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Roberta Downey, Head of International Construction and Partner, Vinson & Elkins joins Legal 500 Corporate Conversations — a new-format webinar and podcast that combines the best of the “fireside chat” format with the utility of the “ask me anything” (AMA) presentation.

The second part of 28^th Session of the International Seabed Authority’s Council continues in Jamaica with the international community lying anxiously in wait.

As set out in our previous alert Pivotal Year for Deep-Sea Mining, the deep seabed is rich in mineral concretions containing cobalt, nickel, copper and manganese called polymetallic nodules.

Contracts in the construction industry often include multi-tiered dispute resolution clauses

Bond markets have been in upheaval recently, with knock-on impacts on decisions on whether to make or defend calls on performance security on construction projects. Louise Woods, Ciara Ros, Jarrod Gutsa and Lauren-Emma Parrott of Vinson & Elkins examine the issues.

Just eight weeks after former Chancellor Kwasi Kwarteng unexpectedly announced the largest package of tax cuts implemented in the UK since the 1970s, the UK Government has now effectively gone into full reverse following new Chancellor Jeremy Hunt’s Autumn Statement, delivered on 17 November 2022, in which he announced a £55 billion combined package of tax rises and spending cuts intended to shore up the UK’s public finances.

On 22 September 2022, the Law Commission of England and Wales (the “Commission”) published its Consultation Paper (the “Consultation Paper”) detailing a suite of proposed revisions to the Arbitration Act 1996 (the “Act”).

Following a highly negative response from the financial markets and the IMF, amongst others, to the UK Government’s “Growth Plan 2022” (released on 23 September 2022 by the then-new Chancellor Kwasi Kwarteng and summarised by us here) (the “Mini-Budget”), the replacement Chancellor Jeremy Hunt made an Emergency Statement on 17 October in which he announced, by way of a major Government “U Turn”, that almost all of the tax measures set out in the former Chancellor’s Mini-Budget would not now be implemented.

HMRC has recently updated its guidance on the UK’s new qualifying asset holding company (QAHC) tax regime, which was introduced from 1 April 2022, to include examples of the application of the QAHC regime “activity condition” to credit funds (i.e. the requirement for a QAHC to carry out mainly investment business, with any other activity, such as trading, being ancillary to it and not carried on to any substantial extent).

A new version of the UK-Luxembourg double tax treaty has been published in which significant changes have been made to the capital gains tax article, amongst other provisions.

The UK qualifying asset holding company (“QAHC”) tax regime came into force on 1 April 2022.

New guidance has been issued by HMRC setting out their new policy on the VAT treatment of early termination fees and compensation payments, supplanting heavily criticised guidance issued in 2020.