Pay as you go meaning

In this issue: 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 Pensions, insurance and tax efficient investments International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Court of Protection An appeal was brought against a Circuit Judge’s decision in the Court of Protection, which had summarily resolved the best interests of an elderly patient, VT, on residence and care before medical evidence had been obtained (VT (by her litigation friend, the Official Solicitor) v NHS Cambridgeshire and Peterborough Integrated Care Board). The matter came before the High Court in Court of Protection proceedings. The appeal followed the summary disposal of a contested best interests dispute when VT’s capacity remained in issue, and although...

In this issue: Tax treatment Corporate governance Employee benefit trusts Trackers Useful information Dates for your diary Weekly highlights from other practice areas Tax treatment HMRC publishes employee share schemes statistics for the tax year ending 2024 HMRC has released statistics for the tax year ending 2024 covering tax-advantaged employee share schemes—company share option plans (CSOPs), enterprise management incentives (EMI), save as you earn (SAYE) and share incentive plans (SIPs). Drawn from share scheme returns data, the figures set out how many companies currently operate such schemes, the numbers of employees receiving grants or the volume of awards made, the aggregate values granted, how many employees go on to exercise options and HMRC’s estimates of the income tax and national insurance contributions (NICs) relief obtained...

These are occupational arrangements for staff working in central or local government, a nationalised industry or other statutory bodies. They encompass pension schemes established by statute for: armed forces (AFPS) police firefighters civil service (CSPS) teachers local government (LGPS) National Health Service Public sector pension schemes cover roughly 12 million people, including about 5 million active members. The LGPS in England and Wales is the largest public sector pension scheme. Key features Often termed unfunded—in essence, there is no pot built from past worker payments to meet current pensions; benefits are met by today’s employees and the employer (effectively the state) on a pay‑as‑you‑go basis Most operate in deficit as contributions do not fully cover current pension outgoings, with the Treasury making up the shortfall The LGPS is distinct as it holds underlying investments Contributions Contribution levels differ significantly between sectors and by scheme There...

CASE HUB ARCHIVED – this archived case hub reflects the position at the date of the decision of 28 May 2014; it is no longer maintained. See further, timeline, commentary and related cases Case facts Outline of the European Commission’s merger review of Hutchison 3G UK’s proposed purchase of Telefónica Ireland (Case M.6992). Latest developments The Commission approved the deal on 28 May 2014, subject to commitments in two parts: To enable near‑term entry by two MVNOs, with the option for one to evolve into a full MNO via later spectrum acquisition—H3G will provide up to 30% of the combined network’s capacity to two MVNOs in Ireland for a fixed fee through a dedicated ‘pipe’, which the Commission considered more suitable for Ireland than the prevalent pay‑as‑you‑go model elsewhere in Europe. In addition, five spectrum blocks will be divested from 01/01/2016 for ten years. To ensure Eircom remains a competitive MNO by continuing the existing network‑sharing arrangement on enhanced terms. ...

This glossary sets out numerous expressions regularly encountered in the restructuring & insolvency sphere. Words shown in bold within definitions are themselves explained in other entries in this glossary as well. A Article X The MLIJ contains a single provision named Article X, aimed at jurisdictions that have already implemented the MLCBI, like England, or are weighing its adoption. Article X states: ‘Not withstanding any prior interpretation to the contrary, the relief available under [insert a cross-reference to the legislation of this State enacting Article 21 of the UNCITRAL Model Law on Cross-Border Insolvency] includes recognition and enforcement of a judgment’ (see Practice Note: UNCITRAL model law on recognition and enforcement of insolvency-related judgments (MLIJ): Article X). Asset-backed security (ABS) A form of security anchored by asset pools, for example loans, leases, and credit card receivables. Assimilated law From 1 January 2024, ‘retained law’ has been retitled ‘assimilated law’. The body of domestic law originally arising from EU obligations, created by the European...

[ Insert name and address of client ] Private and confidential Dear [ Name ] Draft settlement agreement Please find enclosed a draft settlement agreement [ for [ name of employee ] ] for your consideration. You will notice that [ I have provided a range of options for you to review and ] certain sections appear in square brackets. Do get in touch once you have had the chance to go through the draft so we can conclude it. Below I outline the issues you should reflect on concerning the different clauses. 1 The requirements for, and effect of, a settlement agreement A settlement agreement (previously referred to as a ‘compromise agreement’) is a binding contract intended to allow employer and employee to resolve employment claims brought under statute (for example, unfair dismissal or unlawful discrimination) or under the employment contract (for example, notice pay). It is therefore essential that the agreement precisely sets out the claims being settled: accordingly, the ‘full and...