Reduced rate meaning

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Tax avoidance, evasion and non-compliance Insolvency—Private Client Digital assets and cryptoassets Charity and philanthropy 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®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate HMCTS probate enquiry line—temporary reduced hours From 14 February 2024, and for 12 weeks, the HMCTS probate helpline will run on reduced hours: 9am to 1pm, Monday to Friday. The HMCTS Probate Service remains available via web‑chat from 9am to 5pm, Monday to Friday. Source: HMCTS Probate LinkedIn post. MoJ urges those entitled to claim dormant funds held by CFO to act now The Ministry of Justice...

In this issue: Key PI and Clinical negligence developments Civil procedure rule committee minutes Psychiatric and occupational stress Injuries caused by animals Claims involving a child Claims involving a fatality Costs and funding Other PI and Clinical negligence news LexTalk® PI & Clinical Negligence: a Lexis®Nexis community Daily and weekly news alerts LexisNexis® Webinars Useful information Key PI and Clinical negligence developments MoJ announces reduction in CFO’s interest rates The Ministry of Justice (MoJ) has confirmed reduced interest rates for the Courts Funds Office (CFO) special and basic accounts. The special account rate moves from 4.75% to 4.50%, while the basic account rate shifts from 3.56% to 3.38%. Effective from 3 March 2025, the revision follows the Bank of England’s base rate cut on 6 February 2025 and is intended to ensure the CFO Service can continue to cover operational costs. See: LNB News 04/03/2025 38...

HMRC v Boehringer Ingelheim Limited [2026] UKUT 135 (TCC) Boehringer Ingelheim Ltd (BIL) supplied pharmaceutical products at the standard rate to the Department of Health and Social Care (DHSC), retail pharmacies and, predominantly, wholesale distributors. Most of those supplies were to wholesalers and were in the main ultimately used by the NHS. In line with government arrangements concerning medicines used by the NHS, BIL made payments to the DHSC. BIL maintained that each and every payment effectively reduced the consideration it obtained and therefore amounted to a rebate for VAT purposes. HMRC, however, contended that none of the payments constituted a VAT rebate for VAT purposes. The UT disagreed with both BIL and HMRC. HMRC’s principal contention was that BIL’s payments to the DHSC were not price reductions but charges on overall revenues, akin to a profit‑regulatory mechanism, meaning there was no reduction in price for VAT purposes and thus no rebate. HMRC further characterised the DHSC’s role as that of providing funding...

ARCHIVED: This Practice Note is archived and not being maintained. It reviews the Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 (Week’s Pay Amendment Regs 2020), SI 2020/814, which ensure that employees furloughed under the Coronavirus Job Retention Scheme (CJRS) for any period ending on or before 30 September 2021 receive statutory redundancy pay, statutory notice pay and other entitlements by reference to their usual earnings rather than the reduced furlough rate. For details on the Coronavirus Job Retention Scheme (CJRS), extended to 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived]. For general guidance on working out a week’s pay under sections 221–224 of the Employment Rights Act 1996 (ERA 1996), see Practice Note: Calculating a week’s pay. The Employment Rights Act 1996 (Coronavirus, Calculation of a Week’s Pay) Regulations 2020 (Week’s Pay Amendment Regs 2020), SI 2020/814, which took effect on 31 July 2020, prescribe how a week’s pay is to...

Business asset disposal relief Business asset disposal relief (BADR) is a capital gains tax (CGT) relief intended to encourage individuals to start and grow their own businesses. Where the qualifying conditions are met, for disposals made on or after 6 April 2026 the CGT rate on specified business assets is reduced to 18%. Before 6 April 2025 the rate available under BADR was 10%, rising to 14% from 6 April 2025 under the Finance Act 2025, which also provided for a further increase to 18% for disposals on or after 6 April 2026. Individuals operating as sole traders or in partnership Individuals disposing of shares in, or securities of, a company Trustees of a settlement holding the business assets Companies are not eligible for BADR in respect of chargeable gains that they realise. A lifetime cap limits the total amount of BADR that any one individual can claim...

CASE HUB NOTE-appeal lodged before the Court of Justice in Case C- 578/21 P ARCHIVED -this archived case hub reflects the position at the date of the judgment of 7 July 2021; it is no longer maintained. See further, timeline. Case facts Outline A challenge to the Commission’s decision of 9 July 2019 concerning alleged unlawful State aid granted to the fossil fuel sector via reduced property taxation (SA.44671). Latest developments On 7 July 2021, the General Court handed down its judgment, rejecting the action. It concluded the applicants had not established doubts sufficient to warrant opening the formal investigation procedure. Parties Applicants: Irish Wind Farmers’ Association (IWFA) Carrons Windfarm Ltd (Carrons Windfarm) Foyle Windfarm Ltd (Foyle Windfarm) Greenoge Windfarm Ltd (Greenoge Windfarm) (together, the Applicants) Defendant: European Commission (the Commission) Background In 2001, Ireland enacted the Valuation Act, repealing all prior Valuation Acts. It mandated...

FORTHCOMING CHANGE: At Autumn Budget 2024 on 30 October 2024, alterations to Agricultural Property Relief were announced, under which the 100% rate of relief will be restricted from April 2026. From that date, it will no longer apply to the entire value of qualifying agricultural property, but instead only to the first £1m of value. The portion of agricultural property above £1m will attract only 50% BPR. Any property which qualifies for business property relief (BPR) will need to be brought into account when assessing whether the £1m threshold is exceeded. For information on these changes, including draft legislation published with Autumn Budget 2024, see: Autumn Budget 2024 (paras 2.51 and 5.54), (para 2.12) and OOTLAR (para 2.12) and Autumn Budget 2024—Private Client analysis. 1 Legacy of qualifying agricultural property on discretionary trust 1.1 In this clause 1, ‘Qualifying Agricultural Property’ means any property whose agricultural value is treated as reduced by 100% by virtue of the property being agricultural property, through the application of sections...

1 Legacy to Charity I direct that a gift of ten per cent of the baseline value of my estate, as set out in Schedule 1A of the Inheritance Tax Act 1984 or any statutory successor, be paid to [ insert charity details ]; and I state that this gift will not be less than [ minimum donation ] nor exceed [ maximum donation ], even if this cap means the reduced rate of Inheritance Tax will not apply...

THIS DEED is entered into on [ date ] Parties [ Names of residuary beneficiaries ] of [ address ] (the Residuary Beneficiaries) [ Name of charity beneficiary ] of [ addresses ] (the Charity) [ Names of Executors ] of [ addresses ] (the Executors) BACKGROUND [ Name of deceased ] (the Deceased) passed away on [ date of death ], having made their last Will dated [ date of last Will ] (the Will). [ A grant of probate for the Will was obtained from the [ Principal OR [ name ] District Probate ] Registry of the Family Division of the High Court by the Executors on [ date of grant ]. OR No grant of probate has yet been obtained by the Executors ]. Pursuant to clause [ insert clause number from the Will relating to the charitable legacy ] of the Will, the Deceased made a gift of [ insert...

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...

What is a DCFA? Most practitioners know the ‘pure’ CFA, commonly referred to as a ‘no win, no fee’ agreement. Working under a pure CFA, the lawyer or legal representative is remunerated only upon a win, as the CFA expressly defines it. If that outcome is not achieved, no fee is payable for the professional work undertaken on the matter. For additional detail, see the subtopic: CFAs and DBAs for further information. A DCFA is often described as a ‘no win, lower fee’ arrangement in contrast to the pure CFA. Under a DCFA, the client agrees to meet the lawyer’s fees in full on success; if the case fails, a reduced fee is payable to the representative. The role of success fees Success fees exist to ensure a solicitor’s portfolio of CFA-backed litigation can operate at nil net loss overall. Put differently, the success uplifts on winning matters are designed to meet the base costs that cannot be recovered on losing matters within that portfolio...

An apprentice qualifies for the lower apprentice rate of the national minimum wage (NMW) (currently £3.50 per hour) This entitlement applies where the individual is a worker who either: Is employed under: A contract of apprenticeship An apprenticeship agreement (as defined by section 32 of the Apprenticeships, Skills, Children and Learning Act 2009 (ASCLA 2009), since repealed but subject to transitional and saving provisions) An approved English apprenticeship agreement (as described in ASCLA 2009, s A1(3)) Or is regarded as employed under a contract of apprenticeship by virtue of taking part in one of these government schemes: England: Apprenticeships, Advanced Apprenticeships, Intermediate Level Apprenticeships, Advanced Level Apprenticeships, or Trailblazer Apprenticeships Scotland: Modern Apprenticeships Northern Ireland: Apprenticeships NI Wales: Foundation Apprenticeships, Apprenticeships, or Higher Apprenticeships Where any of the above apply, the worker meets the conditions for the...