In November 2021 HMRC will begin sending ‘nudge letters’ to UK domiciled individuals they have identified as holding crypto-assets to encourage them to ensure they have paid the correct amount of income tax and capital gains tax (CGT) on any income they have received from their crypto-asset holdings. At present, HMRC will not send nudges to resident non-domiciles however their gains will still be subject to CGT.
Nudge letters should not be ignored and early open communication and co-operation with HMRC is advised to avoid any potential civil or criminal penalties.
The government is keen to encourage funds to be set up in the UK, rather than, for example, Luxembourg. With this aim in mind, HM Treasury has been consulting with the British Property Federation (the BPF) and other relevant organisations to devise a regime that will be attractive to private equity funds, real estate funds and debt funds, so encouraging them to either set up in the UK or move existing funds to the UK.
Much like London buses, the Supreme Court must be thinking that restraint of trade cases are coming along all at once. In what was their third restraint of trade case in three years, the Supreme Court has recently handed down its decision in Harcus Sinclair LLP v Your Lawyers Ltd finding that a restraint of trade clause contained in a non-disclosure agreement between two law firms was not unreasonable in the circumstances and was, therefore, valid.
October’s Autumn Budget announced some key changes to the terms of the Recovery Loan Scheme.
As strange as it sounds, it isn’t unusual for country houses and estates to come with a few skeletons in the cupboard – or the garden at least. Many have graveyards or graves in the grounds, usually for previous inhabitants.
In a world where cash payments are a growing rarity, practices around leaving a tip in recognition of good service in the hospitality sector are also changing.
Entering into a joint venture with another party in respect of the development of a property continues to be a popular way of sharing risk, pooling knowledge and expertise, and potentially making a project more attractive to third party funders.
One of the key elements for the owner of any new hotel is getting the right operator in place. More than just a covenant strength concern, the right operator is essential for ensuring the parties get the most out of the hotel from a financial perspective.
In an effort to encourage a greater number of special purpose acquisition companies (SPACs) to list in the UK, the Financial Conduct Authority (FCA) has made a number of changes to the Listing Rules. Such changes came into effect on 10 August 2021.
Since we published our comments on access to digital assets after death in the FT Adviser earlier this year, the thorny issue has moved no further up the government’s list of priorities. However, it is encouraging to see a growing awareness of the problem among tech giants.
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