| 1 | A guide to Practical Law Finance's asset finance resources A guide to Practical Law Finance's asset finance resources. Asset finance covers the financing of all sorts of assets, from the so-called "big ticket" assets such as ships and aircraft, to smaller items of plant and machinery such as ship containers, buses and wheelybins. Financing can be of a single asset or of a whole series of assets, and the financing may be done by way of secured lending or leasing. As well as links to Practical Law Finance's asset finance practice notes, checklists, standard documents and drafting notes, this note links to resources relevant to asset finance from other Practical Law services such as Practical Law Tax, Practical Law Cross-border and Practical Law Environment. | Practice note: overview | Maintained |
| 2 | Aircraft finance: overview This note provides a basic overview of the main parties, key features of the various financing options, some of the principal types of financing structures, the typical finance documents and key considerations involved in aircraft finance transactions. | Practice note: overview | Maintained |
| 3 | Asset finance: overview An introduction to the types of structures used in asset financing and some of the key issues relevant to those structures. | Practice note: overview | Maintained |
| 4 | Corporate insolvency: a guide An introduction to the aims of and background to corporate insolvency law, together with a brief overview of the various insolvency procedures available. This note also contains links to a multi-jurisdictional guide to restructuring and insolvency and a detailed note on US bankruptcy procedures. | Practice note: overview | Maintained |
| 5 | Corporate loan facilities An introduction to the common types of corporate loan facilities, including an explanation of key concepts and a discussion of common terms and their negotiation on behalf of lenders and borrowers. This note links to a multi-jurisdictional guide to finance, including issues relating to secured lending, and a detailed note on corporate loan facilities and bank loans in the US. | Practice note: overview | Maintained |
| 6 | Film finance: overview This note provides a basic overview of film production financing, looking at the types of finance structure, parties and documents involved. | Practice note: overview | Maintained |
| 7 | Perfection and priority of security This note introduces the different methods of perfecting security, the basic rules governing priority of security and some contractual ways in which those rules can be varied. This note also contains links to a multi-jurisdictional guide to finance (which includes issues relating to perfection and priority) and a detailed note on taking security in the US. | Practice note: overview | Maintained |
| 8 | Shipping finance: overview This note provides a basic overview of some of the principal types of financing structures, key commercial considerations, finance documents and key issues involved in shipping finance transactions. | Practice note: overview | Maintained |
| 9 | Taking security This note provides an outline of the types of security available to a lender and discusses various issues a lender should be aware of when taking security, for example, contractual issues, financial assistance, corporate benefit and environmental issues. This note also contains links to a multi-jurisdictional guide to finance (which includes issues relating to taking security) and a detailed note on security provided by a borrower to a lender in connection with a secured financing in the US. | Practice note: overview | Maintained |
| 10 | Anti-avoidance case law and tax: Direct taxes and stamp ... This practice note summarises the development of anti-avoidance case law from WT Ramsay v Inland Revenue Commissioners (1982) 54 TC 101 to date. It also includes some practical tips for structuring transactions to reduce the risk of attack by HMRC based on anti-avoidance case law. | Practice notes | Maintained |
| 11 | Anti-avoidance case law and tax: VAT: abuse of rights This practice note summarises the development of anti-avoidance case law from the European Court of Justice's decision in Halifax to date. It also includes some practical tips for structuring transactions to reduce the risk of attack by HMRC based on anti-avoidance case law. | Practice notes | Maintained |
| 12 | Bank levy A practice note discussing the details of the bank levy applying from 1 January 2011. | Practice notes | Maintained |
| 13 | Choosing a governing law in finance transactions This practice note explains what a governing law clause is and the consequences of not having one. It also sets out the matters that should be considered when selecting the governing law for a finance transaction. | Practice notes | Maintained |
| 14 | Environmental issues in finance transactions This note explains: In what circumstances lenders are at risk of incurring environmental liabilities. The purpose of, and the various steps involved in, environmental due diligence. The various provisions that can be included in a facility agreement and debenture to address environmental issues. | Practice notes | Maintained |
| 15 | Equipment leasing: tax This practice note considers the commercial reasons for leasing and outlines a typical leasing transaction. The current leasing tax rules include a tax regime relating to what are known as "long funding leases". This term includes all finance leases with a duration greater than five years (unless certain criteria are fulfilled) and certain operating leases. The current tax regime came fully into effect as of 1 April 2006. The "old" tax regime continues to apply to leases that are not long funding leases. This note discusses the tax regime both as it applies to long funding leases and as it applies to non-long funding leases. | Practice notes | Maintained |
| 16 | Factoring and invoice discounting This note looks at factoring and invoice discounting as ways of raising short term finance, highlighting the advantages and disadvantages of both and considering the key terms in factoring and invoice discounting agreements. This note also briefly considers issues relating to taking security over book debts and priority arrangements with other creditors, such as banks. This note links to a multi-jurisdictional guide to finance, which includes issues relating to various types of commercial security, including factoring. | Practice notes | Maintained |
| 17 | Film tax relief A practice note about the tax relief for film production companies making films that satisfy the cultural test for being a British film. The note covers practical and legal issues relating to the tax relief. | Practice notes | Maintained |
| 18 | Finance law: training materials for new joiners Do you have a trainee or newly qualified lawyer joining your finance team? Are you a trainee or newly qualified lawyer wondering what finance transactions are all about? Have you moved in house and find yourself having to get to grips with finance law? If so, have a look at the following materials to get an overview of the law and practice of finance transactions. Remember to arrange for any new recruits to get access to PLC Finance and ensure they are signed up to receive our weekly and/or monthly e-mails. To do this, please e-mail info@practicallaw.com or contact your account manager on 020 7202 1220. If you do not subscribe to PLC Finance, see Request a free trial or call 020 7202 1220 to register your interest in a free trial. | Practice notes | Maintained |
| 19 | General principles of insurance law This practice note explains the various doctrines and principles concerned with insurance, including: What constitutes an insurable interest. Subrogation. Joint insurance. Double insurance. Noting. For information about insurance as it relates to commercial property, see Practice note, Property insurance. | Practice notes | Maintained |
| 20 | Key dates for corporate tax practitioners: 2012 A practice note listing key forthcoming dates in 2012 for corporate tax practitioners. | Practice notes | Maintained |
| 21 | Key dates for corporate tax practitioners: 2013 A practice note listing key forthcoming dates in 2013 for corporate tax practitioners. | Practice notes | Maintained |
| 22 | Key dates for finance lawyers in 2013 A practice note listing key forthcoming dates for UK finance lawyers. | Practice notes | Maintained |
| 23 | Leasing as a financing technique: overview An overview of leasing as a financing technique for buying an asset. This note provides an introduction to different leasing structures including finance leases, operating leases, hire-purchase arrangements and sale and leaseback. It also considers the advantages and disadvantages of leasing as a finance technique. This note links to a multi-jurisdictional guide to finance, which includes issues relating to various types of commercial security, including hire-purchase, retention of title and sale and leaseback in other jurisdictions. | Practice notes | Maintained |
| 24 | Legal opinions in finance transactions: overview This note gives an overview of the matters to be considered when requesting or responding to a request for an English legal opinion, the form and content of an English legal opinion and the practical steps to be taken when providing an English legal opinion. The note also links to detailed notes on the purpose and structure of legal opinions in finance transactions in the United States, including the purpose and structure of legal opinions delivered in securities offerings in the United States. | Practice notes | Maintained |
| 25 | Limits on tax deductions for interest: the debt cap A practice note setting out the rules imposing a limit on the corporation tax deductions that UK members and branches of a worldwide group are allowed for interest (known as the "debt cap"). The debt cap rules are contained in Part 7 of, and Part 7 of Schedule 9 to, the Taxation (International and Other Provisions) Act 2010 (TIOPA 2010) (formerly, section 35 of, and Schedule 15 to, the Finance Act 2009). | Practice notes | Maintained |
| 26 | Loan relationships This practice note covers, in detail, the tax rules applying to companies in connection with their loan relationships. | Practice notes | Maintained |
| 27 | Material adverse change (MAC) clauses in finance documents A practice note on material adverse change (MAC) clauses in finance documents, including points to note for:Lenders when drafting and negotiating MAC clauses.Borrowers when negotiating MAC clauses.Lenders before declaring an event of default based on a MAC or withdrawing from underwriting commitments based on a market MAC. | Practice notes | Maintained |
| 28 | Registration of charges created by companies and limited ... A note outlining the law under the Companies Act 2006 on the registration of charges created on or after 1 October 2009 (but before 6 April 2013) by companies and limited liability partnerships registered in England and Wales. The relevant sections of the Companies Act 2006 referred to in this note came into force on 1 October 2009. For a note setting out the registration regime under the Companies Act 1985, the regime that applied to charges created before 1 October 2009, see Practice note, Registration of charges under the Companies Act 1985. Note: The regime for registering charges at Companies House changed on 6 April 2013. For more information, see Practice note, Registration of charges created by companies and limited liability partnerships on or after 6 April 2013. | Practice notes | 05-Apr-2013 |
| 29 | Releasing security This note describes the practicalities of releasing a mortgage or charge that has been given by a security provider over its property, assets and undertaking to a lender under a security agreement. | Practice notes | Maintained |
| 30 | Taking cross-border security This note provides an overview of the issues that need to be considered when taking security over a foreign asset and/or from a foreign entity.This note also contains a link to a multi-jurisdictional guide to finance which discusses issues relating to taking security in various jurisdictions. | Practice notes | Maintained |
| 31 | Taking security over cash deposits A note on taking security and quasi-security over a cash deposit in a bank account. This note also contains links to a multi-jurisdictional guide to finance (which discusses issues relating to taking security in other jurisdictions) and to a detailed note on the creation and perfection of security interests in deposit accounts in the US. | Practice notes | Maintained |
| 32 | Taking security over chattels A note on using goods or chattels owned by companies (or limited liability partnerships) to provide security for financing. This note also contains a link to a multi-jurisdictional guide to finance, which includes issues relating to taking security over chattels. | Practice notes | Maintained |
| 33 | Taking security over choses in action A note on taking security over choses in action. A chose in action is an asset that can only be claimed or enforced by action at law or equity, rather than by taking physical possession of the asset. The note looks at how to take security over various types of choses in action such as rights under contracts, debts, financial instruments and cash deposits in bank accounts. | Practice notes | Maintained |
| 34 | Taking security over intellectual property A note on taking security over intellectual property, including patents, trade marks, copyright and design rights. This note also contains links to a multi-jurisdictional guide to finance (which includes issues relating to taking security over intellectual property) and to a detailed note on taking security over intellectual property in the United States. | Practice notes | Maintained |
| 35 | Taking security over shares and debt securities This note looks at the legal nature of shares and debt securities and how to take security over them. It discusses bearer shares and debt securities, registered shares and debt securities and shares and debt securities held in a clearing system. This note also contains a link to a multi-jurisdictional guide to finance which includes issues relating to taking security over shares and debt securities. | Practice notes | Maintained |
| 36 | Tax for banking lawyers This practice note is a basic summary of the tax issues that frequently arise in respect of commercial lending transactions carried on by banks. Among other things, it considers distribution treatment for interest, withholding tax, stamp duty and VAT. | Practice notes | Maintained |
| 37 | Tax legislation tracker: archive A document containing items formerly found in PLC Tax legislation trackers but that are now in force. | Practice notes | Maintained |
| 38 | Tax legislation tracker: finance A document tracking the development of certain notable pieces of proposed new legislation relating to finance taxation. | Practice notes | Maintained |
| 39 | Term sheets: introduction An introduction to term sheets in the context of loan finance transactions, including details of what they are used for. This note also considers what provisons are typically included in term sheets and the lender's and borrower's perspectives in drafting and negotiating term sheets. This note includes links to related resources such as standard documents, term sheets and commitment letters. It also includes a link to an introduction to bank loan term sheets in the US. | Practice notes | Maintained |
| 40 | Tonnage tax This practice note provides an overview of the tonnage tax regime in the UK. | Practice notes | Maintained |
| 41 | Types of lending and facilities A note outlining different types of lending (categorised by the number of lenders) and loan facilities. This note also links to a multi-jurisdictional guide to finance (that covers issues relating to secured lending) and to a note on corporate loan facilities and bank loans in the United States. | Practice notes | Maintained |
| 42 | VAT issues for banks This practice notes summarises the various VAT issues that arise for banks in the course of their business. | Practice notes | Maintained |
| 43 | Withholding tax This practice note is a summary of the UK withholding tax rules on payments of interest and certain other payments (such as annual payments, guarantee payments, patent royalties and other royalties). It considers when withholding arises (including when interest has a UK source and when it is "yearly interest" rather than "short interest"). It also considers exemptions, such as the Quoted eurobond exemption and exemption under double tax treaties, and outlines the effect of the EU savings tax directive. Further, it discusses documenting for withholding tax, including gross-up clauses, and accounting for tax withheld. | Practice notes | Maintained |