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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.
Pension schemes newsletter 151: HMRC updates annual allowance calculator and clarifies treatment of stand-alone lump sums
United Kingdom | Publication | July 2023
On June 30, 2023, HMRC published the latest edition of the Pension schemes newsletter.
The online annual allowance calculator has been updated to reflect the increase to the annual allowance, adjusted income and money purchase annual allowance for the 2023 to 2024 tax year.
Following the announcement in the Spring Budget 2023 that from April 6, 2023, the lifetime allowance charge would be removed, and fully abolished from the 2024 to 2025 tax year, HMRC has recognised the impact this would have on the payment of stand-alone lump sums. A stand-alone lump sum is a payment that represents all a member’s uncrystallized rights under a scheme.
The Government has amended the Finance (No. 2) Bill to make clear that any amount of a stand-alone lump sum over the April 5, 2023, maximum may still be paid to the member as a stand-alone lump sum and where there is an excess, this is subject to the member’s marginal rate of Income Tax.
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Recent publications
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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.
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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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