Payment instrument meaning

The government has also tabled draft legislation in Parliament. Once the statutory instrument (SI) is approved, BNPL products will be regulated 12 months after the SI is made. Lenders should expect the framework in force by end-2026. Although the policy trajectory is set, several key points remain unresolved. Key aspects of BNPL Regime Going forward, regulated BNPL agreements will be called regulated deferred payment credit agreements—deferred payment credit, or DPC. Scope In a boost for merchants, BNPL will be regulated only where a third-party lender is involved. An anti-avoidance measure tackles reseller-style models: where a lender buys the goods and resells them as the merchant, the deal is regulated, not exempt. Most merchants offering DPC will not need FCA authorisation as credit brokers. Unauthorised merchants must have financial promotions approved by an authorised firm—usually the third-party lender, if it holds the relevant permission. The broking exclusion does not currently extend to domestic premises suppliers; this remains under review after late-stage...

In this issue Employment taxes Budgets and Finance Bills VAT International Taxes management and litigation Companies and corporation tax Anti-avoidance Devolution Pensions LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&A Useful information Employment taxes Royal Assent for National Insurance Contributions (Secondary Class 1 Contributions) Act 2025 The National Insurance Contributions (Secondary Class 1 Contributions) Bill—bringing in an uplift to 15% for the main rate of employers’ secondary Class 1 National Insurance contributions from 13.8%, and cutting the secondary threshold to £5,000 per annum—was first set out at Autumn Budget 2024 and obtained Royal Assent on 3 April 2025. The provisions apply from 6 April 2025. See: National Insurance Contributions (Secondary Class 1 Contributions) Act 2025. HMRC publishes Employment Related Securities Bulletin 59 (March 2025) Private Intermittent Securities and Capital Exchange System (PISCES)—policy...

In this issue: UK, EU and international regulators and bodies Authorisation, approvals and supervision Accountability, culture and social governance Prudential standards Financial crime and sanctions Complaints, redress and claims handling Investigations, enforcement and discipline Capital markets regulation Derivatives regulation Sustainable finance and ESG Banks and mutuals Investment funds and asset management MiFID II Insurance regulation Payment services and systems Fintech and cryptoassets EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Key dates for financial services practitioners UK, EU and international regulators and bodies FCA and PSR publish cost/benefit analysis (CBA) policies The Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) have issued papers setting out updates on the fundamental principles underpinning the approaches each regulator applies to assess the costs and benefits of policy action....

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...

The UK’s rules on hybrid and other mismatches Known in this Practice Note as the hybrid rules, the UK’s regime has been in force since 1 January 2017 and is intended to neutralise tax mismatches arising from the tax treatment of a hybrid instrument or hybrid entity. Although the hybrid rules are generally engaged in cross-border dealings involving two or more jurisdictions, they can also extend to arrangements that are entirely UK domestic. Specifically, the rules target: deduction/non-inclusion mismatches (D/NI mismatches), ie where a payment under a hybrid mismatch arrangement is deductible in the payer jurisdiction for tax purposes but is not brought into the taxable income of a payee or a related party investor, and double deduction cases (DD cases), ie where a payment under a hybrid mismatch arrangement produces more than one tax deduction For further information on the hybrid rules, see Practice Note: Hybrid mismatches—introduction to the rules. For an at-a-glance table of the conditions required by each...

Overview of onshored and preserved EU-derived law post-IP completion day This brief guide sets out high-level details of the steps taken under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) to onshore Regulation (EU) 596/2014 (OJ L 173/1) (the EU Market Abuse Regulation). The main instrument used under EU(W)A 2018 to bring the EU Market Abuse Regulation into UK law was the Market Abuse (Amendment) (EU Exit) Regulations 2019, SI 2019/310 (the Market Abuse Exit Regulations), made on 18 February 2019. The Market Abuse Exit Regulations have been further amended by: Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/680; Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/1212; and Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020, SI 2020/1301. EU(W)A 2018 initiated a programme of SIs as contingency for a no-deal Brexit. Instruments made under EU(W)A 2018 contribute to domesticating EU law to secure legal continuity after the...

1 Definitions Within this Agreement, certain expressions carry specific meanings. Illustrative terms include: AA 2020: the Agriculture Act 2020; ATA 1995: the Agricultural Tenancies Act 1995 Adjoining Property: Retained Land and nearby premises; Adjoining Property Rights: rights over the Holding benefiting such land Agreement: this instrument and any supplementary or collateral document Annual Rent: yearly sum payable from the Rent Commencement Date on Rent Days Authority: any statutory, public or local body, court, government department or duly authorised officers Conduits: media and equipment for carrying energy, data or substances Costs: losses, expenses, damages and liabilities Direct Payment: any BPS Payment or SFS Payment, as applicable Eligible Holding: parts of the Holding qualifying for a Rural Support Payment Forfeiture Event: designated insolvency processes, non-payment, or breach Genetically Modified Organisms: as defined by the Environmental Protection Act 1990, including modified or derived crops Holding: the identified property shown on the Plan Insured Risks: perils the Landlord...

Part 1, interpretation and limitation of liability Unless the context requires otherwise, these articles use terms defined in the Companies Act 2006 (and any amending or subordinate legislation) and within these articles. Defined terms include: address; articles; bankruptcy (including similar overseas procedures); chair and chair of the meeting (articles 13 and 30); Companies Acts; director (including anyone acting as such); document (including electronic); electronic form/means and hard copy form; instrument; member; ordinary and special resolutions; eligible director; participate; proxy notice; relevant officer (non‑auditor officers of the company or any group undertaking, present or former); subsidiary; and writing (any visible representation, including electronic) The model articles are excluded. Unless otherwise stated, statutory expressions bear the meaning they had when these articles became binding. References to legislation include any modification, re‑enactment or replacement. Singular includes plural and vice versa; masculine includes feminine and neuter; persons include corporations Each member’s liability is limited to £1, payable on a winding up while a member or within one year of ceasing, towards:...

Date [ date ] Parties [ name of (first) Owner ] [ and [ name of second Owner ] ] [ [ both ] of OR incorporated in England and Wales (company registration number [ number ]) having its registered office at ] [ address ] ( [ together ] Owner ) [ name of Promoter ] [ of OR incorporated in England and Wales (company registration number [ number ]) having its registered office at ] [ address ] ( Promoter ) 1 Definitions In this Agreement, the following expressions shall have these meanings: [ Adverse Rights • any easement, covenant, right or other interest in or over the Property, the release, discharge or alteration of which is reasonably required in order to: (a) achieve the Objective; or (b) facilitate the Development; ] [ Adverse Rights Agreement • any instrument giving legal effect to the release, discharge or alteration of an Adverse Right; ] ...

Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 (Week’s Pay Amendment Regs 2020), SI 2020/814 For broader guidance on SI 2020/814, see Practice Note: Coronavirus Job Retention Scheme—right to statutory redundancy and other termination payments [Archived]. This resource provides general context on the Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 and their application... The Week’s Pay Amendment Regs 2020, SI 2020/814, prescribe how to determine a week’s pay for an employee who is, or has previously been, furloughed under the CJRS. The rules apply when calculating specified payments, including an employee’s entitlement to payment under section 88 or 89 of the Employment Rights Act 1996 (ERA 1996). In effect, the instrument clarifies the approach to weekly pay where furlough is relevant, ensuring the correct basis is used for these statutory sums linked to notice or other termination-related payments as identified under the ERA 1996...