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For nearly two years the government has been conducting a review of the UK funds regime (the Review) with the aim of making the UK a more attractive location to set up, manage and administer funds and to support a wider range of more efficient investments better suited to investor needs. This review had already yielded some tangible results, in particular the recent introduction of the Long-Term Asset Fund (LTAF) and the development of the new tax regime for qualifying asset holding companies (QAHCs) which is due to come into force in April.

During the build-up of Russian military forces on the borders of Ukraine over the course of recent months, the UK and other countries have issued firm statements that any further incursion by Russia into Ukraine would result in additional economic sanctions on Russian entities and individuals. Today, following Russia's recognition of the Luhansk and Donetsk regions of Ukraine as independent (and the corresponding movement of Russian forces into these regions), a number of new sanctions and other restrictions have been imposed – with further measures likely to follow depending on Russia's actions over the coming days and weeks.

Tax Knowledge Counsel Laura Hodgson has written an article in a recent edition of Tax Journal, discussing the new EU draft directive (ATAD 3) and how it could subject EU entities to additional reporting and adverse tax consequences.

We are delighted to share with you the 2022 edition of our Public M&A Trends publication.

In a ruling made at a hearing on 18 January 2022 in the case of Cambridgeshire County Council v Bam Nuttall Limited & Ors [2022] EWHC 275 (TCC), Mr Justice Waksman gave guidance on the formulation of the list of issues for disclosure (the "LOID") required under the Disclosure Pilot Scheme (set out in Practice Direction 51U ("PD 51U")). 

Video series

In the third and final episode of the series, Knowledge Counsel Adam Rice and Associate Shani Edwards discuss employment contracts and changing terms.

On 2 December 2021, the Court of Appeal confirmed that: (i) clear wording in an insurance policy could not be overridden by countervailing factors in the factual background; and (ii) a claim could not be estopped where the insurance policy expressly precluded the party claiming estoppel from avoiding liability in the relevant circumstances. The judgment reinforces that, where there is clear and unambiguous contractual wording, the Court will apply it.

In the second episode of the series, Knowledge Counsel Jonathan Rush provides an overview of the UK post-Brexit trade agreements and considers what they mean for UK businesses.

The Board of the Privy Council has provided clarity in relation to the scope of duty principle in the recent case of Charles B Lawrence & Associates v Intercommercial Bank Limited (Trinidad and Tobago) [2021] UKPC 30. 

Towards the end of last year, in Smith v Fonterra [2021] NZCA 552 ("Fonterra"), New Zealand's Court of Appeal provided a counterweight ruling to the Dutch Milieudefensie claim (on which, see our briefing). 

In the second episode of our Talking. Sustainability. podcasts on "substance", Tax Associate Tom Margesson and Tax Knowledge Counsel Laura Hodgson discuss a recent policy proposal: the EU's draft Directive targeting the misuse of 'shell entities' (also referred to as 'ATAD III').

A regular briefing for the alternative asset management industry. 

In amongst the blizzard of press releases and policy documents emanating from the Department of Levelling Up, Housing and Communities since the New Year is a consultation called "Reforming the leasehold and commonhold systems in England and Wales". It is important for the commercial real estate sector because it contains new proposals which could tip the balance in mixed use buildings between residential leaseholders on one hand and freeholders and commercial leaseholders on the other hand.

HMRC has published new guidance (Revenue and Customs Brief 2/22) relating to its policy on the VAT treatment of early termination fees and compensation payments paid pursuant to contractual provisions.

Our annual briefing highlighting the key 2021 legal developments which impact the funds' industry and previews what can be expected in 2022.

In this episode, Knowledge Counsel Anna West, Senior Associate Moji Oyediran and Associate Elliot Roberts take a look at some of the key developments in recruitment and retention. Due to current labour shortages and what has been termed 'the great resignation', recruiting and retaining employees has and continues to be a key priority for many businesses.