It is an exemption from corporation tax on chargeable gains for certain share disposals by companies. The exemption does not apply to individuals or to other non-corporates. It applies automatically, without the need for a claim and it not limited to disposals of shares in UK resident companies.

A transaction by an AIM company which due to its size or importance is classified as a substantial transaction under the AIM Rules, namely a transaction where the percentage ratio of any of the class tests set out in schedule 3 to the AIM Rules exceeds 10% (Schedule 3 AIM Rules).

A US equitable remedy that combines the assets and liabilities of different entities to ensure all creditors are treated equitably, often used in complex groups whose affairs are intertwined.

The substantive examination of an intellectual property right is to check that it meets the requirements for registration.

This Practice Note considers the laws an arbitral tribunal should apply when making its substantive award, and what rules it should follow to determine those laws where the parties have made no express choice. It assumes the tribunal is seated in England and Wales (England and English are used as convenient shorthand) or Northern Ireland. It specifically addresses international arbitrations, which, for these purposes, means arbitrations in which one or more of the parties is domiciled outside England and Wales or where the contract is to be performed overseas. Practice Note: Applicable laws in international arbitration may also be of interest to practitioners. Guidance on applicable law in the context of civil litigation is also available: Applicable law principles—overview, Applicable law (UK regime)—overview and Applicable law (EU regime)—overview. The law applicable to the substance of the dispute In general terms, the applicable law of a contract is the system of private law that defines the rights and obligations of the parties to the agreement. The applicable law is also the body of law

Introduction and background This Practice Note highlights key considerations when acting for landowner clients and utility companies (distribution network operators (DNOs)) in connection with the negotiation of substation leases. It also touches on issues for tenant occupiers where relevant. The Electricity Act 1989 (EA 1989) forms an important part of the statutory backdrop. In particular, relevant licence holders have access to compulsory-acquisition and necessary-wayleave procedures under Schedules 3 and 4 where the rights required for electricity infrastructure cannot be agreed. Those powers are not automatic and do not simply disapply the terms of a substation lease. Their availability may, however, restrict a landowner’s ability to insist on the removal of electric lines and associated apparatus when contractual rights come to an end, provided that the operator follows the applicable statutory procedure. For further information, see Practice Note: Electricity licensees: street-opening and necessary wayleaves—What are ‘necessary wayleaves’? For developers, obtaining a new or increased electricity connection may be costly and time-consuming. The cost and programme will depend on matters including available network capacity,

A member's subsisting rights are: • any rights (including pension credit rights granted to an ex-spouse on divorce) that have accrued to, or in respect of, the member to future benefits under the 'scheme rules' —it is now widely accepted that a deferred pension, being a pension which will come into payment in the future, is a subsisting right. This is supported by the opting-out test of PA 1995, s 124(2) which specifies that the 'accrued rights' of an active member are to be determined as if the member had opted to terminate their pensionable service, ie as if they had become a deferred member, or • any entitlement to the present payment of a pension or other benefit which the member has under the 'scheme rules'—pensions in payment, including future instalments of a pension already in payment, are therefore subsisting rights

Substitutes are products or services that exert competitive pressure on the product or service of the undertaking(s) under scrutiny, normally because consumer demand could shift to a substitute for either price or non-price reasons (such as product quality or innovation).

Substituted service is court‑authorised service of a claim form, petition, application or other process by a method or at a place different from the usual rules, where personal or ordinary service is impracticable, and the alternative is likely to bring the proceedings to the respondent’s attention. It is a procedural concept recognised in the civil rules across England and Wales, Scotland, Northern Ireland and Ireland (e.g., CPR; Court of Session/Sheriff Court rules; Rules of the Court of Judicature (NI); Rules of the Superior Courts), though modern terminology often refers to “service by an alternative method”.Key features include: a party applies to the court with evidence (affidavit/witness statement) of reasonable steps to effect normal service and why those have failed; examples of authorised methods include email, service on a solicitor or insurer, posting to or affixing at the last known address or registered office, or advertisement/social media. The order specifies what must be done and when service is deemed effective.Typical uses are where the defendant evades service or their whereabouts are uncertain. Substituted service does not cure jurisdictional or service‑out requirements. Distinct from dispensing with service (where the court waives service entirely), which is exceptional.

When/why would a lender or a borrower want to substitute security in a real estate finance (REF) transaction? The reasons why a lender or a borrower may wish to substitute security in a REF transaction will largely be dictated by the business of the borrower, the nature of property investments that it owns and the prevailing economic climate. The two most common scenarios are: • where the lender has taken security over a portfolio of properties, it may have agreed with the borrower to include a mechanism in the loan and security documentation whereby properties in the lender's security package can be substituted for alternative properties • where the borrower operates a business with a changing portfolio of investments, for example, an investment fund—such a borrower will be under commercial pressure to act swiftly when looking to acquire or dispose of properties and will want the ability, under its financing and security arrangements, to dispose of properties and replace them with new ones Other reasons for looking to substitute security may be

The process whereby a divorcing spouse with a poor national insurance contribution record may substitute this for the better national insurance contribution record of their spouse to increase their basic state pension. This is no longer available for spouses who reach state pension age after 5 April 2016.

Substitution of parties refers to the procedural step by which one party to legal proceedings is replaced by another, without the need to start a fresh claim or action. It commonly occurs where a party has died, become insolvent, lost or acquired an interest in the subject matter of the proceedings, or where the wrong entity was originally named (for example, a misdescribed company or public body).In England and Wales and Northern Ireland, the Civil Procedure Rules and equivalent court rules govern substitution of claimants and defendants, including limitation implications and requirements for the court’s permission. In Ireland, similar provision is made in the Rules of the Superior Courts and other court rules. In Scotland, the concept is broadly similar but is dealt with under the rules on alteration of parties in the Ordinary Cause Rules, Court of Session Rules and other procedural codes.Across the UK and Ireland, substitution of parties is a practical mechanism to ensure that litigation continues with the correct parties bound by, and able to enforce, any judgment, while preserving accrued rights and avoiding unnecessary duplication of proceedings.