A market for securities which includes the stock market (equity securities) and the bond market (debt).

MLex: The EU needs to move forward with building the capital markets union (CMU) to fund and scale the green transition, EU regulators said on 19 January 2024, speaking at the World Economic Forum in Davos. The idea of creating a CMU was put forward in 2014, but little progress has been made. The CMU has come under scrutiny recently as the EU needs significant investment to fund the green transition.

This Practice Note provides guidance on the ability of the courts to make capital orders under Schedule 1 to the Children Act 1989 (ChA 1989), including who may apply, the orders that may be made (lump sum orders and the transfer or settlement of property) and the matters to which the court will have regard. It also details the relevant case law and examples of orders that the courts have made. Introduction In addition to periodical payments orders, the court may also make capital orders under ChA 1989, Sch 1. Such orders are most commonly made in relation to the children of cohabitants or former cohabitants. Spouses, former spouses, civil partners and former civil partners have the wider remedies available under the Matrimonial Causes Act 1973 (MCA 1973) or the Civil Partnership Act 2004 (CPA 2004). However, even where a former spouse or civil partner has compromised their own claims under MCA 1973 or CPA 2004, but not those of a child or children, an application under ChA 1989, Sch 1 may potentially

A non-distributable reserve into which amounts are paid following a redemption or share buyback in accordance with CA 2006, s 733. The company may use the capital redemption reserve to pay up new shares to be allotted to members as fully paid bonus shares.

This method involves a capital reduction of the parent company of the target group, in consideration for which the demerged business is transferred to a new company, which in turn issues shares to the shareholders.

FORTHCOMING CHANGE relating to the potential removal of capital reduction demergers: 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. Chapter 2 of the consultation proposes 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 nominal value of the new holding company’s share capital being 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 ‘New HoldCo’ structure is an essential feature of how capital reduction demergers are currently structured (see step 1 and step 3 below). The consultation proposes that share buybacks and other returns of capital ‘reflect a “frozen” amount of capital on the

A tax on lifetime transfers and on death. It was introduced in 1974 to replace estate duty, although it did not apply on death until 1975. It was substituted by inheritance tax following the Finance Act 1986, when the Capital Transfer Tax Act 1984 was renamed the Inheritance Tax Act 1984 (IHTA 1984).

This is the amount of capital that the fund has at its disposal, and is managing, for investment purposes.

The sale/investment value of property or land as distinct from its rental value.

[Print on letterhead of reporting accountants] The Directors [insert name and address of company] and [insert name and address of sponsor] [insert date] Dear [insert name] [insert name of company] (the Company): Application for admission to the Official List

[Print on letterhead of reporting accountants] The Directors [Insert name and address of company] and [Insert name and address of sponsor] [Insert date] Dear [Insert name] [Insert name of company] (the Company): [Placing AND/OR Open offer

See bonus issue or scrip issue.