United Kingdom: 2024 UK Spring Budget

News on tax developments affecting the international Financial Services industry.

HMRC recently released Transfer Pricing Guidelines for Compliance, a clear framework for compliance to provide tax-payers with more guidance but with increased scrutiny and potential risks for those who fall short.

News on tax developments affecting the international Financial Services industry.

Private Equity (“PE”) funds are impacted by recent HM Revenue & Customs (“HMRC”) changes in the UK relating to the Limited Liability Partnerships (“LLPs”) structure, meaning some partners are treated as employees for tax purposes.

The UK Chancellor of the Exchequer Rachel Reeves confirmed that the Autumn Budget will be presented on 30 October and paved the way for a number of expected tax increases. What does this news mean for PE firms and executives from a tax perspective?

The UK’s Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget on 6 March 2024 announcing a variety of measures impacting the financial services industry.

News on tax developments affecting the international Financial Services industry.

In his latest Autumn Statement, the Chancellor of the Exchequer, Jeremy Hunt announced a variety of measures that will impact the financial services industry.

The UK Tax Authority, HMRC, has sought to introduce digital VAT reporting in the UK via its Making Tax Digital for VAT (MTDfV) program

On the 14 September 2023, HM Revenue and Customs (HMRC) published draft legislation, of particular interest to UK companies listing securities on non-UK exchanges, providing for the removal of the 1.5% charge to UK stamp duty and stamp duty reserve tax on certain issues and transfers.

On March 30, the UK government published both their response to the “Review of Net Zero” and the “Powering Up Britain” energy security plans. 

The UK Autumn Statement 2022 issued by Chancellor Jeremy Hunt, reverses much of the changes introduced by the Truss government and seeks to put the UK economy back on track.

On 20 July 2022, the UK government released the draft legislation on the Pillar 2 In­come Inclusion Rule (IIR) along with its response to the public consultation on the UK implementation of Pillar 2.

The Customs Declaration Service (CDS) has now officially replaced CHIEF as the customs declaration system for imports into the UK.

On 4 July 2022, the UK Government released a consultation outlining an updated approach sovereign immunity from direct taxation.

At the TP Minds Conference which took place in June 2022 in London, senior tax officials and TP practitioners shared their experiences of dispute avoidance and resolution and other TP-related matters.

The National Security and Investment Act (“NSI”) came into effect on 4 January 2022, alongside a series of guidance notes.

Since 2014, the European Union (“EU”) has progressively imposed restrictive measures against Russia in response to the illegal annexation of Crimea.

The UK is progressing to the next implementation stage of the Border Model and the lodging of customs declarations.

The UK has entered the next stage of Brexit. As part of the phased implementation of the UK Operating Border Model, most of the simplifications for entering and exiting goods in the UK have now been removed.

Following a public consultation on TP documentation, the UK government decided to introduce new legislation and require the largest MNE with presence in the UK to maintain a transfer pricing Master File, Local File and supporting Summary Audit Trail. The new requirements could take effect from April 2023.

On 11 January, HMRC launched its consultation on the implementation of Pillar 2 Rules in the UK, this is part of the OECD’s BEPS 2.0 project, which relates to the taxation of the digital economy.

"The Recast", is effective from 9 September 2021 – but what does it mean for industry?

Setting out, during a time of ‘challenge and change’, the 2021 Budget, including some key new tax policies and measures to begin to navigate out in the wake of COVID-19.

The UK government has opened a consultation process on changes regarding the transfer pricing documentation requirements valid in the UK. Our British colleagues explain the proposed changes.

On 23 March, the inaugural "Tax Day", the Chancellor Sunak announced more than 30 tax policies and consultations with the stated aim of modernising the UK tax administration and policy development.

The HM Treasury announced a broad consultation in January 2021 to strengthen the international competitiveness of the UK asset management industry. In the process, HMRC has been given additional enforcement powers and the UK equity market shall be made more attractive for tech and SPACs in the future.

The United Kingdom is aiming at reducing ties with EU VAT rules by shortening the filing deadline for input VAT recovery claims of EU businesses to 31 March 2021.

Hansuke Consulting in cooperation with WTS Global and FIDAL invite you to join in the webinar "Brexit from DAC6: The FS Impact" on 3 February, 11.00 am CET.

View the full webinar recordings here

From 1 January 2021 companies and advisors will have to make reports to HMRC in accordance with the International Tax Enforcement (Disclosable Arrangements) Regulations 2020 which implements EU Directive 2018/822, more commonly known as DAC6.

Making Tax Digital for VAT (MTD) is the UK’s attempt to ensure that all VAT records and submissions are electronic.

The UK is pressing ahead with its Digital Services Tax (DST) from April 1, 2020.

No-deal Brexit: assignees and their employers could face a double charge

The digital link requirement come fully into force until March 31, 2020

This week saw the 2018 UK Budget which signalled the end of austerity measures