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
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 2022....more
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, the amendments address...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
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 restrict the availability of...more
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
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 primary focus for some...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
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 aggressive tax arrangements....more
5/15/2020
/ Coronavirus/COVID-19 ,
Cross-Border Transactions ,
Deferred Action ,
EU ,
European Commission ,
Filing Deadlines ,
Financial Institutions ,
Mandatory Disclosure Rules ,
Member State ,
Reporting Requirements ,
Time Extensions ,
UK
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
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 partnership fund vehicle, and/or...more
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 fund structures...
The...more
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 developments relevant to the UK asset management industry. This issue includes details of the FCA’s statement on the implementation period for Brexit; the requirement for firms...more
4/20/2018
/ Asset Management ,
BEPS ,
Corporate Taxes ,
Cross-Border ,
Cryptocurrency ,
Customer-Loyalty Programs ,
Cybersecurity ,
Derivatives ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
A compact summary of the most recent regulatory and tax developments relevant to the UK asset management industry. This issue includes details of the FCA’s stance on the reporting of cyber attacks; the Government’s opinion on...more
12/13/2017
/ Asset Management ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
EMIR ,
EU ,
European Central Bank ,
European Supervisory Authorities (ESAs) ,
Financial Conduct Authority (FCA) ,
Hackers ,
Investment Management ,
Jurisdiction ,
Regulatory Oversight ,
UK ,
Variation Margin Requirements (VM)
HM Treasury recently published its Investment Management Strategy II Report. Building on its 2013 strategy report ? which mainly focused on how to improve the UK as a fund domicile ? this report sets out the UK government’s...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
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, the UK government has...more