Asset Finance

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Recent Articles

  •  
    06/03/2024
    United Kingdom

    Spring Budget 2024 – key tax announcements

    Against the backdrop of an election (probably) later this year, the Chancellor was evidently feeling the pressure to make tax announcements that would find favour with the electorate, whilst constrained by the economic environment. Warning that further tax cuts can only be funded by growing the economy and making the state more efficient, the emphasis was on fiscal responsibility and increasing resilience to future shocks. The reduction in employee NICs – matching that in the Autumn Statement - had been so heavily rumoured in the immediate run up to budget day that it was hardly a surprise. ...
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  •  
    16/11/2023
    International

    NFTs under MiCAR – are they regulated or not?

    The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos and tokens that have so far remained outside the scope of regulation. The following focuses specifically on non-fungible tokens (NFTs) and examines whether they are covered by MiCAR.What are NFTs?NFTs are cryptographic records stored on a blockchain that are unique in that they are linked to a specific asset. They primarily serve as the electronic "embodiment" of mainly digital, but also physical...
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  •  
    31/07/2023
    United Kingdom

    Be aware of the updating requirements for overseas entities at Companies House

    SummaryThe 1st of August 2023 marks the one-year anniversary of the launch of the Register of Overseas Entities (the OE Register) at Companies House and the start of the first annual update process for overseas entities on the register.The Government is also proposing to make further refinements to the regime by way of the Economic Crime and Corporate Transparency Bill, which is in the final stages of the legislative process and is expected to get Royal Assent before the end of the year.This briefing is a reminder of how the regime affects land transactions in the UK and outlines the requirements...
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  •  
    13/06/2023
    Middle East

    UAE Corporate Tax Law: When does a non-resident juridical person have a UAE Nexus?

    BackgroundThe UAE enacted its Corporate Tax Law (the “CTL”) in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The CTL came into force on 1 June 2023. The main corporate tax rate of 9% applies on income exceeding AED 375,000 (roughly USD 102,000). The CLT provides that the rate of corporate tax which applies to “Qualifying Free Zone Persons” is 0% with respect to qualifying income and 9% on non-qualifying revenue.Under Article 11 of the CTL, a taxable person includes a non-resident person which has a UAE nexus.Cabinet Decision...
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  •  
    24/05/2023
    International

    DeFi and MiCA: How much decentralisation is enough?

    The European Union Council has recently adopted a regulation on Markets in Crypto-Assets (MiCA) that applies to crypto-assets, their issuers and service providers, and covers a range of services that are not addressed in the European financial regulation.However, for blockchain-based financial services developed in a highly automated manner with minimal or no intermediaries (commonly known as Decentralised Finance or DeFi) determining whether the MiCA regulation covers these services is not a straightforward task. This issue particularly challenges the provision of crypto-asset exchange services...
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  •  
    25/04/2023
    Middle East

    Corporate Tax Thought Leadership Series: Anti-Abuse Rules for Small Business Relief

    BackgroundThe UAE enacted its Corporate Tax Law in December 2022 (Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses). The Corporate Tax Law applies with effect from 1 June 2023. A 9% tax rate will apply on income exceeding AED 375,000 (approx. US$102k). Despite its name, the Corporate Tax Law treats a natural person conducting business in the UAE as a “Resident Person”. Such a person’s business income would be subject to corporate tax in the UAE. Should the legislation not have extended the scope of the Corporate Tax Law to natural persons...
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