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Category Archives: UK Tax

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UK Tax Round Up: March 2018

Welcome to the March edition of the Proskauer UK Tax Round Up. As promised, the Spring Statement from the Chancellor focused on the economy and public finances without any major tax announcements. However, a few interesting consultation and position papers were published. We have summarised these below along with a handful of other developments since … Continue Reading

Major Changes Proposed to UK Tax Regime for Non-resident Investors in UK Commercial Property

The UK Government has announced in today’s Budget (22 November) that it is launching a consultation on extending the scope of UK tax on real estate. Currently, non-UK residents who are investors in UK land and buildings are outside the scope of UK tax on gains on commercial property. They pay income tax on the … Continue Reading

Failure to Prevent the Facilitation of Tax Evasion: New United Kingdom Corporate Criminal Offence

Background As mentioned in our July 2017 edition of UK Tax Round Up, the UK has enacted a new corporate criminal offence of failing to prevent the facilitation of tax evasion. The law comes into effect on 30th September 2017, and businesses should ensure that they have considered its impact before then. A risk assessment … Continue Reading

UK Tax Round Up: May 2017

The previous month has been dominated by politics, with an announcement of a snap general election leading to postponement of many proposals in draft legislation. This month’s edition of the UK Tax Round Up discusses how certain provisions of the draft legislation could be impacted by the election, among other issues.… Continue Reading

A Quiet UK Budget for Asset Managers, But Other Recent Tax Changes Shouldn’t Be Forgotten

After numerous UK tax changes affecting asset managers over the past few years – not least the wholesale re-vamping of the tax treatment of carried interest and other fund participations for investment fund managers – the UK government’s budget last week (8 March 2017) was a relatively uneventful affair for those in the investment management … Continue Reading

Proposed New UK Penalties Regime Precipitated by CRS

Many people will be familiar with the information gathering and reporting requirements the OECD’s Common Reporting Standard (“CRS”) places on financial institutions. The first exchanges of information between tax authorities will take place next year, with all CRS jurisdictions exchanging information by 2018. And we are now starting to see how tax authorities expect this … Continue Reading

Tax Announcements in the UK’s Budget 2016

The UK’s 2016 budget was announced on Wednesday 16 March 2016. Although we are waiting for detailed legislation for most of the tax-related announcements, below is a brief summary of some tax points which have caught our attention. Capital gains tax (CGT) rates for individuals have been reduced from 28% to 18% (for higher and … Continue Reading

United Kingdom Makes Significant Changes to the Tax on Carried Interest for Investment Management Executives

With effect from 8th July, 2015, UK resident investment management executives will pay capital gains tax on all their carried interest returns from investment funds (with the rate currently set at 28% for higher and additional rate taxpayers). The overall rate may in many cases be higher, since items of income such as interest and … Continue Reading
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