Stakeholder pension meaning

In this issue: Companies and corporation tax Stamp taxes VAT Individuals and income tax Taxes management and litigation Employment taxes Budget and Finance Bills Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies and corporation tax Court of Appeal decides interest on intra-group loans not restricted under transfer pricing rules but debits disallowed under unallowable purpose rule (BlackRock Holdco 5, LLC v HMRC) BlackRock Holdco 5, LLC v HMRC [2024] EWCA Civ 330 considers whether, for UK tax purposes, interest on intra‑group borrowing put in place to help fund a commercial acquisition is deductible. Two principal points were before the Court of Appeal: the transfer pricing analysis and the loan relationships unallowable purpose question. On the transfer pricing limb, the Court of Appeal allowed the taxpayer’s appeal. As a result, deductions for interest on the intra‑group loans were not curtailed by the transfer...

In this issue Budget and Finance Bills Individuals and income tax Anti-avoidance Taxes management and litigation Employment taxes Key developments Environmental taxes Daily and weekly news alerts Dates for your diary New and updated content Trackers Useful information Budget and Finance Bills Scottish Parliament approves the Scottish Budget The Scottish Parliament has passed the 2024–25 Scottish Budget Bill, confirming changes to Scottish income tax, with fresh 45% and 48% rates for higher earners. See: LNB News 28/02/2024 20. Spring Budget As flagged in Tax weekly highlights—22 February 2024, the Chancellor, Jeremy Hunt, will present the Spring Budget on Wednesday, 6 March 2024. As usual, we will produce overnight analysis of the tax measures, ready on the morning of Thursday, 7 March. Our recent fiscal event coverage is available under the subtopic: 2023–24—Fiscal events including Budget. Individuals and income tax New Regulations reform Making Tax Digital for Income...

In this issue: Brexit UK, EU and international regulators and bodies Accountability, culture and societal governance Prudential rules Stability of the financial system Financial crime and sanctions Conduct standards Complaints, redress and claims handling Investigations, enforcement and disciplinary action Benchmark regulation and IBOR transition Capital markets regulation PRIIPs (Packaged Retail and Insurance-based Investment Products) Derivatives regulation Sustainable finance and ESG Banks and mutuals Funds and asset management MiFID II Insurance regulation Personal pensions and stakeholder products regulation Payment services and systems Fintech and cryptoassets EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday alerts New and updated content Dates for your diary New Q&As New Q&As Brexit — HMT outlines the next stage of the Smarter Regulatory Framework. HM Treasury (HMT) has issued a policy paper describing the upcoming...

Introduction to the FCA’s requirements on information about firms, adviser charging and consultancy charging This Practice Note outlines, in summary, the regulatory regime and guidance that dictates what information a firm must give to clients about its services and remuneration arrangements, and about adviser and consultancy charging when it undertakes designated investment business in this context. The Financial Conduct Authority (FCA) has set rules requiring a firm to disclose clearly to clients details about the firm and the services it offers. Many of these obligations originally arose from implementing provisions within the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). The rules sit largely in the General Provisions Manual (GEN) and the Conduct of Business Sourcebook (COBS). MiFID was subsequently replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the EU Markets in Financial Instruments Regulation (Regulation (EU) 600/2014, OJ L 173, 12.6.2014) (MiFIR) (together, the EU MiFID II framework). Both MiFID II and EU MiFIR formally entered into force on 2 July 2014....

This Practice Note addresses the disclosure duties applying from 6 April 2014 to occupational and personal pension schemes under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations). For information on disclosure requirements that apply outside the 2013 Disclosure Regulations, see Practice Note: Event-specific disclosure requirements for occupational and personal pension schemes. For details of the disclosure requirements that applied before 6 April 2014 to occupational and personal pension schemes, see Practice Notes: Occupational pension schemes—disclosure requirements before 6 April 2014 (ARCHIVED) and Personal pension schemes—disclosure requirements before 6 April 2014 [Archived]. In this Practice Note, references to ‘trustees’ include, in the context of a contract-based scheme, the managers of the scheme. Introduction of new disclosure regime from 6 April 2014 The 2013 Disclosure Regulations took effect on 6 April 2014, amalgamating the disclosure provisions previously set out in: the Occupational Pension Schemes (Disclosure of Information) Regulations 1996, SI 1996/1655—repealed, and the Personal Pension Schemes (Disclosure...

This Practice Note outlines the regulated activities of giving basic advice to retail consumers on stakeholder products, and of providing advice on: securities, structured deposits and relevant investments loan-based crowdfunding agreements, and the conversion or transfer of pension benefits Providing basic advice to retail consumers on stakeholder products Under article 52B of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, SI 2001/544 (RAO), giving basic advice to retail consumers on stakeholder products constitutes a regulated activity. This encompasses advice delivered as a recommendation by a person (P), in the course of a business carried on by P, to a ‘retail consumer’. The recommendation must concern a stakeholder product, and certain conditions attached to the provision of basic advice must be satisfied...

This precedent is prepared on the footing that the drafter acts for the Seller. It is prepared on the basis that the target company (the Company) is a subsidiary of the Seller. It is strongly recommended that a pensions specialist is engaged at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 12 (inclusive), the following definitions set out below shall apply: Employee means any current or former employee, officer, or director of the Company [ or of any Group Company ] [ and any other individual involved in the management of the Company’s affairs ] ; Pension Scheme means any arrangement or practice providing for, or contributing towards, an annuity, pension, lump sum, gratuity, or similar benefit on retirement, long-term ill-health, or death, or pursuant to a pension sharing order, arising from the service or historic service of an Employee or any other person, or for the benefit of that individual’s dependants; and Pension Schemes shall be construed accordingly......