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.
Chancellor of the Exchequer, Rishi Sunak, unveiled an unsurprising 2021 Autumn Budget and Spending Review (the Budget), as the headline grabbing fiscal plans had already mostly been leaked to the press (including by the Chancellor himself).
The ‘gig’ economy has been the subject of much commentary in recent times, particularly with regard to the legal status of its workers.
On 24 March 2021, the UK government’s Department for Business, Energy & Industrial Strategy (“BEIS”) launched a consultation seeking views on its proposals to mandate climate-related financial disclosures by publicly quoted companies and large private companies, banks and insurance companies, and limited liability partnerships (the “Consultation”).
Lockdowns have fueled a surge in food-delivery businesses, so the initial public offering (“IPO”) of Deliveroo plc (“Deliveroo”) — a UK equivalent to DoorDash Inc. — on the London Stock Exchange was highly anticipated. But on its first day of public trading, Deliveroo’s stock dropped over 25%.