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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.

November 21, 2022
Event Recap
Event Recap
Attorneys from our Employment, Labor and OSHA (ELO) and Tax Groups discussed the prevailing wage and apprenticeship requirements in the Inflation Reduction Act.
November 9, 2022
Video
Insight
Insight

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.

October 20, 2022
Insight
Insight

Against a backdrop of rising inflation and increasing concern about a “cost of living crisis” in the UK, the newly appointed Chancellor, Kwasi Kwarteng, laid out the Government’s plans for growing the UK economy in his “Growth Plan 2022”, released 23 September 2022.

September 26, 2022
Event Recap
Event Recap
Cyber and ransomware threats are a persistent concern for companies and governments, with even great escalation due to the conflict in Ukraine and additional sanctions placed on Russia.
September 13, 2022
Insight
Insight

The Inflation Reduction Act of 2022 (IRA) represents one of the most sweeping pieces of climate policy legislation ever enacted in the United States.

Published in Bloomberg Tax on September 1, 2022

September 2, 2022
Insight
Insight

On August 12, 2022 – a little over two weeks after the legislation was announced and five days after it passed the Senate – the House passed the historic Inflation Reduction Act of 2022 (the “Act”).

August 12, 2022
Event Recap
Event Recap
In this program, Vinson & Elkins lawyers walk through notable climate and energy programs and clean energy tax provisions in the Act and unpack what this means for the future of renewable energy in the U.S.
August 4, 2022
Video
Insight
Insight

On July 27, 2022, only a few hours after the Senate approved a bipartisan semiconductor and technology package, Senator Manchin made a stunning and well-timed reversal of his prior position and confirmed his support for various climate and energy programs. Senate Democrats (led by Senators Manchin and Schumer) quickly made legislative text available and submitted it to the Senate Parliamentarian for review.

July 28, 2022
Insight
Insight

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).

June 27, 2022
Insight
Insight

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.

June 13, 2022
Insight
Insight

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

April 8, 2022