Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Liabilities definition

What does Liabilities mean? In practice, a scheme’s liabilities are what it owes: the future benefit payments (for example, pensions and lump sums) and the scheme’s expenses. They are usually measured as the present value of expected cashflows, determined by an actuary using assumptions on discount rate, longevity, inflation and expenses. Comparing liabilities with the market value of assets gives the funding level: a deficit arises where liabilities exceed assets; a surplus where assets exceed liabilities. “Liabilities” is a descriptive term used across legal, actuarial and accounting contexts rather than a single statutory definition. However, valuation bases are prescribed for particular purposes. In...

Reintroduced Coronavirus Statutory Sick Pay Rebate Scheme (21 Dec 2021–17 Mar 2022): eligibility, claims, HMRC guidance, caps, TUPE, CJRS interaction, record-keeping and tax [Archived]

Published by a LexisNexis Employment expert

Practice notes

This Practice Note reviews the Coronavirus Statutory Sick Pay Rebate Scheme (CSSPRS), temporarily reinstated by the Statutory Sick Pay (Coronavirus) (Funding of Employers’ Liabilities) Regulations 2022 (SSP Funding Regs 2022), SI 2022/5, in force from 14 January 2022. The reintroduced CSSPRS applied to coronavirus-related Sickness absence between 21 December 2021 and 17 March 2022. Employers were able to reclaim coronavirus-related SSP via the online service until 24 March 2022, which has since closed. For further detail, see: LNB News 25/02/2022 13...

Key points to note

The government’s plan to reimburse coronavirus-related statutory sick pay was first outlined in the Spring Budget 2020 (see News: Special temporary measures for Statutory Sick Pay (SSP) refunds announced in Budget).
Section 39(1) of the Coronavirus Act 2020 inserted a new funding mechanism into the Social Security Contributions and Benefits Act 1992 (SSCBA 1992) to meet employers’ SSP liabilities connected to coronavirus.
SSCBA 1992, s 159B(1) authorises regulations so that HM Revenue and Customs can fund employers’ statutory sick pay for Incapacity for work related to coronavirus, to the extent and in the manner prescribed...

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Web page updated on 21/05/2026

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