Payer meaning

Under the large and public client off-payroll regime Medium and large private sector entities with a UK link are obliged to: decide whether IR35 is applicable to an engagement involving an off-payroll worker; and in specified situations outlined below, operate Pay As You Earn (PAYE) and account for employer National Insurance contributions (NICs) on payments made to off-payroll workers For an overview of the IR35 framework, see Practice Note: IR35—introduction, developments and key difficulties. For details of the large and public client off-payroll regime, see Practice Note: IR35—the large and public client off-payroll regime. For guidance on the practical considerations for the end client and, where different, the fee payer, when an arrangement falls within the large and public client off-payroll regime, see Practice Notes: IR35—the large and public client off–payroll regime—practical considerations for the end client and IR35—the large and public client off–payroll regime—practical considerations for the fee-payer respectively...

Timeline—developments from 1 January 2024 onwards This timeline charts UK-focused changes to the anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing (CPF) legal and regulatory frameworks affecting financial services firms. It captures the evolution and implementation record of the UK AML, CTF and CPF legislative landscape, including updates to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692 (MLRs), together with AML/CTF-related outputs from HM Treasury (HMT), the Financial Conduct Authority (FCA) and the Joint Money Laundering Steering Group (JMLSG). It further reflects supranational AML/CTF/CPF activity from the Financial Action Task Force (FATF), Basel Committee on Banking Supervision (BCBS), International Association of Insurance Supervisors (IAIS), International Organisation of Securities Commissions (IOSCO), the Egmont Group of Financial Intelligence Units (FIUs) and the Wolfsberg Group. A schedule of forthcoming dates is available in: Key dates for Financial Services—horizon scanner. For earlier developments up to 31 December 2023, see: AML/CTF legal and regulatory regimes for financial services firms—timeline to 31 December 2023 [Archived]...

This record keeping checklist consolidates obligations found in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. It further sets out suggested actions and practical steps. The Checklist directs you towards relevant Precedents that you may adopt, adapt or tailor to meet these requirements and recommendations. For extra guidance, see Practice Note: Money Laundering Regulations 2017—record keeping or, for law firms, Money Laundering Regulations 2017—record keeping (law firms). The manner, medium or physical or digital location in which records are retained is immaterial, provided you can promptly retrieve the necessary information and evidence, especially if you are asked to supply customer/client due diligence (CDD) documentation to a party that relies on you, or to investigators or other enforcement officers. Record type For how long? Compulsory or recommended? Comments (if any) ☐ Records, documents or information connected with, and arising in the context of, an occasional transaction — Five years from the point at which...

This diagram depicts a standard, payer-driven payment procedure within a building contract between an employer and contractor...

Except where an exemption or relief is available, payments of yearly interest that have a UK source (including amounts that tax legislation treats as payments of yearly interest) must be made under deduction, with the payer required to account to HMRC for an amount in respect of UK income tax at the basic rate (20%) or, from 6 April 2027, at the savings basic rate (22%). Although often called a withholding tax, it is in fact simply a means, in practice, of collecting UK income tax. While the tax is imposed on the interest received by the non-UK beneficial owner, it is recovered from the UK-based payer of the interest. For further detail, see Practice Notes: UK withholding tax on yearly interest and Exemptions and reliefs from UK withholding tax on yearly interest. This Flowchart assists in determining whether the quoted eurobond exemption applies to a payment of interest, so that the payer need not withhold UK income tax from that payment in question. For more information on the quoted...

In this issue: Budgets, Autumn Statements and Finance Bills Employee benefit trusts Useful information Dates for your diary Weekly highlights from other practice areas Budgets, Autumn Statements and Finance Bills Budget date confirmed for 26 November 2025 Rachel Reeves, the Chancellor of the Exchequer, has announced that the Budget will be held on Wednesday 26 November 2025. For details, see House of Commons Written Statement HCWS902. 3 September 2025 Employee benefit trusts HM Treasury publishes policy note and draft regulations on reforming the Money Laundering regime HM Treasury (HMT) has issued a policy note outlining proposed changes to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017), SI 2017/692, alongside the draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025. The proposals set out targeted updates to the MLRs 2017, SI 2017/692 across several areas, aiming to plug regulatory gaps, respond to emerging risks,...

See Q&A: Do the FCA and the SRA use the same metrics when judging PEPs? Within the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, a politically exposed person (PEP) is defined, for the purposes of those measures, as an individual entrusted with prominent public functions, rather than someone holding a middle-ranking position or a more junior official capacity as such, as set out expressly therein...

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...

The UK’s rules on hybrid and other mismatches Since 1 January 2017, the UK’s hybrid and other mismatch rules (described in this Practice Note as the hybrid rules) have been in force, designed to neutralise tax mismatches arising from how a hybrid instrument or hybrid entity is treated for tax. Although the hybrid rules typically apply to cross-border dealings involving two or more jurisdictions, they can also apply to transactions that are entirely UK domestic. They specifically address: deduction/non-inclusion mismatches (D/NI mismatches), i.e. where a payment under a hybrid mismatch arrangement is deductible in the payer jurisdiction for tax purposes but is not included in the taxable income of a payee or a related party investor; and double deduction cases (DD cases), i.e. where a payment under a hybrid mismatch arrangement gives rise to more than one tax deduction. For more detail on the hybrid rules, see Practice Note: Hybrid mismatches—introduction to the rules. For an overview in table form of...

Money Laundering Regulations 2017 and Money Laundering Regulations 2020 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, sit within the UK’s anti-money laundering and counter-terrorist financing framework. They took effect on 26 June 2017 to implement the EU’s Fourth Anti-Money Laundering Directive, Directive (EU) 2015/849 (4MLD), and have subsequently been broadened significantly by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991. Those 2020 amendments give effect to aspects of the EU’s Fifth Anti-Money Laundering Directive, Directive (EU) 2018/843 (5MLD), concerning the registration of trusts. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, also transposed elements of 5MLD into UK law; however, they addressed areas other than trust registration and therefore fall outside the ambit of this Practice Note. Unless indicated otherwise, references in this Practice Note to MLR 2017, SI 2017/692, should be read as including the changes introduced by MLR 2020, SI 2020/991. The chief focus of...

This Practice Note sets out your responsibilities for enhanced due diligence (EDD) and how to apply them in everyday professional practice. It aligns with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. The guidance provided is of general application. You should determine whether the MLR 2017 impose additional or varied requirements for your sector, and whether your regulatory body sets any extra, sector-specific obligations relating to EDD...

1 Introduction This role description and profile concerns the combined post of Deputy Money Laundering Compliance Officer (MLCO) and Deputy nominated officer (nominated officer). Any references to MLR 2017 relate to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, SI 2017/692, as amended. 2 MLCO/nominated officer role holder details Firm name [ Insert firm name ] Name of Deputy MLCO/nominated officer [ Insert name ] Reports to: MLCO/nominated officer [ Insert name of MLCO/nominated officer ] Working pattern ☐ Full time ☐ Part time Details of any additional positions within the firm [ Insert details ] Date of appointment by the firm [ Insert date ] 3 Role summary 3.1 Serve as deputy to the firm’s MLCO/nominated officer...

When choosing an electronic verification provider, you should be able to show sufficient understanding of the provider’s (i) system inputs; (ii) the data sources the system uses to confirm identity; (iii) the system’s outputs and what they signify; and (iv) how the system aligns with the relevant provisions of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. Completing this questionnaire will help you reach a risk‑based judgement on whether, at its stated level of assurance, the provider’s systems deliver an appropriate degree of reliability and independence given the potential risks. 1 General Company name [ Insert company name ] Registered address [ Insert address ] Main country of operation [ Insert country ] Additional countries of operation [ Insert country ] Primary contact (name, role and contact information) [ Insert primary contact ] What are the operating hours? [ Insert details ] How is pricing structured? [...

Date: [ insert date ] Introduction In the UK, the framework addressing money laundering, terrorist financing and proliferation financing is partly set out in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended. These require updates to our existing anti-money laundering (AML), counter-terrorist financing (CTF) and counter-proliferation financing policy, controls and procedures. Money laundering refers to concealing the genuine source and ownership of criminal proceeds so those funds appear legitimate. Terrorist financing means raising or supplying funds, whether from lawful or unlawful sources, to be used to commit a terrorist act. Proliferation financing involves providing funds or financial services for, in whole or in part, the manufacture, acquisition, development, export, transhipment, brokering, transport, transfer, or stockpiling of, or otherwise linked to the possession or use of, chemical, biological, radiological or nuclear (CBRN) weapons; this also covers financing connected to the delivery systems for such weapons and other CBRN-related goods and technology,...

The Family Court holds jurisdiction, under section 23 of the Matrimonial Causes Act 1973 (MCA 1973), to make orders for periodical payments in favour of a party to a marriage, or in favour of a child of the family, for that party’s own maintenance or for the maintenance of a child. This power is, nevertheless, subject to the provisions of the Child Support Act 1991 (CSA 1991), and CSA 1991, s 8 correspondingly and accordingly limits the court’s powers to make child maintenance orders...