A lump sum benefit paid to a member of an occupational pension scheme because they have stopped accruing benefits under the scheme and have less than two years of pensionable service under the scheme, and which meets the conditions the Finance Act 2004, para 5, Sch 29. It is the new term for a refund of employee contributions.

A refund of employee contributions to a member who leaves before preservation (vesting) crystallises.

This Agreement is made on [insert day and month] 20[insert year] Parties 1 [insert name of Lender], of [insert address] (the Lender); and 2 [insert name of party] [of OR a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at] [insert address] (the Borrower). background (A) The Lender has agreed to provide to the Borrower an unsecured term loan facility of £[insert amount of loan in figures] ([insert amount of loan in words] pounds Sterling) subject to the terms and conditions of this Agreement. (B) The Lender is a [shareholder OR director OR [insert details of Lender]] of the Borrower. (C) [[insert any further details]] The parties agree: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day other than a Saturday, Sunday or public holiday when banks are generally open for business in London; Drawdown Notice • means the written notice provided to the Lender by the Borrower under Clause 5.1; Event of Default • means any one of the events specified in Clause 11.1; Interest Payment Date • shall have the meaning given to it in Clause 6.1; Loan

Facility agreement This Agreement is made on [date] Parties 1 [insert name of Borrower], a company incorporated in England and Wales with registered number [insert company number] whose registered office is at [insert address] (the Borrower); and 2 [insert name of Lender], of [insert address] (the Lender). It is agreed as follows: 1 Definitions and interpretation 1.1 In this Agreement, unless otherwise provided: Business Day • means a day, other than a Saturday, Sunday or public holiday, on which banks are open for business in London; Commitment • means £[•] ([•] Sterling) minus any amount reduced or cancelled in accordance with this Agreement; Commitment Period • means the period commencing on the date of this Agreement to and including [•]; Default • means an event that with the giving of notice, lapse of time or other applicable condition would be an Event of Default under Clause 16; Drawdown • means [the OR a] utilisation of the Facility; Drawdown Date • means the date of Drawdown as specified in the [applicable] Drawdown Notice; Drawdown Notice • means an irrevocable written notice of each intended Drawdown in a form acceptable to the Lender; Event of Default • has the meaning given to it in Clause 16 (Events of

PARTICULARS Date [date] Landlord [name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Landlord) Tenant [name] [of OR incorporated in England and Wales (company registration number [number)] whose registered office is at] [address] (Tenant) [ Guarantor ] [[name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Guarantor)] Property [description] [as more fully described in Schedule 1, Part 1] Building [description] [shown [edged OR coloured OR hatched] [colour] on [the [[name]] Plan OR Plan [number]] ] Term the term specified in clause 2.1[to be included only if this Lease will have security of tenure under Part II of the Landlord and Tenant Act 1954 (and the period of any statutory continuation of the tenancy created by this Lease)] [to be included only if the Break Date(s) is/are fixed and not rolling—see clause 6.1] [ Break Date[s] ] [[date] [and [date]] ] Rent Commencement Date [date] Annual Rent [(a) from and including [date] until but excluding [date]—nil;] [(b)] from and including [date] until but excluding [date]—£[amount] a year[;] [(c) from and including [date] until but excluding [date]—£[amount] a year] [inclusive of Service Charge] [Service Charge] [£[amount] each year] Permitted

PARTICULARS Date [date] Landlord [name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Landlord) Tenant [name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Tenant) [ Guarantor ] [[name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Guarantor)] Property [description] [as more fully described in Schedule 1, Part 1] [Building OR Centre] [description] [shown [edged OR coloured OR hatched] [colour] on [the [[name]] Plan OR Plan [number]] ] Term the term specified in clause 2.1[to be included only if this Lease will have security of tenure under Part II of the Landlord and Tenant Act 1954 (and the period of any statutory continuation of the tenancy created by this Lease)] [to be included only if the Break Date(s) is/are fixed and not rolling—see clause 6.1] [ Break Date[s] ] [[date] [and [date]] ] Rent Commencement Date [date] Annual Rent [(a) from and including [date] until but excluding [date]—nil;] [(b)] from and including [date] until but excluding [date]—£[amount] a year[;] [(c) from and including [date] until but excluding [date]—£[amount] a year] [inclusive of

A temporary annuity that runs for no longer than five years, and which meets the conditions imposed through the Finance Act 2004, para 6 Sch 28. Allows an individual to draw an income whilst deferring purchasing a full annuity.

Debts (or current liabilities) due soon, typically within one year.

PARTICULARS Date [date] Landlord [name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Landlord) Tenant [name] [of OR incorporated in England and Wales (company registration number [number]) whose registered office is at] [address] (Tenant) Property [description] [within the Building] Building [description] Start Date [date] (inclusive) End Date [date] (inclusive) Basic Rent £[amount] per [day OR week OR month] [inclusive of Service Charge] Rent Days the [1st] day of each [week OR month] during the Term Permitted Use use as [description][, with ancillary storage] [ Service Charge ] [£[amount] each [week OR month] ] [ Deposit ] [£[amount]] THIS LEASE is made on the date and between the parties specified in the Particulars 1 Definitions and Interpretation 1.1 Terms in the Particulars are defined terms in, and form part of, this Lease. The following additional definitions apply: [[Business OR Opening OR [other]] Hours • between [time] and [time] on Monday to Friday (other than on a bank holiday or public holiday in England or Wales)[, [time] and [time] on Saturday] [, [time] and [time] on Sunday] [and any other times which the Landlord stipulates];] Common Parts • the parts of the Building provided from time to time by the Landlord for common use by the occupiers and users of it; Conduits

A new mandatory licensing scheme for short-term let (STL) properties commenced on 1 October 2022 in Scotland. After 1 October 2022, new operators of STL accommodation must have a licence before taking any bookings or receiving guests. It is a criminal offence to operate a STL without a licence, liable on summary conviction to a fine of up to £2,500. This Practice Note seeks to explain the process by which such applications are made to the local authority (‘licensing authority’). It does not cover the planning process or appeals against refusals of STL applications. The Practice Note: Short-term let licences–Scotland—requirements explains when a licence is required. How to apply for a STL licence Legislative background Each licensing authority has the power to designate activities as requiring a licence under Part 1 of the Civic Government (Scotland) Act 1982 (CG(S)A 1982). For the purposes of the licensing of STLs, subject to the modifications in Civic Government (Scotland) Act 1982 (Licensing of Short-term Lets) Order 2022, SSI 2022/32 (2022 Order), CG(S)A 1982, Sch 2 and sch 1 have effect. The

A new mandatory licensing scheme for short-term let (STL) properties commenced on 1 October 2022 in Scotland. After 1 October 2022, new operators of STL accommodation must have a licence before taking any bookings or receiving guests. It is a criminal offence to operate a short term let without a licence liable on summary conviction to a fine of up to £2,500. This practice note seeks to clarify when a STL is required. For details of the procedure and practicalities of making such applications to the local authority, see Practice Note: Short-term let licences–Scotland—procedure. What is a short term let (STL)? The Civic Government (Scotland) Act 1982 (Licensing of Short-term Lets) Order 2022, SSI 2022/32 (‘2022 Order’) introduced a new regulatory regime for a STL in Scotland. As provided by the 2022 Order SSI 2022/32 Article 3, a short term let means ‘the use of residential accommodation provided by a host in the course of business to a guest’, where all of the following criteria are met: • the guest does not use the accommodation

The allegation that pension funds (and other investors) invest only to make short-term gains, thus making it difficult for companies to take longer-terms views on their corporate development and harming industry.