Gilt (-edged) meaning

What is the background to the call for evidence? Following Chancellor of the Exchequer Jeremy Hunt’s Mansion House address the night before, the DWP launched the call for evidence. Issued in tandem with several other DWP publications, these materials covered a broad spread of topics affecting UK pension schemes. Their shared aim was to boost investment in UK productive finance whilst shielding members’ benefits and giving precedence to a resilient, diversified gilt market. The Chancellor characterised the proposals across the various papers as the ‘Mansion House reforms’. The DWP placed the Response alongside further papers pertinent to DB pension schemes, including: the Autumn Statement 2023, which confirms that the Government will reduce the authorised surplus payments charge, currently payable on a return of surplus to a scheme employer, from 35% to 25% from 6 April 2024; and Call for evidence outcome: Pension trustee skills, capability and culture What was the outcome? ...

UK Care No 1 Ltd v HMRC [2026] UKUT 90 (TCC) The appellant, UKC1, was a Guernsey-incorporated company. It served as the issuer of loan notes within a securitisation structure for the BUPA group. Those notes were placed at a discount and incurred transaction expenses. UKC1 recognised the obligation on an amortised cost basis. That accounting treatment reflected the discounted issue price and the associated fees borne at issue time. (CTA 2009, s 327 is inapplicable where fair value accounting is adopted.) In 2016—when BUPA intended to dispose of certain care homes included in the collateral package—BUPA acquired UKC1 and it became resident for UK tax. UKC1 subsequently bought back the loan notes. The terms for early repayment were set by a ‘Spens’ (or ‘make whole’) provision, which required payment of whichever was greater: the principal sum, or the present value of future cash flows, discounted by reference to a named gilt...

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Financial terms defined • Bond : This is a form of debt security, meaning a document that establishes a borrowing obligation under debt. For the entity issuing it, a bond serves as an alternative to borrowing money by means of a loan facility. In pension schemes, bonds have typically represented the second-largest slice of assets by asset class, sitting behind shares over time. Types include corporate bonds, which are issued by companies, and gilts, which are issued by the government respectively. Please note the following: In essence, bonds carry both a capital value and an income value component. The capital value reflects the bond’s price at market value or on redemption (that is to say, repayment). The income element is the coupon, that is, the interest rate. Put another way, bond prices move inversely to interest rates: when rates rise, values fall; when rates drop, prices increase. This characteristic makes bonds a useful hedge against shifts in interest rates, one of the main factors in...

ARCHIVED: This Practice Note is archived and is no longer being maintained or updated. Financial Services Enforcement Database: It contains comprehensive details of all substantive FCA and PRA Final Notices and, where obtainable, Decision Notices from 2014 onwards. The Database, available here, can be searched and filtered by rule breach, keyword (including ‘LIBOR’), sector, date, seriousness, aggravating and mitigating factors, financial penalty, and by other actions such as referrals to the Upper Tribunal. Before LIBOR reform, significant and widespread worries about how financial market benchmarks were administered and manipulated prompted investigations by regulators across the globe, culminating in enforcement and criminal proceedings. Partly as a consequence of these actions, changes were made to the way in which these benchmarks are run and administered. Areas targeted by enforcement included foreign exchange, gold fixing and gilts, among others, although most regulatory action and media focus centred on the manipulation of LIBOR. This Practice Note summarises enforcement activity relating to the manipulation of benchmarks, including LIBOR,...