Fiscal policy meaning

STOP PRESS This Practice Note is being revised to incorporate the new guidance from the Crown Office and Procurator Fiscal Service (COPFS) - Self report policy: guidance to businesses reporting economic crime offences - under which businesses may now self‑report a range of economic crime offences. There are significant differences between the self‑reporting initiative operated by COPFS in Scotland and the deferred prosecution agreement (DPA) regime running in the rest of the UK. Any business that discovers corruption within the organisation should ensure it understands these distinctions before deciding which authority to contact. This Checklist sets out the main differences between the Scottish self‑reporting initiative and the DPA regime applied elsewhere in the UK. Introduction to the two regimes Scottish self-reporting initiative The Scottish self‑reporting initiative was launched on 1 July 2011 when the Bribery Act 2010 (BA 2010), a UK‑wide statute, took effect. The Scottish initiative applies solely to offences under BA 2010 or analogous bribery offences that applied before BA 2010 commenced. Under the...

Introduction Most observers consider that, on its own, Brexit is unlikely to materially alter the regulation of the UK oil and gas sector, including activities on the UK Continental Shelf (UKCS). This stems largely from the UK government’s longstanding control of energy policy, encompassing the development of oil and gas reserves. Core policy areas—such as licensing and taxation of exploration, appraisal, development and production—have always been, and continue to be, determined by the UK government, though elements of the industry have been shaped by the EU. Nevertheless, the referendum has set in motion other significant shifts that may have a substantial effect on the UK’s oil and gas industry and the wider energy industry for the reasons set out below. Does European law still apply? Will the current legal and regulatory framework change once withdrawal from the EU is complete? The pre‑referendum framework under the Petroleum Act 1998 has not changed in any material way since inception, nor is it likely to for some time to come. According to...

By the 2027–2028 fiscal year, one in five retirees will be paying the 40% higher rate on pension income, according to data obtained by Quilter from HM Revenue & Customs (HMRC). Of the 3.1 million affected, 2.7 million people aged 60 or above are expected to be drawn into that higher income tax band during the period from 2023 to 2028. A further 400,000 individuals will tip into the 45% additional rate, according to the wealth management firm, the company said. On 22 August 2024, Jon Greer, Quilter’s head of retirement policy, warned in a statement that frozen thresholds mean the count of pensioners liable for higher and additional income tax rates is set to rise sharply by 2028. The previous Conservative government imposed a freeze on income tax thresholds in 2021 to claw back revenue during the coronavirus (COVID-19) pandemic...

In this issue Key developments UK immigration control: how it works Sponsored work Business, investment and non-sponsored work Daily and weekly news alerts Future developments—Immigration calendar UK immigration control: how it works CPS publishes report on reducing migration to the UK The Centre for Policy Studies (CPS) has released ‘Taking back control’, authored by former Immigration Minister Robert Jenrick MP, former minister Neil O’Brien MP, and CPS Research Director Karl Williams. The paper argues that recent migration has burdened housing, public services and infrastructure, while not delivering the economic returns its proponents forecast. It outlines over 30 proposals the authors believe would reduce immigration. See: LNB News 08/05/2024 21. BBC issues Independent Thematic Review of the impartiality of its migration content The BBC has issued an Independent Thematic Review of its migration coverage, undertaken by policy specialist Dr Madeleine Sumption MBE. Future developments—Immigration calendar Our Immigration calendar sets out the key forthcoming developments...

This Practice Note compiles material on fiscal events across the 2025–26 tax year, beginning with the Spring Statement 2025 on 26 March 2025. For further detail on the Budget and Finance Bill procedures, as well as the broader fiscal timetable, see Practice Note: The Budget and Finance Bill process. Spring Statement 2025 On 26 March 2025, the Chancellor of the Exchequer, Rachel Reeves, delivered the Spring Statement 2025 to Parliament. The government outlined consultations and policy papers on substantive and administrative tax measures and other prospective developments. For more on the announcements, see News Analyses: Video analysis—Spring Statement 2025: Private Client perspective Spring Statement 2025—Tax analysis Tax update spring 2025: simplification, administration and reform On 28 April 2025, the Exchequer Secretary to the Treasury, James Murray, issued a written ministerial statement setting out a package of measures to simplify and reform the tax system and improve tax administration. HMRC and HM Treasury released a complementary set of documents comprising a...

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note collates material on the fiscal events throughout the entirety of the tax year 2023–24, including the following: Tax Administration and Maintenance Day (TAMD), which took place on 27 April 2023 Tax legislation day (L Day), which occurred on 18 July 2023 Autumn Statement, which was delivered on 22 November 2023 the publication of the Autumn Finance Bill 2023 (AFB 2023), also known as Finance Bill 2024 and Finance Bill 2023–24, which was published on 29 November 2023 and which received Royal Assent on 22 February 2024 and was enacted as Finance Act 2024 Spring Budget 2024, which took place on 6 March 2024, and the publication of the Spring Finance Bill 2024 (SFB 2024), also known as Finance (No 2) Bill 2024 and Finance (No 2) Bill 2023–24, which was published on 13 March 2024 and which received Royal Assent on 24 May 2024 and was enacted...

In Scotland, the Crown Office and Procurator Fiscal Service (COPFS) is under a duty to reveal all material in its possession to the defence. This obligation to disclose applies to prosecutions under both summary and solemn procedure. For an overview of criminal investigation and prosecution policy in Scotland, see Practice Note: The investigation and prosecution of criminal offences in Scotland. For details on summary procedure in Scottish criminal proceedings, see Practice Note: Summary procedure in Scottish criminal proceedings and Scottish summary criminal procedure—flowchart. For information on solemn procedure in Scottish criminal proceedings, see Practice Note: Solemn procedure in Scottish criminal proceedings and Scottish solemn criminal procedure—flowchart. Background The Crown’s requirement to provide the defence with all material it holds arises from the accused’s right to a fair trial under Article 6 of the European Convention on Human Rights. The scope of the Crown’s disclosure duty was first defined in McLeod v HM Advocate. The Crown’s responsibilities were then refined by a series of rulings from the Judicial Committee...

1 Corporate All proposals must cover the following essential criteria: Criteria Details Financial resilience of the contracting entity and its group members (including whether a parent company guarantee is available and its strength) [ Insert the Tenderer’s financial information, for example a copy of last year’s fiscal accounts, identify which entity will contract with the organisation, and confirm the availability of any parent company guarantee ] Subcontracting [ If relevant, insert particulars of any intended subcontracting of the right to provide the Services, including full information about the proposed subcontractors ] Ethical practice and social responsibility [ Insert details of the Tenderer’s corporate responsibility principles and policies ] Equality and Diversity [ Insert details of the Tenderer’s approach to advancing diversity and inclusion within its business and, if it has an equality and diversity policy, how this is applied in practice ]...