Where the margin automatically reduces or increases as the borrower’s financial position improves or declines.

This allows a trader to account for VAT by reference to his profit margin rather than by reference to the consideration for the supply.

The marginal tax rate is the rate that applies to the next pound (or euro) of a taxpayer’s income or gain. In practice, lawyers and tax advisers use it to price the incremental tax cost of a payment, award or transaction, to draft gross‑up provisions, and to assess reliefs and withholdings.It is a descriptive expression rather than a term generally defined in legislation or case law, though legislation may produce an effective marginal rate between bands (for example, UK corporation tax “marginal relief”).Key features:- It reflects progressive bands and can be increased by tapers and clawbacks. In the UK, the personal allowance taper and the High Income Child Benefit Charge can raise the effective marginal rate for affected taxpayers. In practice, advisers also considers National Insurance (and student loan deductions) when modelling an “effective marginal rate”.- In Ireland, “marginal rate” commonly refers to the higher income tax rate and, in context, often the combined effect of income tax, USC and PRSI.- Reliefs such as pension contributions and Gift Aid are given at the individual’s marginal rate. CGT rates can step up when taxable income crosses a band. Settlement agreements and damages are frequently grossed up by reference to the recipient’s marginal rate under PAYE.Usage is consistent across England & Wales, Scotland (with devolved income tax bands for non‑savings, non‑dividend income), Northern Ireland and Ireland.

CASE HUB (date of decision–23/07/2014; appeal lodged at General Court in Case T- 704/14 Marine Harvest v Commission) ARCHIVED–this archived case hub reflects the position at the date of the decision of 23 July 2013; it is no longer maintained. See further, timeline, commentary and related/relevant cases. Case facts ARCHIVE 23/07/2014 Outline European Commission investigation into the failure by Marine Harvest to notify its acquisition a merger and violation of the EU Merger Regulation’s standstill obligation in relation to it’s acquisition of a a minority shareholding in and control over Morpol. Latest development On 23 July 2014 the Commission fined Marine Harvest €20m for acquiring control over Morpol without receiving prior clearance under the EU Merger Regulation. In setting the fine, the Commission noted that Marine Harvest is a large European company with wide previous experience and familiarity with the EU merger control rules—because of this, the Commission concluded that Marine Harvest should have been aware of the requirement to notify the Commission—its failure to do so amounts to negligent conduct. In addition, the Commission

What is marine cargo insurance? Whether insurance in respect of cargo is properly characterised as marine insurance depends upon consideration of the Marine Insurance Act 1906 (MIA 1906). By MIA 1906, s 1 marine insurance is defined as follows: ‘A contract of marine insurance is a contract whereby the insurer undertakes to indemnify the assured, in a manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure.’ Maritime perils are defined by MIA 1906, s 3: ‘Maritime perils’ means the perils consequent on, or incidental to, the navigation of the sea, that is to say, perils of the seas, fire, war perils, pirates, rovers, thieves, captures, seizures, restraints and detainments of princes and peoples, jettisons, barratry, and any other perils, either of the like kind or which may be designated by the policy.’ Whether or not a policy of insurance is a marine insurance turns upon whether the perils insured are perils consequent on or incidental to the navigation of the sea. Hence,

Marine conservation zones Part 5 of the Marine and Coastal Access Act 2009 (MCAA 2009) provides a power, across most of UK waters, to designate marine conservation zones (MCZs) and replaces the previous power under the Wildlife and Countryside Act 1981 to designate Marine Nature Reserves. This practice note focuses on MCZs in England and Wales. For more information on MCAA 2009 more generally, see Practice Note: Marine planning under Marine and Coastal Access Act 2009. MCZs create protected marine sites and complement the other designations available under the marine protected areas network, such as Special Areas of Conservation (SAC), Special Protection Areas (SPA) and Marine Protected Areas (MPA). For more details on the marine protected areas network, see Practice Note: Marine protected areas. For information on changes introduced by the Fisheries Act 2020, see Practice Note: Fisheries Act 2020–snapshot—Increased research and conservation. Designation of MCZs MCZs may be designated for the following areas: • areas of the sea within the seaward limits of the territorial sea adjacent to the UK • areas of the sea within

Introduction This Practice Note aims to introduce the reader to the key concepts of the law of marine insurance and highlight both the overlap with and the differences from the law of insurance generally. The development of marine insurance in England and of the law associated with it can probably be traced back to thirteenth century with the insurance of vessels and their cargoes being a response to the expansion of sea trade. Historically, the law of marine insurance developed from the transit of goods and passengers by sea, embracing the insurance of both property risks and liability risks. The definition of a contract of marine insurance found in section 1 of the Marine Insurance Act 1906 (MIA 1906), however, is wide-ranging, namely a contract whereby the insurer undertakes to indemnify the assured against marine losses, that is to say the losses incident to marine adventure. That wide definition is further expanded by MIA 1906, s 2, which extends the definition of a contract of marine insurance to include

ARCHIVED: This Practice Note was archived and is not maintained. This Practice Note describes the main principles of marine insurance as governed by the Marine Insurance Act 1906 (MIA 1906). It looks at the principles of indemnity under marine insurance, the concept of a marine adventure, mixed land and sea risks and maritime perils. The Practice Note also examines insurable interests, the principal risks insured, marine insurance policies, marine insurance brokers and rights of subrogation under a marine insurance policy. For more detailed guidance on types of marine insurance, see: Marine insurance—overview and Practice Notes: Marine insurance—essentials, Marine cargo insurance, Hull and machinery insurance, Protection and indemnity insurance and Marine war risks. What is marine insurance? Marine insurance is defined in MIA 1906 as a contract ‘whereby the insurer undertakes to indemnify the assured, in manner and to the extent thereby agreed, against marine losses, that is to say, the losses incident to marine adventure’. The objective of MIA 1906 was to codify the then state of the common law in relation to marine insurance.

Law360: A Norwegian marine insurance provider issued a cancellation notice for certain war risks on 12 February 2024 after some of its reinsurers ended their cover for policyholders amid attacks on commercial ships in the Red Sea.

Law360, London: The marine insurance market could face losses if premiums continue to soften in the face of mounting claims inflation, a broker warned.

Law360, London: Insurers risk legal and reputational damage if they offer cover for shipping companies that rely on modern slavery in their business models, The International Union of Marine Insurance (IUMI) warned.

The Welsh Zone The Marine and Coastal Access Act 2009 (MCAA 2009) amended the Government of Wales Act 2006 (GWA 2006) to create the ‘Welsh Zone’, defined as the sea adjacent to Wales which is within British fishery limits measured from baselines in Wales (defined by section 1 of the Fisheries Limits Act 1976) and specified in an Order in Council under GWA 2006, s 58 or an order of the Secretary of State under GWA 2006, s 158(3). The boundaries of the Welsh Zone are specified in the Welsh Zone (Boundaries and Transfer of Functions) Order 2010, SI 2010/760, reg 3. The Wales Act 2017 The Wales Act 2017 (WA 2017) came into force on 31 January 2017. It maintains the single legal jurisdiction of England and Wales while providing for a new Welsh devolution settlement that moves from a conferred powers model of devolution to a reserved powers model. It also explicitly recognises that a Welsh body of law is being created. Under the Wales Act 2017, executive functions for Welsh