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Home > Hot Tips > Changes to regulations - 1 October 2008
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1 October 2008
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The following changes came into effect on 1 October this year. Below is a summary of the changes.

Employing people
National Minimum Wage (NMW)
The NMW will rise to £5.73 an hour for adult workers aged 22 and above and to £4.77 for workers aged 18 to 21. The rate for those under 18, but above compulsory school age, rises to £3.53 an hour.
Additional maternity leave and adoption leave rights
Employees who wish to exercise their right to additional maternity leave or adoption leave will have the same non-pay contractual benefits as during their ordinary maternity adoption leave.
Occupational pension schemes
New regulations will set out how to calculate the cash value of a pension when a member of an occupational pension scheme wants to transfer.
Sales and marketing
Consumer protection – doorstep selling
Consumers will have a seven-day cooling-off period and cancellation rights for contracts made in any location away from the trader's normal place of business. The rules also set in place protection for payments made for work carried out during this period.
Taxes, returns and payroll
Shareholders' names and addresses
Private and non-traded public companies will only be required to provide the names of shareholders, not their addresses. Traded public companies are required to provide names and addresses for those holding at least 5% of any share class.
Trading disclosures
New rules will unify previous regulations to specify the information that incorporated companies must include on all business documentation.
Inspecting company records
Under another requirement, companies must respond within five days to written requests for information about inspecting company records.
Reduction of share capital
Private companies will have the option of reducing the amount of their share capital by special resolution supported by a solvency statement made by the directors.
Financial assistance to purchase own shares
Under the Companies Act 2006, private companies will have the right to provide financial assistance to acquire their own shares.
Corporate directors
All companies will have to have at least one director who is at least 16 years old.
Limited liability partnerships (LLPs)
LLPs will be brought in line with the lighter regulation provisions that are already in force for other companies.
Health, safety, premises
Employers' liability compulsory insurance (ELCI)
Employers will be able to display ELCI certificates electronically if the employees covered by the insurance have reasonable access to them.
Environment & efficiency
Hazardous chemicals
Changes to the Chemicals (Hazard Information and Packaging for Supply) Regulations 2002 - also known as CHIP - will make certain adjustments for classifying, packaging and labelling certain hazardous chemicals
Trade marks
Trade mark applications
New rules will modernise and replace certain processes and administrative requirements applying to trade marks and trade mark applications.
International trade
Trade controls
A new three-tiered system of trade controls will affect small and medium-sized businesses who have UK persons involved in the extra-territorial trading of small arms, man portable air defence systems (MANPADs) and cluster munitions.
Professional and business services
Estate agency services
All estate agents in the UK engaged in residential estate agency work will be required to join an approved redress scheme dealing with complaints about the buying and selling of residential property.
Financial services
Consumer credit and buy-to-let credit agreements
The temporary exemption from regulation of buy-to-let lending meeting specified criteria is expected to become a permanent one.
Consumer credit - licensing and other requirements
If your business provides debt administration or credit information services, you must be licensed if you wish to continue to provide such services after 1 October 2008.
Agriculture, forestry and fishing
Fish farming
Those in the aquaculture production sector, including suppliers of aquatic animals, will have to be authorised by the Fish Health Inspectorate (FHI) of the Centre for Environment Fisheries and Aquaculture Science.
Tobacco products manufacturing, retail and wholesale
Mandatory picture health warnings
New rules will require that manufacturers of cigarettes and other smoking products - e.g. hand-rolling tobacco, pipe tobacco and cigars - introduce picture warnings on all tobacco packs.

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