Avoiding Tax Consequences During Oil & Gas Restructurings
The newly elected UK Labour government published its call for evidence (see link here) on the taxation of carried interest on Monday 29 July 2024. This consultation by HM Treasury, cautiously anticipated following statements...more
On 16 July 2024, the UK Supreme Court (SC) published its judgment in the case of Centrica Overseas Holdings Ltd (COHL) v HMRC. The ruling addresses the issue of whether professional advisory fees incurred in contemplation of...more
On 9 May 2024, Skadden held the inaugural London Space Law Symposium, where six panels of Skadden representatives and industry experts discussed legal aspects of the new space economy. The event was held in the Naim Dangoor...more
Welcome to March’s edition of our UK Tax Round Up. This month has seen a number of interesting cases covering a range of issues, from the deductibility of costs against employment income to the place of effective management...more
In 2027, the UK will introduce a carbon border adjustment mechanism (CBAM) on imports of certain carbon intensive goods. The CBAM will impose a charge on the emissions embodied in relevant imports that take place on or after...more
Celebrating Women’s History Month, we present a special edition of our quarterly Insights publication, highlighting the talent and insights of women at Skadden. The issue spotlights their authorship on such topics as the...more
On 6 March 2024, the UK government announced the planned abolition of the remittance basis of taxation for UK resident non-domiciliaries from 6 April 2025 onwards for foreign income and gains (FIG). This will be replaced with...more
On March 6, 2024 UK Chancellor Jeremy Hunt announced in his Spring Budget an intention to rewrite the UK taxation of internationally mobile people from April 2025. As outlined it would appear to be a zero tax regime on non-UK...more
The Diverted Profits Tax (DPT) has been a significant area of focus for taxpayers and tax authorities in the UK and Australia. The tax targets specific situations in which taxable profits are alleged to have been “diverted”...more
AI in 2024: Monitoring New Regulation and Staying in Compliance With Existing Laws Companies that develop or employ AI tools have to consider proposed AI-specific regulation as well as an array of existing IP, privacy,...more
This briefing explains Guernsey’s adoption of rigorous international tax and regulatory standards, which, in conjunction with its local tax law, make it an ideal location for investment funds and other investment vehicles....more
Cross-border deals are complex and require mastery of multiple disciplines with unique considerations in different regions. Review our table comparing cross-border deal considerations for various topics across the United...more
Welcome to May’s edition of our UK Tax Round. This month has been relatively quiet but there were a couple of cases that affect transactions that we see in practice, including an interesting update on what could constitute a...more
The pandemic’s impact may be subsiding, but businesses are encountering new challenges across the globe, including the potential for an economic retrenchment, rising interest rates, shifting regulatory and litigation...more
The strength of the US dollar against the British pound – at present, the pound has dropped nearly 18% since the beginning of 2022 – would appear to make the purchase of art and other cultural property in the UK and Europe...more
Look out, Luxembourg – the UK is on the verge of a set of preferential tax treatments sure to attract asset holding companies. Our Finance Group highlights what it means for the UK investment funds industry and real estate...more
As we have previously discussed, Luxembourg has developed solutions with its neighboring nations to ease the economic burden of the COVID-19 pandemic on workers. Specifically, Luxembourg authorities worked with their...more
Draft legislation for Finance Bill 2022 (the "Bill") was published on 20 July 2021. One of the main pieces of draft legislation included in the Bill is the introduction of a new tax regime for asset holding companies (the...more
Recent and significant regulatory and legislative events in the digital asset space demonstrate the evolving and expanding approach by U.S. and international regulators to the burgeoning digital asset markets. These...more
The result of the UK’s third general election in less than five years marks a significant shift in the political landscape in the world’s 5th biggest economy. After nearly a decade marked by political stalemate, the...more
When the government announced in 2018 that foreign investors into the UK property market were to be targeted with an additional SDLT levy, we said that the devil would be in the detail....more
After much speculation, UK Chancellor Philip Hammond announced today in his annual budget speech that the UK will introduce a Digital Services Tax (DST) with effect from April 2020. ...more
Theresa May’s announcement at the Conservative Party conference that foreign investors into the UK property market were going to be targeted with an additional SDLT levy has caused further consternation within the industry....more
Battery energy storage is the most significant development for the electric grid since the explosive growth in renewables deployment over the past decade. Efforts to promote energy storage are moving rapidly throughout the...more
Spring has sprung in the United Kingdom – a good time for a reminder of the annual statutory rate changes for employers, along with other changes to the taxation of termination payments. The following summary of these changes...more