ARCHIVED: This Practice Note draws together content on the fiscal events throughout the tax year 2018–19 starting with the release of draft provisions for Finance Bill 2019, through the Budget in 2018 to the passage through parliament of the Finance Act 2019 (FA 2019), and the Spring Statement in 2019. 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. Spring

This Practice Note draws together content on the fiscal events throughout the tax year 2018–19 starting with the release of draft provisions for Finance Bill 2019, through the Budget in 2018 to the passage through parliament of the Finance Act 2019, and the Spring Statement in 2019. For information on the Finance Act 2019, detailing its progress through Parliament to Royal Assent and describing its key provisions, see: Tax—Finance Act 2019—progress through Parliament. 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. Spring Statement 2019 The Chancellor of the Exchequer, Philip Hammond, delivered his Spring Statement on Wednesday 13 March 2019. Analysis includes: • Spring Statement 2019—Tax analysis • Spring Statement 2019—Private Client analysis • Spring Statement 2019—predictions for tax Finance Act 2019 The government published Finance Bill 2019 (FB 2019, also known as the Finance (No 3) Bill 2017–19, the Finance (No 3) Bill 2018, or the Finance Bill

This Practice Note has been archived and is not maintained. Name of parties and citation(s) Judgment date Subject Lexis®PSL Analysis Re Peak Hotels & Resorts Ltd (in liquidation); Crumpler (joint liquidators) v Candey Ltd [2019] EWHC 3558 (Ch), [2020] All ER (D) 62 (Jan) 20 December 2019 Avoidance of floating charges Gauging the monetary value of work done by solicitors for the purposes of section 245 of the Insolvency Act 1986 (Re Peak Hotels & Resorts Ltd) Pensions-Sicherungs-Verein VVaG v Gunther Bauer (Bauer) C-168/18 19 December 2019 Employer insolvency and Article 8 of Directive 2008/94/EC PPF benefit reductions permitted provided member does not fall below poverty threshold (Pensions-Sicherungs-Verein VVaG v Bauer) Thomas v Bulathwela [2019] EWHC 3511 (Ch), [2019] All ER (D) 104 (Dec) 18 December 2019 Late evidence and practical steps to protect beneficial interest in a property Investment property, spouses, beneficial interests and bankruptcy (Thomas & Anor v Bulathwela & Anor) In the matter of Stanford International Bank Ltd (In Liquidation) (Acting by and through its

January 2019 Date Event 1 January 2019 CPRC approves two-year disclosure pilot scheme from 1 January 2019 (see: LNB News 01/08/2018 44) 1 January 2019 IFRS 16, a new accounting standard relating to the accounting treatment of leases, takes effect and introduces a single lessee accounting model (see News Analysis: Finance Bill 2019 and accounting changes for leases) 1 January 2019 Section 6 and Schedule 1 to the Financial Services (Banking Reform) Act 2013 (FS(BR)A 2013) require certain UK financial institutions with significant retail and small and medium-sized enterprise (SME) banking operations, to ring-fence certain activities for retail and SME depositors with effect from 1 January 2019 into a legal entity that will not be permitted to carry on certain specified wholesale and investment banking activities (see the commencement provisions in the Financial Services (Banking Reform) Act 2013 (Commencement No 12) Order 2018, SI 2018/1306 mentioned at LNB News 06/12/2018 69) 1 January 2019 Certain provisions of the 100th Update—Practice Direction come into force. See News Analysis: Practice Direction changes—September

ARCHIVED: This Practice Note draws together content on the fiscal events throughout the tax year 2019–20 starting with the release of draft provisions for Finance Bill 2019–20, through the Budget in 2020 (delayed from 2019) to the expected passage through parliament of the Finance Act 2020 (FA 2020). Due to the general election on 12 December 2019, the Budget was not held in autumn 2019 as expected under the usual parliamentary timetable. For a detailed explanation of the annual Budget and Finance Bill process,

This Practice Note draws together content on the fiscal events throughout the tax year 2019–20 starting with the release of draft provisions for Finance Bill 2020, through the Spring Budget in 2020 (delayed from 2019) to the passage through parliament of the Finance Act 2020 (FA 2020). For information on FA 2020, detailing its progress through Parliament to Royal Assent and describing its key provisions, see: Tax—Finance Bill 2020 tracker. 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. Finance Act 2020 Finance Bill 2020 (FB 2020) (also known as Finance Bill 2019-21) was published on 19 March 2020. Alongside the Bill, the government also published several promised consultations. FB 2020 received Royal Assent on 22 July 2020 and has become the Finance Act 2020 (FA 2020). For analysis on the Bill provisions and consultation documents published, see News Analysis: Publication of Finance Bill 2020 and consultations. Our analysis includes:

ARCHIVED: This Practice Note has been archived and is not maintained. Overview The 2020 EU Climate and Energy package, agreed in 2007, set three key targets for the year 2020: • 20% cut in greenhouse gas emissions compared to 1990 levels, with an objective of a 30% reduction by 2020 subject to the conclusion of a comprehensive international climate change agreement • 20% of EU energy from renewables • 20% improvement in energy efficiency During the European Council meeting of March 2007, EU leaders agreed to set precise, legally binding targets to tackle climate change, to face up to the challenge of secure, sustainable and competitive energy and to make the EU economy a model for sustainable development in the 21st century. Europe showed itself ready to provide global leadership, it was a symbol of its determination. The best way to reach such ambitious goals was for every Member State to know what was expected, and for the goals to be legally binding so that the levers of government could

Name of parties and citation(s) Judgment date Subject Analysis SSF Realisations Ltd (In Liquidation) v Loch Fyne Oysters Ltd [2020] EWHC 3521 (Ch) 21 December 2020 Lawfulness of a distribution made by a company to its sole shareholder under Part 23 of the Companies Act 2006 When unlawful distributions and insolvency collide (SSF Realisations Ltd (In Liquidation) v Loch Fyne Oysters Ltd) ING Bank NV v Banco Santander SA [2020] EWHC 3561 (Comm), [2020] All ER (D) 120 (Dec) 21 December 2020 Is jurisdiction governed by the Insolvency Regulation or Brussels I (Recast)? To be heard in England or not to be—is jurisdiction governed by the Insolvency Regulation or Brussels I (Recast)? (ING Bank v Banco Santander) Etihad Airways PJSC v Flöther [2020] EWCA Civ 1707 18 December 2020 Asymmetric clauses and exclusive jurisdiction clauses Court of Appeal—asymmetric clauses are exclusive jurisdiction clauses for the purposes of Brussels I (recast) (Etihad Airways PJSC v Flöther) Official Receiver v Deuss [2020] EWHC 3441 (Ch), [2020]

January 2020 Date Event 31 January 2020 Exit day extension: On 19 October 2019, the UK requested an extension to the Article 50 withdrawal period until 31 January 2020. On 28 October 2019, the EU27 Ambassadors approved an extension until 31 January 2020 (see LNB News 28/10/2019 37). However, the European Union (Withdrawal Agreement) Act 2020, implements an implementation period / transition period and incorporates several amendments to the EU(W)A 2018 for this purpose, particularly deferring several provisions from exit day to the end of the implementation periodSee: LNB News 24/01/2020 6 February 2020 Date Event 1 February 2020 The UK government had notified the Dutch Ministry of Foreign Affairs that the UK and Gibraltar’s accession to the Hague Convention of 30 June 2005 on Choice of Court Agreements was suspended until 1 February 2020. Given the Withdrawal Agreement was signed, ratified and approved, before 1 February 2020, the UK has now withdrawn the Instrument of Accession deposited on 28 December 2018. The UK has further announced that it wishes to deposit

ARCHIVED This archived Practice Note draws together content on the fiscal events throughout the tax year 2020–21 starting with the Summer economic statement on 8 July 2020, through release of draft provisions for Finance Bill 2020–21 to the expected passage through parliament of the Finance Act 2021 (FA 2021). For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process. For information on the Finance Bill 2019–20, detailing its progress through Parliament to Royal Assent and describing its key provisions, see Practice Note: Tax—Finance Act 2020—progress through Parliament. Finance Act 2021 The government published draft clauses on 21 July 2020 for inclusion in Finance Bill 2021 (FB 2021) (officially known as the Finance Bill (no 2) Bill, because it was the second Finance BIll of the 2020–21 Parliamentary session, but also known as Finance Bill 2020–21). FB 2021 was published on 11 March 2021, received Royal Assent on 10 June 2020 and became the Finance Act 2021 (FA 2021). The draft legislation was

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note draws together content on the fiscal events throughout the tax year 2020-21 starting with the publication of draft provisions for Finance Bill 2020-21 on 21 July 2020 to the passage through parliament of Finance Act 2021 (FA 2021). For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process. For information on the Finance Act 2021, detailing its progress through Parliament to Royal Assent and describing its key provisions, see Practice Note: Tax—Finance Act 2021—progress through Parliament [Archived]. Finance Act 2021 Finance Bill 2021 (FB 2021) (officially known as the Finance (No 2) Bill, because it is the second Finance Bill of the 2019–21 Parliamentary session, and also known as Finance Bill 2020-21) was published on 11 March 2021. FB 2021 received Royal Assent on 10 June 2021 and became the Finance Act 2021 (FA 2021). For an overview of the FB 2021 provisions, see News Analysis: Publication of Finance Bill

ARCHIVED: This Overview has been archived and is not maintained. This subtopic draws together content on the fiscal events throughout the tax year 2020–21 starting with the Summer economic statement on 8 July 2020, through release of draft provisions for Finance Bill 2020–21 to the expected passage through parliament of the Finance Act 2021 (FA 2021). For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process. Autumn Budget 2020 The Autumn Budget for 2020 was cancelled in an announcement HM Treasury on 23 September 2020 due to the coronavirus (COVID-19). On 24 September 2020, the Chancellor of the Exchequer, Rishi Sunak, unveiled his Winter Economy Plan. This set out