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94 results for JD Supra United Kingdom › Proskauer Rose LLP

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  • UK Tax Round Up - September 2020

    UK COVID-19 Developments - Budget Cancelled - The Government announced on 23rd September that the Budget scheduled for November would, as a result of the ongoing Covid-19 pandemic, now not take place.

  • UK Tax Round Up - August 2020

    HMRC has updated its guidance on the Coronavirus Job Retention Scheme (CJRS). The changes include the removal of parts of the guidance that related to the application of the CJRS up to 30 June 2020 and to update employers on changes to the CJRS from 1 August 2020.

  • UK Tax Round Up - July 2020

    UK COVID-19 Developments - Furlough not detrimental to EMI options held on 19 March 2020 - On 26 June, the government introduced a new provision into the Finance Bill that provides that the period during which an employee is furloughed will not count towards the determination of their “working time commitment” for the purpose of determining whether the EMI option...

  • SMCR – Top Priorities for 2020/21

    Originally published on February 24, 2020. Updated as of July 1, 2020. The UK senior managers and certification regime ("SMCR") overhauled the accountability regime for individuals working in UK financial services firms and has been in force for just over two months now. The regime applied to all FCA solo-regulated firms on 9 December 2019, but for most firms, there is still

  • FCA Discussion Paper on UK Prudential Regime for Investment Firms

    On 23 June 2020, the UK Financial Conduct Authority (“FCA”) published a discussion paper (“DP 20/2”) in relation to a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive 2014/65/EU (“MiFID”). Purpose of the proposed new regime - DP20/2 has been published by the FCA following the publication of the Investment Firm...

  • FCA Discussion Paper on UK Prudential Regime for Investment Firms

    On 23 June 2020, the UK Financial Conduct Authority (“FCA”) published a discussion paper (“DP 20/2”) in relation to a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive 2014/65/EU (“MiFID”). Purpose of the proposed new regime - DP20/2 has been published by the FCA following the publication of the Investment Firm...

  • UK Tax Round Up - May 2020

    UK COVID-19 developments - Proposed deferral of DAC6 and DAC2 - The European Commission has published a draft directive proposing a three month delay to the deadlines for certain information disclosures under the EU Directives relating to the disclosure of tax information known as DAC6 and DAC2. The aim is to ease administrative burdens on businesses during the COVID-19...

  • UK Tax Round Up - April 2020

    Temporary changes to the statutory residence test for inbound COVID-19 workers - The UK Chancellor has written to the chair of the Treasury Select Committee outlining temporary changes to the statutory residence test (SRT) for those coming to the UK to work on COVID-19 related activity.

  • Proposed Changes to UK Insolvency Laws in Response to COVID-19

    The UK Government has announced changes to the existing UK insolvency laws in order to ease pressure on companies and give them breathing space to trade through the COVID-19 pandemic. Exact timing for implementation of the changes is not clear and Parliament is in recess until 21 April 2020 but the changes will be amended "at…

  • UK Tax Round Up - February 2020

    UK General Tax Developments - HMRC updates to the private sector IR35 rules - On 7 February 2020, HMRC confirmed that the new private sector IR35 rules will only apply to payments made for services provided on or after 6 April 2020. Previously the rules would have applied to all payments on or after 6 April 2020 irrespective of when the services were carried out.

  • SMCR – Top Priorities for 2020

    The UK senior managers and certification regime ("SMCR") overhauled the accountability regime for individuals working in UK financial services firms and has been in force for just over two months now. The regime applied to all FCA solo-regulated firms on 9 December 2019, but for most firms, there is still work to be done. In this memo, we summarize the main issues firms will need to...

  • Regulation Round Up - January 2020

    Key developments in January 2020: 6 January - The Financial Conduct Authority ("FCA") published a letter, sent to the CEOs of wholesale general insurance (GI) firms, setting out its expectations for them to be proactive in tackling non-financial misconduct in the sector. This publication demonstrates the FCA's commitment towards corporate culture and individual...

  • Brexit Update: Impact on Fund Managers from 31 January 2020 and Beyond

    At 11pm (local time) on 31 January 2020, the United Kingdom ("UK") will leave the European Union ("EU"), an event often referred to as "Brexit". A transitional period will take effect as of this date and will last until 31 December 2020 (the "Implementation Period"), unless extended. During this Implementation Period, EU law will continue to have the same...

  • UK Tax Round Up - January 2020

    UK General Tax Developments - Date set for next UK Budget - The first Budget of the new Conservative government will be held on Wednesday 11 March. There has been significant speculation that there will be a major overhaul (or even abolition) of entrepreneurs' relief in this Budget following the Chancellor's statement that the government would "review and reform"

  • UK Tax Round Up - December 2019

    UK Case Developments - IR35 – no mutuality of obligation to create a contract of employment - RALC Consulting Ltd v HMRC has provided the First-tier Tribunal (FTT) with another opportunity to consider the application of the IR35 rules to a worker/client relationship. It has held that the relationship in question, between the contractor, his personal service company (PSC)...

  • Regulation Round Up - November 2019

    1 November - The Prudential Regulation Authority ("PRA") published a Dear CEO letter in relation to the reliability of regulatory returns. Firms are expected, if asked, to be able to respond promptly to a request from the PRA to...

  • UK Tax Round Up - November 2019

    UK Case Law Developments - More decisions on IR35 - This month has seen two more decisions on whether broadcast presenters providing their services to the BBC and ITV respectively would or would not have been employees had they provided their services directly rather than through personal service companies.

  • FCA Urges Firms to Fight Financial Crime with Technology

    According to Megan Butler, Executive Director of Supervision at the UK Financial Conduct Authority (FCA), financial crime is big business; the estimated annual cost of fraud is £190 billion. In Butler’s view, although developing technology can be an ‘enabler’ of financial crime, those same systems can be harnessed as ‘game changers’ in combatting fraud and money laundering.

  • UK Tax Round Up - October 2019

    UK Case Law Developments - Reliance on HMRC's manual statement can, but didn't, give rise to legitimate expectation - In the recent judicial review case of Roao Aozora GMAC Investment Ltd v HMRC, the Court of Appeal (CA) considered whether HMRC was entitled to resile from a view published in its International Manual or whether such view resulted in a legitimate expectation

  • UK Tax Round Up - September 2019

    Case Law Developments - Place of supply for VAT purposes - The recent case of American Express Services Europe Limited (AESEL) v HMRC is a useful reminder of the well-established two-stage approach to determining the correct recipient of a supply of services for VAT purposes...

  • Senior Managers and Certification Regime - Extension to All FCA Authorised Firms is Coming

    On 9th December 2019, the Senior Managers and Certification Regime (SMCR) will replace the current Financial Conduct Authority (FCA) Approved Person Regime for practically all FCA authorised firms, including alternative investment fund managers (AIFMs), placement agents and investment advisers...

  • Regulation Round Up - August 2019

    1 August - The Financial Conduct Authority ("FCA") published an insight article on artificial intelligence ("AI") in the boardroom. The article considers various AI-related issues in the boardroom.

  • UK Tax Round Up - August 2019

    UK Case Law Developments - Valid notice crucial to tax indemnity claim - The Court of Appeal (CA) decision in Stobart Group Ltd v Stobart and another is a cautionary tale for any purchaser who, following the acquisition of a company, might be entitled to make a claim under a tax indemnity given by the seller of that company.

  • UK Tax Round Up - June 2019

    Guernsey SPV not resident in the UK - In Development Securities plc and others v HMRC, the Upper Tribunal (UT) has overturned the prior discussion of the First-tier Tribunal (FTT) in favour of the taxpayer in an important tax residence case relating to Jersey incorporated companies.

  • FCA to Introduce Reforms to UK Overdraft Market

    On 7 June 2019, the Financial Conduct Authority (“FCA”) confirmed that it is introducing reforms in relation to the overdraft market, set out in its policy statement PS19/6. The aim of these reforms is to make overdrafts simpler, fairer, and easier to manage and will protect the millions of consumers that use overdrafts, particularly more vulnerable consumers. According to the FCA, the changes...

  • UK Tax Round Up - May 2019

    UK General Tax Developments - HMRC updates guidance on what constitutes "ordinary share capital" - Following the decision by the First-tier Tribunal (FTT) in Warshaw V HMRC, reported in our UK tax blog earlier this month, HMRC has updated its guidance on what constitutes "ordinary share capital" for the purposes of most tax provisions using that term.

  • Regulation Round Up - May 2019

    1 May - The Financial Conduct Authority ("FCA") published a call for input on its evaluation of the Retail Distribution Review and Financial Advice Markets Review. The Prudential Regulation Authority ("PRA") published a document setting out the systemic risk buffer rates for ring-fenced banks and large building societies that will apply from 1 August 2019

  • UK Financial Conduct Authority Identifies Significant Shortcomings in Firms Operating Appointed Representative Platforms

    On 20 May 2019, the UK Financial Conduct Authority ("FCA") published its findings of its multi-firm review into the supervision by principal firms of their appointed representatives ("ARs") operating in the investment management sector. A principal firm is an FCA-authorised firm which appoints another firm to act as its AR. In this capacity, the AR can carry out certain...

  • UK Tax Round Up - April 2019

    UK Case Law Developments - Damages on share sales same as on other sales - In Oversea Chinese Banking Corporation Ltd v ING Bank NV, the Commercial Court has held that the measure of damages for breach of warranty in a share sale is simply the difference between the amount paid for the shares and their value as a result of the matter giving rise to the warranty claim...

  • UK Tax Round Up - March 2019

    EU developments - European Court rules that withholding tax exemptions under EU Directives can be denied by abuse of rights principle - At the end of February, the Court of Justice of the European Union (CJEU) issued two judgments addressing the circumstances in which withholding tax exemptions under the EU's Interest and Royalties Directive (IRD) and Parent/Subsidiary...

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