Since our last publication, the government has announced that the process to start selling part of the English student loan book has begun. In other news, Charlotte Hogg has been appointed Deputy Governor for Markets and Banking at the Bank of England.

UK

Technical changes to automatic enrolment: consultation on draft regulations

A Department for Work and Pensions consultation seeks views on draft regulations which make two changes to the automatic enrolment process and will apply to employers due to become subject to automatic enrolment duties during 2017. The regulations provide for:

  • a change to the automatic enrolment duties trigger set out in legislation for these new employers (known as post-staging employers); and
  • the option for post-staging employers to defer automatic enrolment for their workers.

The consultation ends on 3 March 2017. Department for Work and Pensions, 10 February 2017 Charlotte Hogg appointed Deputy Governor, Markets and Banking

HM Treasury has announced the appointment of Charlotte Hogg as the next Deputy Governor for Markets and Banking at the Bank of England. HM Treasury, 9 February 2017 Brexit and state pensions - Briefing Paper

A House of Commons Library Briefing Paper considers the possible impact of Brexit in the pension sector, particularly in relation to state pensions. House of Commons Library, 7 February 2017 CML responds to housing white paper

The Council of Mortgage Lenders (CML) welcomes the publication of the recently published housing white paper, and looks forward to working with the government on measures seeking to increase the availability, affordability and choice of homes across different tenures. CML, 7 February 2017 Government launches first sale from the student loan book

The government has announced that the process to start selling part of the English student loan book as previously announced and subsequently confirmed in the Autumn Statement in November, has begun. The sale, which will have no impact on borrowers, is part of a drive to sell assets in a way that secures value for money for taxpayers.

gov.uk, 6 February 2017

Draft Finance Bill 2017 Clause 21 Schedule 7: Corporate interest restriction

A submission by the Chartered Institute of Taxation (CIOT) to HMRC comments on the draft Finance Bill for 2017 cl.21 Sch.7: corporate interest restriction. The CIOT welcomes the changes to address some of the forex issues associated with the first draft and the extension of the period for which excess interest capacity can be carried forward. However, the CIOT has a number of concerns, including the timetable for the introduction of this legislation and the impact these rules could have on the competitiveness of the UK. Chartered Institute of Taxation, 6 February 2017

EU

European Commission adopts Delegated Regulation on classes of arrangements protected in partial property transfers under BRRD

The European Commission has adopted a Delegated Regulation on classes of arrangements to be protected in a partial property transfer under Article 76 of the Bank Recovery and Resolution Directive (BRRD). Article 76 of the BRRD provides safeguards for certain contracts in the event of a partial transfer of assets. The aim of this protection is to prevent, when a partial transfer has been effected, the splitting of assets, rights and liabilities that are linked by virtue of certain arrangements, when such linkage is justified by a lawful objective. EC, 7 February 2017