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Emily Clark (Head of Asset Management) and Ian Zeider (Knowledge Counsel) have recently co-authored a Tax Journal article on the Upper Tribunal's decision in HMRC v BlueCrest Capital Management (UK) LLP relating to the application of the salaried members rules. In its decision, the Tribunal rejected HMRC’s restrictive interpretation of the exclusions from salaried member status.
Funds Partner Jeremy Elmore and Financial Services & Markets Senior Consultant Simon Witney have featured in the latest edition of Private Equity International's Impact Investing Report. In this keynote interview, Jeremy and Simon discuss how greater clarity, precision and standardisation can help the impact investing market reach its full potential.
This article was first published in GLI - Blockchain & Cryptocurrency Regulation 2024.
In this "In Practice" article, Super senior facilities: a recap on key documentary terms, Finance Senior Associate Michael Leadbeater considers the key documentary terms which will form the basis of facilities agreement negotiations in the context of a super senior/senior financing.
Competition Senior Counsel Ingrid Hodgskiss has co-authored an article for Utilities Law Review alongside Carsten Bormann of Oppenhoff in Cologne. Their article, 'All about security?
As Autumn kicks in, we look at 6 real estate sub-sectors and consider recent trends in law and practice.
Read the full PMI’s Dashboards Industry Guide 2023 here: PMI Dashboards Industry Guide 2023 (pensions-pmi.org.uk)
Dispute Resolution Partner Joe Moore and Dispute Resolution Associate Emma Gittings have contributed to ThoughtLeaders4 Competition Law & Litigation Magazine. Their article, 'Less haste more speed?' was first published in Issue 2 of the magazine and can be viewed below.
This article was first published in the Oct-Dec 2023 edition of Corporate Disputes Magazine
This article was first published by the Pensions Expert.
The Upper Tribunal in GE Financial Investments Ltd v HMRC allowed the taxpayer’s appeal, holding that the treaty’s purpose of preventing double taxation was a key factor in the interpretation of who benefitted from its protections and that HMRC was wrong to suggest that a direct connection to the taxing state was required in addition to worldwide taxation. It upheld the First-tier Tribunal’s decision that the taxpayer did not carry on a business in the US, finding that it was open to the tribunal to come to that conclusion on the basis that the taxpayer was effectively a conduit.
In their expert analysis chapter for the latest edition of the International Comparative Legal Guides for Alternative Investment Funds, Travers Smith Funds Partner Jeremy Elmore and Associate Rory Page discuss the opportunities that effective ESG engagement may provide for asset managers, existing ESG regulations and the basis on which it can provide a competitive advantage to GPs.
Travers Smith Funds Partner Jeremy Elmore and Head of Asset Management Emily Clark have produced the England & Wales chapter for the latest edition of the International Comparative Legal Guides for Alternative Investment Funds.
The Retained EU Law (Revocation and Reform) Act (REUL Act) has recently received Royal Assent. Here we consider the impact of the REUL Act on employment law, including a range of employment rights derived from EU law, and the impact on equality law.
In their recent "In Practice" article, "The initial margin "big bang": the aftermath", Derivatives & Structured Products Partner Joseph Wren and Derivatives & Structured Products Associate Nick Morgan consider the key issues and challenges that remain for buy-side entities following the final phase-in of initial margin requirements under EMIR and UK EMIR. If your business is impacted by any of the topics considered in this briefing, please do get in touch with the authors or your usual Travers Smith contact.
We are very proud to continue to be the Contributing Editor of the recently published International Comparative Legal Guide (ICLG) to Derivatives 2023.
We are pleased to present the first edition of "Pensions De-risking", our periodical update on developments in the pensions de-risking marketplace. This first edition includes topical content on illiquid investments in the context of de-risking activity and links to other Travers Smith content on the increasingly recurring theme of pension scheme surpluses.
On 5 April 2023, the Commission launched a consultation on its draft of the long-awaited technical screening criteria ("TSC") for the four remaining Taxonomy objectives, sometimes known as "TAXO4"1. The TAXO4 TSC were initially intended to be in place by 1 January 2023, a year after the TSC for the first two environmental objectives, but have been significantly delayed. Therefore, the draft's publication finally provides a fuller picture of the Taxonomy and gives those with ambition to align to the remaining environmental objectives an idea of the scale of that task.
At the start of the 2023/24 financial year, we focus on 5 focal points of interest to the real estate sector: regulatory change, updates to real estate taxation, some proposed changes to the planning regime, ongoing reform to construction law and some caselaw reports from real estate disputes.