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  • COVID-19: Further extension to the UK’s Job Support Scheme

    As coronavirus infection rates rise and restrictions tighten across the UK, the UK Chancellor has extended the Job Support Scheme (again). Last week we reported on the extension of the Scheme to businesses legally required to close under tier 3 of the alert system (https://www.proskauertaxtalks.com/2020/10/covid-19-extension-of-the-uks-job-support-scheme/). Yesterday (22 October) the UK...

  • COVID-19: Extension of the UK’s Job Support Scheme

    As lockdowns loom across the land with the introduction of a three-tier system of restrictions based on local COVID-19 alert levels, at the highest alert level (tier 3) certain businesses will be forced to close, including pubs and bars (unless they serve substantial meals). To support businesses that are legally required to close as a...

  • UK Chancellor announces Winter Economy Plan

    As the UK braces itself for a second wave of COVID-19 the UK Chancellor has announced the Treasury’s Winter Economy Plan with the aim of protecting jobs and supporting businesses over the coming months. Despite the measures introduced in the Chancellor’s Summer Statement (reported by us https://www.proskauer.com/blog/chancellors-summer-statement-focuses-on-hospitality-sector), the UK’s economic...

  • European ESG Disclosure Requirements for Asset Managers

    New rules in Europe concerning sustainability-related disclosures in the financial sector will come into force from March 2021. Our UK regulatory specialists summarize the key aspects of the new ESG rules which will impact a wide range of financial services participants, including non-EU (i.e. U.S. fund managers) that market funds in the EEA. Read the full...

  • A Mix of Clarity and Confusion: Crypto Asset Law and Regulation in the UK

    Just as U.S. regulators are wrestling with the question of how to regulate cryptocurrencies and digital assets, as reported here, the same questions are being asked in the UK. Some have been answered with refreshing clarity; some remain much more opaque. As with any new technology or asset, there are different spheres of legal and...

  • UK Contract? Today is the Day to Review Your Dispute Resolution Provisions

    Whether you are a regular user of arbitration, a default user of your local courts or pick and choose a forum depending on the deal, it always pays to take a cold look at those choices. Do they still work for you? Will they work in the future when a dispute arises? Have you taken...

  • UK’s Financial Conduct Authority Warns That Fund Managers Are at Increased Risk of Cyber Attacks

    With 46% of UK business reporting a cyber attack during 2019/2020 and 32% reporting at least one a week – see the UK Government’s Cyber Security Breaches Survey 2020 – the UK’s Financial Conduct Authority (“FCA”) has issued a timely warning to market participants of increasing cyber security threats in the wake of COVID-19. Operational...

  • Chancellor’s Summer Statement focuses on hospitality sector

    As the UK’s lockdown is relaxed and unemployment figures are expected to continue to rise, the UK Chancellor gave his summer statement announcing measures to stimulate the economy as it recovers from the effects of coronavirus with a clear emphasis on encouraging people to spend money, particularly in the hospitality sector, to try to protect...

  • UK Arbitration H1 2020: 6 Months and 6 Key Messages from the English Courts, Part 2

    With an uptick in commercial wrangles expected as a result of measures taken to combat Covid-19, England is not alone in seeking to provide a welcoming jurisdiction to deal with such disputes. We identified 6 key developments in arbitration case law in England from the last 6 months. In Part 1 of the two-part post,...

  • UK Arbitration H1 2020: 6 Months and 6 Key Messages from the English Courts, Part 1

    With an uptick in commercial wrangles expected as a result of measures taken to combat Covid-19, England is not alone in seeking to provide a welcoming jurisdiction to deal with such disputes. In this two-part post, we pick out 6 key developments in arbitration case law in England over the last 6 months to reveal...

  • COVID-19: Taxation of coronavirus support payments

    The UK government has opened a consultation on draft legislation concerning the taxation of coronavirus business support payments. HMRC want views on the technical effectiveness of the proposed legislation in ensuring that grants covered by the legislation are subject to tax. Such grants include the much-reported Coronavirus Job Retention Scheme (“CJRS”) (as reported by us...

  • IR35 extension to private sector – Finance Bill 2020 amendment on territorial scope

    There has been much discussion over the past year or so about the UK government’s proposal to make changes to the application of the off-payroll working (or IR35) tax rules to private sector end clients so as to shift certain employment status assessment and, depending on the circumstances, employment tax payment obligations from the worker’s...

  • Advisers’ fees non-deductible where management decisions made by parent company

    The UK’s First-tier tax tribunal (FTT) has just released an interesting decision considering whether or not expenses incurred by a parent company on advisers’ fees that related to a proposed disposal by a group subsidiary and were charged on to its subsidiary were deductible as expenses of management of the subsidiary under section 1219 of...

  • Overview of the UK Coronavirus Job Retention Scheme

    The UK Government has published further guidance and The Coronavirus Act 2020 Functions of Her Majesty’s Revenue and Customs (Coronavirus Job Retention Scheme) Direction (the “Direction”) in relation to the Coronavirus Job Retention Scheme (“CJRS”). The Direction is available here and the guidance is available here, here and here. This blog post covers similar ground to,...

  • UK Measures to Address Covid-19

    The Novel Coronavirus (COVID-19) has significant implications for the asset management industry globally, forcing both sponsors and investors to consider the immediate impact on their investments, and to re-prioritize both immediate and longer term issues.  In the United Kingdom, the Financial Conduct Authority (“FCA”) issued a series of communications to firms to address the impact...

  • Further Guidance Published on UK’s Coronavirus Job Retention Scheme

    Further to our prior blog post available here, the UK Government has published more detailed guidance on the Coronavirus Job Retention Scheme (“CJRS”). That guidance is available here and here. Here are some of the key questions the updated guidance now answers. What is the CJRS? The CJRS is a government scheme set up to...

  • COVID-19: UK Tax Residence for Companies and Individuals

    Introduction In these testing times the ramifications of COVID-19 continue to be felt in every area of personal and corporate life. With lockdowns announced around the world, including in the UK on 23 March 2020, travel has been severely curtailed and business practices are having to change accordingly. Below we discuss what this means for...

  • COVID-19: UK Chancellor announces measures to support the self-employed

    Earlier this evening (26 March 2020) the UK Chancellor announced the new Self-Employed Income Support Scheme to help the self-employed face the economic hardship wrought by the COVID-19 pandemic. Below are the key points: The scheme will provide direct cash grants of 80 per cent of individuals’ taxable profits (based on average monthly trading profit...

  • UK Government announce Coronavirus Job Retention Scheme

    Over the past few days, the UK Government has announced various measures to assist employers/businesses protect jobs in these exceptional times. We have received a number of queries about the Coronavirus Job Retention Scheme in particular. The Government has currently provided the following information about the scheme: Any UK employer can take part in the...

  • Coronavirus: UK Chancellor announces unprecedented measures to support the British economy

    Earlier this evening the UK Chancellor announced an economic intervention which is “unprecedented in the history of the British state” with measures to support the United Kingdom economy in the midst of COVID-19. Below are the key measures he announced for businesses: The government is setting up a Coronavirus Job Retention Scheme. The scheme will...

  • IR35 overhaul postponed until 6 April 2021

    Last night (17 March 2020) the UK’s Chief Secretary to the Treasury, Steve Barclay, announced in the House of Commons that the government is postponing the implementation of the changes to the application of the off payroll working tax rules to private sector clients (IR35) from 6 April 2020 to 6 April 2021 to ease...

  • UK Chancellor’s latest measures in response to COVID-19

    In addition to the measures announced in last week’s UK Budget 2020 (as we reported in our Tax Talks blog of 16 March 2020 The UK Budget and Coronavirus), at the UK Prime Minister’s daily briefing today the UK Chancellor announced further measures to support businesses affected by coronavirus (COVID-19). The Treasury will make available...

  • The UK Budget and Coronavirus

    As part of the UK’s Budget 2020, the Treasury has announced a range of measures aimed at assisting UK businesses, in particular small and medium sized businesses (SMEs), in tackling disruption caused by the coronavirus (COVID-19) outbreak. The UK government will be hoping that such measures assist in lessening any longer term economic impact caused...

  • UK Budget 2020

    The UK Budget took place on 11 March. In its first post-Brexit Budget with substantial spending announcements, the Treasury wants to continue to ensure the UK remains an attractive and competitive place to invest and do business. We have summarized here the most notable tax changes that will be of interest to our corporate and...

  • Simplification of UK Partnership Tax Reporting for Investment Fund Partnerships

    In the Finance Act 2018, the UK Government enacted a number of changes to the information required in partnership returns that raised the concern of undue and impracticable administrative burden being imposed on UK investment fund partnerships. The changes covered a number of areas, including requiring a UK partnership that had partnerships amongst its partners...

  • UK Government announces review into private sector IR35 rules

    As announced by the Chancellor in the run up to the recent General Election, the Government is launching a review into the implementation of the changes to the IR35 rules for private sector workers scheduled to be introduced on 6 April. We have reported on the changes to the IR35 rules for workers providing services...

  • ICO Issues First Intentions to Fine Under the GDPR

    GDPR fines are seemingly like buses, you wait over a year for enforcement action by the UK’s data supervisory authority, the ICO, and then two come along at once – and with quite dramatic effect. The ICO has stretched its wings and in recent days has issued two notices of intent to fine following investigations....

  • UK Supreme Court Examines Restrictive Covenants First Time in 100 Years: A New Test for Severance

    In the case of Tillman v Egon Zehnder [2019] UKSC 32, the UK Supreme Court, for the first time in over 100 years, has examined the law of post-termination restrictive covenants. As well as providing clarity of the law, the decision serves as a reminder of the importance of the doctrine of restraint of trade,...

  • Upper Tribunal Rules in Favour of Taxpayer in Tax Residence Case

    Development Securities plc and others v HMRC [2019] UKUT 169 (TCC) The Original Judgment As we reported in our August 2017 UK Tax Round-Up [https://www.proskauer.com/newsletter/uk-tax-round-up-august-2017], the UK’s First Tier Tribunal (“FTT”) found against the taxpayer in the Development Securities case, and ruled that certain Jersey-incorporated companies were, in fact, UK tax resident through...

  • UK Tax Round Up

    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. As well as...

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