Exempt information meaning

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 Budget and Finance Bills Individuals and income tax Anti-avoidance Taxes management and litigation Employment taxes Key developments Environmental taxes Daily and weekly news alerts Dates for your diary New and updated content Trackers Useful information Budget and Finance Bills Scottish Parliament approves the Scottish Budget The Scottish Parliament has passed the 2024–25 Scottish Budget Bill, confirming changes to Scottish income tax, with fresh 45% and 48% rates for higher earners. See: LNB News 28/02/2024 20. Spring Budget As flagged in Tax weekly highlights—22 February 2024, the Chancellor, Jeremy Hunt, will present the Spring Budget on Wednesday, 6 March 2024. As usual, we will produce overnight analysis of the tax measures, ready on the morning of Thursday, 7 March. Our recent fiscal event coverage is available under the subtopic: 2023–24—Fiscal events including Budget. Individuals and income tax New Regulations reform Making Tax Digital for Income...

In this issue: Budgets and Finance Bills Business structures VAT Taxes management and litigation International Employment LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills Autumn Budget date announced The Chancellor of the Exchequer, Rachel Reeves, stated in the House of Commons that the Autumn Budget will take place on 30 October 2024. See: LNB News 29/07/2024 82. Government publishes draft provisions for Finance Bill 2024 The government has released draft clauses for inclusion in Finance Bill 2025 (FB 2025, also referred to as Finance Bill 2024–25), accompanied by explanatory notes and other supporting materials. It has also issued multiple policy papers setting out intentions to introduce further legislation across several areas at Autumn Budget 2024. The consultation on the draft legislation remains open until 15 September 2024. FB 2025 is expected to be...

Deposits requested by landlords and letting agents for certain residential tenancies must be safeguarded by a tenancy deposit scheme (TDS), whether insurance-based or custodial. This Practice Note outlines the purpose of the deposit legislation, the obligations on landlords, the financial penalties for non-compliance, and the limits on regaining possession. The deposit regime All deposits taken by landlords for residential assured tenancies (ATs) in England must be protected under a TDS. Transitional provisions exempt tenancies that were non-shorthold ATs before 1 May 2026. The parties cannot contract out of these duties. There are two forms of TDS: insurance-based schemes and custodial schemes. They are intended to: allow tenants to recover all or part of their deposit when they are entitled to it and make any disputes easier to resolve encourage landlords and tenants to agree clearly from the outset on the property's condition so that a landlord is not left out of pocket when the tenancy expires and the tenant leaves ...

This practice note applies to defined benefit occupational pension schemes The importance of identifying a scheme’s statutory employer(s) A fundamental element of the law governing occupational pension schemes, particularly defined benefit (DB) schemes, is that the main burden of supporting the scheme lies with its sponsoring employers, as a matter of law alone indeed. An employer might have exited the scheme previously without settling all liabilities owed to it; in such circumstances they may still be a ‘statutory employer’ even though they no longer participate. They may therefore continue to bear obligations in relation to the scheme. Under the registered pension scheme regime, various specific obligations fall upon those who qualify as ‘statutory employers’, a notion carried over from the earlier tax-exempt approval regime in force before A-day (for further information on the pre A-day regime, see The pre A-day pensions tax regime [Archived]). These duties will typically extend beyond those that a participating employer assumes under the scheme’s trust deed and rules. For...

This Practice Note provides a broad overview of: the intergovernmental agreement between the UK and the US to enhance international tax compliance and to give effect to FATCA, signed on 12 September 2012 (the UK:US IGA), and the International Tax Compliance Regulations 2015, SI 2015/878 (the International Tax Compliance Regulations), insofar as they relate to implementing the UK:US IGA The International Tax Compliance Regulations took effect on 15 April 2015. They supersede and repeal the International Tax Compliance Regulations (United States of America) Regulations 2014, SI 2014/1506, which were in force from 30 June 2014 until 14 April 2015. The International Tax Compliance Regulations and the UK:US IGA comprise detailed and demanding provisions. This Practice Note is a summary and does not address every facet of the framework. In certain sections, it necessarily adopts a broad-brush treatment, which unavoidably trims back some of the finer detail...

1 What is a dawn raid? A dawn raid refers to an unannounced attendance by the police or investigators from another prosecuting authority to search premises where they suspect a business or individual has been involved in criminal conduct. Teams commonly arrive first thing in the morning (hence the term ‘dawn’), with the surprise element intended to secure, protect and preserve evidence. Methods are often robust and forceful, meaning the organisation must respond rapidly and appropriately to satisfy its obligations and minimise interference with the day‑to‑day operation of the business. 2 Where do the investigators come from? In the UK, a range of authorities have powers to carry out dawn raids. These may include, but are not limited to: Information Commissioner’s Office (ICO) the police Financial Conduct Authority (FCA) Serious Fraud Office (SFO) HM Revenue & Customs (HMRC) Competition and Markets Authority (CMA) Health and Safety Executive (HSE) 3 What are the chances of a...

Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 (CCR 2013), SI 2013/3134 Took effect on 13 June 2014, these rules govern the majority of agreements made between a ‘trader’ and a ‘consumer’. They set out clear general rights to cancel goods and services, including a longer ‘cooling‑off’ window for distance and off‑premises contracts—up to 14 days after delivery of the goods or conclusion of the contract (for services)—replacing the earlier seven calendar days...