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LEGISLATION |
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All of the legislation discussed below comes into force on 1 October 2009. Limited partnership law reform See CLM ¶17 SI 2009/1940; SI 2009/2160 Two new statutory instruments have been published to bring into effect some of the proposed reforms of limited partnership law. The Legislative Reform (Limited Partnerships) Order 2009 will amend the Limited Partnerships Act 1907 to clarify the registration procedure for limited partnerships, as discussed in CLM 2009 Newsletter Issue 4. The Limited Partnerships (Forms) Rules 2009 set out new versions of the forms for registering a limited partnership (LP5) and notifying Companies House of an increase in the limited partners’ contributions (LP6). Amendment of the Community Interest Companies Regulations See CLM ¶62+ SI 2009/1942 The CIC Regulations (SI 2005/1788) are amended to implement some of the reforms that were the subject of consultation earlier this year (see CLM 2009 Newsletter Issue 4 for details of the consultation). The changes to the CIC Regulations will: » extend the definition of an asset-locked body to include industrial and provident societies, and insert new provisions into the CIC Regulations to allow CICs to convert into such a society; » clarify the explanation of when a group of individuals constitutes a section of the community, which interprets the community interest test. The changes aim to avoid random groups of people (e.g. people with brown hair) from qualifying as beneficiaries; and » harmonise the CIC Regulations with the new Companies Act, for example by amending the references to a CIC’s constitution to omit references to the memorandum and changing references to the accounting provisions in CA 1985 to their equivalent in CA 2006 and related regulations. Updates to existing legislation for the new Companies Act See CLM ¶88+, ¶104+, ¶6745+, ¶7364 The regulations concerning European Companies (SI 2004/2326) are amended to reflect changes made by the new Companies Act, including the extension of the legislation to the whole of the UK (SI 2009/2400; SI 2009/2401; SI 2009/2402). The amendments also: » set out new versions of the forms to be used by European Companies for the registration of certain events at Companies House; and » revoke Part 3 of the regulations, relating to the employee involvement requirements of European Companies. This will be replaced with two new sets of regulations: one for European Companies with a registered office in GB (SI 2009/2401) and one for European Companies with a registered office in Northern Ireland (SI 2009/2402). These regulations are separated because of the different employment law regimes in GB and Northern Ireland. There are no substantive changes to the previous requirements. The regulations concerning EEIGs (SI 1989/638) are take into account the new Act (SI 2009/2399). The amendments also: » allow an EEIG to register an alternative name, other than its grouping name, under which it proposes to carry on business in the UK; and » set out new forms to be used by EEIGs for the registration of certain events at Companies House. Various consequential amendments update the Takeover Code without altering the substance of the relevant provisions (Takeover Code Instrument 2009/3). Finally, the Insolvency Rules 1986 (SI 1986/1925) are amended to reflect minor changes as a result of the new Companies Act, including relevant consequential amendments to certain forms (SI 2009/2472). New rules for unfair prejudice proceedings See CLM ¶2105+ SI 2009/2469 New rules applicable to unfair prejudice applications revoke and replace the 1986 rules (SI 1986/2000). The new rules apply to petitions for relief from unfair prejudice presented to court on or after that date and do not introduce any substantial changes. The new form of petition is set out in the Schedule to the rules. Register of directors’ disqualification orders and undertakings See CLM ¶3074 SI 2009/2471 New regulations concerning the disclosure of disqualification information have been published, which revoke and replace the 2001 regulations (SI 2001/967). The new regulations principally update old ones to take into account the new Companies Act and other new legislation. Amendment of the CPR See CLM ¶7118+ SI 2009/2092 The CPR are amended to reflect changes made by CA 2006 and the establishment of the Supreme Court for the UK (and the abolition of the appellate jurisdiction of the House of Lords). The changes also include: » new definitions of “expert” and “single joint expert”, with guidance on the appointment of a single joint expert (Part 35); and » the substitution a new Part 63, relating to intellectual property claims. |
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Tax Memo 2009-2010 will be fully revised and updated to reflect law and practice as at the date of Royal Assent to the Finance Act 2009, and include commentary on the: - New benchmark system for employee subsistence expenses - Restriction of tax relief available on pension contributions made by higher earners and the special annual allowance - Abolition of the commissioners’ system for tax cases and introduction of the new tribunals - Implementation of the new harmonised system for tax penalties |
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Tax Memo 2009-2010 |
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Benefits: Book and online / 100% reader-friendly / Regularly updated |
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AVAILABLE IN OCTOBER |
