Payments in kind meaning

In this issue: EU fundamentals Competition and state aid Data protection and cybersecurity Financial services Energy Life sciences TMT International trade Daily and weekly news alerts New and updated content Trackers EU fundamentals European Commission publishes competitiveness strategy for Europe The European Commission has issued a report, ‘The future of European competitiveness’, together with an in-depth assessment featuring recommendations to reinforce the EU’s competitiveness and stimulate sustainable growth across the Union. Mario Draghi, former President of the European Central Bank, was commissioned to set out his personal vision for Europe’s competitive future. The report’s conclusions will inform the Commission’s work on a new agenda for Europe’s sustainable prosperity and competitiveness, notably shaping the forthcoming Clean Industrial Deal, due to be presented within the first 100 days of the new Commission’s mandate. See: LNB News 10/09/2024 44. Competition and state aid Mergers– Illumina’s EU court win sees judges stand up for...

Risk & Compliance weekly highlights—16 January 2025 In this issue: Financial sanctions Cybersecurity Other Risk & Compliance updates this week Daily and weekly news alerts Trackers New and updated content Financial sanctions FCDO announces new sanctions on Russian oil giants In concert with the United States, the Foreign, Commonwealth & Development Office has unveiled sweeping measures against Gazprom Neft and PJSC Surgutneftegas. Brought in under the Russia (Sanctions) (EU Exit) Regulations 2019, SI 2019/855, the restrictions hit firms pumping more than one million barrels a day, worth around £23bn a year. The objective is to curtail the oil income that underpins Russia’s campaign in Ukraine; such revenues made up about a quarter of Russia’s 2023 budget. The move builds on sanctions already placed on 93 ships in Russia’s shadow fleet, underscoring the UK’s resolve to keep up pressure on the energy sector and choke funding for its military. See: LNB News 13/01/2025 15. FCDO to...

What are the practical implications of this case? This decision highlights the practical hurdles in pursuing summary judgment, particularly where opponents may produce additional evidence at the eleventh hour. Coupled with the burden of proof, the obligation to show no real prospect of success imposes a demanding threshold that applicants often struggle to satisfy. Although the court may scrutinise the respondent’s evidence, it does so with marked caution to avoid conducting a mini-trial. The case also serves as a further reminder of the realities of litigating against certain litigants in person. Here, despite the respondent seemingly failing to engage constructively with the liquidator ahead of the hearing, he was nevertheless permitted to put forward evidence that disrupted the summary judgment application. Those advising on the prospects of applications of this kind against litigants in person should factor in the added risk that fresh material may emerge during the hearing, even where the application appears strong on the papers... What was the background? ...

The Employment (Allocation of Tips) Act 2023 (E(AT)A 2023) The Employment (Allocation of Tips) Act 2023 (E(AT)A 2023) imposes a statutory duty on employers in all industries to pass on to workers, without deductions, every tip, gratuity and service charge they receive or over which they hold control or material influence (qualifying tips), and to ensure distribution is fair and transparent. While it leaves untouched the rules on the taxation of tips, gratuities and service charges, its purpose is to guarantee that customer payments of this kind are allocated to workers. The Act is reinforced by a statutory Code of Practice on Fair and Transparent Distribution of Tips, together with non-statutory guidance. For further detail on the legal framework governing the payment and allocation of tips, gratuities and service charges, see Practice Note: Allocating tips, gratuities and service charges to workers. That Practice Note considers the tax treatment of tips and commission, which remains unaffected by E(AT)A 2023. The basic position is that both tips and commission, irrespective of...

This Practice Note outlines equitable execution and sets out the procedure to follow when seeking an order appointing a receiver by way of equitable execution. What is equitable execution? Equitable execution is the court’s appointment of a receiver to collect income produced by a judgment debtor’s assets. That receiver oversees those income streams and makes payments to the judgment creditor to clear the judgment debt, without conferring any entitlement on the creditor to the underlying asset. This is a different kind of receiver from those encountered in insolvency. Equitable execution is not an insolvency process and the creditor gains no proprietary interest or secured standing. It is neither a simple nor inexpensive mode of enforcement and, often, securing a third party debt order or a charging order will be the preferable way to enforce a judgment debt. Nevertheless, where the standard enforcement routes are unsuitable or unavailable, equitable execution may offer a viable path. Equitable execution is largely governed by case law...

ARCHIVED This archived Practice Note is not being maintained and is supplied for background purposes only. It covers the original Coronavirus (COVID-19) Job Retention Scheme (CJRS), first unveiled by the government on 20 March 2020, which applied from 1 March to 30 June 2020. For information on: the extended CJRS operating between 1 May and 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived] the extended CJRS in effect from 1 November 2020 to 30 April 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 November 2020 to 30 April 2021) [Archived] the revised CJRS running from 1 July to 31 October 2020, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 July to 31 October 2020) [Archived] The CJRS was a temporary initiative, originally intended to run for three months from 1 March 2020. On 17 April 2020, HM Treasury announced an extension to 30 June,...

1 Deductions from payments and indemnity for tax deductions 1.1 [ Subject to any contrary provision in this Agreement, ] the Company will pay the Shareholders [ all amounts due under this Agreement ] free from deductions of any kind or any withholdings, except to the extent required by applicable law...

Termination payments qualifying for £30,000 exemption As set out in Practice Note: Termination payments qualifying for £30,000 exemption, where a compensation payment for loss of office or employment is made in circumstances where it does not fall to be taxed as: earnings within section 62 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) (see Practice Note: Termination payments taxed as earnings) benefits-in-kind (see Practice Note: How employment income is taxed—non-cash earnings or benefits) benefits from an employer-financed retirement benefits scheme employment-related securities (see: Employment-related securities—overview) disguised remuneration, where termination payments or benefits are provided by a third party (such as an employee benefit trust) rather than the employer (see: Disguised remuneration and EBTs—overview) restrictive undertakings (see Practice Note: Taxation of payments for restrictive covenants or undertakings) and for terminations for loss of office since 6 April 2018...