Relevant news analysis ARCHIVED: This Practice Note has been archived and is not maintained. The Lexis®PSL teams regularly publish analysis on the LIBOR transition, which are set out in the table below. Date News analysis Brief description of news analysis 20 December 2022 Banking & Finance—2022 key developments round-up This News Analysis provides a round-up of the key developments in Banking & Finance for 2022 and looks ahead to what’s coming up in 2023. It covers a number of different topics, including LIBOR transition. 6 December 2021 Banking & Finance—LIBOR transition newsletter—November 2021 Welcome to the Lexis®PSL Banking & Finance LIBOR transition newsletter for November 2021, where we look at the latest developments in relation to LIBOR transition across the globe. 9 November 2021 Banking & Finance—LIBOR transition newsletter—October 2021 Welcome to the Lexis®PSL Banking & Finance LIBOR transition newsletter for October 2021, where we look at the latest developments in relation to LIBOR transition across the globe over the last month. 6 October 2021 Banking & Finance—LIBOR transition newsletter—September 2021 Welcome

The Financial Conduct Authority (FCA) has issued a final reminder to firms about the end of 1-, 3- and 6-month synthetic US dollar LIBOR settings, which cease permanently after their final publication on 30 September 2024. Ahead of that deadline, the FCA says firms with outstanding US dollar LIBOR exposures ‘must continue their active transition efforts’.

NHS Local Improvement Finance Trust. LIFT is a vehicle for improving and developing frontline primary and community care facilities.

Law360, London: The spiraling cost to the economy of cyberattacks means that regulators might need to set up public-private partnerships to close insurance gaps, LIIBA said on 6 October 2025.

The Low Incomes Tax Reform Group (LITRG) has responded to the chancellor's announcement in the 2025 Autumn Budget extending the personal allowance freeze from April 2028 to April 2031. The personal allowance has remained at £12,570 since April 2021. LITRG warns that minimum wage workers will begin paying income tax after working approximately 20 hours weekly from April 2026 and expects the full state pension to exceed the personal allowance in 2027/28, creating tax obligations for pensioners.

The Low Incomes Tax Reform Group (LITRG) is urging taxpayers who cannot manage their tax affairs online to apply for exemptions from Making Tax Digital (MTD) for Income Tax, which is set to launch in April 2026. Under the new system, self-employed individuals and landlords with gross incomes exceeding £50,000 on their 2024–25 returns will be required to use digital record-keeping. To support those who are digitally excluded, HMRC published guidance on 29 September 2025, detailing how to apply for an exemption via phone or post, with a response provided within 28 days.

The Low Incomes Tax Reform Group (LITRG) has welcomed the government’s announcement that taxpayers required to join Making Tax Digital (MTD) for Income Tax from next April will not receive “penalty points” for submitting compulsory quarterly updates late during their first 12 months. Technical Officer, Sharron West, said the deferral will help taxpayers manage the expected initial implementation challenges of adapting to new commercial software—often without the support of a tax adviser. The government also confirmed that the new penalty regime introduced for MTD will be extended to all self-assessment taxpayers from April 2027. West described this as a positive development, noting that it is unfair to have two different penalty regimes operating side by side. She welcomed the decision to align the systems, which reflects LITRG’s previous recommendations.

Low Level Effluent Treatment plant

Lawyers in Local Government (LLG) has announced the launch of a new Professional Body for Monitoring Officers, with its official name and logo set to be revealed at the 2025 LLG Governance Conference in London. The professional body stems from a 2023 joint report by Browne Jacobson, the Local Government Information Unit and LLG, which examined the changing role of Monitoring Officers and recommended establishing a dedicated body comparable in standing to the Chartered Institute of Public Finance and Accountancy and the Society of Local Authority Chief Executives. The new body will operate a shadow committee until April 2027, when elections for positions will be held among members. The committee will be chaired by LLG’s current Monitoring Officer and National Lead, Helen Bradley. LLG has also appointed former LLG President and former Director of Law & Governance at the London Boroughs of Newham/Havering and Hounslow, Rachel McKoy, as Executive Director of the new professional body.

Lawyers in Local Government (LLG), the Chartered Institute for Public Finance & Accountancy (CIPFA) and the Society of Local Authority Chief Executives (SOLACE) have published a Code of Practice on Good Governance for Local Authority Statutory Officers. The document provides advice and expectations for the highest profile statutory roles in local authorities, referred to as the 'Golden Triangle'. The document seeks to enable efficient collaboration, decision implementation and achievement of outcomes.

This Practice Note outlines the provisions of the Companies Act 2006 (CA 2006) relating to the annual accounts of a limited liability partnership (LLP). The CA 2006 sets out detailed provisions relating to the preparation of annual accounts by a company. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations) apply some of these provisions to LLPs with appropriate modifications. The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations) implemented various changes to the accounting regime for LLPs and qualifying partnerships. The Statutory Auditors Regulations 2017, SI 2017/1164 implemented various changes to the accounting regime for LLPs and other entities. The majority of changes apply to LLPs with financial years beginning on or after 17 June 2016, although the tightening of the exemption from preparing group accounts for small LLPs applies to financial years beginning on or after 1 January 2017. See also Practice Note: LLP Accounts—individual and group accounts. Application of the statutory provisions All

The Companies Act 2006 (CA 2006) sets out detailed provisions relating to the preparation of annual accounts by a company. The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, SI 2008/1911 (2008 Regulations) apply some of these provisions to limited liability partnerships (LLPs) with appropriate modifications. The Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016, SI 2016/575 (2016 Regulations) implemented various changes to the accounting regime for LLPs and qualifying partnerships. The Statutory Auditors Regulations 2017, SI 2017/1164 implemented various changes to the accounting regime for LLPs and other entities. The majority of changes apply to LLPs with financial years beginning on or after 17 June 2016, although the tightening of the exemption from preparing group accounts for small LLPs applies to financial years beginning on or after 1 January 2017. This Practice Note, along with Practice Note: LLP Accounts—an outline of the statutory framework, summarises the requirements set out in these statutory provisions. Requirement to prepare individual accounts The members of an LLP must prepare accounts