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Money may be defined as a medium of exchange and is generally accepted in the final discharge of debts and the payment of goods and services.
The law recognises various meanings of money including (1) it serves as a common standard of value to which the values of different commodities may be defined; (2) as a unit of account for debts and liabilities; and (3) as purchasing power or store of value. The term 'money' refers to banknotes and coins as legal tender, and may also refer to not only to actual cash but also a right to receive cash as in a credit of a bank account or that which is invested in securities.
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Establishing a share incentive plan (SIP) and granting SIP awards—all-encompassing resource pack For more general information on share incentive plans (SIPs), see Practice Note: What is a share incentive plan? Step Details of step Lexis®PSL resources required to implement step Timing of step 1 Determine whether the company qualifies to operate a SIP. The SIP regime is prescriptive and sets out numerous requirements that must be met at the time the awards are granted, including in relation to the company granting the awards. It is essential to establish whether the company whose shares are being granted under award qualifies to operate a SIP first. The proposed award holder(s) must also meet certain requirements in order to be granted SIP awards. For further detailed information on the SIP eligibility requirements relating to the company, see Practice Note: SIPs—qualifying companies and type of shares. For further detailed information on the SIP eligibility requirements relating to the employee, see Practice Note: SIPs—who can be granted an award? For a checklist...
Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...
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Compensation event claims in the NEC3 Engineering and Construction Contract—flowchart This flowchart illustrates the process of making a compensation event claim for additional time to complete the works and/or for additional payment under the NEC3 Engineering and Construction Contract. For more information on the NEC compensation regime generally, see Practice Notes: NEC contracts—interpreting the list of compensation events (clause 60) and NEC
Formalising the family business—checklist Many family businesses start out with quite an informal governing structure in place; the family members have an understanding of their roles and relationships with each other, and decisions are made quickly at the kitchen table. The nature of many family businesses is that they are informal and flexible, and their objectives are often driven by doing the best for the family according to the family's values, rather than purely for the profit of the owners. However, as the business grows and more members of the family and other employees start working with them, it becomes more and more difficult to manage the business in this way. The pros and cons of formalising the family business are considered in Practice Note: Family businesses. This checklist sets out a list of questions that an adviser can put to the family (or that the family can consider themselves) to assist with setting up a structure for the family business. These questions will also help determine the matters to...
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Increasing pensions in payment FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. THIS PRACTICE NOTE APPLIES TO ALL OCCUPATIONAL PENSION...
GB Energy Labelling Regulation (EU) 2017/1369—snapshot Title Assimilated Regulation (EU) 2017/1369 of the European Parliament and of the Council of 4 July 2017 setting a framework for energy labelling and repealing Directive 2010/30/EU (GB Energy Labelling Regulation) Entry into force 1 August 2017 Subject Energy labelling, energy efficiency of products In GB mandatory energy labelling is regulated by: • Assimilated Regulation (EU) 2017/1369 (the GB Energy Labelling Regulation) • Energy Information Regulations 2011 (EIR 2011) • Ecodesign for Energy-Related Products and Energy Information Regulations 2021, SI 2021/745 In-scope products have to comply with the information and labelling requirements contained therein. The EU Energy Labelling Regulation (Regulation (EU) 2017/1369) continues to apply in Northern Ireland post-Brexit. For more on the position in Northern Ireland, see Practice Note: What does the Northern Ireland Protocol (Windsor Framework) mean for the application of environmental law? DESNZ and the Office for Product Safety and Standards have produced guidance on energy information for suppliers and dealers setting out the different requirements...
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Gift of land—transfer clauses Use HM Land Registry Form TR1 and insert in the panels specified below the wording shown Panel 8—consideration The transfer is not for money or anything that has a monetary value Panel 9—title guarantee This transfer is made [with
Explanatory note for a client's Will—to spouse on flexible life interest trust with remainder on discretionary trust STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime. Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. [Your] Will—[name of testator]—explanatory note This explanatory note explains the main provisions of your Will. Please read this explanatory note and your Will carefully....
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Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...
Is a Part 20 defendant normally required to complete a directions questionnaire ‘DQ’ (Form N181), does this answer change if the claim would be fast track, but the Part 20 claim multi-track? If the notice of allocation sent to the claimant does not require budgets, disclosure discussion report etc, can you ignore and propose standard directions? Also, outside the disclosure pilot, can one use standard disclosure? In this Q&A, the defendant’s Part 20 claim is a counterclaim that has been made against a person other than the claimant under CPR 20.5. Is a Part 20 defendant required to file a directions questionnaire? CPR 20 deals with counterclaims and other additional claims by the defendant. CPR 20.3(2) sets out which of the Civil Procedure Rules do not apply to additional claims (which, as defined in CPR 20.2(2) includes counterclaims). Included in the rules that do not apply to additional claims is CPR 26, which sets out the requirement for the parties to file a directions questionnaire (DQ)....
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The Financial Conduct Authority (FCA) has published a press release and issued a First Supervisory Notice (FSN) to Direct Trading Technologies UK Ltd (DTT), exercising its own-initiative powers under sections 55J and 55L of the Financial Services and Markets Act 2000 (FSMA 2000) to vary DTT’s Part 4A permission to perform regulated activities and impose requirements on DTT in order to restrict its access to its assets. The FCA’s regulatory intervention follow its concerns regarding DTT’s inadequate financial crime systems and controls, poor governance and oversight, and its failure to be open and cooperative with the FCA and appropriately disclose information. The FCA adds that the information provided to the firm’s auditor appears to be inconsistent with information separately provided by the firm to the FCA. DTT is required to ensure that all open trading positions have been closed and investor money is set aside for customers. The firm can no longer offer regulated services, including trading.
MLex: The UK cryptoasset industry breathed a collective sigh of relief on 29 April 2025 with sight of long-promised legislation laying the path toward a regulated sector. It broadly met industry expectations and contained a few mostly welcome changes. The announcement of UK-US collaboration on digital assets and a potential trans-Atlantic digital sandbox also brought some reassurance to a UK industry fearing the US running ahead. Critics may remain worried about the pace of developments, however.
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