Pensions Ready Reckoner - February 2015

As the UK anticipates its first Budget under Andy Burnham's premiership on 28 October 2026, questions arise about whether 'Manchesterism' will introduce an exit tax regime. This analysis examines how different jurisdictions—from Canada's deemed disposal system to France's targeted charges on substantial holdings—tax individuals leaving their borders, and explores what form a UK exit tax might take if implemented.

Today HMRC released updated Guidance Notes on implementing FATCA in the UK.

Burnham has consistently advocated for replacing council tax and stamp duty with a land value tax - an annual levy charged on the value of the land itself, rather than the buildings on it.

Labour plans to defer major tax changes until the autumn Budget. Key potential changes include raising capital gains tax, altering private equity taxation, and possibly integrating capital gains and inheritance tax rules.

UK banks face the prospect of a new windfall tax as campaigners push for additional levies on strong reported profits, while industry leaders warn of potential consequences for lending, investment, and the UK's position as a global financial centre. This analysis examines the practical implications of adding another layer to an already complex sector-specific tax regime that includes corporation tax, banking surcharge, and bank levy.

UK executors and beneficiaries dealing with US assets face significant delays in obtaining IRS Transfer Certificates, with waiting times now extending to two or three years. This comprehensive FAQ addresses the critical questions surrounding Form 706-NA applications, US estate tax requirements, and the practical challenges of administering estates containing US shares and investments when the deceased was not a US citizen.

The Chancellor's 2024 Budget introduced moderate changes to Capital Gains Tax (CGT). Rates for basic and higher rate taxpayers increased to 18% and 24%, respectively. Business Asset Disposal Relief and Investors' Relief rates will rise from 10% to 18% by 2026, with anti-forestalling provisions. Rates for residential property disposals remain unchanged.

HMRC is increasing scrutiny of earn-out arrangements, particularly where founders remain involved in the business after completion and deferred consideration depends on future performance of the target company.

Transfer pricing litigation in the UK has historically been rare, but recent procedural cases reveal HMRC's increasingly aggressive approach to enquiries. With average enquiry durations now exceeding 40 months and transfer pricing yield surging to £3.4bn, understanding the legal boundaries of information requests and closure notice applications has become critical for multinational groups facing contentious disputes.

When HMRC issued an information notice demanding a UK subsidiary's US parent company financial statements in a transfer pricing enquiry, the First-tier Tribunal had to determine whether such documents were reasonably required and whether the subsidiary had the power to obtain them. The case examines the boundaries of HMRC's information-gathering powers and the practical limits of corporate group relationships.

The measurement of a building is central to its valuation and for multi-let buildings the rent and service charge calculations.

Barely a week goes by these days without headlines reporting the latest breach of data security by one organisation or another.

The High Court has held that Rule 12.2 of the Insolvency Rules 1986, which provides that costs incurred in bankruptcy proceedings are to be regarded as expenses of the bankruptcy, is not intended to apply to appeals against...

The Government have said that later this summer it will become lawful for a business to negotiate with an employee regarding the termination of that person's employment without the employee being able to use those negotiations in a claim in the Employment Tribunal.

British retailer Thomas Pink has emerged victorious in its most recent trade mark dispute with American lingerie giant Victoria's Secret in the High Court case of Thomas Pink Ltd v Victoria's Secret UK Ltd.

October 2026 brings significant employment law reforms under the Employment Rights Act 2025, including extended tribunal time limits, enhanced trade union rights, and strengthened sexual harassment protections. Employers must prepare for new obligations around third-party harassment liability and workplace access for union representatives. Understanding these changes is crucial for updating policies and managing compliance risks.

With significant inheritance tax changes for pensions taking effect in April 2027, this comprehensive guide examines five essential areas of estate planning that families should review this autumn. From pension arrangements and regular gifting strategies to education funding, lasting powers of attorney, and digital asset management, discover practical steps to ensure your financial affairs remain aligned with your objectives and compliant with evolving tax legislation.

In England there is no overriding law or principal of law that we must act in good faith to one another.

A recent survey by the Trade Union Congress (TUC) shows that sexual harassment in the workplace is widespread despite legislation outlawing it.

As extreme weather events intensify and become more frequent, construction projects face growing uncertainty over what constitutes "exceptionally adverse weather" under standard contracts like the JCT Design and Build Contract 2024. This analysis examines how weather-related delays are assessed, when extensions of time may be granted, and why parties should consider updating contractual thresholds to reflect evolving climate patterns and reduce the risk of costly disputes.