ARCHIVED: This Practice Note has been archived and is not maintained. Definitions A traffic sign is defined in section 64(1) of the Road Traffic Regulation Act 1984 (RTRA 1984) to mean: ‘…any object or device (whether fixed or portable) for conveying, to traffic on roads or any specified class of traffic, warnings, information, requirements, restrictions or prohibitions of any description– (a) specified by regulations made by the relevant authority or (b) authorised by the relevant authority, and any line or mark on a road for so conveying such warnings, information, requirements, restrictions or prohibitions.' The definition therefore includes all the types of sign which will be very familiar to road users namely: • warning signs (mostly triangular with a red border) • mandatory prohibition signs (mostly circular with a red border) • mandatory signs (mostly circular and blue), and • information signs (mostly rectangular) This last category includes direction signs, place name signs and street name signs, but also includes

FORTHCOMING CHANGE: On 10 October 2025, the Department for Work and Pensions (DWP) confirmed that it intends to consult on the £30,000 threshold requiring pension scheme members to obtain independent financial advice before transferring safeguarded pension benefits into a flexible benefit scheme, following growing scrutiny of whether the £30,000 figure remains appropriate in light of inflation and rising advice costs. For further information, see LNB News 22/10/2025 44. On 6 April 2015, pension freedoms were introduced allowing members with flexible benefits (essentially, money purchase benefits and cash balance benefits) to access their pension pots in more ways than before, including by way of drawdown or by taking one or more lump sums known as uncrystallised funds pension lump sums (UFPLSs). These pension freedoms do not apply to safeguarded benefits (essentially, defined benefits (DB) and other benefits that are not money purchase or cash balance). For further information on the pension freedoms, see Practice Note: Pension freedoms—an introduction [Archived]. For further information on which benefits constitute a safeguarded

Produced in association with 4 Pump Court ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note covers a requirement that applied only to contracts entered into before 1 October 2011 (in England and Wales) or before 1 November 2011 (in Scotland). Section 107 of the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996) as originally enacted provided that the HGCRA 1996 only applied to construction contracts which were ‘in writing’. This section was removed by section 139 of the Local Democracy, Economic Development and Construction Act 2009 (LDEDCA 2009), hence the content of this Practice Note is only relevant to contracts entered into before the LDEDCA 2009 came into force. Note that the HGCRA 1996 as currently in force does require certain provisions relating to adjudication to be recorded in writing. If these are absent, then the relevant provisions in the Scheme for Construction Contracts will apply to that contract. See Practice Note: Introduction to the HGCRA 1996. Meaning of 'in writing' HGCRA

Property analysis: Discussing the Court of Appeal decision in First Tower Trustees, Tom Merrick, senior associate at Lewis Silkin LLP advises that sellers and landlords need to take extreme care in ensuring that replies to pre-contract enquiries are accurate and up to date and be alive to the potential risks in enforcing non-reliance clauses.

Immigration analysis: The King's Bench Division (Administrative Court) ruled that the Home Office's requirement for specific contracts with guaranteed hours in care worker Defined Certificate of Sponsorship (DCoS) applications was unlawful. The court found this requirement irrational and a breach of the Tameside duty of inquiry. This decision highlights recent examples of the Home Office’s imposing additional requirements beyond published Rules and guidance in work immigration cases where a ‘genuine vacancy’ requirement is being looked at (and this aspect was not held to be unlawful in these circumstances). Also, while quashing the refusal of 70 DCoS applications, the court declined to declare that reconsidered applications should be treated under previous Immigration Rules.

What is the requirement to correct? The legislation for the requirement to correct (RTC) regime is set out in section 67 and Schedule 18 to the Finance (No 2) Act 2017 (F(No 2)A 2017). It required taxpayers who had ‘relevant offshore tax non-compliance’ (ie undisclosed UK income tax, capital gains tax (CGT) or inheritance tax (IHT), liabilities in respect of offshore interests), to correct the position by telling HMRC about the outstanding tax due on or before 30 September 2018. According to the HMRC RTC guidance, the date of 30 September 2018 was chosen as the final date for corrections as this is the date by which more than 100 countries were due to exchange data on financial accounts under the Common Reporting Standard (CRS). For background information on the CRS, see Practice Note: Automatic exchange of information—the Common Reporting Standard: a summary. Taxpayers who failed to disclose the relevant information to HMRC on or before 30 September 2018 became liable to a new penalty as a result of their failure to correct

HMRC has power to require security from a registered person if it considers that there is a risk that a business will not fully meet its obligations to pay: • Insurance Premium Tax • Landfill Tax • Aggregates Levy • Climate Change Levy It is a criminal offence to continue to trade following the issue of a Notice of Requirement to give security. Specific offences are: • Insurance Premium Tax—entering into taxable insurance contracts (as defined by the section 73(1) of the Finance Act 1994) without giving security • Landfill Tax—carrying out taxable activities (as defined by section 69(1) of the Finance Act 1996) without giving security • Aggregates Levy—being responsible for commercial exploitation of any aggregates as defined by section 17 of the Finance Act 2001 within the UK without giving security • Climate Change Levy—being liable to account for the levy on a taxable supply or being liable to account for the levy on a taxable supply (as defined by Pts II–XIII and Schedule 6 to the Finance Act 2000) made

A DCO should include “Requirements” to which the development authorised by the DCO is to be subject. Similar to planning conditions, a requirement specifies the matters for which detailed approval needs to be obtained before the development can be lawfully begin.

Security In cases of lump sum only awards, the security of payment will not be a concern to the claimant once the damages and costs awards have been paid. By contrast, where a periodical payments order is made the claimant will be reliant for the rest of their life on that security of payment. The court must regard security of payment as crucial. Accordingly, the court cannot make an order for periodical payments unless satisfied that the continuity of payments is reasonably secure. Payments are automatically considered reasonably secure where: • the source is a government or health service body • the insurer is protected by the Financial Services Compensation Scheme (FSCS) • they are protected by a ministerial guarantee The first two situations are common, while the third is fairly rare. Government or health service body There are a large number of government or health service bodies and these are set out in the Damages (Government and Health Service Bodies) Order 2005, SI 2005/474. Settlements agreed between claimants and NHS bodies

Although it is no longer possible (since 1 October 2007) to create an enduring power of attorney (EPA), those completed before that date remain available for use and it is likely to be many years before they are no longer seen. Therefore, it remains essential that their creation and operation continues to be appreciated. A validly created EPA is not revoked by the subsequent mental incapacity of the donor. However, if and when the donor does lose mental capacity, the power will no longer be available for use unless registered. The donor For an EPA to be valid, it is necessary that the donor was capable of understanding the nature and effect of the EPA at the date of execution. It is not sufficient that the donor could perform the power's authorised acts at the date of execution. Rather, the donor needs to have understood: • that the attorney would be able to assume complete authority over their affairs • that the attorney could do anything with their property that they themselves could have done

Checking whether a Will is valid Once the Will has been obtained, the Will and any codicil should be checked to ensure it complies with the legal requirements for a valid Will. The Will should be checked to ensure that it: • has been executed in accordance with the appropriate formalities • has not been revoked by operation of law on marriage/civil partnership • has not been revoked by deliberate act of the testator by later Will or codicil or destruction • has not been altered • was made when the testator was over 18 (or if they were a minor, that they were a soldier on actual military service or a mariner or seaman at sea) • is clear of staple or paperclip marks • does not have any pages missing • is the latest Will A valid Will The basic requirements for a valid Will are that the testator must: • have the capacity to make a Will • have the intention to make a Will and • comply with the prescribed formalities Formalities To

This Practice Note focuses on the listing requirements for the equity shares (commercial companies) listing category of the Official List of the Financial Conduct Authority (FCA). It details the general listing requirements for all securities and the additional requirements for the commercial companies category as set out in the UK Listing Rules (UKLR). Structure of the UK listing regime The UK listing regime has 11 listing categories suited to different types of issuer and the types of securities being admitted to listing. An issuer must comply with the rules in the UK Listing Rules (UKLR) that are applicable to the category in which it is listing. The listing categories are as follows: • equity shares (commercial companies) • equity shares (international commercial companies secondary listing) • equity shares (shell companies) • equity shares (transition) — this category is closed to new applicants • closed-ended investment funds • open-ended investment companies • certificates representing certain securities • non-equity shares and non-voting equity shares • debt and debt-like securities • securitised derivatives