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
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 Bluecrest...more
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 the consultation,...more
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. The judgment will be of...more
7/14/2022
/ Distribution Rules ,
Employment Tax ,
Financial Services Industry ,
Hedge Funds ,
HMRC ,
International Tax Issues ,
Investment Management ,
Limited Liability Partnerships ,
Remuneration ,
Salaried Employees ,
Tax Liability ,
UK
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 a timely boost to the...more
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 Investment Manager Exemption (the...more
5/27/2022
/ Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Regulatory Reform ,
Financial Transactions ,
HMRC ,
Investment Fund Vehicles ,
Investment Management ,
Investment Opportunities ,
Investors ,
Regulatory Agenda ,
Smart Contracts ,
Tax Liability ,
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 will require large...more
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 the context of...more
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. Although the law has...more
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 COVID-19. ...more
4/10/2020
/ Board Meetings ,
Board of Directors ,
Guidance Update ,
HMRC ,
International Tax Issues ,
Non-Resident Income Taxes ,
OECD ,
Offshore Funds ,
Publicly-Traded Companies ,
Relief Measures ,
Tax Liability ,
Travel Restrictions ,
UK ,
Virtual Meetings
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 regarding the tax treatment...more
10/25/2019
/ Advisory Commissions ,
Fees ,
Financial Services Industry ,
HMRC ,
Income Taxes ,
Investment Management ,
Investors ,
Loyalty Bonuses ,
Rebates ,
Reversal ,
Tax Appeals ,
Tax Tribunal ,
Taxable Income ,
UK
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 taxpayers in relation to...more
7/30/2019
/ Consultation Periods ,
Cross-Border Transactions ,
Disclosure Requirements ,
EU ,
Foreign Taxpayers ,
HMRC ,
Intermediaries ,
International Tax Issues ,
Legal Professional Privilege ,
Penalties ,
Tax Avoidance ,
Tax Evasion ,
Transfer Pricing ,
UK
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 organisations through...more
A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details on ESMA’s updated Q&As on the key information document requirements for PRIIPs;...more
11/29/2017
/ Autumn Statement ,
Commercial Real Estate Market ,
Corporate Taxes ,
Derivatives ,
EMIR ,
EU ,
EU Market Abuse Regulation (EU MAR) ,
European Securities and Markets Authority (ESMA) ,
Hedge Funds ,
HMRC ,
IOSCO ,
Key Information Document (KIDs) ,
Legal Entity Identifiers ,
MiFID II ,
Money Market Funds ,
Non-Resident Income Taxes ,
Over The Counter Derivatives (OTC) ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Real Estate Investments ,
Tax Reform ,
UK