Procedure obliging Member States to avoid excessive deficits in their national budgets.

When pension contributions are recoverable This Practice Note addresses two questions: • whether a bankrupt’s pension arrangement falls within the bankruptcy estate, and • where the arrangement falls outside of the bankruptcy, whether contributions made to the arrangement can be claimed for the benefit of the estate It is only concerned with occupational pension schemes and personal pension arrangements. State pensions and (most) statutory pension schemes will not form part of the bankrupt’s estate, such that the only way in which a trustee in bankruptcy (trustee) may recover pension entitlements would be by way of an income payments order. Bankruptcies before 29 May 2000 This section applies to persons made bankrupt as a result of bankruptcy petitions presented before 29 May 2000. Contributions made in relation to both personal pension schemes and occupational pension schemes are ordinarily recoverable by the bankrupt’s trustee, as a debtor’s contractual rights under such schemes are regarded as choses in action falling within the wide definition of property provided by section 436 of the Insolvency Act

Dominant firms can abuse their position by charging a price which is excessive because it has no reasonable relation to the economic value of the product supplied.

The imposition by a dominant company of selling prices that are unfair or disproportionate to the economic value of the product or service provided can constitute an abuse (so-called 'excessive pricing'). In United Brands v Commission the Court of Justice considered that charging a price that was excessive because it had no reasonable relationship to the economic value of the product supplied would be an abuse.

Exchange occurs at the time that the SPA/APA is signed. The acquisition agreement may include split exchange and completion (ie where there is a gap between exchange and completion) or simultaneous exchange and completion. Where there is split exchange and completion, completion of the SPA/APA will be dependent on the satisfaction of certain specified conditions.

The telephone line that connects the customers' network terminating point to the local exchange.

What is exchange of information? Exchange of information (EOI) between tax authorities has long been a key element of international co-operation in tax matters. More recently, however, growing levels of public and governmental concern regarding perceived tax avoidance (at both the individual and the corporate level) have caused the topic to assume a still greater significance, and have ensured that it has become a centrally important (and arguably more effective) cross-border anti-avoidance measure. There are a variety of different regimes and instruments pursuant to which tax authorities such as HMRC exchange information relating to taxpayers with overseas tax authorities. The primary focus of this Practice Note is the approach to EOI under double tax treaties or conventions (DTTs), although the other key platforms for EOI are also summarised. Most DTTs contain a specific provision dealing with EOI, which is often based on Article 26 of the Organisation for Economic Co-operation and Development (OECD) model tax convention (MTC). Under the terms of a DTT, information is typically exchanged for one of two purposes:

A transaction between a counterparty and a recognised exchange that mitigates the credit risk inherent in an OTC transaction.

This Practice Note provides an introduction to the basic concepts and issues relating to exchange traded derivatives (ETDs). It also provides links to materials which provide more detailed information on key aspects of ETDs. What are exchange traded derivatives? ETDs are standardised derivative contracts which are traded on exchanges and cleared through clearing houses. Exchanges are organised, regulated trading venues, where prices are made public and where multiple parties are able potentially to make simultaneous bids and offers for the same contracts. Derivatives exchanges are sometimes called futures exchanges as futures and options are the main types of ETD. Clearing houses (also known as central counterparties or CCPs) are a type of financial institution which facilitate the clearing of ETDs and (in some cases) OTC derivatives and other financial products. Clearing is a process which eliminates the normal risk that a party to a derivatives transaction will default and in which the clearing house interposes itself between the original parties to the transaction, becoming a party to every transaction—each party therefore is exposed to the risk

A vehicle that is traded on a stock exchange and whose performance is designed to track a given market index. Exchange traded funds (ETFs) represent a low cost, highly liquid ‘form’ of index investing.

A collective investment vehicle which can be bought and sold on stock exchanges and which tracks an underlying index. ETFs can be regulated as UCITS or AIFs. UCITS ETFs must be EU domiciled (unless they are UK UCITS following Brexit) and comply with the UCITS directives, as implemented, including offering relevant redemption rights to investors and comply with asset diversification rules.

This notice updates the November 2018 version with changes to the rates of landfill tax and percentage credit for the landfill communities fund. The notice applies to landfill site operators with sites in England and Northern Ireland from 1 April 2020.