News & Analysis as of October 12, 2024

United Kingdom

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

UK Labour Party's Statement on Non-Dom Tax Reforms

McDermott Will & Emery on 4/10/2024

Following the UK Government’s 6 March announcement of tax reforms for the current “non-dom” tax regimes, the opposition Labour party has begun to outline how its plans would differ if they win the next UK general election. In...more

Change to non-domicile tax regime forms part of UK Spring Budget 2024

Proskauer - Tax Talks on 3/8/2024

As part of the UK’s Spring Budget 2024, the Chancellor of the Exchequer, Jeremy Hunt, has announced the abolition of the remittance basis for income tax and capital gains tax for non-UK domiciled, UK resident individuals (the...more

Spring Budget 2024 - Will We See Material Reform?

BCLP on 3/1/2024

Budgets are normally stories of two halves. The first half contains the headline-grabbing tax policy reforms that can be encapsulated in a snappy soundbite in the Budget speech, such as “Chancellor scraps the non-dom regime”....more

Volatile Reaction to UK “Mini-Budget”

A&O Shearman on 10/3/2022

Bank of England market intervention after presentation of tax package - On 23 September, the new U.K. Government conducted the emergency fiscal event it had scheduled when taking power at the beginning of the month. Many...more

UK Growth Plan ('Mini-Budget') 2022

Orrick, Herrington & Sutcliffe LLP on 9/28/2022

On 23 September 2022, the UK Government announced a number of significant tax changes in its Growth Plan (widely referred to in the media as a ‘Mini-Budget’). Here are ten key takeaways, of particular relevance to our...more

UK Tax Round Up - May 2022

Proskauer Rose LLP on 6/8/2022

Welcome to May's edition of the UK Tax Round Up. This month has seen a number of interesting court decisions, an important opinion of the European Commission’s Advocate General and the commencement of a Treasury consultation...more

UK Tax Round Up - March 2022

Proskauer Rose LLP on 4/11/2022

Welcome to the March edition of the Proskauer UK Tax Round Up. In his Spring Statement, the Chancellor focused on measures to alleviate the increasing cost of living and to boost investment in the economy but there were no...more

UK Tax Round Up - February 2022

Proskauer Rose LLP on 3/11/2022

Welcome to February’s edition of our UK Tax Round Up. This month’s edition includes updated guidance on the VAT treatment of contractual termination payments, updated HMRC guidance on the assessment of “substantial”...more

UK Tax Round Up - January 2022

Proskauer Rose LLP on 2/10/2022

UK Case Law Developments - Contributions to remuneration trust scheme not tax deductible - In Strategic Branding Ltd v HMRC, the First-tier Tribunal (FTT) held that sums contributed by the taxpayer company to a...more

UK Tax Round Up - November 2021

Proskauer Rose LLP on 12/3/2021

Welcome to November’s edition of the UK Tax Round Up. This month has seen publication of the Finance Bill 2021-22 (what will become the Finance Act 2022) including draft legislation for the basis period reform, UK asset...more

UK Tax Round Up - September 2021

Proskauer Rose LLP on 9/30/2021

In Fashion on the Block Limited v HMRC, the First-tier Tribunal (FTT) has allowed the taxpayer’s appeal against HMRC’s decision not to allow the taxpayer company to issue seed enterprise investment scheme (SEIS) certificates...more

UK Tax Round Up - July 2021

Proskauer Rose LLP on 8/2/2021

In Haworth v HMRC the Supreme Court (SC) upheld the Court of Appeal’s (CA’s) decision to quash a follower notice (FN) and accelerated payment notice (APN) issued to the taxpayer, Mr Haworth. An FN can be issued by HMRC where...more

Putting the ‘S' in OTS: UK Capital Gains Tax

Katten Muchin Rosenman LLP on 6/28/2021

In the last six months, the Office of Tax Simplification (OTS) has published two reports evaluating the effectiveness of the capital gains taxation system in the UK. These reports suggest amendments to the existing system....more

UK Tax Round Up - January 2021

Proskauer Rose LLP on 2/8/2021

UK COVID-19 Developments - Extension of support for retail, leisure and hospitality businesses - Further to the extension of the Coronavirus Job Retention Scheme (or furlough scheme), reported in the November issue of...more

UK Tax Round Up - November 2020

Proskauer Rose LLP on 12/3/2020

UK COVID-19 Developments - Extension of support for employed and self-employed workers - On 5 November, the UK Chancellor announced the extension of the Coronavirus Job Retention Scheme (or furlough scheme) to the end...more

New OTS report recommends changes to UK’s capital gains tax regime

Proskauer - Tax Talks on 11/16/2020

The Office of Tax Simplification (OTS) has published its first report following its review of certain aspects of the UK’s capital gains tax regime requested by the Chancellor in July this year with the specific purpose of...more

UK Tax Round Up - January 2020

Proskauer Rose LLP on 1/31/2020

UK General Tax Developments - Date set for next UK Budget - The first Budget of the new Conservative government will be held on Wednesday 11 March. There has been significant speculation that there will be a major...more

Simplification of UK Partnership Tax Reporting for Investment Fund Partnerships

Proskauer - Tax Talks on 1/17/2020

In the Finance Act 2018, the UK Government enacted a number of changes to the information required in partnership returns that raised the concern of undue and impracticable administrative burden being imposed on UK investment...more

UK Tax Round Up - November 2017

Proskauer Rose LLP on 11/30/2017

UK Tax News and Developments - The OTS publishes its report "Value added tax: routes to simplification" - On 7 November, the Office of Tax Simplification (OTS) published its first report on VAT, which included a range...more

2016 Year-End Estate Planning Advisory

Katten Muchin Rosenman LLP on 11/22/2016

In 2016, we continued to experience a period of relative stability in our federal transfer tax system and have been able to plan without expecting imminent significant changes to the system. Under the American Taxpayer Relief...more

Finance Bill 2014 Published

Akin Gump Strauss Hauer & Feld LLP on 3/28/2014

The U.K. government has today published the final text of the 2014 Finance Bill. As discussed in our previous Alert, issued on March 19, the Finance Bill includes...more

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Income Taxes › Tax Reform › United Kingdom

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