<p>Filter Knowledge</p>

This briefing was updated on 27 November 2020.

On 2 March 2020, the Department for Business Energy and Industrial Strategy ("BEIS") announced details of the next round of the Contracts for Difference scheme ("CfD"), one of the few remaining low carbon electricity financial support schemes. Details of the proposed amendments to the scheme are set-out in a consultation paper¹, which invites views from stakeholders and interested parties until 22 May 2020.

Pre-Budget rumours of the death of Entrepreneurs' Relief proved to be premature. The relief has survived, but the Chancellor has attempted to balance concerns about the cost of the relief and its effectiveness as an incentive to invest against its value to owner managers of smaller businesses by cutting the lifetime limit for relief from £10 million to £1 million with effect from Budget Day (11 March 2020).

The climate featured heavily in the Chancellor's speech today (11 March 2020) forming part of the government's strategy to create high skill, high wage, low carbon jobs. This all falls under HM Treasury's Net Zero Review which aims to make the UK a net zero emissions economy by 2050.

In the Spring Budget the government announced that it would publish a consultation on the UK's "hybrids" anti-avoidance regime. The consultation was published on 19 March 2020 and looks at three particular areas which have caused real difficulties for investment funds.

The government has announced that it will undertake a wide-ranging review of the UK's funds regime, with a view to examining the case for policy changes in the tax and regulatory framework.

Return to Budget Watch 2020.

Set out below is a summary of the key changes in the Budget as they impact on the real estate sector. Generally, welcome news, with some kick-backs and disappointments.

Recap

NRCLs are currently liable to income tax - not corporation tax - on net rental profits. From 6 April 2020, rental profits of NRCLs will instead become liable to corporation tax (CT), with different rates, computational rules, payment and filing requirements.

Key employment and business immigration developments for employers.

Since this article was written, the European Commission has released a draft data adequacy decision in favour of the UK which once formally approved will govern personal data transfers from the EEA to the UK, for more information please click here. 

This briefing was updated in January 2021, to take account of the UK-EU Brexit trade deal, in particular, the temporary 'data bridge' provisions of that agreement. 

Organisations have had to take a number of measures to ensure that they are prepared to deal with the fallout from Brexit. One of these has been reviewing the impact that Brexit will have on the processing of personal data and the steps which an organisation will need to put in place to address that impact.

This briefing was updated on 19 January 2021.

The COVID-19 crisis is moving at an alarming pace and it may only be a matter of time before the UK Government announces measures to try to contain its spread. In particular, consumer-facing businesses responsible for holding large-scale public gatherings (such as concerts, performances or conferences) are not only facing the prospect of customers pulling out, but that they themselves may have to cancel such events.

The Budget is now confirmed for 11 March. Read our briefing to find out what this means for the real estate sector.

In the recent decision of ChapelGate Credit v Money & Ors the Court of Appeal upheld a first instance judge's decision not to apply the so-called "Arkin Cap" to an order for costs made against ChapelGate, a litigation funder.

Alternative assets have enjoyed an unprecedented level of growth over the last decade, which looks set to continue with global AUM growing from $8.8tn in 2017 to a projected $14tn in 2023¹.

The myGwork team meets lawyers Andy Lewis and Michael Raymond, newly promoted Partners at City law firm Travers Smith, to talk LGBT+ inclusion at work and the importance of LGBT+ history month.

In a recent decision, CAA v Jet2.com, the Court of Appeal has slightly tweaked the test for when legal advice privilege will apply.