Posted by John North, Partner
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Financial Service Providers: dates to be aware of
From 6 April 2013 Security and quasi security: new security registration regime expected to be in force. On 6 April 2013, changes to Part 25 (sections 860 to 894) of the CA 2006 regarding the regime for the registration of …
From 6 April 2013
Security and quasi security: new security registration regime expected to be in force. On 6 April 2013, changes to Part 25 (sections 860 to 894) of the CA 2006 regarding the regime for the registration of security interests at Companies House came into force.
From 1 April 2013
Tax and lending: new anti avoidance rules anticipated for manufactured overseas dividend schemes. HMRC has previously announced proposals to simplify the manufactured payments rules and introduce new anti-avoidance measures relating to the taxation of manufactured overseas dividends.
Tax: revised rules for capital gains tax on disposals of property by non-natural persons. As part of a package of measures announced in the 2012 Budget aimed at tackling tax avoidance in connection with UK residential property, the government will extend the scope of capital gains tax to cover gains arising on disposals by non-resident, non-natural persons of UK residential property and shares or interests in UK residential property.
Regulation: new UK financial services regulatory structure effective. Following Royal Assent on 19 December 2012, the Financial Services Act 2012 came into force on 1 April 2013. Under it, the new regulatory bodies, the FCA, the Prudential Regulation Authority (PRA) and the Financial Policy Committee (FPC) will be launched. The changes include the transfer of powers to the new regulators and abolition of the FSA.
Lending and regulation: LMA withdraws mandatory costs schedule. From 1 April 2013 the Loan Market Association (LMA) withdrew its recommended form of the mandatory costs schedule for use in its syndicated facility agreements.
Tax: General anti-abuse rule to apply. The general anti-abuse rule (GAAR) to combat tax avoidance, and announced in the 2012 Budget, was expected to apply from 1 April 2013. However, the draft Finance Bill 2013 indicates the GAAR may apply from the date of Royal Assent to that legislation (whenever that may be).
Trade finance: UK Export direct lending facility available. From 1 April 2013 a £1.5 billion direct lending facility enabling UK Export Finance to provide loans to overseas buyers of capital/semi-capital goods and services from British exporters is expected to be available for small and medium size transactions where loan funds cannot be obtained from commercial banks. The facility is expected to be available until the end of 2015-16.
By the end of May 2013
Lending: LIBOR no longer compiled for certain currencies and tenors. With respect to all currencies, LIBOR will cease to be compiled and published for 11, 10, 9, 8, 7, 5, 4-month and 2-week LIBOR, at the end of May 2013. (The BBA had originally proposed discontinuing LIBOR for these tenors by the end of January 2013, and had included the 2-month tenor.)
Additionally, LIBOR will cease to be compiled and published for the Australian Dollar and Canadian Dollar by the end of May 2013. (Previously the BBA had proposed ending LIBOR for these currencies in February and March, respectively, however that was postponed to May 2013.)
From 1 June 2013
Real estate finance: revised CRC Energy Efficiency Scheme legislation expected to be in force. Following the government’s 2012 review of the CRC Energy Efficiency Scheme (CRC Scheme) it is anticipated that certain legislative changes to the CRC Scheme will come into force on 1 June 2013.
On 4 March 2013, a draft of the CRC Energy Efficiency Scheme Order 2013 (CRC Order 2013) was laid before Parliament and the devolved administrations. The Order is subject to the affirmative resolution procedure. The CRC Order 2013 implements the changes to simplify the CRC Scheme that were announced in December 2012. It will replace the CRC Energy Efficiency Scheme Order 2010 (SI 2010/768).
From 3 June 2013
Lending and regulation: possible changes to BoE cash ratio deposit scheme affecting mandatory costs calculations. The anticipated date on which proposed changes to the Bank of England’s (BoE) cash ratio deposit scheme will come into effect. Any change to the ratio of deposits required to be placed at the BoE, or to the deposit threshold under the scheme, will affect the calculation of mandatory costs on sterling loans contained in a typical loan agreement and charged to the borrower.
For further information, please contact:
John North, Head of Corporate
Angela Stallard, Corporate Partner.
Emma Boulter, Corporate Solicitor.
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