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
COMPETITION - Opinion of Advocate General Emiliou of 8 February 2024 in Case C‑425/22, MOL Magyar Olaj- és Gázipari Nyrt. Vs. Mercedes-Benz Group AG...more
Management services for alternative investment funds (AIFs) will be free from value-added tax (VAT) starting in 2024. This is good news for Germany as a fund location because there will finally be alignment with the more...more
Welcome to the October edition of the UK Tax Round Up. This month has seen the Supreme Court’s judgment on the operation of the employment-related securities deeming provision, the Court of Appeal’s decision on what...more
The 2023 EU VAT Gap Report, recently published by the European Commission, demonstrates that the VAT gap narrowed again in 2021, continuing the trend that began in 2013. In this article, we look at factors that are helping to...more
We recently hosted an event as part of our Sustainable Transition seminar series titled “Tax incentives for sustainable investments: where are the opportunities?”. In this article, our panellists set out some of the key...more
The government has just issued an amendment n°5374 to the draft Finance Bill for 2024 aimed at clarifying the VAT regime applicable to the para-hotel and serviced residences sector, following the Administrative Supreme Court...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
On 9 December 2022, in Edinburgh, the Chancellor of the Exchequer announced a set of reforms that are intended to drive growth and competitiveness in the financial services sector (the Edinburgh Reforms or the Reforms). ...more
As part of the Edinburgh Reforms announced by the UK Government (link back to “UK FS Reforms”), the UK Government has launched a public consultation on the VAT treatment of fund management. The consultation, published on 9...more
Welcome to the October edition of the UK Tax Round Up. October has been an extraordinary month in the UK, with political turbulence triggering reversals of many of the tax policies announced by the government at the end of...more
The Court of Justice of the European Union (the “CJEU”) held on 6 October 2022 in O. Fundusz lnwestycyjny zamknięty reprezentowany przez O S.A. (Case C-250/21) (the “O Fundusz case”) that the supply of services provided by a...more
1.1.1 Taxes/Duties Payable Upon Execution of the Sales Agreement VAT Whether there will be any VAT payable on the sale of an aircraft is determined by its physical location at the point of sale. If the aircraft is physically...more
In O. Fundusz lnwestycyjny Zamknięty reprezentowany przez O S.A. (Case C-250/21) (the “O Fundusz case”), Advocate-General Medina (the “AG”) of the Court of Justice of the European Union (“CJEU“) opined that the supply of...more
Welcome to May's edition of the UK Tax Round Up. This month has seen a number of interesting court decisions, an important opinion of the European Commission’s Advocate General and the commencement of a Treasury consultation...more
UK Case Law Developments - Contributions to remuneration trust scheme not tax deductible - In Strategic Branding Ltd v HMRC, the First-tier Tribunal (FTT) held that sums contributed by the taxpayer company to a...more
In this roundup, we look at some of the key cases in corporate and real estate tax from December 2021 to January 2022, including the value–added tax (VAT) decisions on input VAT that was not passed on to final consumers and...more
On 1 June 2021, the European Public Prosecutor's Office (the EPPO), the new prosecution office at European Union level, officially started its operations. Since then, it already opened more than 300 investigations. ...more
On 17 June 2021, the Court of Justice of the European Union (CJEU) rendered two decisions about the application of the VAT exemption for management services provided in article 135 (1) (g) of the EU VAT Directive and...more
On June 1st, 2o21,the European public prosecuters office, the European Union's new arm to combat fraud, became operational. The key elements of the new Public Prosecutor's Office are as follows...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
With ruling No. 132 of 2 March 2021 (the “Ruling”), the Italian Tax Authorities (“ITA”) provided clarifications on the tax regime applicable to real estate special purpose companies (the “RE SPVs”) carrying out securitisation...more
UK Case Law Developments - EIS relief not available for shares carrying preferential rights - The Upper Tribunal (UT) in Foojit v HMRC dismissed the taxpayer’s appeal against the First-tier Tribunal’s (FTT’s) decision...more
The Principality of Liechtenstein lies at the centre of Europe, nestled between Switzerland and Austria, next to the river Rhine. The form of government is a constitutional monarchy established on democratic parliamentary...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