In a SPA/APA, the date by which the conditions must be satisfied (or waived) for completion to take place, so as to impose ultimate certainty as to completion of the transaction.

(1) In the Eurobond market, refers to initial maturities longer than seven years; (2) Under standard accounting practice, refers to long-term debt with a remaining maturity greater than one year.

Debt liabilities due in one year or more.

Family analysis: In this judgment, the court considered the welfare balance between the competing options of a child living with their mother, living in long term foster care or being placed for adoption. The child had been living with his foster carer since mid-August 2021. Both parents opposed the care plan for adoption. The father supported the child remaining with the foster carer. Long term foster care was considered as an option for permanence in public children proceedings. Poonam Bhari, barrister at 3PB, looks at the issues.

A long-term incentive plan (LTIP) is a term that is commonly used among listed companies to describe executive share plans under which a company makes share based awards to senior employees with a vesting period of at least three years and, normally also an additional two-year holding period. For an introduction into LTIPs, see Practice Note: What is a long-term incentive plan? The use of LTIPs to motivate senior executives has become standard market practice for listed companies. However, in July 2016, the Executive Remuneration Working Group, an independent group established by the Investment Association, published its final report on executive remuneration structuring, in which it called for each company to consider whether a standard LTIP model remained appropriate for their business or whether the company should diverge away from the LTIP. In the view of the Executive Remuneration Working Group, instead of routinely adopting an LTIP, it was ‘imperative that companies consider the right structure for their business and engage with shareholders to understand their perspective

As explained in the Practice Note: What is a long-term incentive plan? the most common type of awards that can be made under a long-term incentive plan (LTIP) include: • conditional share awards (commonly known in the US as restricted stock units (RSUs)) • nil-cost options • share appreciation rights (SARs), and • forfeitable shares, which can sometimes be described as restricted stock The likely capital gains tax (CGT) consequences of shares sold where those shares have been acquired pursuant to the vesting of each type of LTIP award are summarised below. For more detail about the different types of award that may be granted under an LTIP, see Practice Note: Structure of a long-term incentive plan—Types of awards. Please note that this Practice Note assumes that the employee has been fully subject to income tax and, if the shares are readily convertible, national insurance contributions (NICs) on the acquisition of the shares or otherwise pursuant to the vesting of the LTIP awards. This Practice Note looks at the CGT

Types of LTIP awards The most common type of awards that can be made under a long-term incentive plan (LTIP) include: • conditional share award (which are sometimes known as restricted stock units (RSUs)) • nil-cost options • forfeitable shares, which are sometimes described as restricted stock, and • share appreciation rights (SARs) The standard LTIP now contains both a vesting period of typically three years and a further retention period of two years and this Practice Note addresses the tax implications for LTIP awards with holding periods. For more information on each type of award, see Practice Note: Structure of a long-term incentive plan—Types of awards. This Practice Note seeks to examine the tax treatment of: • conditional share awards (RSUs) • nil-cost options • forfeitable shares, and • SARs It also examines: • restricted securities issues • dividends and dividend equivalents • NICs and PAYE obligations • death of the employee • reporting obligations • other tax consequences, and • impact of non-UK residence Conditional

Debts of a company which are not due for repayment in the next accounting period.

ARCHIVED: This archived Practice note provides guidance on the remittance basis charge (RBC). It explains the meaning of long-term resident both before and after 6 April 2017, and considers the payment and repayment of the RBC. It also discusses the nomination of income and gains, the remittance of nominated income and gains and the ordering rules. 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

The fact that people increasingly live longer means increased pension liabilities. The potential for further increases in life expectancy present a non-quantifiable risk for pension schemes as the pension is paid until death.

Pension schemes and their sponsoring employers are faced with a number of risks in relation to their defined benefit pension schemes, a significant one of which is that of paying for increasing life expectancy. More traditional methods of hedging pension scheme risk, such as buy-outs or buy-ins, have for some time been joined with de-risking solutions based on a ‘swap’ contract. A ‘swap’ is generically used to describe a contract under which the parties exchange a series of cashflows linked to some underlying asset or other variable. For further information on buy-outs and buy-ins, see Practice Note: De-risking—pension buy-outs and buy-ins. What is a longevity swap? A longevity swap is one way for a pension scheme to hedge the risk that members live longer than expected. This is now likely to be by way of insurance policy (although initial transactions were carried out by way of derivative). Longevity swap contracts operate by requiring the pension scheme trustees to make pre-determined regular payments (typically monthly or quarterly) to the swap provider for

A child who is in care or provided with on-going accommodation by children's social services.