Business and Other Briefings
FCO: Latest guidance for UK businesses affected by the current situation in Cyprus - Capital controls in Cyprus. The International Monetary Fund (IMF), European Commission (EC), European Central Bank and Eurozone Finance Ministers have agreed with the Cypriot Government a package of measures for addressing the financial situation in Cyprus.
As part of the measures to reopen banks in Cyprus, the Cypriot authorities have imposed certain capital controls. An English version of the text of the initial decree introducing capital controls in Cyprus is available from the Cypriot Ministry of Finance.
FSA: The Financial Services Authority has confirmed its approach to temporary product intervention. This sets out the process for the Financial Conduct Authority (FCA) when it makes emergency rules to protect consumers.
BIS: £150,000 of funding to create a one-stop-shop web site designed to make it easier for consumers to get information about rights ownership & copyright licences, was announced last week. Professor Hargreaves, in his review of IP and Growth in May 2011, recommended that the UK should establish an industry-led solution to improve copyright licensing. He estimated that it could add up to £2.2bn a year to the UK economy by 2020, with a particular benefit to the creative industries.
FSA: The Financial Services Authority has finalised new rules & regulations for financial benchmarks. This follows the recommendations of the Wheatley Review of the London Inter-Bank Offered Rate (LIBOR).
This Brief explains HM Revenue & Customs' view on the tax treatment of payments of 'trail commission' passed on to investors in Collective Investment Schemes and other associated investment products including life insurance policies.
This Brief seeks comments on draft guidance on new rules for Plant and Machinery Allowances on second hand fixtures.