Signs of a marked acceleration in UK sanctions enforcement continue to emerge. In the months since our last update, the Office of Financial Sanctions Implementation ("OFSI") has now deployed its new settlement scheme across multiple cases, imposed penalties on both UK and non-UK entities (including where proactive approaches to establishing ownership and control linkages to designated persons were not taken), and signalled clearly that its enforcement focus will extend beyond Russia to other sanctions regimes - most notably, Iran.

A regular briefing for the alternative asset management industry 

Every firm carrying out payment, e-money or banking services in the UK should pay close attention to the consultation paper titled Modernising Payment Services Regulation (the CP), published by His Majesty's Treasury (HMT) on 14 July 2026. While Bastille Day may not have been a deliberate choice of publication date (and we are not cynical enough to suggest that there is a pre-summer holiday race to publish taking place among policymakers), it is suitably appropriate, as this paper may herald a genuine revolution in the regulation of payments in the UK.

Welcome to Frontline by Travers Smith – our series addressing the key issues affecting the defence sector. 

The draft Commonhold and Leasehold Reform Bill was published in January 2026 and has been controversial from the start. One of its key aims is to cap ground rents in existing long residential leases at £250 a year from an implementation date in late 2028, reducing in 2068 to a peppercorn.  This follows from a previous consultation under the last Conservative government in 2023/24 which weighed up five different options for tackling excessive ground rents.

On 4 June this year, HMRC quietly updated its published guidance in relation to input tax recovery for defined benefit (DB) pension schemes. These changes to HMRC's internal VAT Input Tax Manual clarify an improved position for the way in which input tax on asset management costs can be recovered, but appear to make recovery of input tax on administration costs more difficult.

Deloitte’s recent report predicts that global revenue generated by elite women’s sport will reach at least US$3 billion this year, representing a 25% increase on the 2025 figure. This highlights women’s sport as not only a fast-growing independent industry, but also a rich commercial opportunity, particularly for brands looking for new and innovative sponsorship arrangements.

From 1 October 2026, the UK government will significantly expand the scope of right to work ("RTW") checks for businesses. Introduced under the Border Security, Asylum and Immigration Act 2025, these changes will mean that responsibility for RTW compliance is no longer limited to traditional employment.

Latest episode: HMRC's consultation on modernising the distributions framework (Part 1: The big picture)

On Monday 20th July 2026, the UK will have a new Prime Minister, the current Labour MP for Makerfield, The Rt Hon Andy Burnham.

Latest episode: HMRC's consultation on modernising the distributions framework (Part 1: The big picture)

The UK's data centre sector is experiencing unprecedented growth, driven by the explosion in cloud computing, artificial intelligence, and digital services. The planning framework governing data centre development has evolved significantly to keep pace, with the Government introducing new designations and policy levers to accelerate delivery while balancing local concerns.

In one of the most hotly anticipated consultations of the year, on 14 July 2026, the UK Financial Conduct Authority (FCA) published its proposals for reforming the remuneration framework for UK solo-regulated firms.

The corporate reporting element of the Modern Slavery Act 2015 ("MSA") has been widely regarded as ineffective in driving real change in supply chain risk management. The regime requires large commercial organisations to publish annual slavery and human trafficking statements, but says remarkably little about what those statements must contain, imposes no deadline for publication, and has never been the subject of enforcement action.

We are excited to share the inaugural NextGen M&A Annual Report on Technology & Innovation in M&A. The report features insights from Travers Smith Corporate M&A Partner Jeremy Dennison, Senior Consultant Dan McNamee and Legal Transformation Specialist Grace Kelly, as well as fellow sponsors Gallagher UK and Unity Advisory.

With Keir Starmer's resignation and Andy Burnham’s appointment as his replacement as Prime Minister – formalised on 20 July 2026 – speculation is rife in both the markets and Westminster about the future direction of UK tax policy.

A regular briefing for the alternative asset management industry. 

Travers Smith is proud to act for Jason Jones in his appeal to the Privy Council challenging Trinidadian laws that criminalise same-sex intimacy. In this podcast, Caroline Edwards (Partner) and James Hulmes (Senior Counsel) discuss the case and its significance with Jason.