A profit forecast for a financial period which has expired and for which audited results have not yet been published. Subject to certain conditions (see Rule 28.5), such an estimate is not required to comply with Rule 28.1.

A form of words which expressly states or by implication indicates a figure or a minimum or maximum figure for the likely level of profits or losses for the current financial period and/or financial periods subsequent to that period, or contains data from which a calculation of such a figure for future profits or losses may be made, even if no particular figure is mentioned and the word 'profit' is not used. The requirements for an offeree or a securities exchange offeror publishing profit forecasts or quantified financial benefits statements are set out in Rule 28. These include a requirement for any profit forecast or quantified financial benefits statement to be reported on by the company's reporting accountants.

This Practice Note considers rules in relation to profit forecasts and quantified financial benefits statements (QFBSs) under the City Code on Takeovers and Mergers (Code), including dispensations from the profit forecast reporting regime. Definitions and related Code provisions Definitions The Code defines a 'profit forecast' as a form of words which expressly states or by implication indicates a figure or a minimum or maximum figure for the likely level of profits or losses for the current financial period and/or subsequent financial periods, or contains data from which a calculation of such a figure for future profits or losses may be made, even if no particular figure is mentioned and the word 'profit' is not used. A 'financial period' for these purposes may not necessarily be a specific accounting period. A statement described as a 'target', 'budget' or similar will normally be treated as a profit forecast, even if it is stated that it is not an indication of the likely level of profits, unless it is clear that the statement is no more than aspirational. Where

From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident companies who carry on a trade or profession subject to UK tax, from avoiding UK tax by diverting UK-taxable business profits to entities resident in jurisdictions where significantly lower tax is paid than in the UK. Where the rules apply, the diverted profits are added to the profits of the UK trade by way of counteraction. The measures have effect from 1 April 2019 onwards for corporation tax and 6 April 2019 for income tax and class 4 National Insurance contributions (NICs), and apply to all profits diverted on or after that date. Background The profit fragmentation regime was originally announced at Autumn Budget 2017. The government claimed that existing anti-avoidance laws, such as the diverted profits tax (DPT), hybrids mismatch, transfer pricing (TP), disguised remuneration and transfer of assets abroad (TOAA) regimes, were not effective in preventing the diversion of profits from UK businesses to offshore entities. For more information on these anti-avoidance

The profit of the scheme expressed as a percentage of cost.

The profit of the scheme expressed as a percentage of value.

A graphical representation of the emergence of losses and profits through the lifecycle of a policy, normally depicted by a large loss in the first year representing the new business strain followed a series of small profits in the future years. The profit signature is an output of the profit testing process performed by the actuaries during the product development.

A right to take from another person’s land something that is part of the soil or is on the soil and is the property of the landowner.

A profit à prendre that exists over the land it affects and which is a right attached to land owned by the owner of the profit.

The aggregate of income and chargeable capital gains of a company.

This Practice Note explains what a profit à prendre is and what the different types of profits are, how they can arise and how they can be terminated and which ones are most likely to be encountered in practice. It also touches on profits à prendre in due diligence and how profits may be protected by registration at HM Land Registry. What is a profit à prendre? A profit à prendre (otherwise simply referred to as a ‘profit’) is the right to take natural resources from another person’s land. Examples of profits include: • parts of the land itself (such as sand, peat or minerals) • products growing on the land (such as grass or timber—this includes grazing rights) • wild animals (such as fish or game) The most commonly encountered profits in practice are shooting rights and fishing rights (often referred to collectively as ‘sporting rights’). The products taken must be capable of ownership, so there cannot be a profit of water (unless it is contained in a tank or other receptacle). Profits can be enjoyed

At signing Execution of finance documents Name of document Form of agreement To be executed by or on behalf of Signatories Executed? Facility agreement Simple contract [insert name of borrower] (the Borrower) [insert details of Borrower’s authorised signatories] [insert