Publication
Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
HMRC publishes new lifetime allowance guidance newsletter
United Kingdom | Publication | January 2024
As we have previously reported, the Budget on March 15, 2023, announced the abolition of the lifetime allowance from the start of the 2024 to 2025 tax year.
On December 20, 2023, HMRC published a newsletter dedicated to the progress of the abolition of the LTA, which confirms:
- HMRC has received input from its technical consultation on the draft Finance Bill 2024. The legislation confirms a member's pension commencement lump sum will be free from income tax up to the permitted maximum. The newsletter also confirms the introduction and operation of the new pension commencement excess lump sum (PCELS). A lump sum that exceeds the permitted maximum and does not qualify as a PCELS will be an unauthorised payment
- Payment of a trivial commutation lump sums, winding up lump sums and small lump sums will not reduce a member's available lump sum allowance, or lump sum and death benefit allowance. The newsletter also includes an example of the valuation of pension rights for calculating the commutation limit.
- The interim process for personal representatives to report to HMRC when they identify a chargeable amount after payment of a defined benefits lump sum death benefit or uncrystallised funds lump sum death benefit will be retained and expanded from 2024/25. The process will be updated from April 6, 2025, including new guidance and a dedicated form to complete
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Recent publications
Publication
Marine Money Week New York 2025
We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
Publication
The parallel imposition requirement in exclusive distribution systems: key takeaways from the CJEU’s ruling in Beevers Kaas
On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
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