement Act 2023—PA 2023. Further practical guidance on PA 2023 is set out in a separate subtopic, see: Procurement Act 2023—overview. Scope and application of the Utilities Contracts Regulations 2016—pre-PA 2023 The Utilities Contracts Regulations 2016 (UCR 2016) implemented

Overview of the finance department The finance department and the legal department usually work very closely with each other in bringing together the commercial terms of a deal provided by management and/or the commercial/sales department to ensure the best financial outcome for the business. Similarly to the legal department, they are likely to have the most interaction with all areas of the business, as opposed to other departments which may have no real day-to-day need to be involved with certain other departments. The finance department will also be heavily involved in all areas of the business engaging with external suppliers to ensure the organisation gets the best deal from the right organisation, that payments are made and received on time, as well as all other departments to ensure budgets are adhered to and not exceeded. In addition, finance works to ensure the business is best protected when it comes to matters such as making sure payment terms fit with the business needs, as well as ensuring that the business has a right of recourse in the event

This Practice Note reflects requirements in the SRA Code of Conduct for Solicitors RELs, RFLs and RSLs (SRA Code for Individuals) and the SRA Code of Conduct for Firms (SRA Code for Firms) in relation to introductions to third parties. There is a separate Practice Note for situations where clients are referred to you by third parties—see: Referral and fee sharing arrangements. This Practice Note does not cover circumstances where you are simply instructing a third party on behalf of your client. See section: Difference between introduction to and instructing a third party and separate Practice Note: Instructing third parties. Where relevant, firms should also consider their obligations under the SRA Financial Services (Scope) Rules and SRA Financial Services (Conduct of Business) Rules in relation to consumer credit or insurance distribution activities. See Practice Notes: • Insurance distribution activities—law firms • Consumer credit and law firms Additionally, when you introduce clients to third parties, you should consider whether this will result in you becoming part of a supply chain. Supply chain risks, including in

1 Scope of this policy 1.1 This policy applies when the firm or a member of staff introduces, refers or recommends a third party to a client. For consistency, this policy uses the term ‘introduce’. 1.2 For the avoidance of doubt, this policy also covers introductions to other lawyers and other law firms. 2 Difference between instructing a third party and introducing a client to a third party 2.1 Introducing a client to a third party such as a financial adviser or other lawyer is not the same as instructing a third party (eg a barrister or expert) to provide input into a client’s matter. The difference, in practical terms, is set out in the table below: Introducing Instructing The third party advises the client independently of the firm We retain control of the matter on which we have instructed the third party We are not responsible for the advice given by the third party We have overall responsibility for the matter The third party has a direct relationship with the client The third party has a relationship with us rather than directly with the client The

1 General information Date of review Person(s) conducting review [Insert date of review] [Insert name(s)] 2 Review and findings Issue reviewed Findings Are you satisfied that your processes for introductions to third parties are working as they should, particularly relating to:• ensuring any recommendation of a third party to a client is in their best interests and does not compromise your independence? • informing clients of any financial

Introduction This Introductory Guide is one of a series of Lexis+® UK Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are carried out. This particular Guide focuses on Commercial Property. The other Guides in the series are: • Introductory Guide to Land Law • Introductory Guide to Property Development • Introductory Guide to Property Finance • Introductory Guide to Property Taxes • Introductory Guide to Residential Property All the Guides are accompanied by a Glossary of Property Terms. This provides definitions and, where appropriate, explanations of many of the words and phrases that form part of the everyday terminology used by property practitioners. Terms appearing in bold in the text of this Guide are defined in the Glossary. Contents • What is commercial property? • Who occupies commercial property? • Who owns commercial property? • Ways of investing in commercial property • Who invests in commercial property?

Introduction This Introductory Guide is one of a series of LexisNexis Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are conducted. This particular Guide focuses on Land Law. The other Guides in the series are: • Introductory Guide to Commercial Property • Introductory Guide to Property Development • Introductory Guide to Property Finance • Introductory Guide to Property Taxes • Introductory Guide to Residential Property All the Guides are accompanied by a Glossary of Property Terms. This provides definitions and, where appropriate, explanations of many of the words and phrases that form part of the everyday terminology used by property practitioners. Terms appearing in bold in the text of this Guide are defined in the Glossary. Contents • What is ‘land’? • What are the ways of owning land? • How do you prove ownership of land? • Rights in relation to land • Contracts and Deeds • Further

Introduction This Introductory Guide is one of a series of LexisNexis Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are carried out. This particular Guide focuses on Property Development. The other Guides in the series are: • Introductory Guide to Commercial Property • Introductory Guide to Land Law • Introductory Guide to Property Finance • Introductory Guide to Property Taxes • Introductory Guide to Residential Property All the Guides are accompanied by a Glossary of Property Terms. This provides definitions and, where appropriate, explanations of many of the words and phrases that form part of the everyday terminology used by property practitioners. Terms appearing in bold in the text of this Guide are defined in the Glossary. Contents • What is property development? • Why carry out development? • What do property developers do? • Who carries out the development? • Who pays for the development? • Further

Introduction This Introductory Guide is one of a series of LexisNexis Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are carried out. This particular Guide focuses on Property Finance. The other Guides in the series are: • Introductory Guide to Commercial Property • Introductory Guide to Land Law • Introductory Guide to Property Development • Introductory Guide to Property Taxes • Introductory Guide to Residential Property All the Guides are accompanied by a Glossary of Property Terms. This provides definitions and, where appropriate, explanations of many of the words and phrases that form part of the everyday terminology used by property practitioners. Terms that appear in bold in the text of this Guide are defined in the Glossary. Contents • What is property finance? • Who provides debt finance? • Terms on which debt finance is provided • What factors influence a lending decision? • Further

Introduction This Introductory Guide is one of a series of LexisNexis Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are carried out. This particular Guide focuses on Property Taxes. The other Guides in the series are: • Introductory Guide to Commercial Property • Introductory Guide to Land Law • Introductory Guide to Property Development • Introductory Guide to Property Finance • Introductory Guide to Residential Property All the Guides are accompanied by a Glossary of Property Terms. This provides definitions and, where appropriate, explanations of many of the words and phrases which form part of the everyday terminology used by property practitioners. Terms which appear in bold in the text of this Guide are defined in the Glossary. Contents • Overview • Value Added Tax (VAT) • Stamp Duty Land Tax / Land Transaction Tax • Further reading Overview A

Introduction This Introductory Guide is one of a series of Introductory Guides to Property. The purpose of these Introductory Guides is to provide apprentices, paralegals and others with an understanding both of the transactions which are typically undertaken by a property lawyer and also the legal framework within which those transactions are conducted. This particular Guide focuses on Residential Property. The other Guides in the series are: • Introductory Guide to Commercial Property • Introductory Guide to Land Law • Introductory Guide to Property Development • Introductory Guide to Property Finance • Introductory Guide to Property Taxes All the Guides are accompanied by a Glossary of Property Terms. This provides definitions and, where appropriate, explanations of many of the words and phrases that form part of the everyday terminology used by property practitioners. Terms that appear in bold in the text of this Guide are defined in the Glossary. Contents • What is residential property? • Owning residential property • Renting residential property • Proposed reforms • Further reading What is residential

What is capital gains tax? When an individual disposes of an asset and makes a profit that is capital in nature, which is not subject to income tax or otherwise taxed, then this may be a taxable capital gain. A number of conditions may affect whether or not a charge to capital gains tax (CGT) arises: • the asset, the disposal and the person making the disposal must all be of a type that can attract CGT • the disposal consideration for the asset must be assessed correctly for CGT purposes • the ‘consideration minus costs’ calculation must result in a gain (see Practice Note: CGT—how to calculate a capital gain) • an exemption or relief may apply • there may be losses to set off against the gain In the UK, a distinction is made between the sale of assets regarded as trading (which may be due to a short period of ownership or where other ‘badges of trade’ exist), where the profit is subject to income tax, and the sale of assets regarded