where no CO2 emissions can be attributed to an organisation across any of its activities, or scopes

A non-interest bearing debt security which is issued at a discount to its face value.

Step-by-step guide • Party A and Party B enter into an International Swaps and Derivatives Association (ISDA) Master Agreement, Schedule and agree with each other that they will document their zero-coupon inflation swap (ZC) under an ISDA confirmation • Assume the notional amount of the ZC is US$ 100,000,000

A zero hours contract is one where the employer is not obliged to offer any hours and the worker is not obliged to accept any hours.

This Practice Note examines the nature of zero hours contracts. It includes absence of mutuality of obligation, casual workers, as required or as needed, employment contract without obligation, piece work, on call, flexibility, over-arching or umbrella contracts, assignments, employee or worker status, continuity of employment, national minimum wage (NMW), statutory sick pay (SSP), working time and holiday entitlement and accrual, discrimination protection, part-time workers, pension auto-enrolment, TUPE 2006 and the pros and cons of zero hours contracts. It does not cover the statutory protections available to workers and employees on zero hours contracts and on lower incomes, relating to unenforceable exclusivity clauses and protection from detriment and unfair dismissal. These are covered separately in Practice Note: Exclusivity clauses—protections for low-income and zero hours workers. In this Practice Note, we use the term ‘employer’ to mean the hiring party in a contract for work, whether or not the individual being hired is an employee or a worker. We generally use the term 'worker' (which includes an 'employee' in the narrow sense) for the individual undertaking the work, unless the

The right under the Working Time Regulations 1998 (WTR 1998), SI 1998/1833 is to a total of 5.6 weeks' paid annual leave each 'leave year', made up of: • a basic entitlement to a minimum of four weeks' paid annual leave, and • an additional entitlement to 1.6 weeks' paid annual leave (WTR 1998, SI 1998/1833, reg 13A) A worker is entitled to be paid at the rate of ‘a week’s pay’ for each week of holiday, calculated by reference to the first day of the period of leave in question. For detailed information: • on the right to paid holiday generally, see Practice Note: Statutory paid holiday—the right • on how holiday pay is calculated, see Practice Note: Statutory paid holiday—calculating holiday pay Payment in lieu and rolled-up holiday pay Under WTR 1998, SI 1998/1833, reg 13(9)(b),

TMT analysis: In judgments related to three joined cases, the Court of Justice has ruled that zero tariff options (also known as zero rating) are contrary to Regulation (EU) 2015/2120, the Open Internet Regulation (Roaming IV) and therefore contrary to the principle of net neutrality. The Court of Justice’s analysis appears to confirm that zero tariff/zero rating practices are incompatible per se with the Open Internet Regulation (Roaming IV), although a subsequent call for stakeholder input by BEREC suggests that further guidelines may be forthcoming.

Supplies (but not acquisitions or importations) are said to be zero-rated if they are relieved by legislation from a charge to tax.

This Practice Note is about the zero-rating of VAT for developers selling or leasing dwellings that they have constructed. Why does zero-rating matter? If the zero-rating does not apply, the transaction will usually be exempt, so that the developer cannot recover VAT (ie input tax) on costs, such as on fees and perhaps on the acquisition of the site. For more details, see Practice Note: When can a person recover VAT? Construction services supplied in the course of construction of the dwelling will generally have been zero-rated anyway, see Practice Note: VAT treatment of building work. Where this is the case, a developer who did not incur VAT on the site acquisition might take the view that zero-rating of sales and leases is desirable, but not essential. Why might zero-rating not apply? The most common reasons for zero-rating not applying are that: • a lease is too short to qualify • the works do not count as construction, or • there are planning restrictions on the use of the dwelling The conditions

This Practice Note is about the VAT zero-rating for developers selling or leasing certain buildings that they have constructed, where the building is intended for use by a charity. These are referred to as buildings for a relevant charitable purpose (RCP). This Practice Note includes references to case law from the EU Court of Justice. For guidance on whether judgments of the Court of Justice are binding on the UK courts, see Practice Note: Assimilated law—Assimilated case law. For guidance on assimilated law (formerly retained EU law) and tax more generally, including on the bespoke approach that has been introduced in relation to VAT law, see Practice Note: Assimilated law and tax. The Court of Justice decisions referred to in this Practice Note were decided before the end of the implementation period (which the UK entered on 31 January 2020, and which ended at 11 pm on 31 December 2020). Why does zero-rating matter? If the zero-rating does not apply, the transaction will usually be exempt, so that the developer cannot recover

This Practice Note is about the VAT zero-rating for developers selling or leasing residential buildings, other than dwellings, that they have constructed. These are referred to as buildings for a ‘relevant residential purpose’ or RRP. For information on the zero-rating of dwellings, see Practice Note: Zero-rated sales and leases—person constructing a dwelling. Why does zero-rating matter? If the zero-rating does not apply, the transaction will usually be exempt, so that the developer cannot recover VAT (ie input tax) on costs, such as on the construction of the building, fees and perhaps on the acquisition of the site. For more details, see Practice Note: When can a person recover VAT? There is also zero-rating for the construction of an RRP building, but this only applies where the work is commissioned by the end user, such as the operator of a care home. The zero-rating covered by this Practice Note is an alternative to this; someone constructing such a building for use by others will incur VAT on the construction costs, but can recover

This Practice Note is about the zero-rating of VAT for developers selling or leasing non-residential buildings that they have converted for residential use—as dwellings or for a relevant residential purpose. Why does zero-rating matter? If the zero-rating does not apply, the transaction will usually be exempt, so that the developer cannot recover VAT (ie input tax) on costs, such as on the conversion of the building, fees and perhaps on the acquisition of the property. For more details, see Practice Note: When can a person recover VAT? VAT is not recoverable if it should not have been charged in the first place. If the conversion is to a dwelling, the conversion work will usually have been subject to VAT at 5%, or zero-rated if commissioned by a housing association (see Practice Note: VAT treatment of building work). A claim for VAT at 20% may be blocked or restricted, so the developer needs to ensure that these reliefs are fully used. Why might zero-rating not apply? For conversions to dwellings, the most common reasons