In relation to any tax week1 falling within a period for which the Commissioners for Revenue and Customs2 are required to pay minimum contributions3 in respect of an earner4, the amount of those contributions must be an amount equal to the appropriate age-related percentage5 of so much of the earnings paid in that week (other than earnings in respect of contracted-out employment6) as exceeds the current lower earnings limit7 but not the upper accrual point8 (or the prescribed equivalents if he is paid otherwise than weekly)9. Regulations10 may make provision:
(1) for earnings to be calculated or estimated in
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
What is QOCS?Qualified one-way costs shifting (QOCS) was introduced on 1 April 2013 as part of the Jackson costs reforms following the removal of a claimant’s right to recover additional liabilities from the defendant, ie success fees and after the event (ATE) insurance premiums. The relevant CPR
Facilitating the performance of a duty by public officialsFacilitation payments, also known as facilitating or grease payments, are generally small amounts of money paid to public officials or others as a means of ensuring that they perform their duty, whether more promptly or at all. In some
BREXIT: As of 31 January 2020, the UK is no longer an EU Member State, but has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies,
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