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Since our last briefing, there have been several significant tax developments which affect the real estate sector. The new Labour Government's first Budget included welcome confirmation that it will press on with introducing a new form of investment fund (the RIF) that is expected to be particularly attractive for investment in commercial real estate, and proposals for significant reform to the tax treatment of carried interest.
A regular briefing for the alternative asset management industry.
The first ever judgment on the UK Government's application of the National Security and Investment Act 2021 ('NSIA') has been handed down. With a focus on the procedural aspects of the review, the High Court upheld the Government's decision to require LetterOne (ultimately owned by Russian nationals, including individuals subject to UK sanctions) to divest the entirety of its shareholding in Upp, a fibre broadband start-up.
In this edition, we focus on the infrastructure implications of the new Labour Government's first Budget, including for energy, vehicles, telecoms, housing and major projects. We also look at new initiatives affecting the UK water industry and UK infrastructure investment more generally. Please get in touch if you would like to discuss any of the issues discussed below.
Many businesses may not have heard of the European Accessibility Act ("EAA"). If it has slipped under your radar, now is the time to take note because this legislation has a broad reach across many sectors, significant implications for product and services design (as well as documentation) and a looming compliance deadline. The EAA becomes applicable from 28 June 2025 and aims to ensure that many categories of consumer products and services, particularly digital technologies ranging from payment terminals and smartphones to banking services and online shops, are accessible to all, including people with disabilities.
At the time of our last COP29 update, we were still waiting to hear what the outcomes would be from several key discussion areas, including negotiations relating to the headline climate finance deal. Although it is relatively normal for COPs to overrun, it was not until the Sunday after the official closing that a New Collective Quantified Goal on Climate Finance ("NCQG") was finally unveiled – highlighting the intensity of last-minute discussions and the difficulty in reaching a climate finance figure that would be acceptable to different parties.
The Chancellor's Mansion House speech on 14 November 2024 was almost as hotly-anticipated as her Budget, with the speech's proposals on pension fund consolidation as extensively trailed in advance as the Budget's tax increases.
As alternative lenders scale, most will move from corporate facilities and overdrafts on bank standard forms to consider a "specialty finance" facility.
On 21 November 2024, the Minister of State for Housing and Planning, Matthew Pennycook, issued a written statement setting out the Government's plans for leasehold reform during this Parliament. As well as passing the regulations needed to implement the Leasehold and Freehold Reform Act 2024 (discussed here), new primary legislation to improve that Act, and strengthening the regulation of property agents, he also announced that the Government intends to make commonhold the default tenure for new-build flats by the end of this Parliament and will also engage on the conversion of existing flats to commonhold.
COP29 got underway last week, representing another important event in the global fight against climate change. While it appears that some progress has been made in Baku, including early agreement over standards for a global carbon market, there have also been reports of general dissatisfaction with the pace of decision making – particularly in relation to the set piece negotiations surrounding the 'New Collective Quantified Goal on Climate Finance' ("NCQG"), which is due to be agreed at COP29 (but currently remains elusive).
At the end of last week, the FCA published Primary Market Bulletin 52 (PMB 52) which provides helpful guidance for listed companies on the practical application of certain aspects of the UK version of the Market Abuse Regulation ("MAR"). While the points covered in PMB 52 are not new, they nonetheless provide some useful reminders for issuers on areas on which the FCA is focusing.
A regular briefing for the alternative asset management industry.
What happens if parties settle a fraud claim and then the claimant seeks to re-open the litigation?
US PE sponsors, and their portfolio companies, have continued to execute a significant number of UK public takeovers - launching bids for UK companies listed across both the Main Market of the London Stock Exchange and AIM.
On 6 November 2024, the Takeover Panel (the "Panel") published a response statement setting out changes to be made to the Takeover Code (the "Code"), to narrow the range of companies to which the Code applies.
The Data (Use and Access) Bill ("DUA Bill") began its parliamentary journey in the House of Lords on 23 October 2024. It resurrects many of changes from the previous government's Data Protection and Digital Information Bill ("DPDI Bill"), which fell away before the general election. This briefing focuses on the package of data protection and e-privacy reforms proposed in the DUA Bill, although the bill's ambit is much wider than data protection, also covering data sharing and digital verification schemes. Overall, its data protection reforms are more limited than previously, and certain controversial measures from the DPDI Bill have been dropped.
Earlier this year, the World Uyghur Congress was successful in its appeal in a case which centered on concerns about the importation of cotton products to the UK from the Xinjiang Uyghur Autonomous Region ("XUAR") in the People’s Republic of China1. In this article we will explore the important legal and practical ramifications of this decision, in light of more recent allegations against large multinational entities for failing to prevent slavery and human trafficking abuses in their supply chains. We will also examine the impacts this decision may have in other areas from a Proceeds of Crime ("POCA") perspective, along with practical steps organisations can take to manage supply chain risk.
Many B2C businesses face the possibility that services they've agreed to provide may not go ahead as planned – but is it fair for the business to retain or demand any payments where this has happened? The Court of Appeal has recently ruled that a term in a contract for legal services was unfair, because it required the consumer to pay the full projected fees, even where the relevant hearing was delayed. We explain why the Court reached this conclusion and look at the wider lessons for providers of consumer-facing services.