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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).
V&E UK Tax Update
The UK qualifying asset holding company (“QAHC”) tax regime came into force on 1 April 2022.
V&E UK Tax Update
Two new United Kingdom (“UK”) data transfer mechanisms, the International Data Transfer Agreement (“IDTA”) and the International Data Transfer Addendum (“UK Addendum”) to the European Union’s (“EU”) new standard contractual clauses (“SCCs”), came into force on March 21, 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.
V&E UK Tax Update
On 29 October 2021, the UK government introduced The Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 20211 (the “Draft Regulations”), which would, once in force, amend the Companies Act of 2006 and require mandatory climate-related financial disclosures by large UK registered companies and financial institutions.
On June 24, 2021, UK law enforcement seized a record-setting £114 million (nearly $160 million) in cryptocurrency as part of an ongoing money laundering investigation.
In a striking rebuke, the U.K. Supreme Court found that the U.K. Serious Fraud Office (“SFO”) overstepped its authority when it tried to access corporate documents from the United States.
Mere months after Airbus entered into a record-breaking, nearly $4 billion resolution with the U.S., U.K., and France to settle foreign bribery allegations, the U.K.’s Serious Fraud Office (“SFO”) moved on July 30, 2020, to bring additional corruption charges against Airbus.
More than a third of the world’s population is under lockdown to slow the spread of COVID-19.
A version of this insight was published in GRR on July 1, 2020 and GAR on July 15, 2020
COVID-19 presents a unique and, for most parties, unprecedented challenge – a pandemic that has resulted in a global public health crisis and significant restrictions on global trade and labor, the repercussions of which continue to evolve on a daily basis.
On January 17, 2020, the United Kingdom’s Serious Fraud Office (“SFO”) published new guidance regarding how the office assesses the compliance programs of organizations that are under investigation…