UK: Budget 2010

Last Updated: 30 March 2010
Article by Sandy Bhogal, Michael Cashman, James Hill, Andrew Stanger and Peter Steiner

Originally published 25 March 2010

Keywords: Budget 2010, taxation, income tax, VAT, capital gains tax,Bank Payroll Tax, financial services, Finance Bill 2010, stamp duty, HMRC


The impending general election appears to have taken any real spice out of this year's Budget (although we can likely expect another one following the election, regardless of which party wins). The Chancellor has taken this opportunity to offer minor savings to some taxpayers, funded by increases on those earning higher incomes, but the main political message appears to be one of stability and is clearly aimed at the financial markets.

The Chancellor has forecast that the deficit will be more than halved over the next four years, by a combination of tax increases on "highly" paid individuals and efficiency savings. However, this is based on certain growth targets over the same time period and therefore we could yet see increases in VAT, capital gains tax and income tax rates following the election.

There are a number of measures designed to promote small businesses, including:

  • the doubling of 100% deduction for capital expenditure to £100,000; and
  • entrepreneurs selling their businesses will benefit from a doubling in the limit for the 10% capital gains tax rate (from £1m to £2m).

We continue to await further substantive updates on the patent box regime, despite a specific mention in the Chancellor's speech. There do not seem to be many new anti-avoidance measures for corporates over and above those previously announced.

The main disappointment for individuals is that all of the measures announced in the Pre-Budget Report 2009 continue to stand, including the 50% income tax rate and the increases in NICs. First time buyers will be pleased that stamp duty has been abolished for two years for house purchases of up to £250,000, but this will be funded by a new 5% stamp duty rate for property purchases worth more than £1m.

Those of you who are fans of video games will be encouraged to learn that the Government intends to introduce a new tax relief for video games (subject to consultation and state aid approval).


The Budget contains a series of targeted business tax measures, some of which had been announced previously. These include:

Bank Payroll Tax

The Budget confirms the introduction of the Bank Payroll Tax ("BPT"), and also a number of amendments that have been proposed in relation to the BPT which in most cases narrow its scope (principally by excluding independent brokers and fund managers from the scope of the tax). It is comforting that the relevant Budget Note (BN02) states that the chargeable period for the BPT will end on 5 April 2010. Thus, for the moment at least, no extension to the BPT looks likely. It also sets out some detail as regards the collection and assessment of the BPT. It is interesting that all taxable companies will have to provide returns, so those that do not feel they have paid a bonus or otherwise provided relevant remuneration caught by the BPT will still have to provide a "nil return", apparently contradicting what HMRC have previously said in their FAQs on the BPT (in FAQ21).

Systemic tax risk and financial institutions

The Government (together with other countries) is to consider the ways in which the financial services industry can contribute to the costs of government interventions in that sector. One proposed approach relates to what is described as systemic risk tax. Only brief details are available at this stage, but it is likely to be a national tax based on the characteristics of the organisation in question and would apply to all financial institutions that pose a substantial systemic risk. Reaching international agreement on such a tax will be exceptionally complex given jurisdictional interests, which suggests that this will take some time (and will have to complement any new regulatory measures).

Capital Distributions

Following the recent decision in First Nationwide v HMRC, this measure repeats a well received announcement made by HM Treasury and HMRC in late February that Finance Bill 2010 would contain provisions designed to provide greater certainty as to how certain distributions received by UK companies will be taxed. This legislation will have retrospective effect and shall confirm the practice of HMRC that only dividends specifically excluded from income should be treated as capital.

Worldwide Debt Cap

The worldwide debt cap rules were introduced to restrict relief for UK financing costs where these costs were excessive compared with the financing costs of the worldwide group.

A number of changes to this legislation have already been announced for inclusion in Finance Bill 2010, but some further changes were announced in the Budget. Firstly, where a group includes securitisation companies that are within the special corporation tax regime for securitisation companies, the financing costs of the group as a whole are computed without including the results of the securitisation company. This complements the previously announced measure to exclude securitisation companies from the computation of UK financing costs and income.

Other changes include a power to make regulations that will enable a company involved in capital market arrangements, and which incurs an additional corporation tax liability as a result of the worldwide debt cap rules, to transfer that liability to another group company. In addition, clarification will be provided to ensure that a limited liability partnership cannot be the ultimate parent of a group of companies for debt cap purposes and also to ensure that arrangements which have the economic effect of loans and which give rise to an interest-like return will be taken into account for debt cap purposes.

Changes in Accounting Standards

Regulations are to be introduced to amend corporation tax rules on loan relationships and derivative contracts where such changes are necessary as a consequence of changes in accounting standards.

The Annual Investment Allowance

The Annual Investment Allowance was introduced to give 100% first-year tax relief for up to £50,000 per annum to businesses incurring expenditure on plant or machinery. This limit has now been doubled to £100,000 from April 2010. The basic requirements for this allowance remain unaltered, although new income tax anti-avoidance rules have been introduced from 24 March 2010. Whilst welcome, this effectively replaces the 40% first year allowance, which will be withdrawn on 31 March 2010 for corporations and 5 April 2010 for other businesses, thus providing a benefit for smaller businesses at the expense of large businesses.

Patents Box

The Pre-Budget Report 2009 announced the introduction of a "Patents Box" offering a 10% corporation tax rate for patent income from 2013. Whilst the details are currently vague, a consultation on the design of the patent box will be issued in time for legislation in Finance Bill 2011.

Tax Transparent Funds

The Government announced that it intends to work with the fund industry to develop a tax transparent fund vehicle and will hold a formal consultation, with a view to legislating in Finance Bill 2011.

Real Estates Investment Trusts ("REITs") - Stock Dividends

The Government intends to legislate, in a Finance Bill to be introduced as soon as possible in the next Parliament, to allow REITs to issue stock dividends in lieu of cash dividends in meeting the requirement to distribute 90% of the profits from the REIT's property rental business.

To date, the REIT legislation has required for each accounting period a REIT (itself exempt from corporation tax on its property rental business) to distribute at least 90% of its property rental income profits by way of a dividend. This is taxed in the shareholders' hands as property income (and not as dividend income).

The change will put REITs on a level playing field with other companies (property and other) which can issue stock dividends in lieu of cash and the REIT shareholder will be taxed in the same way as though they had received cash. The REIT will be able to maintain its status and to invest profits back into the business when it considers it appropriate to do so (rather than having to distribute profits to its shareholders).

Life Insurance Companies - Apportionment of income and gains

Where a life insurance company writes more than one type of insurance business, apportionment rules are used to determine profits from each type. For non-profit funds, this apportionment is on the basis of the liabilities to policy-holders for each type of business in the fund. It has been recognised that the regulatory return (the starting point for determining life insurance company profits) offers a means to defer tax. HMRC has become aware of tax not merely being deferred but avoided altogether in non-profit businesses by means of a business transfer.

The Pre-Budget Report 2009 announced an intention to modify the rules for apportioning the income and gains of a non-profit fund between categories of insurance business. This is now forthcoming. The Government has announced its intention to modify the transfer of business rules as soon as is practicable, but with effect from 24 March 2010.

Islamic Finance

The Government announced that it intends to introduce measures to clarify how the capital allowance regime interacts with the rules on Alternative Finance Arrangements, and will consider introducing measures to further align all alternative property finance arrangements with the tax treatment of loan relationships.

Close Company

Legislation is to be introduced in Finance Bill 2010 to deny a close company a corporate tax deduction where it releases or waives a loan to a participator. This corrects a perceived mismatch given that where such debts are released or waived, it is treated as a dividend for tax purposes in the hands of a borrower.

Consortium relief

Following the decision in Philips Electronics UK Limited v HMRC, Finance Bill 2010 will introduce changes to allow all EEA resident companies engaged in UK consortia to pass on losses to their UK resident subsidiaries.

There are of course going to be further changes to the anti-avoidance rules to ensure artificial arrangements cannot inflate the losses beyond the proportion of the consortia member's active involvement.

Lessor companies

Changes will be made to draft legislation published as part of the Pre-Budget Report 2009 which will allow lessor companies to elect for alternative tax treatment when they are sold. Profits of the company after any sale can be isolated by such an election and thereby avoid an immediate tax charge.


Venture Capital Scheme ("VCT")

With effect from Royal Assent, VCTs will be able to list on any EU regulated market rather than just in London. In terms of VCT investments, the widening of the definition of "eligible shares" to include certain preference shares will be welcomed by VCTs and investee companies alike, as will the fact that investee companies can have a permanent establishment in the UK rather than having to trade "wholly or mainly in the UK". The same change is made for the purposes of the Enterprise Investment Scheme.

Entrepreneurs' Relief

Some commentators were concerned that the Chancellor would raise the capital gains tax ("CGT") rate in the Budget. Thus, the big surprise of the Budget was the effective decrease in CGT for those that qualify for entrepreneurs' relief and have gains in excess of £1m. The net effect of entrepreneurs relief is that the gains that qualify have an effective rate of 10% (rather than the usual CGT rate of 18%). Currently, a maximum amount of £1m of taxable gain qualifies for entrepreneurs relief (so a maximum tax saving of £80,000). From 6 April 2010, the maximum amount that qualifies will be £2m (so a maximum tax saving of £160,000).

Employee Incentives and Benefits

Possibly the most interesting announcements in the field of employee share incentives and benefits are two short paragraphs in the Press Notice on Protecting Tax Revenues.

The first states simply "The Government today announces that it intends to take action to tackle avoidance through the use of trusts and other vehicles to reward employees." This may be the start of the long expected crack down on the use of employee benefit trusts to provide benefits without paying income tax or NICs; however, we await further details.

The second states simply that the Government intends, during 2010, to "consult on the taxation of returns from geared growth arrangements connected with employment-related securities, to ensure that income from employment is taxed correctly". Again there is little to indicate what they have in mind, but this could cover many things from "sweet equity" arrangements in highly leveraged private equity structures, through to special classes of employee shares which have little value when issued but increase in value as the company approaches an exit (sometimes called "flowering shares"), to possibly more artificial arrangements using special classes of shares in subsidiaries. As the taxation of these arrangements was considered to be reasonably settled, it will be interesting to see which areas the Government thinks may benefit from change.

There are also a couple of specific anti-avoidance measure targeted at approved share schemes.

The first is primarily aimed at avoidance schemes which involve companies paying money to the trustees of Share Incentive Plans ("SIPs"), with the money being used to purchase shares from individuals. The companies get a corporation tax deduction for the money paid to the SIP, and the rights of the shares held in the SIP are subsequently varied so that value is stripped out of them. As a result, the companies obtained a deduction for money paid to the shareholder, even though no (or little) value is transferred to employees. No deduction will be available for such arrangements in future.

The second measure is targeted at schemes which use "geared growth" shares in subsidiaries of listed companies to deliver value to employees under HMRC approved Company Share Option Plans ("CSOPs").

The use of shares in unlisted subsidiaries of a listed company for CSOPs is to be stopped.

Both of these measures are intended to be introduced in Finance Bill 2010.

Finally there is a welcome measure affecting enterprise management incentive ("EMI") share options, although this has been previously announced. The requirement that a single company granting EMI options must be carrying on a trade wholly or mainly in the UK is replaced with a requirement that the company must have a permanent establishment in the UK. The requirement that a parent company granting EMI options must have one group company carrying on a qualifying trade in the UK is replaced with the requirement that at least one company in the group which is carrying on a qualifying trade must have a permanent establishment in the UK. These changes are being introduced to ensure that the EMI rules comply with EU State Aid guidelines. The intention is to legislate this measure "in a Finance Bill to be introduced as soon as possible in the next Parliament".


True to form, the Government has announced targeted rules to deal with perceived tax avoidance. The main anti-avoidance measures can be summarised as follows:

  • legislation will be introduced to ensure that taxpayers may only deduct foreign tax from foreign income where the foreign tax has been included in the taxpayer's taxable income. Amendments will also be made to the manufactured overseas dividend rules to prevent financial traders effectively obtaining relief for foreign tax twice;
  • the existing transactions in securities legislation is to be replaced by clearer, more targeted legislation and will extend to arrangements involving close companies;
  • the Disclosure of Tax Avoidance Schemes legislation is to be revised to include increased penalties for non-compliance and a requirement for scheme promoters to provide the names of clients to whom they have issued scheme reference numbers. The Government has also announced that it is considering bringing inheritance tax within the scope of the legislation;
  • stricter penalties are to be introduced for taxpayers who fail to provide details of offshore income and gains, with penalties of up to 200% of the tax due potentially being imposed; and
  • a discussion document has been published on the possible introduction of a generic rule to counter "group mismatch schemes" involving loans or derivatives. These schemes have been notified to the Government under the tax avoidance disclosure regime.



VAT Registration Threshold

The VAT registration threshold is being increased from £68,000 to £70,000 with effect from 1 April 2010. Reverse Charge for Emissions Allowances Missing Trader Intra-Community Fraud ("MTIC") has been very costly to the UK Exchequer. Taxpayers purchasing certain specified supplies of mobile phones and computer chips are now required to account for and pay the VAT on their purchases (instead of the supplier) to combat MTIC. This reverse charge approach is now being extended to supplies of services such as emissions allowances with effect from 1 November 2010.

VAT Recovery for Mixed Use Assets

To date, VAT on immovable property, boats and aircraft has been recoverable by UK VAT-registered persons upfront and in full on both the business and private use of the asset (subject to any partial exemption restriction). VAT is then accountable to HMRC over subsequent years in respect of the private use of the asset. This method has been known as Lennartz accounting. A recent decision of the European Court of Justice has necessitated changes because many UK taxpayers were (wrongly) permitted to use Lennartz accounting. The changes, effective from January 2011, will mean that upfront full VAT recovery is restricted only to the business use of the asset (so as to exclude any private use). In addition, revenue protection legislation is being introduced to ensure that existing Lennartz accounting users continue to account for the VAT due.

Stamp Taxes

Stamp Duty Land Tax ("SDLT")

A new relief from SDLT for first-time buyers will be available for purchases of residential property of a value up to £250,000. This will apply to buyers who have not previously purchased residential property anywhere in the world and who intend to occupy the purchased property as their only or main home. This new relief will be time-limited to two years. The relief is due to take effect for purchases having an 'effective date' (normally the date of completion) on or after 25 March 2010 and before 25 March 2012.

To finance the first-time buyer's relief, a new SDLT rate of 5% will be introduced for purchases of residential property where the consideration exceeds £1 million. The new 5% rate will apply to purchases having an effective date on or after 6 April 2011.

Anti-avoidance legislation will be included in Finance Bill 2010 to prevent what is seen as exploitation of the SDLT rules by the use of partnerships. The new anti-avoidance rules will be directed at transactions where a partnership transaction has been 'contrived' specifically to reduce the SDLT payable so that the usual SDLT calculation rules for partners will not apply. The new rules will apply (subject to transitional rules) where transactions have an effective date on or after 24 March 2010.

Measures will be introduced (to have effect from 1 April 2011) in relation to the procedure for reclaiming overpayments of SDLT. The time limit for reclaiming overpayments will be reduced from six to four years, but the requirement that the overpayment must be the result of a mistake in a land transaction return will be removed.

Stamp Duty and Stamp Duty Reserve Tax ("SDRT")

Following the recent decision of the European Court of Justice in HSBC Holdings Plc and Vidacos Nominees Ltd v HMRC, where it was held that EU Member States are not permitted to charge stamp duty or SDRT on the issue of shares to, and the transfer of existing shares into, EU clearance services, enabling legislation will be introduced in Finance Bill 2010 to give HM Treasury the express power to make regulations to remove multiple charges to stamp duty or SDRT falling on members of clearing houses (or their nominees), where transactions in UK securities are cleared through clearing houses or other central counterparties.

Anti-avoidance measures will be included in Finance Bill 2010 to target securities intended for non-EU markets which are initially routed through an EU clearance service.

HMRC has stated that it will work with the investment management industry with a view to treating certain investments by a collective investment scheme in another collective investment scheme as 'exempt investments' for SDRT purposes.

Insurance Premium Tax

Insurance Premium Tax ("IPT") and Premium Splitting

The Pre-Budget Report 2009 announced that legislation would be introduced in Finance Bill 2010 to prevent the avoidance of IPT involving fees and commissions charged under a separate contract and draft legislation was published for comment. Following further consultation with insurance industry representatives, revised legislation has been published to close this loophole, which takes effect from 24 March 2010. Such payments now form part of the premium from which the insurer will be required to account for IPT in accordance with normal IPT accounting procedures. This measure only applies where the insured is an individual who enters into the insurance contract in a personal capacity (and not for business purposes). This measure does not apply to insurance bought by businesses as HMRC say they have seen no avoidance in that sector.


Penalties for Late Filing of Returns and Late Payments of Tax

Finance Bill 2010 will include legislation introducing a harmonised regime for the late payments of tax and late filing of tax returns which relate to indirect tax. This follows a similar harmonisation of the direct tax penalty regimes which was announced in the Budget 2009 and introduced in Finance Act 2009. The new legislation will apply to indirect taxes (including VAT, insurance premium tax, landfill tax and other excise duties), and shall impose differing penalties depending on whether the delay relates to a late filing or a late payment of tax, and whether such filing or return is required on a monthly or quarterly basis.

Tackling Offshore Evasion

Legislation will be introduced to provide for larger penalties for taxpayers who fail to disclose their income or capital gains tax liabilities which are linked to an offshore matter. At present, tax-geared penalties are imposed for such non-disclosure, with the level of such penalties depending on the behaviour of the taxpayer and the quality of the disclosure. Going forward, where non-compliance arises in a jurisdiction which has not agreed to exchange information with the UK, the penalty percentages will be double those currently imposed.

Security for Payment of PAYE

Currently, legislation exists under which HMRC can require a business to provide financial security where HMRC believes VAT revenue is at risk because those running the business do not intend to meet their obligations. Regulations are now to be introduced under which HMRC may require financial security from employers where amounts due under PAYE or NICs are seriously at risk. Limited information is available in relation to the proposals – however, the requirement for security shall apply to employers who operate PAYE and have a history of serious noncompliance in terms of paying late or not paying at all; and the amount of security required shall depend on the potential tax liability. Failure by a person to give such security shall be a criminal offence, punishable by a fine of up to £5,000. Draft regulations will be published on HMRC's website and will be subject to consultation prior to implementation.

Tax rates and allowances 2010/11



Personal allowance (age under 65)


Personal allowance (age 65-74)


Personal allowance (age 75 and over)


Blind Person's Allowance


Married Couple's allowance (age less than 75 and born before 6 April 1935)


Married Couple's allowance (age 75 and over)


Married Couple's allowance - minimum Amount


Income limit for age-related allowances


The personal allowance will be reduced where income is in excess of £100,000 by £1 for every £2 over £100,000 until the allowance is reduced to nil.

The personal allowance will be reduced where income is in excess of £100,000 by £1 for every £2 over £100,000 until the allowance is reduced to nil.

Personal Pension Schemes



Pension scheme annual allowance


Pension scheme lifetime allowance


National Insurance Contributions



Primary Class 1 contributions


Lower earnings limit (per week)


Upper earnings limit (per week)


Primary threshold (per week)


Secondary threshold (per week)



Class 2 annual small earnings exception


Class 2 rate (per week)



Class 3 rate (per week)



Class 4 contributions


Lower annual earnings limit


Upper annual earnings limit


From 6 April 2011 a 1% increase in employer, employee and self-employed rates of National Insurance Contributions (both main and additional rates) will be introduced, whilst the primary threshold and lower profits limit will be increased by £570.

Capital gains tax annual exempt amount



Individuals etc


Most Trustees


Inheritance Tax



Individual allowance


Income tax: taxable bands (other than savings and dividend income)

£ per year


Basic rate: 20%


Higher rate: 40%

Over 37,400

Additional rate: 50%

Over 150,000

Corporation tax on profits



Small companies' rate: 21% *


Marginal relief

300,001- 1,500,000

Main rate: 28%

1,500,001 or More

* the rise in the small companies' rate to 22% has been deferred for a further year, to 1 April 2011.

Stamp taxes and duties

Transfers of land and buildings (considerations paid)


Residential in disadvantaged areas

Residential outside disadvantaged areas


Total value of consideration


£0 - £150,000

£0 - £125,000

£0 - £150,000


Over £150,000 - £250,000

Over £125,000 - £250,000

Over £150,000 - £250,000


Over £250,000 - £500,000

Over £250,000 - £500,000

Over £250,000 - £500,000


Over £500,000

Over £500,000

Over £500,000


Over £1million

Over £1million


* From 25 March 2010 until 24 March 2012, no Stamp Duty Land Tax will be due on purchases of residential property where the consideration is less than or equal to £250,000 where the purchaser (or all of the purchasers, if applicable) is a first time buyer and intends to occupy the property as their only or main home.

Learn more about our Tax Transactions & Consulting practice.

Visit us at

Mayer Brown is a global legal services organization comprising legal practices that are separate entities ("Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP, a limited liability partnership established in the United States; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales; and JSM, a Hong Kong partnership, and its associated entities in Asia. The Mayer Brown Practices are known as Mayer Brown JSM in Asia.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

Copyright 2010. Mayer Brown LLP, Mayer Brown International LLP, and/or JSM. All rights reserved.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions