British PM Rishi Sunak and European Commissioner Chief Ursula von der Leyen finalized a new agreement, “The Windsor Framework” (details announced on 27 February 2023), which makes permanent, legally binding changes to the...more
On 9 December 2022, the United Kingdom’s Chancellor of the Exchequer announced an expansive set of reforms to the UK’s financial regulatory regime – labelled the “Edinburgh Reforms”. Following the UK’s exit from the...more
Overseas investors are welcome in the UK. Save as set out below, there are no specific laws prohibiting foreign investment in the UK nor are there any business requirements for UK participation in the ownership or management...more
This Alert gives a high level overview of the new trading relationship between the European Union (‘EU’) and the United Kingdom (‘UK’) for goods and service supply. The EU and the UK reached provisional agreement on a...more
At the end of the Brexit transition period, new UK VAT rules entered into force which from 1 January 2021 will have UK VAT consequences for overseas e-commerce sellers and online marketplaces that sell imported low-value...more
In this alert, we focus on the key takeaways for trade in goods under the EU-UK Trade and Cooperation Agreement ("EU-UK TCA"). Bilateral trade between the UK and EU will be duty free and quota free provided the relevant...more
Businesses moving goods to or from Great Britain will face new compliance burdens. EU businesses making sales to UK customers may have to register for UK VAT for the first time....more
UK securitisations using an EU-based securitisation vehicle may get a VAT benefit post-Brexit transition. Currently, VAT on securitisation costs is likely irrecoverable for UK originators. ...more
Where once there was Brexit, now there is Coronavirus. In these troubled times it is difficult to look beyond the next day, but from 1 January 2021, when the post-Brexit transition period ends and the United Kingdom leaves...more
The Chancellor of the Exchequer delivered the United Kingdom (“UK”) Budget for 2020 on 11 March 2020. The Budget was delivered against a backdrop that very few people could have anticipated at the commencement of the year....more
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...more
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...more
This guide has been compiled to give an overview of the rudimentary legal aspects that should be considered by anyone thinking of establishing a business in the UK. It is aimed at businesses that may already be established in...more
Yesterday, the EU and U.K. in principle agreed new terms for the withdrawal agreement giving effect to the U.K.’s exit from the European Union. These include a revised political declaration and protocol concerning Northern...more
SPECIAL REPORT - BREXIT: CHALLENGES AND OPPORTUNITIES - In this report, we explain some of the key legal implications associated with the United Kingdom leaving the European Union (EU) without a deal for future...more
The Parliamentary week began with a stark choice between the UK government's Withdrawal Agreement and Political Declaration (WA) and a "no deal" Brexit. The week has ended with no real change. Next week, the government will...more
On 13 March 2019 the UK government published details of the temporary rates of customs duty it would impose on imports should a "no deal" Brexit occur. Under the temporary regime, the government expects 87% of total imports...more
HM Revenue and Customs (HMRC) has issued a letter to 145,000 UK businesses setting out actions they need to take now to prepare for the “unlikely event of the UK leaving the EU without a deal.” More substantial steps may be...more
The Chancellor of the Exchequer delivered the United Kingdom (“UK”) Budget for 2018 on 29 October 2018. The Budget was delivered against the backdrop of the UK’s negotiations with the European Union concerning Brexit. ...more
General UK Tax Developments - CIOT responds to the draft profit fragmentation provisions in the Finance Bill 2019 - The Chartered Institute of Taxation (CIOT) has published its response to the profit fragmentation...more
The European Union has published a technical note warning of dire consequences for businesses if the UK leaves the EU with no deal in place. The European Commission has warned companies across Europe to prepare for...more
The Chancellor of the Exchequer delivered the UK Budget for 2017 on 22 November 2017. Delivered against the backdrop of the UK’s ongoing negotiations to exit from the European Union, the Budget featured a significant...more
The Chancellor of the Exchequer's first Autumn Budget under the new budget timetable, which sees the Autumn Statement replaced with an Autumn Budget (and the Spring Budget replaced with a Spring Statement), will be announced...more
The government draws closer to establishing the legislation that will be needed after Brexit with the introduction of a new Trade Bill. The Trade Bill has received a first hearing in parliament, but not been debated at...more
UK Tax News and Developments - Government White Paper on Customs Bill - On 9 October, the Government published a White Paper setting out its approach to the introduction of a new customs and VAT regime after the UK...more