Scheme in which the benefits are based on revalued earnings for a given period.

The Online Safety Act 2023 (OSA 2023) was introduced to address a number of recognised online harms, including overhauling the offence that tackles intimate image abuse and challenging the sending of unsolicited sexual images. For more information on the OSA 2023, see Practice Note: Offences under the Online Safety Act 2023. OSA 2023, s 188 inserts a provision into the Sexual Offences Act 2003 (SOA 2003) which, from 31 January 2024, makes it an offence to share or threaten to share intimate photographs or films without consent. This offence is more commonly referred to as ‘revenge porn’ and replaces the previous offence of disclosing private sexual photographs and films with intent to cause distress under section 33 of the Criminal Justice and Courts Act 2015 (CJCA 2015). CJCA 2015, s 33 was repealed on 31 January 2024 but any offences committed prior to this date can still be prosecuted under that provision. For information regarding the offence under CJCA 2015, s 33, see below Distributing sexual photographs or films with the intention to cause distress—the

HMRC has published a brief announcing a further policy change to VAT deduction on the management of pension funds.

What is Revenue budget monitoring? Local authorities (LAs), in line with most public sector organisations, must manage their affairs within defined budgets. As bodies with largely defined spending parameters, they are expected to secure a close match between budget and actual spending. Where unexpected events take place that could result in overspending, or in exceptional circumstances unlawful budget setting or incurring of General Fund deficits without remedy, LAs and their statutory proper officers have responsibilities to take action to correct the situation. The establishment of the budget and the associated monitoring arrangements represent one of the most important financial disciplines that LAs have to ensure the stewardship of their financial spending. Where there is strong control, it would be expected that the risk of substantial overspend or underspend against budget would be small. It is where there is weaker control that major overspends or underspends can occur. Financial management is integral to an LA’s corporate governance arrangements: it is a key discipline for all managers, not just something the accountants do. Therefore, senior management

Limits which specify the maximum approvable benefits and contributions for members.

Ireland—Employment analysis: This article was written by Arthur Cox LLP. It notes that the Office of the Revenue Commissioners (Revenue) has published guidance to assist employers with correcting payroll tax issues in 2024 and 2025 following the Supreme Court’s recent decision in Revenue Commissioners v Karshan (Midlands) Ltd t/a Domino’s Pizza [2023] IESC 24 (Karshan). Corrections may be made to Revenue on or before Friday, 30 January 2026.

An acquisition of a business, unlisted company or assets where any percentage ratio is 100% or more or which would result in a fundamental change in the business or in a change in the board or voting control of the listed company.

Where the legislation provides that it is the customer rather than the supplier who is required to account for the VAT on supplies.

Reverse discrimination primarily refers to the situations where persons who are subject to their national law are less favourably treated than the persons who are subject to EU law.

A provision in the commitment letter under which the parties agree that the pricing should be reduced or the structure changed (to be more favourable to the borrower) if the facility is over-subscribed during syndication

This checklist highlights the key regulatory requirements for financial services firms concerning reverse stress testing. The rules are set out in chapter 7.5 of the Prudential sourcebook for MiFID Investment Firms (MIFIDPRU 7.5) in the Financial Conduct Authority (FCA) Handbook (where reverse stress testing forms part of the internal capital adequacy and risk assessment (ICARA) process) and in the Internal Capital Adequacy Assessment Part of the Prudential Regulation Authority (PRA) Rulebook. What is reverse stress testing? MiFIDPRU and the Internal Capital Adequacy Assessment Part give similar but not identical definitions of reverse stress testing. For the purposes of MIFIDPRU, reverse stress testing carried out by a firm should involve the following: • identifying a range of adverse circumstances which would cause the firm’s business model to become unviable • assessing the likelihood that these adverse circumstances will occur • determining whether the risk of the firm’s business model becoming unviable is unacceptably

A transaction where an offeror might as a result need to increase its existing issued voting equity share capital by more than 100%. The definition is of relevance only in circumstances where the offeror is a company that falls within Section 3(a)(i) or (ii) of the Introduction.