Variation Definition

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GLOSSARY

Published by a ��Ӱ�� Banking & Finance expert

What does Variation mean?

A change in the works or services to be carried out. This is usually governed by a Change Protocol which sets out parameters for making changes.

Banking & Finance

A change in the works or services to be carried out. This is usually governed by a Change Protocol which sets out parameters for making changes.

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Scotland: Land and buildings transaction tax (LBTT) on Leases—table

Scotland: Land and buildings transaction tax (LBTT) on Leases—table This Table considers how land and buildings transaction tax (LBTT) applies to common lease transactions. For more detailed commentary on LBTT generally, see Practice Notes: • Scotland: Land and buildings transaction tax (LBTT)—the basics • Scotland: Land and buildings transaction tax (LBTT)—chargeable consideration and rates of LBTT • Scotland: Land and buildings transaction tax (LBTT)—particular transactions and taxpayers • Scotland: Land and buildings transaction tax (LBTT)—administration and compliance LBTT is payable on leases of Scottish property in broadly similar fashion to stamp duty land tax (SDLT) on leases of English property with one significant exception—leases of residential property are exempt from LBTT unless: • the transaction involves six or more residential properties in which case, it will be treated as if it were non-residential property and subject to LBTT accordingly • the transaction involves a mix of residential and non-residential property in which case, it will also be treated as non-residential property, and • the lease is a long lease which...

Procedural guide—applications under Schedule 1 to the Children Act 1989

Procedural guide—applications under Schedule 1 to the Children Act 1989 An application under Schedule 1 to the Children Act 1989 (ChA 1989) will proceed in accordance with the standard procedure, unless the application is for periodical payments only (ie no capital orders are sought). Similarly where an application is made to vary an order, the fast-track procedure will only apply if the application concerns the variation of a periodical payments order and no form of capitalisation is sought. See Practice Note: Fast-track (shortened) financial remedy procedure. An application under ChA 1989, Sch 1 is made in the Family Court and allocated to a district judge. See Practice Notes: Procedure—Schedule 1 to the Children Act 1989 and Issuing financial proceedings in Form A (standard procedure). This Procedural Guide is primarily concerned with applications under the standard procedure. The pre-action protocol and overriding objective defined in the Family Procedure Rules 2010 (FPR 2010) apply to applications under ChA 1989, Sch 1—see Practice Note: Financial proceedings—pre-application requirements—Pre-application protocol (FPR 2010, PD 9A, Annex)....

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Guarantees—varying the underlying transaction: practical considerations

It is common for the parties to a facility agreement to want to amend its terms, often a number of times, during the life of the facilities. They may, for example, wish to extend the repayment date or increase amounts available to allow the borrower to fund another project or purchase. The lender may use an increase to the facilities to make other changes to the documentation such as an increase to the interest rate or additional undertakings. Such changes may be documented by an amendment letter, an amendment and restatement agreement or sometimes by the issuance of a new facility letter or agreement aimed at replacing the previous one. For information on how to amend a facility agreement, see Practice Note: Amending a facility agreement.Where the lender is to have the benefit of guarantees or third party security (which is effectively a guarantee backed by security and so this Practice Note applies to third-party security as well as guarantees), it will want to ensure that it continues to have...

FIDIC contracts (pre-2017 editions)—variations

FIDIC contracts (pre-2017 editions)—variations This Practice Note examines variations under the 1999 editions of the Red, Yellow and Silver Books, the Gold Book 2008 and the Pink Book 2010. For detail on variations under the 2017 editions of the Red, Yellow and Silver Books, see Practice Note: FIDIC contracts 2017—variations. Introduction Under all the FIDIC forms of contract the employer is entitled to vary the works by the issue of variations at any time before the issue of the Taking-Over Certificate (the Commissioning Certificate under the Gold Book) without the need for the contractor's agreement. However, the issue of a variation may entitle the contractor to additional payment and extra time within which the contractor must complete the works as varied. Under all the FIDIC forms of contract, variations are primarily governed by clauses 13.1 to 13.3, which set out the right to vary the works and the procedure to be followed. What is a variation? A variation is defined as: • 'any change to the Works, which...

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Consultancy agreement—company and individual—pro-client (short form)

Consultancy agreement—company and individual—pro-client (short form) [ON HEADED NOTEPAPER OF CLIENT COMPANY] [Insert consultant’s name] [Insert consultant’s address] [Insert date] Dear [insert consultant’s name] [ Consultancy agreement OR Insert name of project ] Further to our recent discussions, I am pleased to confirm the terms of our agreement regarding the provision of your consultancy services to [insert name of client company] (Company). 1 Term 1.1 [Subject to the terms set out in this letter, your engagement [will commence OR commenced] on [insert date] and will continue unless or until either party gives to the other not less than [insert number] [weeks’ OR months’] prior notice in writing. OR 1.2 Your engagement will be for a fixed period of [insert number] months from [insert date], subject to the terms of this letter and subject to the right of either the Company or you to give to the other not less than [number] [weeks’ OR months’] notice in writing during such fixed period terminating the...

Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

Dive into our 240 Precedents related to Variation

What filings are required in relation to the closing down of a UK establishment of an overseas company?

What filings are required in relation to the closing down of a UK establishment of an overseas company? It is assumed that the overseas company and its UK establishment are solvent. If an overseas company closes a UK establishment that is registered at Companies House, it must file a form OS DS01. Once Companies House has registered that document, the company no longer needs to file any documents for the UK establishment. See details in: Companies House guidance—overseas companies in the UK. Whilst there are no other company law filings required at Companies House regarding the closure of the establishment, other filings or notifications might be required depending upon its business and activities. For example, if the establishment has its own business and dealings with UK-based customers, any contracts with those customers should be reviewed regarding possible termination, variation or notice clauses. The closure of a non-UK resident company's UK branch and the cessation of its trade will have several tax effects that may require interaction with HMRC, who should...

If the life tenant and remainder beneficiaries of a trust jointly resettle the trust fund, who would be treated as the ‘settlor’ for the purposes of the income tax settlements legislation? Could the original remainder beneficiaries be potential beneficiaries under the new trusts without the settlements legislation applying?

If the life tenant and remainder beneficiaries of a trust jointly resettle the trust fund, who would be treated as the ‘settlor’ for the purposes of the income tax settlements legislation? Could the original remainder beneficiaries be potential beneficiaries under the new trusts without the settlements legislation applying? For the purposes of the income tax settlements legislation in England and Wales, a ‘settlor’ is defined broadly. According to section 620 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005), a settlor is any person by whom the settlement was made. This includes individuals who have provided funds directly or indirectly for the purpose of the settlement, undertaken to provide such funds, or entered into reciprocal arrangements with another person to make or enter into the settlement. Furthermore, HMRC guidance indicates that the settlements legislation can apply even if the settlor or their spouse or civil partner does not receive any benefit from the settlement income, as long as there is a possibility that they may benefit. The...

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Fake reviews—will trader recommendation platforms be caught in the crossfire between businesses and the CMA?

Commercial analysis: James Longster, partner, Richard Offord, senior counsel and Sarah Clouston, associate of Travers Smith discuss the potential for conflict between the duty of online trader recommendation platforms (TRPs) to prevent fake reviews and their contractual duties to businesses featured on their platforms.

HM Land Registry updates Practice Guide 29

HM Land Registry (HMLR) has updated Practice Guide 29—Registration of legal charges and deeds of variation of charge. Section 4 has been amended to provide guidance on removing a note in the charges register entered in accordance with section 859H of the Companies Act 2006 (CA 2006).

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