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This briefing was updated on 26 March 2021.
The UK Government announced an unprecedented stimulus package to help support businesses in the wake of the COVID-19 outbreak. These measures, originally announced by the Chancellor of the Exchequer in his budget on 11 March 2020, have since been rapidly expanded.
As the UK's workforce works from home, Andy Lewis looks at how the pensions industry can respond together to COVID-19.
The global spread of coronavirus (now officially called Covid-19) presents a number of challenges to the UK business community. Whilst we hope that the outbreak is contained and does not become a pandemic, we recognise that businesses have to make contingency plans for a worst case scenario.
This briefing was updated on 17 September 2020.
Although the UK has left the EU, significant change will only take place after the transition period has expired and the UK has moved to a new relationship with the EU. The UK Government has a choice as to how quickly that change happens.
The purpose of this note is to focus on issues that could particularly affect portfolio companies of private equity and other financial investors. We have a depth of experience in advising portfolio companies and PE houses at unpredictable times, including throughout the global financial crisis and the uncertainty arising from Brexit.
This briefing was updated on 11 May 2020.
The COVID-19/Coronavirus outbreak has made many aspects of our lives more difficult but pension scheme members are relying on scheme administration and other trustee activities continuing as normal, so far as possible.
On the 16 March 2020, the Care Quality Commission ("CQC") wrote to all registered health and social care providers about how they were adapting their regulatory approach in response to the COVID-19 outbreak (the "CQC Guidance").
COVID-19 has prompted some swift action on the part of MHCLG, with relaxations in delivery times and temporary rights to changes of use for pubs and restaurants. There are also changes to the Planning Inspectorate's approach to appeals to be aware of.
Businesses face an unprecedented set of challenges in dealing with the onslaught of the Coronavirus COVID-19 ("COVID-19"). We set out below some key considerations under the GDPR for businesses that process personal data.
Given the potential business disruption triggered by the COVID-19 Coronavirus, we set out here our thoughts on signing and closing logistics when signatories are forced to work remotely.
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.
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.