What is the Strong and Simple Framework? SDDT Regime—General ApplicationThe Strong and Simple Framework is a regulatory initiative introduced by the Prudential Regulation Authority (PRA) to simplify the prudential framework for small, domestic-focused banks and building societies in the UK, referred to as Small Domestic Deposit Takers (SDDTs). The framework aims to reduce the complexity of regulatory requirements for these non-systemic institutions while ensuring their financial resilience. The framework includes simplified capital, liquidity and remuneration requirements. What are SDDTs? SDDTs must meet the following criteria: • maximum size threshold of £20bn • at least 85% of credit exposures must be to obligors located

The Telephone Preference Service (TPS) is a central register which individuals can join if they wish to opt out of receiving unsolicited sales and marketing telephone calls. Registration is free. The TPS is operated by the Direct Marketing Association (DMA) on behalf of the Office of Communications

This Q&A relates to a new product safety marking for manufacturers to demonstrate that their goods comply with applicable regulations for the UK market after the UK has left the EU―by using a new ‘UKCA’ (UK Conformity Assessed) marking in place of the EU Conformité Européene (CE) marking. It is based on UK government guidance issued on 4 February 2019: Using the UKCA marking if the UK leaves the EU without a deal. Note: In some cases, the guidance remains subject to parliamentary approval of necessary legislation, and above all to the ongoing negotiations between the UK and the EU. It is therefore subject to change. Which goods does this affect? The relevant goods are currently covered by a range of harmonised standards and EU legislation listed in Annex A of the guidance issued by the Department for Business Energy and Industrial Strategy (BEIS): Trading goods regulated under the ‘New Approach’

What is the UK EMIR clearing obligation? The clearing obligation under Assimilated Regulation (EU) 648/2012 (UK EMIR) is a regulatory requirement designed to reduce systemic risk in the financial markets by mandating that certain widely-traded over-the-counter (OTC) derivatives entered into by certain significant derivatives market participants be cleared through central counterparties (CCPs). Which counterparties are subject to the clearing obligation? UK EMIR categorises counterparties into two types: financial counterparties (FCs) and non-financial counterparties (NFCs). FCs include UK banks, investment firms, insurance companies, UCITS, alternative investment funds and other financial institutions. NFCs are UK entities that are not financial institutions. The clearing obligation applies to FCs and NFCs whose total OTC derivatives

What is the UK EMIR trade reporting obligation? The trade reporting obligation under Assimilated Regulation (EU) 648/2012 (UK EMIR) is a regulatory requirement designed to increase transparency in the derivatives markets by requiring UK counterparties and central counterparties (CCPs) to report the details of any derivative contract entered into, modified or terminated to a trade repository (TR) which has been registered or recognised under UK EMIR. Which derivatives does the trade reporting obligation apply to? The trade reporting obligation under UK EMIR applies to all derivative contracts. This obligation is not limited to over-the-counter (OTC) derivatives but also includes exchange-traded derivatives (ETDs). There is an exemption for intragroup transactions if: • at least one of the counterparties is an non-financial counterparty (NFC) or would be qualified as an NFC if it were established in the UK • both counterparties are included in the same consolidation on a full basis • both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures, and • the parent

The UK’s position under the World Trade Organization Agreement on Government Procurement (WTO GPA), a plurilateral agreement providing access to government procurement markets on agreed terms in some 19 territories around the world, is one matter that has been successfully resolved prior to the UK leaving the EU. The UK is currently bound by, and a beneficiary of, the WTO GPA by virtue of its membership of the EU. Government procurement is a matter of exclusive EU competence under EU law, and therefore, the UK was not required to, or able to, accede to the WTO GPA in its own right while a Member State of the EU. On 5 June 2018, the UK submitted an application for accession in its own right to the WTO GPA. Essentially, it proposed to continue to be bound by the commitments

The question contains some uncertainties, in particular, what is meant by ‘a grant of a licence’. If the licence refers to a consent provided by a public authority for some purpose, the costs (that is, consideration) payable to the authority for a licence are unlikely to be subject to VAT. Supplies made by public authorities acting as such fall outside the VAT scheme. If the licence is a right to use land, for VAT purposes the licence amounts, in substance, to a letting and a grant of an interest in

A supply of services is defined in the Value Added Tax Act 1994 (VATA 1994) as 'anything which is not a supply of goods but is done for a consideration'. When considering the VAT status of the chiropody services in question, it is important to distinguish between a supply of staff and a supply of services that involves the use of staff. A supply of staff is the placing of personnel under the general control and guidance of another party as if those personnel become employees of that other party. However, when a supplier

Where a business sale is a transfer of a going concern (TOGC) for value added tax (VAT) purposes, it is not a supply of goods or services for VAT purposes and no VAT will be payable on the consideration. TOGC treatment is subject to a number of conditions, described in Practice Notes: VAT—what is a transfer of a business as a going concern? and VAT—transfers of a going concern involving land and buildings. VAT applies to supplies of goods or services. Therefore, if the sale does not proceed and the deposit is retained by the seller, the deposit can only attract VAT if it can be correctly described as consideration for a supply of goods or services. This question is not addressed directly by legislation. The main source of guidance is EU Court of Justice case law,

As set out in Practice Note: VAT issues for lease assignments and terminations, dilapidation payments are outside the scope of VAT, being compensation to the landlord for the tenant’s failure to maintain the property as required under the lease. HMRC confirm in VAT Notice 742, paragraph 10.12

A supply of building materials on their own is standard-rated for VAT purposes. However, a person who is making a zero-rated supply of services in the course of the construction of a dwelling can extend the zero-rating to building materials that are supplied with those services,

This Q&A assumes that the subject matter of the transaction is land in the UK. Overage describes the situation in which the seller retains the right to receive from the buyer an additional amount of consideration after the completion of the sale and payment of any initial consideration. This additional payment is generally dependent on the occurrence of certain future events. For VAT purposes, overage is additional consideration for the sale of the land. It is therefore likely to have the same VAT treatment as the original consideration, unless there is a rule