A company’s obligations in relation to audit and auditors are governed by Part 16 of the Companies Act 2006 (CA 2006). The CA 2006 introduced rights for members of quoted companies to require website publication of their concerns about: • the audit of the company’s accounts, or • the departure of the company’s auditor This Practice Note applies to quoted companies only. Quoted companies are those whose shares are officially listed in the UK or the EEA or admitted to dealing on the New York Stock Exchange or NASDAQ (AIM companies do not fall within the definition). Members’ power to require website publication of audit concerns The members of a quoted company may require the company to publish a statement on a website setting out any matter that the members propose to raise at the next accounts meeting of the company relating to: • the audit of the company’s accounts (including the auditor’s report and the conduct of the audit) that are to be laid before the next accounts meeting, or

What is a pre-emption? A pre-emption is a type of option to purchase—historically the most common and arguably the least complex (at least in the form in which it is created). See Practice Note: Options to purchase property—Scotland. A pre-emption is: • a right of first refusal on a property • triggered by a specific event (usually the sale of the burdened property), and • created in the form of a real burden Prior to the abolition of the feudal system on 28 November 2004, it was possible to create feudal or non-feudal rights of pre-emption, a distinction that remains important. It is also important to distinguish rights of pre-emption from rights of reversion (including rights of redemption). See Practice Note: Real burdens in Scotland—creation and interpretation—Pre-emptions, redemptions and reversions. Trigger events A right of pre-emption in the title to a property becomes relevant on the sale of that property, which is the usual trigger event for the option

Cohabitants do not generally share the same rights afforded to a spouse or civil partner in the event of the death of their cohabitant (whether of the same sex or opposite sex) regardless of the length of the relationship. This Practice Note summarises the differences between the rights of a cohabitant on the death of a cohabiting partner and those of a spouse or civil partner in relation to tenancies, tax, intestacy, pensions, bereavement benefits and fatal accidents. See also Practice Notes: Family provision claims—the cohabitant and Family provision claims—practice and procedure. Tenancies A cohabitant, spouse or civil partner is equally entitled to succeed to: • a protected agricultural occupancy under the Rent (Agriculture) Act 1976 • a regulated tenancy under the Rent Act 1977 • an assured tenancy under the Housing Act 1988 • a secure tenancy under the Housing Act 1985, which may be subject to certain conditions in the case of pre-1 April 2012 tenancies See also Practice Note: Occupation of the family home—cohabitants. Tax On death, the disadvantages of the

This Practice Note considers trade union rights relating to union activities including time off for union duties and/or activities and for union learning representatives and union equality representatives. The publication duties that public authorities may have had until 18 February 2026 relating to time off for trade union duties are also outlined. The Practice Note sets out the right not to be subjected to detriment and/or dismissal because of union activities, using union services or union recognition. The Acas Code of Practice on time off for trade union duties and activities is also outlined. A number of individual statutory rights may arise in specified circumstances relating to the activities of a trade union: • trade union officials are entitled to reasonable paid time off during working hours to undertake certain specified trade union duties (see: Time off for trade union duties, below) • similarly, union learning representatives are entitled to reasonable paid time off during working hours for certain specified learning and training purposes (see: Time off for union learning representatives, below) • union members

This Practice Note sets out brief details in the table below of the existing community rights to buy in Scotland: • the community right to buy land under Part 2 of the Land Reform (Scotland) Act 2003 (LR(S)A 2003) • asset transfer requests under the Community Empowerment (Scotland) Act 2015 (CE(S)A 2015) • crofting community right to buy under LR(S)A 2003, Pt 3, and • agricultural tenants' right to buy under the Agricultural Holdings (Scotland) Act 2003 • the right to buy abandoned neglected and detrimental land under LR(S)A 2003, Pt 3A, and • the community right to buy land for sustainable development under Part 5 of the Land Reform (Scotland) Act 2016 (LR(S)A 2016) The Scottish Government is undertaking a full review of the various community rights to buy which aims to recommend improvements, either legislative or procedural, to existing community right to buy processes that will contribute to an increase in community ownership. The following timetable is proposed for the review: • phase 1—initial collection of evidence and views—to

Tax analysis: The First-tier Tax Tribunal (FTT) has found that, following the October 2016 adjournment of two film LLPs’ appeals against HMRC closure notices, the LLPs’ expenditure on rights to acquire the income from certain films was capital expenditure and therefore those amounts were not deductible when the LLPs were computing taxable profits.

Property analysis: What are the requirements for an easement to exist? The High Court decided that there was no reason why an easement could not be granted for recreational purposes, as long as it otherwise qualified as one.

Revised Codes of Practice covering the civil penalty schemes for right to work (employers) and rent (landlords) have been issued by the Home Office. This is further to a Statutory Instrument, the Immigration (Restrictions on Employment and Residential Accommodation) (Codes of Practice) (Amendment) Order 2024, SI 2024/78, which was issued on 23 January 2024 under the ‘made negative’ procedure. The new Code of Practice covering illegal working penalties states that it will come into force for right to work checks (including follow up checks) taken on or after 13 February 2024.

There are three important areas in which the basic position of an agency worker is affected by the law: • the regulation of employment agencies and businesses • the right of temporary agency workers to equal treatment under the Agency Workers Regulations 2010 (AWR 2010), SI 2010/93, and • the employment protection rights of agency workers, derived from their status as a worker or, in some cases, as an employee These areas operate independently of each other. For example, rights under AWR 2010 are not dependent on employee status at common law, nor do they affect or simplify that status; nor do they affect the major rules on the conduct of employment agencies and businesses. This Practice Note covers the rights of agency workers, as provided by AWR 2010. For a checklist of the rights that an agency worker may have as an agency worker under AWR 2010 and other legislation, see: Agency workers: checklist of rights. For further information on: • the regulation of employment agencies and businesses, see Practice Note: Employment

Law360: A European court ruled on 6 March 2024 that Puma missed its window to seek intellectual property protection for a shoe design after Rihanna disclosed the model to the public more than a year and a half earlier in her Instagram posts.

Ring-fencing' of certain specialist warranties (eg tax or employment) ensures that the buyer can only bring a claim in relation to such matter under the specific warranties named in the relevant warranty limitation and not where there is an overlap with any other warranties.

ARCHIVED: This Practice Note is archived and is no longer maintained. Structural banking reform and ring-fencing The global financial crisis revealed the need for international structural banking reform. In the UK, the Government introduced a package of banking reforms designed to increase the stability of the UK financial system and prevent the costs of banks failing from falling on taxpayers. The Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) introduced new provisions into the Financial Services and Markets Act 2000 (FSMA 2000) requiring the largest UK banks to separate within their groups the provision of essential retail banking services from other activities such as investment and international banking. These requirements are known as ring-fencing. The aim of ring-fencing is to protect UK retail banking from shocks originating elsewhere in a banking group which in turn could have a negative effect on global financial markets. Ring-fencing legislation applies only to UK banks with a 3-year average of more than £25bn in ‘core deposits’ (broadly from individuals and small to medium-sized businesses). Essential banking services which are required to be