Asset Management, Funds and Capital Investment Law

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Recent Articles

  •  
    07.02.2023
    United Kingdom

    HM­RC up­date guid­ance on wheth­er off­shore unit trusts are re­quired to re­gister on the Trust Re­gis­tra­tion Ser­vice

    HMRC have updated their Trust Registration Service (“TRS”) manual to state that unauthorised unit trusts (such as JUTs and GUTs) will need to consider whether they are required to register trust details on the TRS. Previous guidance stated that “unit trusts both authorised and unauthorised are not required to register”. We understand that the reason for this change is that, previously, HMRC had considered unit trusts not to be “express trusts”. If trustees have no UK tax liability, they will only be required to register trust details on the TRS if the trust is...
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  •  
    28.12.2022
    United Kingdom

    FCA out­lines plans for the in­tro­duc­tion of a reg­u­lat­ory gate­way for firms which ap­prove fin­an­cial pro­mo­tions

    Following HM Treasury’s proposal to prohibit authorised firms from approving financial promotions from unauthorised persons, unless they have successfully passed through a new “regulatory gateway” process operated by the Financial Conduct Authority (FCA) (see our summary here), the FCA has now published its own consultation paper (CP 22/27) on this topic. CP 22/27 outlines the FCA’s plans to operationalise the regulatory gateway once the relevant legislation currently set out in the Financial Services and Markets Bill (see our summary here) has been made. Background Under...
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  •  
    22.12.2022
    United Kingdom

    Elec­tri­city Gen­er­at­or Levy: draft le­gis­la­tion pub­lished

    The UK government has published further details of the new electricity generator levy (or ‘EGL’), together with draft legislation to be included in Finance Bill 2023. The legislation and accompanying explanatory notes together with the revised technical note provide clarification as to the application of the levy, but also include important changes in its scope and calculation. This article briefly summarises the key points of clarification and changes from the original November announcement (as described in our previous article. Reminder: scope of the EGL The levy will be charged at...
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  •  
    28.11.2022
    England and Wales

    New code of con­duct for ESG rat­ings and data pro­viders

    The appetite for environmental, social and governance (ESG) focused financial products and services gathers pace. At the same time, financial services firms are under increasing scrutiny for "greenwashing", which refers to false claims of how "green" or socially-focused a financial product or service may be. Many firms are making their ESG claims heavily reliant on the use of unregulated ESG data and ratings providers. This is particularly problematic as data availability and ESG resources can be challenging. There is often frustration from financial services firms at some ESG data and ratings...
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  •  
    18.11.2022
    United Kingdom

    New elec­tri­city gen­er­at­or levy in­tro­duced

    The UK government has announced the introduction of a windfall tax on certain electricity generators in the form of the ‘electricity generator levy’, a new 45% tax levied on ‘extraordinary returns’ from low-carbon UK power generation meeting certain conditions. The levy will apply in addition to corporation tax, resulting in a 70% headline rate on the relevant revenues following 1 April 2023. It will be legislated for in the Finance Bill 2023 and take effect in relation to generation from 1 January 2023 until March 2028, and is forecast to raise £14.2 billion during...
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  •  
    17.11.2022
    United Kingdom

    Au­tumn State­ment 2022 – Key tax high­lights

    Today’s Autumn Statement was aimed at tackling the cost of living crisis and rebuilding the economy, in the context of an acknowledgment by the Chancellor that the UK is in recession. Clearly, the tax policies announced stand in stark contrast to September’s tax cutting mini budget – the majority of which (as explained below) has now been abandoned. Although the Chancellor reiterated that he was behind his predecessor’s commitment to growth, this was only one among three key pillars of equal importance: growth, stability and innovation. The tax policies announced today appear...
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