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Tax Rates United Kingdom

BCLP

Business Rates and the Bar - Occupation, Purpose and Trust in a Set of Chambers

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In the recent case of Prosser v Ricketts [2024] UKUT 264 (LC), the Upper Tribunal Lands Chamber (UT) had to decide whether barristers’ chambers rooms should be treated as a collective, single unit for business rates purposes,...more

Walkers

15% Global Minimum Tax Rate: Draft Legislation lodged in Jersey

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Following Jersey's intention to implement the OECD proposals for a 15% global minimum tax rate (known as "Pillar 2") in May 2024, draft legislation has now been lodged introducing a new standalone Multinational Corporate...more

IR Global

Don’t forget to report property gains

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A higher rate of CGT applies to gains on the disposal of residential property (apart from a principal private residence). In the Spring Budget 2024, the Chancellor announced a reduction in the higher rate that exists for...more

Morgan Lewis

UK Government Calls for Evidence on the Reform of Carried Interest

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On 29 July, the UK government issued a call for evidence in connection with its proposed reform of the UK taxation of carried interest. Noting that the tax treatment of carried interest is the subject of considerable debate,...more

Dechert LLP

Labour Party Manifesto: Key Tax Points for Investment Managers

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The Labour Party Manifesto for the election on 4 July 2024 has now been published. Our key tax takeaways from the manifesto for the asset management sector are as follows:.....more

Walkers

Guernsey and Jersey re-affirm commitment to OECD Pillar Two implementation

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The Crown Dependencies have re-affirmed their commitment to international tax standards and the continued value of inter-island cooperation in areas of mutual interest in international tax policy. Ministers from...more

BCLP

Spring Budget 2024

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It has been a busy Budget for the real estate sector today, particularly for the residential sector.  The big announcement was the proposal to abolish SDLT’s multiple dwellings relief (“MDR”).  This came as a surprise and for...more

A&O Shearman

What does Pillar Two mean for structured finance?

A&O Shearman on

Born of the OECD’s base erosion and profit shifting (BEPS) project, the Pillar Two rules introduce a global minimum corporate tax rate of 15% on multinationals of a certain size. The reforms reflect the outcome of an...more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

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In March, the UK government announced changes to the tax regime surrounding pensions as part of the annual Budget. In this piece, we take a deep dive into what these changes are, who they affect, what employers should be...more

BCLP

Spring Budget 2023 - tax impact on the real estate sector

BCLP on

Underneath the headline points, the Budget contained a number of measures designed to fulfil the Chancellor’s objective of encouraging growth and investment. There was broadly good news for those investing in UK real estate....more

Akin Gump Strauss Hauer & Feld LLP

UK Spring Budget 2023: Points for Asset Managers

Introduction - On 15 March 2023, the UK government revealed the widely anticipated Spring Budget, which contained a number of measures that may be of interest to asset managers....more

Hogan Lovells

UK Budget: Pension aspects

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The pension tax changes announced in the Budget today represent a revolution in pension taxation. This alert gives a short summary of the announcements affecting pensions.  No doubt further complexities will arise as the...more

Cooley LLP

Research & Development Tax Regime Changes

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Significant changes to the UK’s Research & Development (R&D) tax relief regime are being introduced with effect from 1 April 2023. Some of the changes were announced in the 2021 Autumn Budget, while others were more recently...more

A&O Shearman

UK commits to global minimum tax rate

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The UK government has used the opportunity of its Autumn Statement 2022, delivered on 17 November, to confirm that the Finance Bill 2022 will include legislation introducing a 15% global minimum corporation tax rate, to have...more

BCLP

Do you want to know how much your business will be paying in business rates from 1 April 2023?

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It is a good question because the new rating list; the first for 6 years, takes effect on that day. The rateable values that are being compiled reflect letting values (more or less) as at 1 April 2021....more

BCLP

UK Mini-Budget in reverse - Tax impact on the real estate sector

BCLP on

In an attempt to calm the markets and ensure the UK’s economic stability the new Chancellor, Jeremy Hunt, gave a statement ahead of the scheduled Medium-Term Fiscal Plan on 31 October. He announced a reversal of almost...more

A&O Shearman

Volatile Reaction to UK “Mini-Budget”

A&O Shearman on

Bank of England market intervention after presentation of tax package - On 23 September, the new U.K. Government conducted the emergency fiscal event it had scheduled when taking power at the beginning of the month. Many...more

Proskauer Rose LLP

UK Tax Round Up - November 2021

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Welcome to November’s edition of the UK Tax Round Up. This month has seen publication of the Finance Bill 2021-22 (what will become the Finance Act 2022) including draft legislation for the basis period reform, UK asset...more

Proskauer Rose LLP

UK Tax Round Up - October 2021

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The Chancellor presented the Budget on 27 October. Although it contained a wide range of general spending and tax-related announcements, there was nothing of significance for the private funds industry that had not been...more

Cadwalader, Wickersham & Taft LLP

UK Autumn Budget 2021 – Key Tax Measures

The Chancellor of the Exchequer delivered the United Kingdom (“UK”) Autumn Budget for 2021 on 27 October 2021. The Budget was delivered against the backdrop of the UK’s ongoing recovery from the Covid‑19 pandemic and the...more

BCLP

Impact of UK Autumn Budget on real estate sector

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It was a relatively light Budget for the real estate sector. Highlights included the long-awaited announcement of the rate of the residential property developer tax and some reform of business rates....more

Latham & Watkins LLP

G7 Tax Agreement Marks Significant Step Toward Global Tax Reform

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The agreement builds on the two-pillar approach outlined by the OECD and aims to tackle the challenges arising from an increasingly globalized and digital economy. Key Points: ..Under Pillar One, the largest and most...more

Akin Gump Strauss Hauer & Feld LLP

Budget 2021: Tax, But Only Half the Story

On March 3, 2021, the U.K. government announced its 2021 Spring Budget (the “Budget”) which contained a number of extensions to measures designed to support the country even after our expected emergence from lockdown. ...more

Sheppard Mullin Richter & Hampton LLP

USTR Suspends Tariffs on Certain French Luxury Goods: A Potential Shift in Trade Talks

Key Takeaways: • Threatened 25% tariffs on French luxury goods are suspended. • USTR is still looking at tariffs in retaliation for taxes on U.S. global tech companies. • Biden’s new USTR will face immense pressure to...more

BCLP

Empty property rates in England; no more guarding the guardians?

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A tax on failure - The two taxes in England on the occupation of property are non-domestic rating (business rates) and, for domestic rating, council tax. Pre COVID, business rates yielded £30bn and council tax £36bn...more

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