Law360: Financial watchdogs needed to change their mindset on international competitiveness in order to align with the UK government's plans for economic growth, the chair of Lloyd's of London said.

Law360, London: The Financial Conduct Authority (FCA) and other watchdogs are investigating a report by phone and electronics retailer Dixons Carphone that hackers have tried to compromise 5.9 million bank cards by breaching its payments system, UK authorities said Wednesday.

Ofsted, the Care Quality Commission, HM Inspectorate of Constabulary and Fire and Rescue Services and HM Inspectorate of Probation have published guidance for joint targeted area inspections focusing on child sexual abuse in family environments. From autumn 2025, the inspections will assess how local police, children’s social care, probation services and health services collaborate to protect at-risk children and support victims. The inspections will also evaluate co-operation with education providers and the voluntary sector organisations in identifying and responding to abuse cases.

Law360, London: Britain's financial and data regulators have reached out to UK trade bodies and business chief executives for guidance on how to provide regulatory certainty on artificial intelligence (AI).

The UK securitisation framework The general UK securitisation requirements are principally in the Securitisation Regulations 2024, SI 2024/102, the Securitisation Part of the PRA Rulebook (general securitisation requirements) and the FCA Securitisation Sourcebook (SECN). For information on the UK securitisation regime, see Practice Note: The UK securitisation regime—essentials. In general, the UK framework for securitisation capital comprises the applicable provisions of the UK Capital Requirements Regulation (UK CRR), the PRA Rulebook and related supervisory statements for CRR firms, and the PRA Rulebook for UK Solvency II firms. More specifically: • the UK CRR, in particular Part Three, Title II, Chapter 5 (securitisation capital requirements), including amendments originally made by Regulation (EU) 2017/2401 • the Securitisation Part of the PRA Rulebook (general securitisation requirements) and applicable provisions of the Securitisation (CRR) Part, including rules on external credit assessment institution mapping in force from 1 January 2026 • the Securitisation Regulations 2024 and, for FCA-regulated firms, the FCA Securitisation Sourcebook (SECN), and • for UK Solvency II firms, the Solvency Capital

This Practice Note explains the UK regulatory regime for credit rating agencies (CRAs) under Assimilated Regulation (EC) 1060/2009 (the UK CRA Regulation). Key definitions Credit ratings Credit rating is defined as an opinion regarding the creditworthiness of: • an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or • an issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument issued using an established and defined ranking system of rating categories. The following are not considered to be credit ratings: • recommendations, meaning research or other information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers of financial instruments, including any opinion as to the present or future value or price of such instruments, intended for distribution channels or for the public • investment research and other forms of general recommendation, such as 'buy', 'sell' or 'hold', relating to transactions in financial instruments or to financial obligations, or • opinions about the value

Law360, London: A British reinsurer cannot challenge a decision barring it from pursuing arbitration in New York against the captive insurer for Tyson Foods in a coverage dispute stemming from a fire at an Alabama plant owned by the multinational food corporation, a London court ruled.

Law360,: Cryptocurrency scams accounted for the bulk of investment fraud cases that cost UK investors more than £612m (US$771m) in 2023, according to crime data service Action Fraud.

ARCHIVED: This archived Practice note explains briefly the application of the remittance basis to the foreign income and gains of UK resident but non-domiciled remittance basis users. It considers relevant foreign income, deemed income in the form of offshore income gains and foreign chargeable gains. STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26.

ARCHIVED: This archived Practice Note covers overseas workday relief; chargeable overseas earnings; specific employment income; remittances after termination of employment; the exemption for minimal foreign earnings; allowable deductions and split year treatment. It is not maintained. STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. See also: Finance Bill Tracking Service: Key dates (Finance Bill 2025) and Finance Act 2025. Deemed domicile Finance (No 2) Act 2017 (F(No

ARCHIVED: This archived Practice note explains why non-domiciled individuals (non-doms) using the remittance basis of taxation should set up segregated foreign bank accounts correctly and suggests which accounts may be useful (including a pre-entry account, accounts for capital gains and losses, interest accounts, an account for income that has suffered foreign tax and an account for income or gains that have been nominated. The use of segregated (separate) foreign (overseas/non-UK) accounts is recommended so that clean capital can be remitted free of UK tax. Abolition of the UK's existing tax regime for UK resident non-UK domiciled individuals The UK Chancellor, Rachel Reeves, confirmed on 29 July 2024 that, with effect from 6 April 2025, the government will go ahead with the abolition of the UK's existing tax regime for UK resident non-UK domiciled individuals (non-doms) and the introduction of the new four-year FIG (foreign income and gains) exemption regime announced by the previous government at the Budget in March 2024—see: Spring Budget 2024—Private Client analysis—International. The new four-year FIG exemption

STOP PRESS: Abolition of non-dom regime and introduction of residence-based IHT regime Finance Act 2025 (FA 2025) which received Royal Assent on 20 March 2025, implements legislation to abolish the remittance basis of taxation and replace it with a residence-based regime, commencing on 6 April 2025. FA 2025 also replaces domicile as the key factor in establishing liability to inheritance tax. Other changes include amendment of the rules determining excluded property status, the abolition of protected settlements status of offshore trusts, and changes to overseas workday relief. For information on these changes, see Practice Notes: The abolition of the remittance basis of taxation from 2025–26 and A new residence-based regime for IHT from 2025–26. ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note provides an overview of the inheritance tax (IHT), income tax and capital gains tax (CGT) regimes affecting UK resident non-domiciliaries and the basic planning opportunities available to them. The opportunities for planning generally exist in relation to the foreign assets and income of non-domiciliaries. To