Financial benefit meaning

How to use this Checklist This Checklist flags typical issues that arise when negotiating a manufacturing agreement and a design licence, helping you focus on key points at each stage. For further information on the licensing of designs, consult the materials below and see the following Practice Notes: Introduction to designs UK registered and unregistered designs Licensing intellectual property rights For standalone design licences, consult Precedents: Design licence—pro-licensor and Design licence—pro-licensee. See also: Licence of designs—checklist. For character merchandising arrangements, refer to Precedents: Character merchandising agreement—pro-licensor and Character merchandising agreement—pro-licensee. Where suitable, this Checklist may serve as the basis for a brief, non-binding heads of terms. For guidance on how to do this, see Precedent: Heads of terms—commercial contracts. Checklist schedule for proposed manufacturing agreement and design licence The following notes apply to the key commercial considerations identified and outlined herein. Notes Parties Parties: verify each party’s legal status and whether any third parties...

This quick-reference checklist supports calculating whether an applicant meets the relevant thresholds for eligibility under family immigration routes. It specifically helps with reviewing both the main financial requirement and the adequate maintenance requirement for routes under Appendix FM of the Immigration Rules... Which financial requirement applies? New application from 11 April 2024: £29,000 Renewal or extension from 11 April 2024 (including fiancés converting to partner): £18,600 (plus applicant child increment, capped at £29,000) Pending application made before 11 April 2024: £18,600 (plus applicant child increment, no cap) Sponsoring applicant in receipt of a specified benefit or applying on a specified route (e.g. as a parent): Adequate maintenance based on current income support rates (see below) Where applicable, child increments are: +£3,800 for the first child and +£2,400 for each extra child; e.g. +1 child = £22,400, +2 children = £24,800, +3 children = £27,200, and +4 children = £29,600 (unless capped at £29,000). British children and those with leave under...

How to use this Checklist This Checklist aims to flag matters that frequently arise during negotiation and drafting of the following agreement types: Website development agreement — long form Website development agreement — short form For more detail on the points raised by this Checklist, see the following Practice Notes: Website design and development Domain names—background, registration and dispute resolution Intellectual property rights considerations for websites For software-specific issues, see Practice Note: Key issues in software licence agreements. Where appropriate, this Checklist may act as the basis for a simple, non-binding heads of terms. For guidance on doing so, see Precedent: Heads of terms—commercial contracts. The third column can be used to note observations or comments while working through the Checklist. Checklist for proposed website development agreement Checklist | Further information | Notes (if any) (A) Key commercial considerations Verify each party’s legal status and whether...

Simkova v Secretary of State for Work and Pensions [2025] UKSC 41 What are the practical implications of this case? First, it is settled that EU nationals living in the UK, whose children reside in an EU member state, cannot receive the Universal Credit child element for those children. This holds even where the parent pays towards the children’s maintenance and support, notwithstanding the realities of cross‑border family life. Second, the judgment shows the courts continue to grapple with dense EU law even after Brexit, specifically in areas where the UK‑EU Withdrawal Agreement preserves direct effect. It underscores the ongoing need to interpret and apply those preserved rules when they bear on disputes arising in the domestic benefits system, for cases such as this. Third, this appeal did not give the Supreme Court an opportunity to define the scope of its discretion to seek a CJEU ruling on a question under Part Two of the Agreement concerning citizens’ rights. That discretion applies only to proceedings...

According to the FCA's figures, 41,500 individuals accessed their pensions for lump-sum withdrawals in the last financial year, up 14.6% from 36,200 a year earlier, the watchdog said. At the same time, the FCA noted a 13.6% slide in annuity sales, falling to 59,100 over the last financial year from 68,500 the year before, according to the regulator. The regulator also reported that transfers from defined benefit to defined contribution schemes decreased, dropping to 18,073 in the financial year ending March 2023 from 26,619 in the preceding year...

Other developments Here is a round-up of further developments not explored in full by the Lexis+ Financial Services practical guidance team but which may still be of interest: CP25/31: The framework for a UK equity consolidated tape [Update] Note on the Construction of CP25/31 Cost Benefit Analysis (CBA) Minutes of the UK Money Markets Code Sub-Committee – December 2025 CCR009 return – relevant ancillary credit firm [Update] Report on Marketing requirements and marketing communications under the regulation on cross-border distribution of funds ESAs’ Joint Board of Appeal rules on reimbursement of costs in an appeal brought by NOVIS Insurance Company against the European Insurance and Occupational Pensions Authority (EIOPA) ...

The Pensions Regulator (the Regulator) The Regulator is an arm’s-length public body set up under the Pensions Act 2004 (PeA 2004). Its authority to impose contribution notices and financial support directions appears in PeA 2004, ss 38–50. Although the Act does not use the label, these provisions are widely known as the Regulator’s ‘moral hazard’ powers. Their purpose is to counter the ‘moral hazard’ arising from the Pension Protection Fund (PPF): the possibility that corporate groups might organise their structures so as to heighten exposure within their pension schemes, comfortable that the PPF would intervene if the employer entered insolvency. The principal moral hazard tools—and the only ones exercised so far—are the power to issue a contribution notice (CN) and the power to issue a financial support direction (FSD). A CN compels the recipient to pay a specified amount into a defined benefit occupational pension scheme. A CN can be issued where the criteria in PeA 2004, s 38 are satisfied. These mechanisms exist to deter behaviour that would...

Firms sometimes extend low-interest (or interest-free) borrowing to directors or staff as part of a remuneration package, or on particular occasions, to assist the individual with major financial outlays. As with any other form of employment reward, where a loan is made by a third party rather than by the employer, the disguised remuneration rules in Part 7A of Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) must be considered first, since those provisions take precedence over most mechanisms for charging employment income to tax (including the benefits code). For further information, see: Disguised remuneration and EBTs—overview and, also, regarding the loan charge within the disguised remuneration rules, refer to Practice Note: Disguised remuneration—history of the loan charge. If no third party is involved (eg where the employer itself advances the loan), or an exemption from the disguised remuneration regime applies, the provisions in the benefits code for employment-related loans outlined below may instead govern the position for the particular loan in question...

What is the Pensions Advice Allowance? Following consultation in 2016/17, the government brought in, from 6 April 2017, the Pensions Advice Allowance. It enables eligible pension scheme members to withdraw a fixed sum from their pension pot tax-free to cover holistic retirement advice. At the member’s instruction, the scheme may therefore reduce the value of the member’s pot by the advice fee and pay the funds straight to the member’s adviser. This measure stemmed from the Financial Advice Market Review, which highlighted an advice gap affecting people who require retirement planning support but cannot meet the cost from net-of-tax income or savings. It is available in addition to other existing advice allowances and payment routes for advice. These include adviser charging, which does not permit pension monies to be used to fund holistic retirement advice. For further details, see Other types of pensions advice measures below. The government’s aim is to help those preparing for retirement to use the Pensions Advice Allowance to fund holistic...

What are bribery and corruption? Corruption, in broad terms, is the misuse of entrusted power through dishonest conduct to secure personal or commercial benefit. Bribery is a form of corruption and, in a business setting, refers to any advantage—financial or otherwise—offered or accepted with the aim of rewarding or prompting the improper performance of a public, business or employment-related task. Performance is improper where there is an expectation that the activity will be undertaken in good faith, yet it is carried out in a way that breaches that expectation. What are the four offences under the Bribery Act 2010 (BA 2010)? BA 2010 sets out four principal bribery offences: bribing another person requesting or accepting a bribe bribing a foreign public official failing to prevent bribery (this applies only to businesses) Who can be involved in bribery? Bribery can be carried out by individuals, corporate entities and their officers, as well as by foreign public officials...

Financial sanctions Financial sanctions are controls that limit transactions involving money and the delivery of financial services; they may, for example, bar the transfer of funds to particular countries, individuals or entities. The Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018) is the UK’s principal sanctions law. It outlines the sanctions that can be introduced and the aims they may serve, empowers ministers to set detailed rules, and places obligations to ensure robust scrutiny and the safeguarding of the rights of those affected. Regulations made under SAMLA 2018 can create a wide range of measures—covering financial, trade, immigration, transport, etc. Financial sanctions typically prohibit dealing with assets, or making funds or economic resources available to, or for the benefit of, designated persons. There are also sectoral sanctions that forbid or restrict specified financial and investment activities. For our business, adherence to this framework is essential: non-compliance could lead to significant penalties for the organisation and for the individuals involved. Compliance requires several steps, including: ...

THE [ insert name of pension scheme ] PENSION SCHEME This statement of investment principles takes effect from [ insert date ]. 1 Statement of investment principles 1.1 Purpose of statement This document outlines the principles that guide decisions on investing the assets of the [ insert name ] Pension Scheme (the Scheme). The Trustees of the [ insert name ] Pension Scheme (the Trustees) issue this document to meet the requirements of section 35 of the Pensions Act 1995. 1.2 Review The statement will be reviewed each year. The Trustees may conduct a special review at any time if they consider there has been a material change in investment policy or any other circumstances affecting the Scheme. 1.3 Advice The Trustees have received and considered written advice on the contents of this statement in a letter from [ insert name of investment consultant or actuary ]. [ insert name ] have confirmed to the Trustees that, through practical expertise in financial...

The young person is now past 18, has finished secondary schooling and is moving on to higher education. The prior maintenance arrangement has now ceased, and the child intends to seek financial provision under Schedule 1 of the Children Act 1989 (ChA 1989) by making their application. Under ChA 1989, Sch 1, a parent, guardian, or special guardian of a child, or any person in whose favour a residence order is in force with respect of a child, may apply for a range of orders for the benefit of a child as provided under Sch 1...

Mental incapacity of executor Mental capacity may justify excluding an executor from probate (see Evans v Tyler (1849) 163 ER 1266 at [131] (not reported on LexisNexis®)). The position for a sole executor who is incapacitated is governed by the Non-Contentious Probate Rules 1987 (NCPR 1987), SI 1987/2024, r 35... Under the NCPR 1987, SI 1987/2024, the usual course is for the district judge or the registrar to issue a grant of administration (formerly termed a ‘durante dementia’) for the use and benefit of A, to continue until further representation is granted or otherwise as the district judge or registrar directs. See also NCPR 1987, SI 1987/2024, r 31... Further, r 35(2) of the NCPR 1987, SI 1987/2024, prescribes the order of priority for a grant where the executor lacks mental capacity...