UK: Non-Dom Changes – An Update

Last Updated: 12 October 2017
Article by Terence Pay

Two Finance Bills were released by the government in September only days apart: Finance (No. 2) Bill 2017, and a draft Finance Bill 2018. The first includes all the changes to the taxation of non-domiciliaries that were removed from the pre-election Finance Bill 2017, and which will take effect from 6 April 2017.

Changes affecting individuals born in the UK with a UK domicile of origin who return to the UK having acquired a domicile of choice in another jurisdiction (formerly domiciled residents) will also take effect from 6 April 2017, but these rules are outside the scope of this briefing.

Finance Bill 2018 re-introduces and provides more detail on some of the anti-avoidance provisions that were delayed due to the complexity of the legislation involved. These measures will take effect from 6 April 2018. There is therefore a small window of opportunity for individuals and trustees to review structures and implement any further tax planning before 6 April 2018.

RECAP OF MEASURES EFFECTIVE FROM 6 APRIL 2017

1) DEEMED DOMICILE

Individuals who have been resident in the UK in 15 out of the past 20 tax years will be regarded as deemed domiciled for all UK tax purposes from their 16th year of residence, even though they may remain non-UK domiciled under general law. Part years of residence count towards the 15 years as well as any years of UK residence as a minor child.

From the date on which an individual becomes deemed domiciled under the new rules, they will no longer be able to access the remittance basis of taxation and will instead pay tax on their worldwide income and gains as they arise. Certain protections are available for income and gains arising in an offshore trust where assets are settled prior to the settlor becoming deemed domiciled.

Transitional Reliefs

Rebasing

Individuals who become deemed domiciled at 6 April 2017 can rebase directly held foreign assets to their market value on 5 April 2017 so that only the gain from 6 April 2017 is chargeable to capital gains tax (CGT) on a future disposal. Rebasing can apply on an asset by asset basis but does not extend to assets held in trust. Rebasing will apply automatically to a disposal unless the taxpayer makes an election for it not to apply.

To qualify for rebasing, all of the following conditions must be met:

  • the asset must have been owned personally by the individual on 5 April 2017, and
  • it must not have been a UK asset at any time since 16 March 2016 (or the date of acquisition, if later), and
  • the individual must have paid the remittance basis charge for at least one tax year before 2017/18.

Whilst the pre-April 2017 portion of the gain is not taxable, a tax charge may arise if the asset was purchased with foreign income and gains, and the proceeds of sale are remitted to the UK.

Importantly, those who become deemed domiciled in a later tax year will not be eligible for automatic rebasing of their overseas assets. Tax planning is therefore essential for anyone who will fall within the new deemed domicile rules from April 2018 onwards.

Cleansing of mixed funds

All non-domiciled individuals (not just those who become deemed domiciled at 6 April 2017) will have until 5 April 2019 to 'cleanse' any mixed funds accounts. A mixed fund account is one which contains a mixture of capital, income and gains which may have arisen over a number of years and possibly from different sources.

Cleansing allows an individual to separate out their clean capital, income and gains, so that remittances to the UK can be better managed, for example, to enable the taxpayer to remit clean capital to the UK in priority to income and gains.

Cleansing can only apply where the component parts of the mixed fund can be clearly identified, but it is not necessary for all component parts to be clearly indentifiable. The government has clarified that where some, but not all, of the component parts can be identified (e.g. it is known that a mixed fund worth £100,000 comprises £75,000 clean capital but it is not clear how much of the remainder is income and gains), the amounts that can be identified (e.g. the £75,000 in this example) can be transferred to a new account or accounts. This would allow tax free remittances to be made to the UK from the new clean capital account.

It should be noted that only transfers made on the same day will qualify for segregation, so it is important to quantify the component parts as one exercise, and then make the relevant transfers to new accounts on the same day. Once an amount has been transferred out of a mixed fund account, this precludes the remaining mixed funds in the account from being further segregated.

Losing deemed domicile

Once an individual becomes deemed domiciled under the 15 out of 20 year rule, he can lose his deemed domicile status by remaining non-UK resident for at least six tax years. If he returns to the UK after six years of non-UK residence, the domicile clock will reset and he will only become deemed domiciled in the UK again once he has been resident for 15 years.

If, on the other hand, he returns before six tax years have elapsed, he will be regarded as deemed domiciled for all tax purposes from the date he becomes UK resident again.

For inheritance tax (IHT) purposes, deemed domicile status will fall away once an individual has been non-UK resident for at least three tax years. The individual will lose deemed domicile status at the start of their fourth tax year of non-residence. There is no change here to the existing rules for IHT purposes.

2) TAXATION OF OFFSHORE TRUSTS

i) Income Tax

The tax treatment outlined below applies to income arising in settlor-interested trusts (i.e. where the settlor or their spouse can benefit from the trust). The regime applies to all trusts settled by non-domiciled individuals, not just to those where the settlor is deemed domiciled in the UK under the new rules.

UK source income

UK source income arising to the trustees (or an underlying company) will continue to be taxed on a UK resident settlor on an arising basis. If the settlor cannot be taxed (e.g. the settlor is dead or non-resident), the UK source income is matched to any benefit received by a UK resident beneficiary.

Foreign income

Prior to 6 April 2017, foreign income arising in a settlor-interested offshore trust was treated as belonging to the UK resident non-domiciled settlor, and subject to tax in the UK if remitted to the UK by the trustees or any underlying company.

From 6 April 2017, foreign income arising in an offshore trust is no longer treated as belonging to the settlor provided the assets in the trust were settled before the settlor became deemed domiciled under the 15 out of 20 year rule. This tax treatment continues to apply even after the settlor becomes deemed domiciled, provided the trust has not been tainted (see below).

This means that trustees (or underlying companies) can bring foreign income or gains into the UK or use those funds in the UK without triggering a taxable remittance for the settlor.

The income accumulates within the trust until it can be matched to a capital distribution made to the settlor or other UK resident beneficiary. The trust can therefore act as a shelter for foreign income and gains which 'roll up' tax free within the trust, assuming no tainting occurs. A tax charge will not arise unless and until a distribution is made or a benefit is received from the trust by the settlor or another beneficiary.

Pre 6 April 2017 foreign income and benefits

Undistributed foreign income that arose pre 6 April 2017 is added to the income pool within the trust and is taxed only when matched to a capital distribution made to a UK resident beneficiary.

Unmatched benefits received by a settlor before 6 April 2017 are not capable of being matched to future foreign income arising to the trustees or underlying company, but the benefits can be matched against future capital gains arising to the trustees.

Distributions to close family members

Income tax anti-avoidance rules (effective from 6 April 2017) tax the settlor on any distributions or benefits that are matched to the pool of untaxed income in the trust and are received by a close family member (spouse, civil partner or minor child) where the benefit cannot be taxed on the close family member because the close family member is not UK resident or is taxable on the remittance basis but does not remit the distributed funds to the UK within the same tax year.

Where the settlor is taxable instead of the close family member, the tax treatment of the benefit will depend on the settlor's status. Settlors who are deemed domiciled will be taxed on the benefit regardless of where it is received. Settlors who are remittance basis user will only be liable to tax on the benefit if it is remitted to the UK. This means that if a UK resident close family member remits the benefit to the UK in the tax year following receipt, the settlor will be liable for the tax.

Where the settlor pays the tax on a benefit received by a close family member, the settlor has a right of recovery of the tax from the family member who received the benefit and is entitled to require HMRC to provide a certificate specifying the amount of tax paid.

Care should be taken by trustees when making a distribution to a close family member who is not themselves taxable on the distribution, as this may have tax implications for a UK resident settlor.

Similar provisions will be introduced for capital gains tax purposes, effective from 6 April 2018, and are detailed at the end of this briefing.

ii) Capital Gains Tax

As at present, capital gains arising to trustees (or apportioned up to trustees from an underlying company under s13 TCGA 1992), will remain stockpiled within the trust unless and until the gains can be matched to a capital distribution made to a beneficiary, including the settlor. The distribution basis of taxation will continue to apply even after the settlor has become UK deemed domiciled as a result of the 15 out of 20 year test. There is no longer any attribution of gains to the settlor unless the trust has been 'tainted' as described below.

The tax treatment of the capital distribution will depend on the residence and domicile status of the beneficiary who receives the distribution. If the beneficiary is deemed domiciled under the 15 year rule, the capital payment will be taxable regardless of whether the benefit is received in the UK or not. If the beneficiary is not deemed domiciled in the UK, the capital payment can be taxed on the remittance basis.

Tainting

A trust will become 'tainted' and the income tax and capital gains tax protections lost if either of the following events occur:

  • An addition is made (directly or indirectly) to the trust by the settlor (or by the trustees of another trust of which he is a settlor or beneficiary) after the settlor has become deemed domiciled. The
  • addition of value to property already comprised within the trust will be treated as a direct addition of property.
  • The settlor acquires a UK domicile of choice under general law.

Where protection is lost, the settlor will become liable to tax on all income or gains generated in the trust as they arise, regardless of whether the settlor receives a distribution or not.

Given the potentially significant tax impact for the settlor of making an addition to a trust that might cause it to lose its protected status, it is important that trustees take advice before accepting additions from a deemed domiciled settlor.

An addition by an individual other than the settlor will not taint a trust. However, care will need to be taken as the individual will be considered to be a separate settlor in relation to those funds and this may create additional complications for the trustees, in terms of record keeping and determining future tax liabilities, as the separate additions will create 'separate' settlements for tax purposes.

Particular care will also need to be taken in circumstances where an addition is made by an individual other than the settlor and that addition derives from funds provided to the individual by the settlor. HMRC may treat the addition as having been made by the original settlor (not the individual who actually settled the funds) and this could cause the trust to be tainted.

Additions that will not 'taint' a protected trust

The draft legislation clarifies that the following types of additions will not taint the trust.

a) Property or income which is provided (other than a loan) on arm's length terms (i.e. official rate of interest (2.5% for 2017/18);

b) Property or income provided (other than a loan) as long as a gratuitous benefit is not intended;

c) A loan made to the trustees on arm's length terms. In this case, interest at the official rate or more is payable and actually paid each year.

d) Any interest paid to the trustees under a loan made by them on arm's length terms. In this case, interest of no more than the official rate must be payable, and there is no requirement for the interest to be paid annually.

e) Repayment to the trustees of a loan made by them;

f) Property or income provided to the trustees in pursuance of a liability incurred by any person before 6 April 2017;

g) Any property or income provided to meet excess trust expenses for the year, relating to administration or taxation, provided the addition is limited to the excess expenses over income for the year.

Even where a loan is made to the trustees on arm's length terms, tainting will occur where there is a 'relevant event'. A 'relevant event' occurs whenever:

  • Interest is capitalised, or
  • There is a failure to pay interest when due; or
  • There is a variation of the terms of the loan such that they cease to be arm's length.

Existing Loans

For loans that were in place before the settlor becomes deemed domiciled, which have not been made on arm's length terms and are repayable on demand, the amount outstanding will be regarded as an addition to the trust by the settlor. However, for individuals who became deemed domiciled on 6 April 2017, tainting will not occur if the loan is repaid, together with all interest payable, before 6 April 2018 or the loan becomes a commercial loan on arm's length terms and interest is paid to the lender/settlor as if the commercial terms had been in place since 6 April 2017 and continues to be payable on those terms.

Trustees will need to exercise extreme caution when making or accepting loans to ensure that the terms of the loan agreement do not inadvertently cause a trust to become tainted. Trustees should also review existing loan agreements to ensure that they comply with arm's length terms and interest payments are made on a timely basis.

Valuation of benefits rules

Specific valuation rules will be introduced in relation to the taxation of benefits provided by trustees, as follows:

  • Loans: The benefit is equal to the value of the interest at the Official Rate of Interest, less any interest actually paid during the tax year.
  • Moveable property: The benefit is the value of the property multiplied by the Official Rate of Interest for the period it is available, less any payments made during the year for the use of the property, or for repairs, maintenance, insurance, and storage.
  • Land: The benefit is equal to the market rent, assuming a lease in which the landlord retains responsibility for repairs, insurance and maintenance, less any amounts paid for the use of the land, repairs, insurance or maintenance during that year.

INHERITANCE TAX ON UK RESIDENTIAL PROPERTY

From 6 April 2017, all UK residential property falls within the scope of UK inheritance tax. The definition of residential property follows the existing definition of a dwelling under the Non-Resident Capital Gains Tax rules.

The IHT charge applies to interests (shares of loans) in closely held companies or other structures (including partnerships) that hold UK residential property. To the extent that the interest derives its value from UK residential property, it will be regarded as a UK situs asset within the scope of IHT.

A taxpayer's interest in the company or partnership can be disregarded where that interest, when aggregated with that of a connected person, is less than 5%. A connected person includes a spouse, ascendants, descendants, siblings, a trust settled by any of the above or a company owned by such a trust.

Where the close company or partnership holds other assets apart from UK residential property, liabilities of the company/partnership will be attributed across each asset on a rateable basis, i.e. in proportion to its value.

Where the entity is in turn held through an offshore trust, the trustees will be subject to 10-yearly and exit charges in respect of the value attributed to UK residential property. If the settlor is also a beneficiary, there is likely to be a reservation of benefit, resulting in the close company shares (or partnership interest) being included in the settlor's chargeable estate on death.

Loans taken out to acquire, improve or maintain UK residential property are deductible for IHT purposes, but will be within the charge to IHT in the hands of the lender. The IHT charge will also extend to assets held as security, collateral or guarantee for such loans.

In circumstances where trustees make a loan to a settlor to acquire UK residential property, the trustees could be subject to ten yearly charges on the value of the loan, and, if the settlor is also a beneficiary of the trust, the debt held by the trust could also form part of the settlor's estate under the reservation of benefit rules. Trustees will need to ensure that they have adequate procedures in place to ascertain whether loans made to a UK resident beneficiary are to be used for investment in UK residential property.

A specific anti-avoidance provision catches arrangements that have as a main purpose to avoid or mitigate the IHT charge in these circumstances.

In addition, a double tax treaty cannot be used to override these provisions unless inheritance tax is payable in the other country (there is no minimum amount that must be paid).

Two Year Tail

Where an interest in a close company or partnership holding UK residential property is disposed of (or a loan repaid), the sale proceeds (or loan repayment) will remain chargeable to IHT for a further two years. For trustees, this two year rule could lead to a ten year charge or an exit charge if, following such a disposal or loan repayment, a ten year anniversary occurs within that two year period, or the sale proceeds (or loan repayment) exit the trust within two years.

The two year tail does not apply to a disposal of the property itself.

Trustees considering selling an interest in an entity holding UK residential property should take advice to determine the most tax efficient solution.

MEASURES TO BE INTRODUCED FROM 6 APRIL 2018

1) Disregard of capital payments to non-resident beneficiaries for CGT matching purposes

Currently, trust gains (including gains made by an underlying company which have been apportioned up to the trustees under s13 TCGA 1992) can still be matched to capital distributions made to a non-resident beneficiary who does not pay tax on the distribution. The capital distribution is still capable of reducing the stockpiled gains pool within the trust, even though no UK tax is payable on the distribution.

This can be advantageous where a trust has both UK resident and non-resident beneficiaries, since the trustees can manage the timing of distributions to ensure that distributions made to the non-resident beneficiaries wipe out the gains pool so that future distributions to a UK resident beneficiary can be received free of tax.

From 6 April 2018, this type of planning will be blocked by measures that prevent capital payments made to a non-UK resident beneficiary from matching to stockpiled gains within a trust.

Trustees still have time to take advantage of the current position, and should consider making capital distributions to non-UK resident beneficiaries before 6 April 2018 in order to reduce or eliminate stockpiled gains with no UK tax charge for the beneficiary. Trustees should seek professional advice before any action is taken.

2) Distributions to close family members – capital gains tax charge on settlor

From 6 April 2018, capital gains tax anti-avoidance rules will ensure that a UK resident settlor is taxed on matched distributions made to a close family member where the family member is not themselves taxable on the distribution, for example because the family member is not UK resident, or is a non-UK domiciled remittance basis user and does not remit the distribution to the UK in the same tax year.

If the settlor is a remittance basis user, he will be taxed on the payment if it is remitted to the UK. This means that if the family member remits the funds to the UK in any tax year after the one in which the payment was received, the settlor will be liable to the tax, although he or she has a right to recover the tax from the close family member.

Trustees will need to take care when making distributions to close family members where the settlor is UK resident, as this could have tax implications for the settlor.

3) Anti-Recycling rules

Complex anti-recycling rules will be introduced that are designed to tax benefits or capital payments received (tax free) from a trust by a non-UK resident beneficiary or by a non-domiciled beneficiary who does not remit the benefit to the UK in the tax year of receipt, but who then makes an onward gift (directly or indirectly) of the benefit (or anything that derives from it or represents it) to a UK resident.

The UK resident will be charged to income tax or capital gains tax (to the extent the distribution is matched to income or gains within the trust) as if they had received the distribution directly from the trustees.

These rules apply without time limit, but are conditional upon there being, at the time the benefit is received by the original beneficiary, arrangements or an intention to pass on the benefit to a UK resident.

They also apply to a series of gifts where the recipient of the last gift in the series is resident in the UK.

Where the UK resident is a remittance basis user, tax only applies to the extent that the payment is remitted to the UK.

Where the UK resident is a close family member of the settlor, the settlor will instead be liable for the tax if he or she is UK resident.

Non-resident beneficiaries who are considering making gifts to a UK resident may wish to make the gift before 6 April 2018.

Summary

Individuals who are deemed domiciled from 6 April 2017 should seek advice if they haven't already done so, as there may still be opportunities to cleanse mixed funds or sell assets to take advantage of rebasing relief.

Individuals who will become deemed domiciled from 6 April 2018 should seek advice on how the proposed changes will affect them so that appropriate tax planning can be implemented on a timely basis. Such individuals may wish to consider the use of a trust to shelter income and gains from UK tax, and to provide protection from IHT. Trusts may be particularly attractive for individuals with assets or cash that are not required to fund UK living expenses, or for succession planning.

The taxation of overseas trusts is becoming increasingly complex, and it is essential that trustees and their advisers familiarise themselves with the new rules. Trustees will need to take particular care where a settlor becomes deemed domiciled in the UK to ensure that the trust does not become tainted.

Where UK residential property is held in an entity in turn owned by offshore trustees, the trustees may face additional IHT liabilities and compliance requirements from 6 April 2017. The two year IHT tail must also be taken into account when such entities are sold. Advice should be taken on whether it would make sense to de-envelope.

The delay in introducing some of the anti-avoidance provisions relating to trusts may create a window of opportunity for individuals with offshore trusts already in place to make tax efficient distributions before 6 April 2018. Professional advice should be taken depending on the specific circumstances of each case.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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

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

Authors
Terence Pay
Similar Articles
Relevancy Powered by MondaqAI
Akin Gump Strauss Hauer & Feld LLP
Withers LLP
 
In association with
Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Akin Gump Strauss Hauer & Feld LLP
Withers LLP
Related Articles
 
Related Video
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must 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

Mondaq.com (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 www.mondaq.com

To Use Mondaq.com 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.

Disclaimer

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.

General

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