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The Common Reporting Standards - New Global Tax Information Exchange Regime...

The Common Reporting Standard (“CRS”) will impose new investor due diligence and reporting obligations on funds and other financial institutions based in “early adopter” participating jurisdictions,...

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Further Change to the UK Taxation of Carried Interest

The UK Government, as anticipated, issued draft legislation on 9 December designed to establish clear rules as to when carried interest can qualify for favourable capital gains tax treatment. The draft...

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Financial Services Quarterly Report - Fourth Quarter 2015: Further Change to...

The UK Government, as anticipated, issued draft legislation on 9 December designed to establish clear rules as to when carried interest can qualify for favourable capital gains tax treatment. The draft...

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New Withholding Tax Exemption for Private Placements in the UK

Interest paid by UK companies is generally subject to withholding tax at 20%. Although various exemptions apply, most notably in respect of interest payments to banks and other UK companies, and in...

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UK Taxation Update for Investment Managers

The shifting sands of the taxation landscape for investment managers continues apace. Just when you perceive an oasis of stability on the horizon, it is revealed to be a mirage by the announcement of...

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Financial Services Quarterly Report - Second Quarter 2016: OECD Common...

The Common Reporting Standard (CRS) of the Organisation of Economic Co-operation and Development (OECD) came into effect on 1 January 2016 in “early adopter” jurisdictions, including the UK and popular...

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Brexit – The UK and International Tax Consequences

The political, economic and constitutional fallout of the UK’s referendum decision to leave the European Union (Brexit) will continue for some time. In addition to considering some of the possible...

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ECJ Ruling Opens Door To Withholding Tax Refunds

The European Court of Justice (ECJ), in the case of Brisal, has determined on 13 July 2016 that national law which prohibits a non-resident taxpayer from deducting financing/operating costs from...

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Government Set to Overhaul Taxation on Termination Payments

Currently, non-contractual compensation payments made solely on account of termination of an individual’s employment enjoy a favourable tax treatment in two respects – the payment can be made without...

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Using corporate structures to own UK residential property – a dead end?

Historically, UK resident non-domiciled individuals have been able to achieve certain tax advantages through holding interests in UK residential property through offshore companies. In recent years,...

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Financial Services Quarterly Report - Fourth Quarter 2016: UK Autumn...

In his first (and last) Autumn Statement, the Chancellor of the Exchequer, Philip Hammond, announced a number of tax measures affecting the financial services industry, although many of these changes...

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HMRC Publishes Guidance on the Tax Treatment of Clawback of Remuneration in...

Since the financial crisis of 2008 / 2009, swathes of new regulations have been introduced governing various aspects of remuneration in the financial services sector. A key feature of these rules is...

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Financial Services Quarterly Report - Third Quarter 2017: Global Update: UK...

UK asset managers, non-UK asset managers carrying on business in the UK and the funds they manage are within the scope of the new corporate criminal offences of failing to prevent the facilitation of...

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Financial Services Quarterly Report - Second Quarter 2018: New EU Reporting...

The European Council has adopted new rules aimed at providing EU tax authorities with advance information in relation to aggressive cross-border tax planning. A failure to provide prompt disclosure of...

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UK Commits to Introducing Targeted Digital Services Tax

The UK government yesterday announced that it will introduce a targeted Digital Services Tax aimed at large search engines, social media platforms and online marketplaces, applicable from April...

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Off-payroll working rules and the investment management industry from April 2020

With effect from 6 April 2020, medium and large organisations in the private sector will become responsible for determining the employment status of individuals who provide services to such...

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HMRC’s Implementation of EU Mandatory Tax Disclosure Rules

HMRC has released a consultation document in respect of its draft regulations implementing the EU mandatory tax disclosure rules that will apply from 1 July 2020 to intermediaries and relevant...

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Financial Services Quarterly Report - Third Quarter 2019: Developments in the...

UK investment managers paying fee rebates, loyalty bonuses or similar payments to UK investors and certain non-UK investors in collective investment schemes should note recent case law developments...

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Termination Payments - Changes to the taxation of UK termination payments

In this OnPoint, we report on two changes to the taxation of termination payments to departing employees of which employers need to be aware – first, the levying with effect from 6 April 2020 of...

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2020/03/12 UK Budget 2020 – Asset Holding Companies in Alternative Fund...

As part of the series of announcements made in the 2020 Budget, HM Treasury released a consultation document relating to the tax treatment of UK asset holding companies in the context of alternative...

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IR35 Reforms Postponed

Reforms to the off-payroll working rules (known as IR35) have been postponed until 6 April 2021 in order to reduce pressure on private sector organisations after the COVID-19 outbreak.......By: Daniel...

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COVID-19: UK Tax Residence Risks for Offshore Funds and Related Entities

Non-UK resident companies play a variety of roles in fund structures managed by UK based asset managers. They are commonly used as the fund vehicle itself, as the general partner of a limited...

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COVID-19 Coronavirus: Global Tax Update

Below please find a list of global tax measures in response to COVID-19. United States - On March 25 and March 27 the U.S. Senate and House of Representatives, respectively, passed the Coronavirus Aid,...

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COVID-19: UK Tax Residence Risks for Offshore Funds and Related Entities –...

Following on from our recent OnPoint (COVID-19: UK Tax Residence Risks for Offshore Funds and Related Entities), HMRC has now published guidance on the corporate residence issues posed by...

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EU Commission proposes extension of the DAC6 reporting deadlines

On Friday 8 May 2020, the European Commission announced a proposal to postpone by three months the initial reporting deadlines for “DAC6”, the incoming mandatory disclosure regime for potentially...

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COVID-19 Coronavirus Business Impact – proposed Coronavirus Job Retention...

In this OnPoint we report on the UK Government’s recently announced consultation on the taxation and clawback regime which will apply in relation to grants made to employers under the Coronavirus Job...

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Proposed six month extension of the DAC6 reporting deadlines

Political Agreement - Following the recent European Commission proposal to postpone the initial reporting deadlines for “DAC6” by three months, EU Commission proposes extension of the DAC6 reporting...

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DAC6: Approval of six month extension to the reporting timetable

On 24 June, the Council of the European Union formally adopted a directive giving EU Member States the option to defer by six months the timetable for reporting under DAC6....<BR />By: <a...

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The UK Government Furlough Scheme: Time to Reconcile

The Coronavirus Job Retention Scheme - On 26 March 2020, the UK Government announced the Coronavirus Job Retention Scheme (“the Furlough Scheme”). The Furlough Scheme was designed to protect the UK...

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UK Life Sciences and Healthcare Newsletter - December 2020: The UK National...

The UK has announced a bill proposing a new system to screen transactions for national security risk, separate from the system of merger review operated by the Competition and Markets Authority. The...

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UK Life Sciences and Healthcare Newsletter - December 2020: A Brief Update on...

As the most tax advantageous HMRC approved share option scheme available, the Enterprise Management Incentive (EMI) scheme has long been the preferred form of incentive for eligible early and mid-stage...

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UK Life Sciences and Healthcare Newsletter- December 2020: Regulatory Updates

Medicines and Medical Devices Bill (MMDB) – The MMDB is intended to act as the primary UK legislation specifying powers that would enable the regulatory regimes for human medicines, clinical trials,...

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UK Life Sciences and Healthcare Newsletter - December 2020: Market News

Recent notable industry transactions. The Alan Turing Institute, the Royal Statistical Society and the UK Department of Health and Social Care's Joint Biosecurity Centre finalised a partnership...

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Private Equity in the United Kingdom - 2020 Edition

Dechert partnered with Getting the Deal Through and Law Business Research on their annual Market Intelligence Private Equity Guide. The 2020 Guide invites leading practitioners to reflect on evolving...

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Some Good News at Last: The Government Substantially Restricts DAC6 Reporting...

Following the agreement of the EU/UK Trade and Cooperation Agreement (the “Brexit Deal”), HMRC has unexpectedly announced a substantial restriction to the way in which DAC6 will be applied in the UK....

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UK Asset Holding Companies – Alternative Credit Funds: A Chance to Shape the...

The UK government has published a response to the consultation announced last year in relation to the possible introduction of a new tax advantaged regime for UK asset holding companies (AHC) used in...

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Reminder: less than three months until revised IR35 rules come into force

In the light of the various business challenges posed by the ongoing COVID-19 pandemic, it would be understandable if the incoming changes to the off payroll working rules ('IR35') have not been a...

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UK Life Sciences and Healthcare Newsletter - March 2021: Future Fund:...

Following the successful run of the government-backed Future Fund, the British Business Bank has announced that it is set to launch a further fund for development, Future Fund: Breakthrough. This...

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UK Life Sciences and Healthcare Newsletter - March 2021: Granting Incentives...

One of the most effective ways to incentivise staff, in particular senior employees, is to offer them the opportunity to purchase stock or shares in a group company. U.S. companies often operate stock...

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UK Qualifying Asset Holding Companies: How Will the Proposals Impact Debt Funds?

The structure is a simplified version of how a typical European fund might be established in Luxembourg where currently we would typically use a downstream Luxembourg SARL or securitisation vehicle as...

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Notification of Uncertain Tax Treatment by Large Businesses in the UK

On 20 July 2021 (or so-called “Legislation Day 2021”), amongst a raft of other items, the UK government published its response to its second consultation on proposals for a new legislative regime that...

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ATAD 3 (Shell Companies) – Potential Implications for Fund Structures

A draft EU Council directive, known as ATAD 3, was issued by the European Commission as a proposal at the end of last year. The directive is aimed at countering the misuse of 'shell' entities and could...

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The UK Investment Manager Exemption and Cryptoassets – Consultation Document

As part of wider efforts to make Britain a global hub for cryptoassets technology and investment, on 4 April 2022 the government publicly committed to consult on extending the scope of the UK...

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HMRC’s new QAHC guidance clarifies key activity test - providing greater...

Updated guidance in relation to the new Qualifying Asset Holding Company (QAHC), which was launched in April this year, has just been published at IFM40260. Amongst other things, the guidance provides...

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Proposed reforms to sovereign immunity from UK direct tax – Government...

On 4 July 2022, the government published a consultation document calling for engagement in relation to proposed reforms to clarify who is entitled to benefit from sovereign immunity and also to...

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Learnings from Bluecrest – Investment Management LLPs and the Salaried Member...

The First Tier Tax Tribunal on 29 June, 2022, issued its judgment in Bluecrest, the first case considering the application of the salaried member legislation to members of a hedge fund management LLP....

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Reform to the UK Investment Manager Exemption – Certain Cryptoassets Added to...

In the summer of 2022, the UK government consulted on extending the scope of the UK Investment Manager Exemption (the “UK IME”) to include direct transactions in cryptoassets. Our previous OnPoint on...

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UK amends and clarifies the UK qualifying asset holding company (QAHC) regime

The UK government on 23 March 2023 published proposed amendments to the recently enacted UK qualifying asset holding company (“QAHC”) regime. Seeking to help the QAHC regime better operate as intended,...

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New Luxembourg-UK Double Tax Treaty Will Introduce Key Changes Including...

Following the Luxembourg parliament’s ratification of the new Luxembourg-UK double tax treaty (“DTT”) on 19 July 2023, the new DTT should take effect in 2024. The UK ratified the new DTT on 7 June...

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Upper Tribunal Affirms FTT Bluecrest Decision on LLP Salaried Member Rules

Asset managers established as LLPs will welcome the Upper Tribunal’s recent decision to uphold the decision of the First Tier Tax Tribunal (“FTT”) on the application of the salaried member rules in...

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