In the spring of 2022, the UK government set out its initial priorities for reforming the UK regulatory and tax rules to increase the attractiveness of the UK as a location to set up, manage and administer funds. This impetus for change continued at the end of 2022 when the...

When, on 27 October 2021, the government published its final report on reforming the business rates system in England, it confirmed that it had no intention of removing the mandatory business rates for charities. This conclusion was welcomed by the charities industry – hardly surprising when you consider that business...

The UK chancellor, Jeremy Hunt, will present his Spring Budget on 6 March 2024. It will be accompanied by an economic and fiscal forecast by the Office of Budget Responsibility (OBR). Although many predict that this will be his last fiscal statement before a general election, it is possible that...

The construction industry has continued to lobby against a VAT reverse charge (VRC) as it grapples with the Covid-19 pandemic and the end of the UK-EU transition period, but the measure looks set to come into force on 1 March 2021. The industry’s largest trade bodies, including the Federation of...

New Stamp Duty Land Tax (SDLT) rates for non-UK resident purchases of residential property will come into effect for both freehold and leasehold transactions completing in England and Northern Ireland on or after 1 April 2021. Transitional rules may apply where contracts have been exchanged before 1 April, but are...

The Finance Bill published on 11 March 2021 has confirmed that the non-resident surcharge will apply to the residential elements of a mixed use development where the buyer claims multiple dwellings relief. The non-resident surcharge Non-resident buyers of residential property in England and Northern Ireland will be subject to a...

The UK government has published a consultation on three areas to strengthen and simplify the Construction Industry Scheme (CIS), with one of the main focuses on the removal of unnecessary administrative burdens on landlord and tenant relationships. The consultation considers whether HMRC should add value-added tax (VAT) to the list...

HMRC has previously advised that, in its view, neither authorised nor unauthorised unit trusts were required to be registered on HMRC's trust register, unless the unit trust became liable to certain UK tax liabilities. While HMRC's position for authorised unit trusts remains the same (that they are only required to...

HM Treasury published draft regulations, together with an explanatory memorandum, on 28 February that will revise and make further provision for the assessment, payment, collection, and enforcement of the Economic Crime Levy (ECL). The aim of the levy, which will be paid by the anti-money laundering (AML) regulated sector, is...

The chancellor of the exchequer, Rachel Reeves, delivered the first budget of the new government on 30 October 2024. Despite the constraints of her party's manifesto pledge not to raise taxes on working people, she announced significant tax and spending measures to address a multi-billion-pound deficit in public finances and...