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One of the most high-profile announcements in this year's Budget was the abolition of the UK's current tax regime that applies to UK resident, but non-UK domiciled individuals ("Non-Doms").

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A regular briefing for the alternative asset management industry. 

Find the latest news, views and our analysis of all the key announcements.

The Competition and Markets Authority (the CMA) has now concluded its year-long, market-wide study into the housing sector, examining possible competition law or consumer protection issues prevalent across the industry. It looked at a range of issues impacting competition between housebuilders – including land-banking, planning, the involvement of intermediaries, and estate management.

Case Briefing - A sole arbitrator removed on grounds of apparent bias: H1 and another v W and others

Travers Smith LLP has advised HSBC UK Leveraged Finance on the financing of LDC's significant investment into 15below, a specialist software developer in passenger communications for the travel industry.

In December 2022, the European Commission published its proposals for a regulation ("EMIR 3.0") amending the European Market Infrastructure Regulation ("EMIR"). On 13 February 2024, following negotiation and political agreement with the EU Parliament, the Council of the European Union released the final text of EMIR 3.0, which is expected to be published in the Official Journal pending Parliament's approval.

In late October 2023 the Economic Crime and Transparency Act 2023 ("ECCTA") passed into law. ECCTA represents not only a major company law reform but also the biggest shake-up in the history of Companies House.

On 17 January 2024, the Court of Appeal found that the UK Competition and Markets Authority ('CMA') has the power to require overseas companies to produce documents and information as part of its competition law investigations (CMA v BMW and VW), overturning an adverse Court judgment last year which had threatened the ability of the CMA to effectively investigate cross-border cartel conduct post-Brexit.

On 1 March 2024, the FCA issued an interim update (Update) to its August 2022 and February 2023 portfolio letters (Portfolio Letters) to alternative asset management firms setting out its updated supervisory priorities.

Travers Smith LLP has announced the appointment of Charles Bischoff as Head of the Finance. Charles succeeds Danny Peel, who will continue to play a significant role in the practice as Head of Fund Finance.

Travers Smith LLP has advised the owner of Specialist Aviation Services Ltd (SAS), a UK-based supplier of critical air ambulance services, on the sale of its business and assets out of administration to AIM-listed Gama Aviation plc. 

HMRC has recently changed its published guidance to make clear that it considers that increases in capital contributions made solely to fall outside the salaried members rules will be ineffective for that purpose.

Travers Smith LLP has advised the Apax Global Impact Fund on its agreement to acquire a controlling stake in Integrated Environmental Solutions ("IES"), a world leader in digital twin simulation software to decarbonise the built environment. This marks the first climate-focused investment by the Apax Global Impact Fund, with the company’s focus on decarbonisation aligning closely with Apax Global Impact's thematic focus on reducing environmental harm and resource use.

Dispute Resolution Partner Joe Moore and Dispute Resolution Senior Associate Imogen Nolan have contributed to ThoughtLeaders4 Competition Law & Litigation Magazine. Their article, 'Compounding Interest – where to next for CPOs?' was first published in Issue 4 of the magazine and can be viewed below.

Landlords are coming under increasing pressure to promote social and governance goals in addition to their environmental considerations when granting leases. Greater emphasis is now placed on attracting and retaining tenants who value sustainable and socially responsible environments.