Monthly Highlights: February 2017

Monthly Highlights: February 2017

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from February 2017.

Lending

Launch date announced for new Standards of Lending Practice for business customers

The date for the launch of the Standards of Lending Practice (Standards) for business customers will be 28 March 2017, the Lending Standards Board (LSB) has announced. These Standards will replace the micro-enterprise provisions of the Lending Code.

The new Standards will feature revisions to product scope, and will extend the protections from micro-enterprise customers to include businesses with a turnover of up to £6.5m per annum. They will be launched by Margot James, Minister for Small business, consumers and corporate responsibility, alongside other speakers talking about the change the standards will bring to businesses and consumers.

The Standards of Lending Practice for personal customers have been in effect since 1 October 2016 and can be viewed here.

Draft regulations published relating to the proposed corporate interest restriction

HMRC is consulting until 18 April 2017 on the draft Corporate Interest Restriction (Consequential Amendments) Regulations 2017, which make amendments necessary to ensure that collective investment vehicles and securitisation companies do not suffer unintended consequences from the new corporate interest restriction rules which come into effect in April 2017. The draft legislation relating to these new corporate interest restriction rules was published on 26 January 2017 and is available here.

In particular, the regulations specify that distributions by collective investment vehicles do not fall to be treated as ‘tax-interest expense amount’, while for securitisation companies, their ‘retained profit’ figure will be treated as the net ‘tax-interest income amount’, with adjustments made for certain management fees.

Details of the consultation are available here

New trade body to

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.