The following Private Client practice note provides comprehensive and up to date legal information covering:
This Practice Note draws together analysis on the key milestones of the 2016–17 Budget and Finance Bill process. It includes commentary on the Autumn Statement 2016 and Spring Budget 2017, analysis of the draft provisions of Finance Bill 2017 (FB 2017) and commentary on the Finance Act 2017 (FA 2017). It also tracks the progress of the second Finance Bill 2017, which contains a considerable number of measures which were dropped from the Finance Act 2017.
For a detailed explanation of the annual Budget and Finance Bill process, including the procedural aspects of the passing of a Finance Act, see Practice Note: The Budget and Finance Bill process.
On 8 September 2017, the government published the second Finance Bill 2017, which reinstates a substantial number of provisions which were dropped from the Finance Act 2017 due to the calling of the June 2017 general election. Some of the clauses contained in the second Finance Bill 2017 had been republished on 13 July 2017 (see LNB News 13/07/2017 144) with technical amendments to ensure that clauses with retrospective effect (ie those originally announced as applying from 1 or 6 April 2017, or earlier) would function as intended once the second Finance Bill 2017 is introduced.
For further detail of all the measures to be introduced in the second Finance Bill 2017, see Practice Note: Finance (No
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On 29 August 2015, the Prudential Regulation Authority (PRA) published the PRA Rulebook (Rulebook). The transition from the Handbook to the Rulebook was intended to benefit PRA-authorised firms, to access clearer and more concise rules. Alongside the Rulebook, supervisory statements and statements
Dividends involve a distribution of cash or a distribution of non-cash assets (known as a distribution in kind or a distribution in specie).A scrip dividend (in a tax context, sometimes referred to as a stock dividend) allows a shareholder to receive new shares in a company as an alternative to a
The right to notice means a right for the employee to remain in employment for the period of notice, not simply to be paid for it. An employer will therefore often include in the contract an express right to make a payment in lieu of notice ('PILON') as an alternative to giving notice, to ensure
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
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