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  • 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...

  • 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...

  • 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...

  • 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...

  • UK Court of Appeal Allows Asda Supermarket Employees’ Equal Pay Claims to Proceed

    Earlier this year, the UK Court of Appeal held that a class of 30,000 female Asda retail employees could compare themselves to male employees working in Asda’s distribution warehouses for purposes of their equal pay lawsuit. The Court’s analysis and decision has broad implications for gender pay litigation in the UK. Background The Court of...

  • What Does Brexit Mean for Data Protection?

    With less than a month to go until the UK is due to leave the EU (at 11pm GMT/12pm CET on 29 March 2019), there is still much uncertainty as to whether, and if so how, the UK will exit the EU (commonly dubbed “Brexit”). In light of this uncertainty we outline what will happen,...

  • Guidance on Cryptoassets: UK Financial Conduct Authority Issues Consultation Paper

    On January 23, 2019, the UK Financial Conduct Authority (“FCA”) issued its widely anticipated “Guidance on Cryptoassets” consultation paper CP19/3 (the “Consultation”). The Consultation followed the UK Cryptoassets Task Force’s publication last October, which set out the UK’s policy and regulatory approach to cryptoassets and distributed ledger technology and called for the FCA to issue...

  • UK Tax Round Up: January 2019

    Welcome to the January 2019 edition of the UK Tax Round Up. With the political focus continuing to be dominated by Brexit, this month has been reasonably quiet on the UK tax front. There have nevertheless been some noteworthy developments. Please view this month’s issue of the UK Tax Round Up.

  • UK Tax Round Up: December 2018

    Season’s greetings from Proskauer’s UK tax team and welcome to the December edition of the Tax Round Up. Following the Autumn Budget and draft Finance Bill last month, this month has been comparatively quiet with very few significant announcements. Please view this month’s issue of the UK Tax Round Up.

  • UK Decision Puts Employers on Notice for Vicarious Liability at Work-Related Events

    With the holiday party season just around the corner, tragic events in the United Kingdom present a worst-case scenario for reveling workers and for employers who may find themselves held responsible. Bellman v. Northhampton Recruitment Ltd. extends the bounds of employer vicarious liability where an employee is injured at a company-related social event. But, the...

  • UK Tax Round Up: November 2018

    Welcome to the November edition of the Proskauer UK Tax Round Up. This month has seen a number of developments, both on the domestic and international tax fronts. We have set out a summary of some of the main points of interest. Please view this month’s issue of the UK Tax Round Up.

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