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GLOSSARY

Nominal definition

Published by a LexisNexis Pensions expert

What does Nominal mean?

(1) This often means ‘before allowing for inflation’. If inflation is positive the nominal return on an asset is greater than its real return; (2) For a bond, see principal.

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Key UK tax considerations for returning value to shareholders—comparative table

Key UK tax considerations for returning value to shareholders—comparative table 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. The table below sets out different methods by which a company can return value to shareholders and summarises the key UK tax considerations relevant to each structure. In all cases, it is assumed that: • the company returning value is UK incorporated and...

UK prudential regime for banks and designated investment firms—timeline

UK prudential regime for banks and designated investment firms—timeline This timeline shows key developments relating to the UK prudential framework for banks and designated investment firms from January 2024 onwards. For earlier developments, see: Capital Requirements Directive IV (CRD IV) and Capital Requirements Regulation (CRR)—timeline [Archived]. 2025 Date Source Document Description 9 April 2025 PRA Significant risk transfer financing: Prudential expectations The Prudential Regulation Authority (PRA) has published a Dear CFO letter highlighting practices the PRA has observed in relation to illiquid and structured financing portfolios across regulated firms. While the principal concerns outlined in the letter are informed by supervisory information received regarding significant risk transfer (SRT) financing activities, the PRA expects firms to consider the application of the PRA’s feedback to all relevant financing portfolios. Banks engaged in these businesses should ensure that the regulatory capital approach they adopt appropriately reflects the substance of the transactions, including the liquidity of the underlying collateral. 28 March 2025 PRA FPC consultation paper: 2024 O-SII buffer framework review The Financial...

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Funding an employee benefit trust

Funding an employee benefit trust This Practice Note covers the following issues in relation to the funding of an employee benefit trust (EBT): • practical aspects of funding an EBT • financial assistance—the background • financial assistance—the current position • relevance of financial assistance to EBTs • financial assistance—exemptions • the employees’ shares scheme exemption • consequences of non-compliance of the financial assistance provisions • tax implications for close companies which fund EBTs, and • corporation tax relief in respect of EBT funding Practical aspects of funding an EBT When an EBT is first set up, it needs to be provided with initial financing, as a trust cannot exist without initial trust assets. It is common for a nominal amount, for example £100, to be settled on the trustee in order to establish the EBT (for further details, see Practice Note: Setting up an EBT). However, after the EBT has established, other funding can be provided. This may be by way of: • voluntary contribution • loan...

IHT—anti-avoidance provisions

IHT—anti-avoidance provisions FORTHCOMING CHANGE relating to changes to APR and BPR: At Autumn Budget 2024 on 30 October 2024, the government announced an intention to significantly reduce the amount of APR and BPR on qualifying property from April 2026. Subject to consultation (expected in early 2025), the 100% rate of relief will be restricted so that it will no longer apply to the whole value of the qualifying agricultural or business property, but will instead only apply to the first £1m of combined value. See News Analysis: Autumn Budget 2024—Private Client analysis—Inheritance tax. This Practice Note provides an overview of the main anti-avoidance measures that HMRC seek to rely on to prevent the avoidance of inheritance tax (IHT) in the UK. Note that the main body of the IHT rules is covered in several other Practice Notes. These are referenced where relevant. While not necessarily drafted as anti-avoidance provisions, there are various conditions and provisions which restrict the availability of IHT reliefs and exemptions (eg the requirements for...

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Board minutes—approving the adoption of an unapproved option plan and the grant of unapproved options

Board minutes—approving the adoption of an unapproved option plan and the grant of unapproved options [insert name of company adopting the unapproved option plan] (Company)—[insert Company number] Minutes of a meeting of the[ remuneration committee of the] board of directors of the Company held at [insert place of meeting] on [insert date of meeting] at [insert time of meeting]. Present [insert name of director to be Chair] (the Chair) [insert names of directors present] In attendance [insert names of those in attendance] Apologies [insert names of directors who are unable to attend meeting] 1 Notice and quorum [insert name of Chair] was appointed Chair of the meeting. It was reported that proper notice of the meeting had been given in accordance with the Company's articles of association (Articles) and that a quorum was present. Accordingly, the Chair declared the meeting open. 2 Purpose of meeting The Chair reported that the purpose of the meeting was to consider and, if thought fit, approve: 2.1 the adoption...

Consent to short notice of a general meeting of a private company or unlisted public company

Consent to short notice of a general meeting of a private company or unlisted public company Company number: [insert number] [insert company name] [ Limited OR PLC] (the Company) Agreement of members to short notice of a general meeting We, the undersigned, being [all the members [and the nominees of members] having OR a majority in number of the members [and the nominees of members] having, and together holding not less than [90 OR 95 OR [insert other figure]]% in nominal value of the shares giving,] the right to attend and vote at the general meeting of the Company to be held at [insert time] on [insert date] at [insert place][, and additionally, through the

Dive into our 111 Precedents related to Nominal

Have remedies under section 121 of the Law of Property Act 1925 been removed in relation to a modern ‘service charge’ type charge payable by owners on an estate (eg a typical newbuild type estate where there might be common areas, etc paid for collectively by way of variable charge, payable by positive covenant). Are these estate rentcharges?

Have remedies under section 121 of the Law of Property Act 1925 been removed in relation to a modern ‘service charge’ type charge payable by owners on an estate (eg a typical newbuild type estate where there might be common areas, etc paid for collectively by way of variable charge, payable by positive covenant). Are these estate rentcharges? The Leasehold and Freehold Reform Act 2024 (LFRA 2024) amended the Law of Property Act 1925 (LPA 1925) and introduced a new concept of a ‘regulated rentcharge’ (LFRA 2024, ss 113(2) and 124(2)(a) and LPA 1925, s 120A(1)). A ‘regulated rentcharge’ is any rentcharge of a type that could not be created under section 2 of the Rentcharges Act 1977 (RcA 1977)—see LPA 1925, s 120A(1) and Practice Note: Rentcharges—apportionment, termination and enforcement (which refers to ‘regulated rentcharges’ as ‘Historic Rentcharges’). On and from 27 November 2023, remedies under LPA 1925, s 121 are no longer available in relation to a ‘regulated rentcharge’ (LPA 1925, s 121(1A) and LFRA 2024, s 113(5))....

Can an enterprise management incentives (EMI) option holder claim business asset disposal relief in relation to the sale of shares resulting from the exercise of an EMI option if a disqualifying event has previously occurred?

Can an enterprise management incentives (EMI) option holder claim business asset disposal relief in relation to the sale of shares resulting from the exercise of an EMI option if a disqualifying event has previously occurred? Business asset disposal relief (BADR) is a reduced rate of capital gains tax (CGT) that individuals or trustees, but not companies, can claim when they dispose of business assets. Certain conditions must be met before the relief will apply. In relation to disposals made after 6 April 2025, the effect of the relief is to reduce the rate of CGT on the disposal to 14% on a lifetime limit of gains of up to £1m. Previously, the rate of CGT that applied when BADR was available was 10%, but this was increased by the Finance Act 2025, which also legislated that the rate would be further increased to 18% for disposals made on or after 6 April 2026. For details of the qualifying conditions for BADR and the lifetime limit that applies to it, see...

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Dispute Resolution weekly highlights—1 May 2025

This week's edition of Dispute Resolution weekly highlights includes analysis of a number of key DR developments and key judicial decisions including the 11th edition of the King’s Bench Guide and the Court of Appeal decision in Freeman v Home Farm Ellingham Ltd (specific performance); dates for your diary; details of our most recently published content; and other information of general interest to dispute resolution practitioners.

Property Disputes weekly highlights—1 May 2025

This week's edition of Property Disputes weekly highlights includes: analysis of a Court of Appeal decision on the binding nature of boundary agreements, the progress of the Renters’ Rights Bill, analysis on the impact of the Terrorism (Protection of Premises) Act 2025 on the property industry, and High Court decisions on enforcing a loan agreement via the Contracts (Rights of Third Parties) Act 1999, the proportionality of seeking possession against a disabled tenant, and an application for a proprietary injunction. It also includes publication of the 11th Edition of the King’s Bench Guide.

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