Knowledge
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Court of Appeal upholds decision that tax silk advising investment scheme promoter owed no duty of care to investors: McClean & Ors v Andrew Thornhill [2023] EWCA Civ 446
In its recent decision in McClean & Ors v Thornhill, the Court of Appeal found that a leading tax silk appointed to advise the promoter of three tax avoidance schemes did not owe a duty of care to investors, notwithstanding that the silk had consented to his advice being shared with the investors. The decision provides useful guidance as to the circumstances in which professionals, particularly legal professionals, may be found to have adopted a duty of care to prospective claimants by whom they have not been directly instructed.
Talking. Secondaries. Part 3: Continuation fund
In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.
Private Equity: A new enforcement priority for the UK competition & markets authority?
Increased scrutiny of private equity investment is firmly on the radar of US antitrust enforcers. Both the Federal Trade Commission (FTC) and U.S.
In the Pipeline - May 2023
Real Estate Briefing April 2023
At the start of the 2023/24 financial year, we focus on 5 focal points of interest to the real estate sector: regulatory change, updates to real estate taxation, some proposed changes to the planning regime, ongoing reform to construction law and some caselaw reports from real estate disputes.
Qualifying Asset Holding Company Regime
This briefing was originally published on 18 November 2021 and was last updated on 10 May 2023.
Private Market Impact Investing: A Turning Point - World Economic Forum White Paper
Travers Smith Senior Consultant, Simon Witney, has contributed to a report by the World Economic Forum – read the full White Paper 'Private Market Impact Investing: A Turning Point'.
Pensions lifetime allowance and annual allowance changes – considerations for employers
There has (not surprisingly) been some confusion about what has happened to the pensions lifetime allowance from 6 April 2023, following the surprise Spring Budget announcement about its abolition. In the following Q&As, we consider the immediate implications of the changes.
UK consumer protection law: new Bill will give regulator serious clout
The Digital Markets, Competition and Consumer Bill has finally been put before the UK Parliament and is likely to become law in 2024.
UK Digital Markets, Competition and Consumers Bill - the wait is over
The highly anticipated Digital Markets, Competition and Consumers (DMCC) Bill was introduced to Parliament on 25 April 2023. Described by Sarah Cardell, CEO of the UK Competition and Markets Authority (CMA) as a "flagship bill" with the "potential to be a watershed moment", the Bill sets out far-reaching changes to the competition and consumer law regimes here in the UK, as well as a new ex ante regime for scrutiny of Big Tech.
How proposed Solvency II reforms for insurers affect de-risking options for defined benefit pension schemes
In November 2022, HM Treasury (HMT) published its response to the Solvency II consultation, setting out its final package for reforming the prudential regulation of the UK insurance sector.
Travers Smith's Alternative Insights: UK competition law
In this week's issue of Alternative Insights, we are looking at the impact of the EU's new foreign subsidies regulation on private equity deals.
Stamp taxes modernisation – a breath of fresh air
As part of the "Tax Administration and Maintenance Day" on 27 April, the Government has published a consultation setting out proposals for the reform of stamp duty/SDRT for shares and marketable securities.
Insights for In-house Counsel - Spring 2023
New Trade Reporting Requirements for Derivatives Transactions
Following a protracted consultation process, each of the EU and the UK has now finalised its revised requirements for trade reporting under the European Markets Infrastructure Regulation ("EMIR") following the revision of EMIR in 2019 ("EMIR Refit").
Tax Journal: Green tax incentives: an opportunity or a threat?
As the world moves towards net zero, the development of new environmentally friendly technology is increasing in importance. The introduction of green tax incentives in the United States is beginning to impact where green tech developers locate their businesses and where investors spend their capital.
Share Schemes Annual Reporting: File your 2022/23 returns by 6 July 2023!
If you had an employee share plan or arrangement in the 2022/23 tax year, now is the time to start thinking about your annual reporting obligations.
Pensions Radar - April 2023
Talking. Secondaries. Part 2: Single fund interest/portfolio sale
In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.