Value shifting meaning

What is the background to the government’s consultation? In July 2023, the Chancellor at the time used the Mansion House address to set out a suite of detailed proposals in respect of the UK pensions market, with a particular focus on consolidating pension schemes to achieve greater investment scale and impact. At the same time, a number of large DC pension funds established for auto-enrolment entered into what became known as the ‘Mansion House’ compact. Following the General Election in July 2024, the new government formally commenced its Pensions Review. This included a call for evidence on pensions market reform to boost investment, improve returns for savers, and address inefficiencies within the pensions system. The government’s latest consultation describes the purpose of reform as twofold, namely: to secure value for pension savers by shifting emphasis from costs to the value for money delivered to drive consolidation across the pensions market, expected to foster large-scale pension funds with the capacity and scale to invest in significant...

In this issue: Key PI and clinical negligence developments Costs Employer's liability Road traffic accidents LexTalk®PI & Clinical Negligence: a Lexis®Nexis community Daily and weekly news alerts Useful information Key PI and clinical negligence developments The personal injury discount rate—a review Late in 2024, the Lord Chancellor, Shabana Mahmood MP, revealed the outcome of her five‑month review of the discount rate, first launched in July 2024. A month after the new +0.5% discount rate took effect, Thea Wilson (barrister at 12 King’s Bench Walk) assesses its influence on claims, responses from claimant and defendant representatives, and what the shift means for practitioners. See News Analysis: The personal injury discount rate—a review. Costs Qualified one-way costs shifting applied to a claim for personal injury caused by the wrongful disclosure of private information In Birley v Heritage Independent Living Ltd [2025] EWCA Civ 44, the Court of Appeal determined that qualified one‑way costs...

TPR to go 'further' on prudential regulation for the wider market Nausicaa Delfas, chief executive of TPR, wrote in a blog that the regulator will go 'further' than the blueprint set out in November 2024, shifting towards a prudential model that scans the wider market as a whole, instead of merely tackling risks at an individual scheme level. Last year, TPR said its role as regulator would evolve as pension schemes consolidate into much larger megafunds, effectively becoming too big to fail. Delfas said at the time that TPR would adopt a prudential approach to market supervision, akin to the Bank of England's role as it manages banks and insurance companies. On 17 February 2025, the chief executive warned that, if collaboration with the industry does not address challenges across the sector, 2025 will be characterised by regulatory intervention. 'We will continue...

FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: In 2027, stamp duty and SDRT are set to give way to a unified, self-assessed levy on securities—the securities transfer charge (STC)—to be paid and reported through a new digital portal. In broad terms, the STC’s design will align with the proposals for that tax set out in the 2023 consultation. Finance Bill 2026 (FB 2026) creates a power, commencing on Royal Assent, for secondary legislation that will enable taxpayers to pilot the digital service by self-assessing their stamp taxes on securities obligations and submitting transactions electronically via the service. This will allow reporting and payment to be handled online as part of the modernisation of stamp taxes on shares. For detailed coverage of the modernisation of stamp taxes on securities, see: News Analyses: Budget 2025—Tax analysis—Stamp and transfer taxes Tax update spring 2025—Stamp taxes on shares modernisation Tax update spring 2025—Tax analysis—Stamp and transfer taxes TAMD 2023—Stamp taxes on...

PI & Clinical negligence horizon scanner—July 2025 [Archived] ARCHIVED: This Practice Note is archived and is not maintained. It summarises the principal legal developments relevant to personal injury and clinical negligence practitioners as at July 2025. For developments predating this horizon scanner, see PI and Clinical Negligence horizon scanning and key cases—overview. Key PI and clinical negligence developments The personal injury discount rate—a review In late 2024, the Lord Chancellor, Shabana Mahmood MP, revealed the outcome of her five‑month review of the discount rate, initiated in July 2024. One month after the new +0.5% discount rate took effect, Thea Wilson (barrister at 12 King’s Bench Walk) assesses its impact on cases, the responses from claimant and defendant representatives, and the consequences of the change for legal practitioners. See News Analysis: The personal injury discount rate—a review. MoJ announces reduction in CFO’s interest rates The Ministry of Justice (MoJ) has announced lower interest rates for the Courts Funds Office’s (CFO) special and basic accounts...

In October 2021, countries participating in the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) (the OECD Inclusive Framework) endorsed a ‘two-pillar’ package addressing the tax issues stemming from the digitalisation of the global economy. The two pillars constitute an ambitious effort to reform and modernise international tax rules that allocate where, and how, profits are taxed. Pillar One is chiefly (though not exclusively) aimed at the digital economy: ‘a world where enterprises can effectively be heavily involved in the economic life of different jurisdictions without any significant physical presence and where new and often intangible value drivers increasingly come to the fore’. Pillar One introduces two elements: a new taxing right that stretches beyond traditional tax nexus rules anchored in physical location (Amount A) a standardised methodology for transfer pricing baseline marketing and distribution activities between related parties (Amount B). This Practice Note provides a high-level summary of: the tax...

For this Q&A, it is assumed that the claim continues within the Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents (the Protocol). Pre-Action Protocol for Low Value Personal Injury Claims in Road Traffic Accidents (the Protocol) Under paragraph 3.1, the Protocol’s objectives are to ensure that: the defendant meets damages and costs through the process prescribed by the Protocol, without the claimant having to issue proceedings; damages are paid within a reasonable period; and the claimant’s legal representative is paid the fixed costs at each relevant stage. Accordingly, the aims do not extend to circumstances in which a defendant may recover costs...