Definitions

Definitions

The definitions and interpretation clause should include all of the individual defined terms that are included in an agreement and all of the provisions that are to apply to the general interpretation of an agreement and, if necessary, of certain phrases used with it. The defined terms and the interpretation provisions will normally be set out in two separate sub-clauses. The definitions and interpretation clause will usually be found at the beginning of an agreement and the terms will be set out in alphabetical order for ease of reference.

The purpose of defining terms is to avoid:

•
repetition within the main body of an agreement,

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Tax News

UT follows previous decision on VAT treatment of government-funded education programmes (HMRC v Colchester Institute Corporation)

Tax analysis: In HMRC v Colchester Institute Corporation [2024] UKUT 397 (TCC) (4 December 2024) the Upper Tribunal (UT) dismissed HMRC’s appeal against a decision of the First-tier Tax Tribunal (FTT) that the government-funded provision of further and higher education and vocational training constituted a supply of services for consideration for VAT purposes because there was a direct link between the services and the consideration.

When will a ‘GLO issue’ bind all parties on the group register? (Axa Sun Life plc v HMRC)

Dispute Resolution analysis: The Court of Appeal has clarified when a decision on a ‘GLO issue’ will bind parties on the group register, and when the court will exercise its discretion to ‘order otherwise’ under CPR 19.23(1). As a general rule, determination of a GLO issue will bind all other parties on the group register at the relevant time. The court needs a strong reason to depart from that general rule. The principles of res judicata found in issue estoppel provide a helpful guide to when the court can depart from the general rule and ‘order otherwise’. Written by Harriet Campbell, senior knowledge lawyer at Penningtons Manches Cooper LLP.

FTT decides sale of LLP capital accounts not subject to income tax (Hoyle and others v HMRC)

Tax analysis: In Hoyle, the First-tier Tax Tribunal (FTT) held that the anti-avoidance provisions in Chapter 5 of Part 13 of the Income Tax Act 2007 (ITA 2007) did not apply to the disposal of the appellants’ capital accounts in limited liability partnerships (LLPs) engaged in leasing film rights. This was because, following the judgment in Samarkand v HMRC [2017] EWCA Civ 77, as a matter of fact and law, the LLPs film leasing activity was not a trading activity for tax purposes.

Tax weekly highlights—5 December 2024

This week's edition of Tax weekly highlights includes: (1) key announcements from the Scottish government’s 2025–26 Budget, (2) News Analyses of the FTT’s decisions in L v HMRC, Stage One Creative Services and Rupert Grint, (3) HMRC’s latest Stakeholder Digest and (4) the European Commission closing state aid investigations into Amazon, Fiat and Starbucks.