Non-group life policy meaning

In this issue Trusts Court of Protection Elderly and vulnerable clients UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Budgets and Finance Bills Contentious trusts and estates Pensions, insurance and tax efficient investments International Question of the week Additional Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Trusts Insufficient credible evidence led to rejection of trustee expense claims (Hubbard v Hubbard) An account in common form concerning a trust holding development land, with trustees reporting to beneficiaries. The court determined the trustees failed to properly substantiate numerous costs, leading to substantial disallowances. Core principles include: trustees bear the onus to prove expenditure charged to the trust; poor or absent records are no excuse; and the court may grant a...

Pharmaceuticals—regulatory framework European Parliament adopts Critical Medicines Act proposal to address supply shortages The European Parliament has endorsed plans to bolster the availability and supply of essential medicines across the EU, approving the proposals by 503 votes in favour, 57 against and 108 abstentions. The package seeks to lessen the EU’s reliance on non‑EU countries and strengthen pharmaceutical competitiveness by backing strategic industrial projects to expand and modernise manufacturing capacity within the Union. Under the proposals, contracting authorities would be required to apply procurement criteria that favour manufacturers producing a significant share of critical medicines in the EU, with price no longer the sole determinant for contract awards. The measures also lower the bar for joint cross‑border procurement from nine to five countries and create an EU co‑ordination mechanism for national stockpiles of critical medicines, empowering the Commission, as a last resort during shortages, to reallocate medicines between Member States. Industry has reacted critically to the current text, warning that certain provisions could dilute the original intent of...

In this issue: General Election 2024 Trade marks/passing off Patents Copyright & associated rights General IP IP and technology LexTalk®IP: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information General Election 2024 General Election 2024—parliamentary process, wash-up and manifesto pledges This News Analysis brings together cross-practice coverage of the 2024 General Election. It features contributions from practice area specialists, Practical Guidance, news, analysis and journal pieces. For IP, the package also reviews the Digital Markets, Competition and Consumers Act 2024—parts of which commenced on 24 May 2024 during the wash-up—and sets out the main parties’ manifesto commitments. It further examines AI regulation and the potential impact of those pledges in this sphere. See News Analysis: General Election 2024—parliamentary process, wash-up and manifesto pledges... Trade marks/passing off AI Trade Mark Tussle: ‘Builder’ non-distinctive in the ‘no-code’ app building space (Engineer.ai...

The Offshore bonds and other foreign policies Practice Note sets out what constitutes an offshore bond and a foreign policy, and outlines the potential tax liabilities. It also focuses on several niche topics: cluster policies (also called segmented policies), personal portfolio bonds (PPBs), the treatment of certain legacy policies, and how the foreign policy regime dovetails with the remittance basis and temporary non-residence provisions... Cluster (or segmented) policies In place of one insurance contract, certain providers supply a bundle of policies to a holder—commonly called a ‘cluster’ or ‘umbrella’ of smaller segments. Each policy, or segment, stands as a separate insurance contract. At inception every segment is the same. They may carry an identical base number with a suffix; for example, XP234567/1–100, where 1–100 denote the discrete segments. A single policy document may cover the whole cluster. UK insurers generally can offer clustered arrangements, and offshore bonds are often marketed in this way, though not every product has this feature...

An insurance premium is the amount paid for insurance or reinsurance protection and is the consideration the (re)insured gives in return for the (re)insurer’s contractual undertaking to indemnify it for risks set out in the policy. Premium funds are used by (re)insurers mainly to: build reserves for both reported and unreported losses settle claims generate investment returns purchase reinsurance meet regulatory solvency margin obligations pay Insurance Premium Tax (IPT) to HMRC For more on IPT, see Practice Note: tax. Calculating the insurance premium Underwriters and actuaries determine the premium in line with their assessment of risk, and the method varies by class of business. Life and health pricing is largely a mathematical exercise performed by actuaries using extensive longevity and morbidity data, reflecting current and long-term inflation and expected investment returns. Some general lines, such as motor, can also be priced on this basis where there is a sufficiently broad statistical data set and a large enough...

FORTHCOMING CHANGE relating to IHT on pension death benefits : At the Autumn Budget 2024 on 30 October 2024, the government stated that, from 6 April 2027, unused pension funds and pension death benefits will be brought into an individual’s estate for IHT. The change will affect both defined contribution and defined benefit schemes, and will apply to UK registered schemes as well as qualifying non-UK pension schemes. A technical consultation on implementing these reforms ran from 30 October 2024 to 22 January 2025, and the measures are introduced by the Finance Act 2026. For further information, see News Analysis: Unused pension funds and death benefits to be brought within the scope of inheritance tax and Autumn Budget 2024—Private Client analysis — Inheritance tax. On death, a person will typically own assets forming part of their estate, for example: land investments cash furniture electronic devices Whether a grant of representation is needed depends on the nature and location...

1 Introduction 1.1 As set out in the Company’s equality policy, the Company is committed to equal opportunities for all employees, workers and job applicants, and to removing unlawful and unfair discrimination. It aims to build a culture that values diversity and appoints, rewards and promotes on merit. 1.2 In this policy, ‘menopause’ covers both the perimenopause and the post-menopause. For the meaning of these terms, see paragraph 2 below. 1.3 This policy sets out how the Company supports women and others at work who may experience symptoms of the menopause, which in some cases may include trans, non-binary and intersex workers. It supplements the Company’s equality policy. 1.4 Menopause is part of the natural ageing process in a woman’s life. The Company recognises that: 1.4.1 the transition may not be easy for everyone; 1.4.2 the menopause can affect physical, psychological and emotional health and therefore may significantly impact an individual’s ability to work and their relationships with colleagues; 1.4.3 each...