Following a period of consultation and a market study into the defined contribution (DC) workplace pension market, the DWP decided that, from 6 April 2015, a cap should be imposed on charges borne by DC members in respect of the default arrangements of qualifying schemes (ie schemes that satisfy the necessary conditions to be used for auto-enrolment purposes). This cap is referred to in this Practice Note as the charge cap. The purpose of the charge cap is to ensure that DC members who have not made any choice about their pension investments (and who thus end up in default funds) do not experience charges above a certain amount. Legislative and regulatory framework for the charge cap Equivalent charge cap provisions apply to DC occupational pension schemes and workplace personal pension schemes. However, those provisions can be found in different bodies of law/regulation, depending on whether the scheme is a DC occupational pension scheme or a workplace personal pension scheme. Where can the charge cap provisions be found? For DC occupational

Banking & Finance analysis: This News Analysis looks at the case of Re UKCloud Ltd (in liquidation) in which the court was asked to give directions on whether a charge over IP addresses was fixed or floating.

In the context of pension schemes, generally a mortgage on specified assets, designed to provide security for a pension fund in the event of a sponsor failure. The sponsor can continue to use them, but cannot dispose of them without pension fund consent.

DEFINITIONS The following definitions need to be added to and the definitions of Related Rights, Secured Assets, Shares and Specific Shares need to be deleted from Clause 1.1 (Definitions) of Precedent: Share charge (granted by the borrower): single company chargor—bilateral—specific monies. CREST • means the electronic settlement system operated by Euroclear UK and International Limited (incorporated in England and Wales with registered number 2878738) for UK securities, or any successor system from time to time; Escrow Account • means an escrow account in CREST in the Chargor's name or otherwise referable to that Chargor (the operating procedures for which permit only the escrow agent to give instructions to CREST in respect of the Specific Securities charged under this Deed held in that escrow account); Related Rights • means all of the present and future rights to: (a) dividends, distributions, interest and other income from the Securities; (b) allotments, rights, money or property arising from the Securities by way of conversion, exchange, redemption, bonus, preference, option or otherwise; (c) stock, shares and securities offered in addition to or substitution for the Securities; and

The amount that crystallises for lifetime allowance at a benefit crystallisation event that is not covered by an individual’s available lifetime allowance at that time, plus any ‘scheme-funded tax payment’.

An event involving an bond'>offshore bond which gives rise to a charge to income tax.

For inheritance tax purposes, a transfer of value which is not an exempt transfer (IHTA 1984, s 2(1)).

The person who has the benefit of a charge, usually a financier.

Charges dropped is an informal expression indicating that criminal proceedings will not continue in respect of some or all allegations against a suspect or accused person. It is not a term of art in UK or Irish legislation or case law, but is widely used to describe decisions such as discontinuance, withdrawal, desertion, or nolle prosequi.In England and Wales and Northern Ireland, it commonly refers to a decision by the police or Crown Prosecution Service/Public Prosecution Service not to charge, to take no further action, or to discontinue or offer no evidence before or at trial. In Scotland, it may describe the procurator fiscal or Crown Office deciding not to prosecute, or to discontinue (e.g. by desertion pro loco et tempore). In Ireland, it broadly corresponds to the Director of Public Prosecutions or Gardaí deciding not to proceed, or the prosecution withdrawing charges before the court.Practically, “charges dropped” may affect custody status, bail, criminal records, disclosure (including DBS/AccessNI/PVG vetting), and potential civil claims such as malicious prosecution or wrongful arrest.

These tables set out: • the charges to income tax in each of the seven categories of income tax • the person who is liable to pay that charge, and • the legislative provisions that are relevant to that charge Employment income Name of charge Person liable Legislative provisions General earnings Person to whose employment the earnings relate ITEPA 2003, ss 6, 7, 13, Pt 3 Specific employment income Person in relation to whom the income counts as employment income ITEPA 2003, ss 6, 7, 13 Pts 6, 7, 7A Pension income Name of charge Person liable Legislative provisions UK pensions Person receiving or entitled to the pension ITEPA 2003, ss 569–572A Foreign pensions Person receiving or entitled to the pension ITEPA 2003, ss 573–576A UK social security pensions Person receiving or entitled to the pension, benefit or allowance ITEPA 2003, ss 577–579 Pensions under registered pension schemes Person receiving or entitled to the pension under the registered pension scheme ITEPA 2003, ss 579A–579D Annuities

Private Client analysis: The High Court was asked to consider the entitlement of a professional executor, a solicitor, to charge for his services in circumstances where the deceased’s Will did not contain a charging clause. The majority beneficiary of the estate, via a costs assessment, sought to challenge the costs claimed by the executor and argued that these costs should be disallowed as there was no charging clause in the Will and the beneficiaries had not provided their express agreement to the executor raising a charge for his services. The High Court held that the executor was not entitled to charge. Absent a charging clause or the express agreement of the beneficiaries, the professional executor was required to demonstrate that the criteria in section 29 of the Trustee Act 2000 (TrA 2000) had been met, or to persuade the court to exercise its inherent jurisdiction to authorise charges. The High Court held that the criteria in section 29 had not been met, and that the judge at first instance had been right to find that the exercise of the inherent jurisdiction to authorise charges should be used sparingly and only in exceptional circumstances. Here, Costs Judge Brown had not been wrong to form the view that there were no sufficiently exceptional features in this case. Written by John Meehan, barrister at Kenworthy’s Chambers.

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