Bill of exchange meaning

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Public procurement Constitutional and administrative law Judicial review Equality and human rights State security and intelligence Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights NIO publishes Terms of Reference for Independent Review of Windsor Framework The Northern Ireland Office has released the Terms of Reference for an Independent Review of the Windsor Framework, as required by Schedule 6A to the Northern Ireland Act 1998. Initiated after a consent motion cleared the Northern Ireland Assembly without cross-community endorsement, the review will consider how the Framework is working and its influence on social, economic and political life in Northern Ireland. It is consistent with undertakings in the October 2019 Unilateral Declaration and the January 2024 Safeguarding the Union Command Paper. The resulting findings will be submitted to the UK Government, supplying vital...

In this issue Employment taxes Budgets and Finance Bills VAT International Taxes management and litigation Companies and corporation tax Anti-avoidance Devolution Pensions LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&A Useful information Employment taxes Royal Assent for National Insurance Contributions (Secondary Class 1 Contributions) Act 2025 The National Insurance Contributions (Secondary Class 1 Contributions) Bill—bringing in an uplift to 15% for the main rate of employers’ secondary Class 1 National Insurance contributions from 13.8%, and cutting the secondary threshold to £5,000 per annum—was first set out at Autumn Budget 2024 and obtained Royal Assent on 3 April 2025. The provisions apply from 6 April 2025. See: National Insurance Contributions (Secondary Class 1 Contributions) Act 2025. HMRC publishes Employment Related Securities Bulletin 59 (March 2025) Private Intermittent Securities and Capital Exchange System (PISCES)—policy...

In this issue: Employment taxes Companies and corporation tax VAT Budgets and Finance Bills International Real estate tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Employment taxes Court of Appeal dismisses ‘discontinuous contract of employment’ while confirming need for causal link to carelessness for extension of assessment timeframe (Mainpay Ltd v HMRC) In Mainpay Ltd v HMRC [2025] EWCA Civ 1290, the Court of Appeal confirmed that extended assessment time limits apply where there is carelessness, and held that sporadic work under one contract is not continuous employment. HMRC was required to demonstrate a sufficient causal connection between taxpayer carelessness and the tax lost to justify using the longer time limits, and in this instance it satisfied that requirement. See News Analysis: Court of Appeal dismisses ‘discontinuous contract of employment’ while confirming need for causal link to carelessness for extension of assessment timeframe...

This Practice Note outlines the purpose and functions of sea carriage documents in relation to the delivery of cargo, with particular attention to bills of lading and sea waybills. It explains that a bill of lading may be issued as a charterers’ bill or an owner’s bill, and that such documents operate both as evidence of the contract of carriage and as security for finance. Sea carriage documents A sea carriage document is produced to obtain release of goods, either at the port of discharge or at the nominated place of delivery, depending on the form issued by the carrier to the shipper. That document will be either: a bill of lading a sea waybill For more detail on bills of lading and sea waybills, see the Practice Note: Bills of lading and sea waybills. Bill of lading A bill of lading may be: bearer bill of lading: goods covered...

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: From 2027, stamp duty and SDRT will be replaced by a single, self-assessed tax on securities—the securities transfer charge (STC)—which will be paid and reported via a new online portal. The STC’s features will largely reflect the proposals for that tax set out in the 2023 consultation. Finance Bill 2026 (FB 2026) provides a power, commencing on Royal Assent, to introduce secondary legislation so taxpayers can pilot the digital service by self-assessing their stamp taxes on securities liabilities and submitting transactions electronically. For more on the modernisation of stamp taxes on securities, see: News Analyses: Budget 2025—Tax analysis—Stamp and transfer taxes Tax update spring 2025—Stamp taxes on shares modernisation Tax update spring 2025—Tax analysis—Stamp and transfer taxes TAMD 2023—Stamp taxes on shares modernisation TAMD 2023—consultation—stamp taxes on shares Tax Administration and Maintenance Day—27 April 2023—Stamp and transfer taxes...

This Practice Note sets out an overview of the Cayman Islands in the context of offshore trusts. For general information on the Cayman Islands, see Practice Note: Private client—Cayman Islands—Q&A guide. Government The Cayman Islands is an autonomous British Overseas Territory, operating as a parliamentary democracy. It has a Governor, appointed by the Government of the United Kingdom. The Islands have their own Constitution, with the latest version taking effect on 6 November 2009, by which a Bill of Rights was brought into force as the ‘cornerstone of democracy’ in the Islands (see paragraph 1(1) of the Bill of Rights (Laws of the Cayman Islands)). The Constitution was amended in 2016 to, among other things, increase the retirement age for judges of the Grand Court and remove the Governor’s power to exercise disciplinary control over the Chief Justice and the President of the Court of Appeal. The jurisdiction’s legislature, the Parliament of the Cayman Islands, consists of nineteen elected members and is presided over by the Speaker. In...