Individual pension account meaning

In this issue: Status and worker categories Employment tribunal equality claims Whistleblowing Individual rights arising from union membership Confidentiality, duties and restrictions: enforcement Employment tribunals Employment Appeal Tribunal Pensions LexTalk®Employment: a Lexis®Nexis community Daily and weekly news alerts Dates for your diary Trackers Status and worker categories Food delivery companies to introduce right to work checks for substitute drivers The Home Office has stated that, following discussions with the UK government, Deliveroo, Just Eat and Uber Eats plan to curb misuse of driver account sharing by their drivers. Each platform has agreed to implement new procedures enabling verification that any substitute couriers have permission to work in the UK. All three companies have reiterated plans to roll out checks to confirm substitutes’ legal right to work. Deliveroo has already begun, adding right to work screenings for substitutes at the registration stage earlier this month. See: LNB News 30/04/2024 76. Department...

The Chancellor of the Exchequer, Rachel Reeves, delivered the government’s Autumn Budget on 30 October 2024 Keenly awaited and watched, this was the first Budget from a Labour administration in fourteen years, and the first ever presented by a woman Chancellor. Many headline measures for Private Clients had been trailed in one form or another, and several of the changes—such as the Capital Gains Tax reforms—were not as draconian as many had feared, proving less severe than anticipated. It was definitely a Labour Budget, unmistakably Labour in flavour, with the Chancellor honouring election pledges not to raise income tax or National Insurance for ‘working people’, and instead securing the £40bn of tax rises by lifting employers’ National Insurance, narrowing the scope of IHT agricultural and business property reliefs, increasing CGT rates, reforming the taxation of carried interest, changing the rules for non‑UK domiciled individuals, bringing inherited pensions into the IHT net, confirming VAT on private school fees, increasing the SDLT surcharge for second homes, and even a hike in...

In this issue: Authorisation, approval and supervision Accountability, culture and social governance Prudential requirements Operational resilience Financial crime and sanctions Conduct requirements Complaints, compensation and claims management Investigations, enforcement and discipline Regulation of capital markets Sustainable finance and ESG Banks and mutuals MiFID II Regulation of personal pension and stakeholder products Payment services and systems Fintech and cryptoassets Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Latest Q&A Authorisation, approval and supervision European Parliament sets out first reading stance on plans to simplify financial services reporting and disclosure duties The European Parliament has confirmed its first reading position on a draft regulation to amend Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523, relating to specified reporting requirements across financial services and investment...

This Practice Note addresses several frequently asked questions that may arise when deciding whether to pursue a Third Party Debt Order (TPDO). For guidance on what a TPDO is and the steps to obtain one, see Practice Notes: What is a third party debt order (TPDO)? How to apply for a third party debt order (TPDO) Does a TPDO have to be issued against a financial institution? No. You can apply for a TPDO against any third party within the jurisdiction that owes money to your debtor. This extends to an individual who is a debtor of the judgment debtor. Can a TPDO be made in respect of cryptocurrency? Following the decision in Ion Science Ltd v Persons Unknown (2020) (not reported by LexisNexis), the High Court confirmed that crypto assets are capable of being treated as property and can be traced and enforced against, including via an application for a TPDO. For guidance, see News Analysis: First third-party debt...

Automatic enrolment Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2017 Under section 13 of the Pensions Act 2008 (PenA 2008), an individual’s qualifying earnings are those exceeding the amount in subsection (1)(a) and not surpassing the amount in subsection (1)(b). The earnings trigger for automatic enrolment and re-enrolment is the pay level at which employers must automatically place eligible jobholders into a qualifying workplace pension scheme. For money purchase arrangements, the qualifying earnings band identifies the slice of pay on which employers and workers must make at least the minimum contributions. Each tax year, the Secretary of State must review: the automatic enrolment earnings trigger the automatic re-enrolment earnings trigger the qualifying earnings band If the Secretary of State considers that any figures should be altered, they are amended by statutory instrument. Provisions under PenA 2008, sections 14 and 15A, permit, among other matters, increases to the amounts set out in section 13(1)(a) and (b)...

SIP As the sole tax‑favoured share plan, a SIP allows participants to potentially realise unlimited growth in their shares without incurring income tax, National Insurance contributions (NICs) or capital gains tax (CGT). For all other tax‑advantaged arrangements—enterprise management incentives (EMI), save as you earn (SAYE) and company share option plans (CSOPs)—CGT can arise on the increase in share value from the date the options were granted. By contrast, where an individual keeps their SIP shares within the plan until disposal, no CGT is payable on that disposal. Do note that if a disqualifying event occurs in respect of a SIP, the preferential tax treatment for SIPs will not apply to any awards made after that point. For more information, see Practice Note: SIPs—qualifying companies and type of shares—Restrictions on shares and disqualifying events for SIPs. The tax outcomes described in this Practice Note apply to individuals who are at all times resident in the UK for CGT purposes. For the income tax and NICs position for SIP participants, see...