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FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

Equipment hire agreement—checklist

Equipment hire agreement—checklist Scope and purpose This Checklist sets out the key considerations when drafting, reviewing or negotiating an equipment hire agreement. Equipment hire agreements may also be referred to as equipment leases, equipment rental, operating leases or finance leases. This Checklist uses the term equipment hire agreement for ease of reference. It is drafted from the perspective of the hiring customer under the lease. See also accompanying Precedents: Equipment hire agreement—pro-customer and Equipment hire agreement—pro-supplier. This Checklist seeks to present issues that are aimed to protect the hiring customer’s (or lessee) interests in relation to an equipment hire agreement which has been drawn up by the supplier (or lessor) (as is usually the case with equipment hire agreements). Terms such as ‘lessor’, ‘lessee’, ‘hirer’ and similar do seem to cause a lot of confusion within these types of arrangement. In this Checklist the ‘hiring customer’ or ‘lessee’ is the party who is taking the equipment on lease and the ‘supplier’ or ‘lessor’ is the party who supplies the equipment...

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Excluded property from 6 April 2017—flowcharts

Excluded property from 6 April 2017—flowcharts These flowcharts are designed to help determine if an asset is excluded property for the purposes of UK inheritance tax (IHT) on or after 6 April 2017. The flowcharts consider whether an asset is excluded property or not, depending on the situs of the property and the domicile of the beneficial owner or settlor as appropriate. However, the detailed provisions relating to excluded property should be referred to and practitioners should also consider whether a double tax treaty may apply to override the excluded property regime depending on the particular circumstances of a matter. See Practice Note: Double taxation relief—summary. Conversely, unilateral relief from IHT may apply where a tax of a similar nature has already been levied in respect of the same asset by a foreign tax authority. For further information, see Practice Notes: Excluded property trusts—key events affecting IHT status and Situs of assets for succession and IHT. Situs of property The situs of an asset is important for determining the...

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Failure of gifts—ademption

Failure of gifts—ademption When applying the doctrines of ademption and abatement, a distinction is drawn between specific, general and demonstrative legacies. Classification of legacies The different types of legacies were explained in Walford v Walford as follows: 'Legacies are of three kinds: there is the specific legacy which is a specific res secured under the testator's Will on his death; and, of course it does not abate if the rest of the assets are insufficient for the payment of general legacies; but it has this disadvantage, that if the particular res which is the subject of the specific legacy disappears in the meantime then the legatee gets nothing. The class of legacy at the other extreme is a general legacy which comes out of the residence and which abates if the residue is insufficient, but which prima facie, under a rule of administration of the court, carries interest as from a year after the testator's death. There is an intermediate class of legacy, namely a demonstrative...

Drawdown before 6 April 2011 [Archived]

Drawdown before 6 April 2011 [Archived] THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS WHICH COMMENCED BEFORE 6 APRIL 2011 ARCHIVED: This archived Practice Note looks at the legal regime applicable to drawdown arrangements under registered pension schemes entered into before 6 April 2011, a time when such arrangements were then known as ‘unsecured pension’ and ‘alternatively secured pension’. This archived Practice Note is not maintained. For information on the legal regimes applicable to drawdown arrangements on or after 6 April 2011, see Practice Notes: • Drawdown between 6 April 2011 and 5 April 2015 [Archived] • Drawdown from 6 April 2015 • Drawdown and death benefits from 6 April 2015 What is a drawdown pension? The A-day tax simplification changes, which came into force on 6 April 2006 introduced a new drawdown regime for registered pension schemes which replaced the limited ability to drawdown pensions which existed prior to that date. The A-day changes introduced the concept of the ‘unsecured pension’ and the ‘alternatively secured pension’....

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Memorandum on the responsibilities and obligations of a director of an AIM company

Memorandum on the responsibilities and obligations of a director of an AIM company 1 Introduction 1.1 This memorandum has been prepared for the directors and proposed directors (the Directors) of the Company to provide a general introduction to the principal responsibilities and obligations of a director of a company whose shares are admitted, or will be admitted, to AIM, a market operated by London Stock Exchange plc (LSE). 1.2 Once a company’s securities are admitted to trading on AIM, a company and its directors are subject to an increased layer of regulation. This includes requirements set out in the AIM Rules for Companies published by the LSE (AIM Rules), the Disclosure Guidance and Transparency Rules sourcebook (DTRs), the Prospectus Rules and the Market Abuse Regulation. 1.3 As a Director, you will be responsible (individually and collectively with your fellow Directors) for the Company's compliance with these provisions. The LSE has the power to fine or publicly censure an AIM company in the case of a...

Creating a discretionary trust in your lifetime—client guide

Creating a discretionary trust in your lifetime—client guide This document provides general guidance regarding creating a lifetime discretionary trust. It does not cover the tax consequences in any detail. Your specialist Private Client practitioner will be able to provide tailored advice based on the circumstances of your case. What is a trust? A trust is created when assets are transferred to trustees (who may be individuals or a trust corporation) to hold and look after for the benefit of specified individuals, known as the beneficiaries. The parties are: • the settlor — the person who transfers the assets to the trustees • the trustees — the persons (or trust company) who receive the assets from the settlor with obligations to look after the trust assets for the benefit of the beneficiaries • the beneficiaries — the persons who have the benefit of the trust There are different types of trusts. Three main types of trusts are: • bare trusts — commonly used to hold assets for minors until they...

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Can a right to a Guaranteed Minimum Pension (GMP) under a Section 32 buy-out policy (where the transfer came from a defined benefit occupational pension scheme) be claimed as an asset by the Official Receiver?

Can a right to a Guaranteed Minimum Pension (GMP) under a Section 32 buy-out policy (where the transfer came from a defined benefit occupational pension scheme) be claimed as an asset by the Official Receiver? A section 32 buy-out policy is a deferred annuity contract. Where the transfer value paid to the section 32 policy is in respect of benefits which include rights to Guaranteed Minimum Pension (GMP), the insurer undertakes to pay the GMP to the policyholder from GMP payment age (age 65 for a man and 60 for a woman) or to pay the spouse’s GMP to the member’s widow or widower on the member’s death. Section 11 of the Welfare Reform and Pensions Act 1999 provides that rights under approved pension arrangements are excluded from a bankrupt’s estate. 'Approved pension arrangements' include registered pension schemes and annuities purchased for the purpose of giving effect to rights under a registered pension scheme including an annuity in payment before 6 April 2006 giving effect to schemes which were approved...

A husband and wife have created mutual Wills to the effect that they will not revoke their Will after the death of the first to die if it is then unamended and unrevoked, with no mention of what should happen during their lifetime or notice being given. One spouse has lost capacity. Can notice be served by the spouse that retains capacity to revoke the mutual Will?

A husband and wife have created mutual Wills to the effect that they will not revoke their Will after the death of the first to die if it is then unamended and unrevoked, with no mention of what should happen during their lifetime or notice being given. One spouse has lost capacity. Can notice be served by the spouse that retains capacity to revoke the mutual Will? Mutual Wills Mutual Wills are Wills executed by at least two individuals as a consequence of an agreement between the parties to create irrevocable interests in favour of ascertainable beneficiaries. Re Dale provides: 'The doctrine of mutual wills is to the effect that where two individuals have agreed as to the disposal of their property and have executed mutual wills in pursuance of the agreement, on the death of the first (“the first executor”) the property of the survivor (“the second testator”), the subject matter of the agreement is held on implied trusts for the beneficiary named in the Wills....

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Pensions weekly highlights—23 January 2025

This week's edition of Pensions weekly highlights includes a review of key news stories, as well as dates for your diary and trackers.

Tax weekly highlights—23 January 2025

This week's edition of Tax weekly highlights includes: (1) analysis of the Court of Appeal decisions in ScottishPower on the deductibility of consumer redress payments and in Bluecrest on the salaried members legislation, (2) the OECD’s publication of further information and tools on administration of the global minimum tax including a compilation of qualified domestic rules, and (3) new guidelines for compliance from HMRC on labour supply chain assurance.