This Practice Note considers the different types of conditional fee agreements (CFAs), highlighting specific issues relating to each type. Examples include: CFA with success fee, CFA with no success fee, CFA lite and discounted CFAs. For detailed guidance on the definitions and requirements of CFAs, see Practice Note: Conditional fee agreements—definition and requirements. For detailed guidance on the recoverability of success fees under CFAs see Practice Note: Conditional fee agreements—success fees. Duty to advise on funding When considering litigation it is important to make sure that the different types of funding are discussed with the client. In Andrews v Beg (2019) it was held that a solicitor is generally obliged to discuss with a client how the litigation is to be funded. However, a barrister owes no such duty to advise on funding, unless specifically instructed to advise on the point (see earlier decision in Andrews v Beg (2018)). Types of CFA—overview There are many different kinds of conditional fee agreement (CFA). The principal division is between: • CFA with success fee • CFA

This Practice Note covers express terms, implied terms, imposed terms and incorporated terms that may make up an employment contract. It considers written or oral terms, terms implied for business efficacy or using the officious bystander test, by conduct, custom or as a characteristic term. It goes on to consider terms imposed by common law or statute, terms incorporated from other documents such as collective agreements and employee handbooks, entire contract or entire agreement clauses, no oral modification clauses, the distinctions between contractual conditions, warranties and innominate terms, negligence liability and variation of contract. The Unfair Contract Terms Act 1977 (UCTA 1977) is also covered. Although employers and employees have a number of rights given to them by statute, the basic relationship between them is still governed by the contents of the contract of employment. It is important to identify what the terms of that contract are. The law of contract is important to many areas of employment. It is used to decide the true contract between parties, which is often not as simple as it

What does this Practice Note cover? This Practice Note provides an overview of debt securities and outlines the key features of the main types of debt securities commonly encountered in capital markets. What are debt securities? In the context of the debt capital markets, the term 'debt security' means a financial instrument, negotiable on the capital markets, which represents a debt obligation. The term 'security' when used in this sense is therefore different from the term 'security' in the sense of a 'security interest' such as a mortgage or charge, see Practice Note: Types of security. Issuing a debt security is a common alternative to borrowing money by way of a loan. For more information on loan financing, see: Types of lending—overview. For a comparison of debt issuance and loans, see Practice Note: Debt capital market finance versus loan finance. The principal types of debt securities used in the debt capital markets are: • bonds (also referred to as notes) • medium-term notes, and • commercial paper Bonds or notes Bonds or notes: • can

The main types of derivatives are: • swaps • forwards • futures, and • options This Practice Note explains the key features of each of the above types of derivatives. For a general introduction to derivatives, see Practice Note: Introductory guide to derivatives. Swaps A swap describes a wide variety of derivative transactions. Since their inception in the 1980s, swaps have evolved into a worldwide market encompassing trillions of pounds worldwide in notional value. They are subject to different regulations and laws depending on the market in which they are traded. Swaps are generally documented under the International Swaps and Derivatives Association (ISDA) framework. For more information, see Practice Note: Derivatives—ISDA documentation framework). For more information on why parties enter into swaps, see Practice Note: The nature of financial derivatives—Key uses of derivatives. In a swap, two parties enter into a contract in which they agree to exchange payment streams. Each party to the swap makes regular payments to the other. The payments made under the swap by one party are calculated on a different

Choosing a structure Unless promoted by a single entity (whether or not with mortgage funding) many developments take place through some form of collaborative joint venture structure (commonly referred to as a ‘JV’). This Practice Note describes the corporate and contractual JV structures most commonly used to govern collaborations between landowners, developers, funder and investors in property development. For further guidance as to which structure to adopt in any given scenario, see Practice Notes: Setting up a joint venture—choice of structure and Property Joint Ventures—choosing the right structure. JV company A JV company has a legal identity separate and distinct from its shareholders and directors, who (subject to proper management and solvency) operate with limited liability. Shareholder agreements regulate the collaborative relationships between the participating shareholders. Being a private document, the shareholder agreement is not available to competitors, creditors or employees. The JV company in its own right may enter into separate contractual arrangements for: • site acquisition • planning and statutory agreements • building contracts and appointment of the professional team • pre-let agreements with tenants • forward

This Practice Note provides an overview of the main types of dispute resolution that are an alternative to litigation in IP disputes. As well as covering the main types of alternative dispute resolution (ADR) such as conciliation, mediation, arbitration and expert determination, this note considers the advantages and disadvantages of ADR over litigation and provides practical points relevant to ADR. Litigation can be a costly and lengthy process producing uncertain results. For that reason, ADR is an attractive way of resolving all types of disputes, where informal negotiation has failed, including those relating to IP. ADR refers to mechanisms which sit outside the court system and enables parties to resolve their disputes with the assistance of neutral intermediaries. Types of ADR include: • conciliation • expert determination • arbitration • mediation ADR can be used to resolve issues relating to all types of IP from patents to domain names. It is relevant to any type of dispute, including alleged infringements, disagreements over licensing and disputes relating to development or even settlement agreements. See Practice Note:

Many contracts contain dispute resolution clauses. Sometimes these are straightforward clauses simply providing for litigation or perhaps arbitration (and sometimes also dealing with jurisdiction and applicable law). However, it is possible to include a dispute resolution clause which provides an alternative to this by setting out other forms of alternative dispute resolution (ADR) to be followed in the event of a dispute. These are sometimes identified as ADR clauses. Parties have several options open to them (see list below), but it is important to understand the consequences of your drafting decisions. This Practice Note considers some of the clause options available and assess some of the issues in relation to each type of clause. The types of dispute resolution clause considered in this Practice Note are: • litigation only clauses • mediation clauses • multi-tier clauses (escalation clauses) • hybrid clauses, and • carve-out clauses For guidance on the key issues as to the enforceability of dispute resolution clauses and challenging jurisdiction (including applying to stay proceedings) where

FORTHCOMING CHANGE: At Tax Update 2026, HMRC published a consultation on 'Modernising the distributions framework'. The consultation includes a range of proposals aimed at reducing opportunities for income tax payers to extract value from companies in the form of capital rather than income, including: • preventing the implementation of new holding company structures which facilitate the extraction of value as capital. Currently, the insertion of a new holding company above an existing group holding company results in the shareholders holding ‘good tax capital’ in the new holding company equal to the market value of the old holding company’s shares. A reduction in capital of the new holding company therefore represents a repayment of capital rather than an income distribution. The consultation proposes that share buybacks and other returns of capital ‘reflect a “frozen” amount of capital on the shares in any future holding company at the amount subscribed on the original investment, matching the CGT deferment of the original base cost’ • relaxing the tax conditions to effect a direct or indirect statutory demerger • aligning

FORTHCOMING CHANGE: At Tax Update 2026, HMRC published a consultation on 'Modernising the distributions framework'. The consultation includes a range of proposals aimed at reducing opportunities for income tax payers to extract value from companies in the form of capital rather than income, including: • preventing the implementation of new holding company structures which facilitate the extraction of value as capital. Currently, the insertion of a new holding company above an existing group holding company results in the shareholders holding ‘good tax capital’ in the new holding company equal to the market value of the old holding company’s shares. A reduction in capital of the new holding company therefore represents a repayment of capital rather than an income distribution. The consultation proposes that share buybacks and other returns of capital ‘reflect a “frozen” amount of capital on the shares in any future holding company at the amount subscribed on the original investment, matching the CGT deferment of the original base cost’ • relaxing the tax conditions to effect a direct or

FORTHCOMING CHANGE: At Tax Update 2026, HMRC published a consultation on 'Modernising the distributions framework'. The consultation includes a range of proposals aimed at reducing opportunities for income tax payers to extract value from companies in the form of capital rather than income, including: • preventing the implementation of new holding company structures which facilitate the extraction of value as capital. Currently, the insertion of a new holding company above an existing group holding company results in the shareholders holding ‘good tax capital’ in the new holding company equal to the market value of the old holding company’s shares. A reduction in capital of the new holding company therefore represents a repayment of capital rather than an income distribution. The consultation proposes that share buybacks and other returns of capital ‘reflect a “frozen” amount of capital on the shares in any future holding company at the amount subscribed on the original investment, matching the CGT deferment of the original base cost’ • relaxing the tax conditions to effect a direct or

This Practice Note outlines some of the many types of permits, licences, exemptions, notifications, registrations and consents that might be required in relation to environmental matters in England and Wales. This includes environmental permitting, water abstraction and impounding licences, trade effluent consents, reservoir registration, waste carrier registration, UK ETS greenhouse gas permits greenhouse gas permits, wildlife licences, marine licences and hazardous substances consents. Environmental permitting Summary Control over polluting discharges to air, land and water has historically been exercised by different regulatory authorities without these authorities fully understanding the aggregate environmental effects an installation would have on the environment. A system of partially integrated pollution control (IPC) was first introduced in England and Wales in 1990 and in 1996 was brought under the control of EA and local authorities. It was not until the adoption of an EC directive on integrated pollution prevention and control (IPPC), when the UK was still part of the EU, that a fully integrated permitting system for ‘installations’ was introduced. From 6 April 2008, the environmental permitting

The main types of income are: • employment income • pension income • social security income • trading income • property income • savings and investment income and • miscellaneous income Historically, the application of income tax involved the identification of a source of income followed by establishing that the source fell within one of the Schedules laid out in the Income and Corporation Taxes Act 1988 (ICTA 1988). The act originally divided the classes or kinds of income assessable to income tax under six historic Schedules, A, B, C, D, E and F. In 1996 the Tax Law Rewrite Project was established to rewrite primary direct tax legislation. With the completion of the Tax Law Rewrite Project, the Schedules were entirely done away with, for the purposes of both income tax and corporation tax with the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), the Income Tax (Trading and other Income) Act 2005 (ITTOIA 2005) and the Income Tax Act 2007 (ITA 2007) setting out the new heads