Finance Legislation
Laws governing financial services, banking regulation, insurance, investment, and securities trading.
The National Savings (Remediation Scheme) Regulations 2026
The Treasury established The National Savings (Remediation Scheme) Regulations 2026 to govern payments made by the Director of Savings concerning eligible claims arising from the erroneous retention of assets belonging to deceased persons.
The National Savings (Remediation Scheme) Regulations 2026 establish a formal scheme, administered by the Director of Savings under the authority of the Treasury, to make payments to the personal representatives of deceased persons whose estates suffered losses because the Director of Savings mistakenly retained assets like accounts, bonds, or stocks.
The regulations define what constitutes an eligible claim, set out the calculation methods for payments (offering the greater of contractual interest or interest based on the Bank of England Base Rate plus one percent), and allow for further compensatory payments for resulting estate losses and administration costs.
The Branded Health Service Medicines (Costs) (Amendment) Regulations 2026
The Regulations updated the payment percentages within the statutory scheme governing costs associated with branded health service medicines for periods starting July 2026 and beyond.
These Regulations, made by the Secretary of State for Health and Social Care, amend the Branded Health Service Medicines (Costs) Regulations 2018, which establishes a scheme requiring manufacturers and suppliers of branded medicines for the National Health Service (NHS) to pay amounts based on net sales income; the amendments update specific payment percentages applicable for periods beginning July 1st, 2026, and for subsequent years across England, Wales, Scotland, and Northern Ireland.
The Public Service Pensions Act 2013 (Amendment of Section 3) Order 2026
The Order amended Section 3(6) of the Public Service Pensions Act 2013 to omit the requirement exemption for Scottish Ministers' scheme regulations covering fire and rescue workers and police members, effective 1st July 2026.
This Statutory Instrument, made by HM Treasury in June 2026 and effective from July 1st, 2026, amends Section 3 of the Public Service Pensions Act 2013 by specifically removing the exemption that previously existed for scheme regulations made by the Scottish Ministers concerning fire and rescue workers and members of a police force; this action removes those specific regulations from the list of those that do not require prior consent from HM Treasury.
The Regulations amended the 2003 PAYE Regulations to grant HMRC authority for using PAYE coding to collect the Winter Fuel Payment Charge.
These Regulations, enacted by His Majesty's Revenue and Customs (HMRC), amend the primary Income Tax (Pay As You Earn) Regulations 2003 to authorize HMRC to implement PAYE coding adjustments specifically for the purpose of collecting the Winter Fuel Payment Charge throughout a tax year.
This amendment inserts a new regulation (14BA) allowing HMRC to determine taxpayer codes to ensure the income tax liability arising from the Winter Fuel Payment Charge is deducted from PAYE income during the year, and to manage any resultant overpayments.
The Money Laundering and Terrorist Financing (Amendment) Regulations 2026
The Treasury amended the MLRs 2017 to introduce enhanced due diligence for cryptoasset correspondent relationships, update trust registration rules, create provisions for insolvent bank customers, substitute monetary thresholds from Euros to Sterling, and modify change of control rules for cryptoasset businesses.
These Regulations, enacted by HM Treasury, substantially amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) to strengthen anti-money laundering and counter-terrorist financing regimes, notably by implementing enhanced due diligence requirements for cryptoasset correspondent relationships and addressing specific areas like insolvent bank customers and trust registration.
Key changes include the introduction of new duties for cryptoasset businesses dealing with overseas providers, clarification of Customer Due Diligence (CDD) for pooled accounts, substitution of 'high-risk third country' with 'FATF call for action country,' conversion of various monetary thresholds from Euros to Sterling, and amendments to trust registration rules concerning pre-2020 UK land acquisitions and the exclusion criteria for certain trusts.
Furthermore, the rules governing changes in control over registered cryptoasset businesses are modified to align with the evolving future regulatory framework under FSMA, with some provisions taking effect later in 2027.
Government enacted miscellaneous amendments to existing customs regulations concerning bulk declarations, carnet usage, import duty interest calculation, and approval conditions for storage facilities, effective June 30th, 2026.
These Regulations, made by HM Revenue and Customs and the Treasury, introduce several amendments to existing UK customs legislation enacted following the EU exit, primarily concerning bulk Customs declarations, the acceptance of both paper and electronic customs carnets, the calculation of interest on late import duty liabilities, and providing HMRC with powers to require necessary examination or storage functions to be conducted at approved 'off-site facilities'.
The rules come into force on June 30th, 2026, with specific provisions taking effect retrospectively or immediately upon that date.
Textual Corrections to Elected Member Pension Rules
A correction document was issued to amend specific textual errors relating to cross-references and phrasing within sub-paragraph (3B) of regulation 2(c) of The Local Government Pension Scheme (Elected Member Pensions) (Consequential Amendment) Regulations 2026.
This document is a formal correction notice for The Local Government Pension Scheme (Elected Member Pensions) (Consequential Amendment) Regulations 2026, specifically addressing two typographical errors found on page 2 of the original instrument concerning the inserted sub-paragraph (3B) to ensure correct cross-referencing and precise legal wording regarding allowances.
The Regulations established the mandatory contents, format, and timing requirements for a lawyer's declaration confirming reliance on legally privileged communications to support objections against HMRC's publication of tax avoidance scheme information.
These Regulations, made by the Commissioners for His Majesty's Revenue and Customs under the Finance Act 2026, specify the precise procedural requirements that a lawyer must satisfy when submitting a declaration to HMRC. This declaration confirms that legally privileged communications would substantiate representations made by the lawyer objecting to HMRC publishing information about a tax avoidance scheme involving the lawyer or their client, ensuring such declarations meet specific formatting, content, and timing criteria to remain valid.