Activity levels in the residential development market remain lower than developers, lenders and other real estate professionals have become accustomed to over the last 15 years. With 14 base rate rises implemented by the Bank of England (BoE) in the last 18 months - now at 5.25% - the UK is currently subject to the highest base interest rate since 2008 ...
While the next general election isn’t due until January 2025, or earlier, housing is shaping up to be a key battleground for both parties. It could arguably even decide the election. There seems to be clear blue water developing between the two main parties on this issue ...
The Renters (Reform) Bill was given its first reading in May 2023 after five years of consultation and refinement. The Bill seeks to provide greater flexibility and security for residential tenants in England by imposing additional restrictions and obligations on private landlords. The reforms also look to improve the leasehold system through increased regulation, digitisation and standardisation. A noticeable omission from the Bill, however, is an exemption for private lettings to students ...
Craig Thomas and Sarah Buxton take a look at the recent changes to corporation tax. Policy changes It is fair to say that the UK’s corporation tax rate has been on something of a policy rollercoaster of late. As far back as 2016, when the rate was 20%, George Osbourne announced that he would reduce corporation tax to 17% with effect from 2020 (and even expressed his fervent desire to get the rate as low as 15% thereafter) ...
Dan Sharman and Craig Thomas take a look at the tax treatment of salary sacrifice arrangements. Background HMRC has always had a difficult relationship with salary sacrifice arrangements. On the one hand it acknowledges that such arrangements are a legitimate way of employees and employers reducing their tax liability, whilst on the other hand it has looked for ways in which to reduce the amount of tax leakage occurring from such arrangements ...
On August 23, 2023, the extracts from the minutes of the meeting of the Sub-commission of the Government Commission for Control over Foreign Investments in the Russian Federation No. 182/5 dated August 09, 2023, were published. (“Extracts No. 182/5”). The said Extracts No ...
On August 21st, 2023, Law No. 21,592 was published in the Official Gazette, establishing a protection statute in favor of the person who complains – or reports – facts constituting disciplinary infractions or administrative misdemeanors ("Law No. 21,592") ...
On July 26, 2023, SERNAC published a new interpretative circular that refers to the protection of the real estate consumer in the sale of real estate and its preparatory acts. Although this circular establishes mandatory guidelines for SERNAC officials, it also constitutes a guide to be taken into consideration by real estate providers when complying with their legal obligations ...
The U.S. Equal Employment Opportunity Commission (EEOC) has published its proposed regulations to implement the Pregnant Workers Fairness Act (PWFA) in the Federal Register. The PWFA, which became effective on June 27, 2023, requires employers to provide reasonable accommodations to employees and applicants suffering limitations from pregnancy, childbirth or related medical conditions ...
August 21, 2023 By: Akana K. Ma On August 14, 2023, pursuant to a Presidential executive order issued several days earlier, the U.S. Department of the Treasury released an Advance Notice of Proposed Rulemaking (the Proposed Rulemaking) announcing a ban on investment by U.S. persons, including U.S.-registered business entities, in three advanced technology sectors in China – quantum computing, artificial intelligence, and semiconductors ...
Inflation Reduction Act Perhaps the most significant recent development in the area of alternative energy, the Inflation Reduction Act of 2022 (IRA) offers approximately USD270 billion in tax incentives to help combat climate change ...
General aspects The Chilean Agency for Economic Development (Corporación de Fomento de la Producción - "CORFO") has announced a series of amendments to its venture capital investment fund financing programs: Early Technological Stages Fund ("FET"), Early Stages Fund ("FT"), and Development and Growth Fund ("FC"). The most significant changes approved by CORFO are listed below, distinguishing between amendments common to all programs and those specific to each one ...
In its judgement delivered on 14th June 2023 in the names of Marco Aquilina & Euro Concrete Blocks Limited vs. Ir-Registratur tal-Kumpaniji, the Civil Court (Commerce Section), presided over by Mr. Justice Ian Spiteri Bailey, decided in favour of the plaintiffs, who successfully challenged the payment and settlement of various alleged administrative penalties imposed by the Registrar of Companies. The pertinent facts of the case are as follows ...
“Who steals my purse steals trash; ’tis something, nothing; ’twas mine, ’tis his, and has been slave to thousands; But he that filches from me my good name Robs me of that which not enriches him, And makes me poor indeed ...
In the latest edition of our HR Improve series, we consider the steps employers can take to improve diversity, equity and inclusion within the workplace ...
On 9 August 2023, U.S. President Joe Biden signed the Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (the "Executive Order"), to regulate U.S. persons engaged in transactions or investment activities in China (including mainland China, Hong Kong and Macau) that involve certain technologies and products. The U.S ...
In the aftermath of some highly-publicised social dumping cases in the media, the Flemish government has proposed a zero tolerance policy for bogus posting set-ups involving illegal employment, especially if they involve exploitation and “smart” contractor chain constructions. To achieve this aim, the Flemish government has adjusted some already existing chain liability schemes and is seeking to introduce, amongst other things, a duty of care obligation for certain contractors ...
A recent case has seen trustees apply for and obtain court approval for a trustee petition to wind-up the scheme's sponsoring employers. This is a relatively unusual case, but the trustees had reached a point where no other options were available to them ...
The MFSA published a Circular on the 13th of July 2023 regarding a Public Statement issued by the European Securities and Markets Authority (hereinafter referred to as “ESMA”) outlining sustainability disclosure expectations in prospectuses. This was addressed to issuers and their advisory teams in the process of drawing up prospectuses ...
Hydrogen is seen by many as the fuel of the future, a substance that can provide heat through combustion, or electrical power from fuel cells, emitting only water in the process. Its potential usefulness, specifically its ability to replace fossil fuels without generating greenhouse gases, makes it the poster child for clean energy. There are various ways of producing hydrogen, but currently most of it is done in the most cost-efficient way, by steam reforming ...
We are deeply saddened at the passing of our dear friend and Patterson Belknap colleague, Robert M. Pennoyer, on August 13, 2023. He was a leader of the firm in every way, and he was indefatigable in his service to the firm’s clients and to our community. Bob was born on April 9, 1925, in the house of his grandfather J.P. Morgan on Madison Avenue. His commitment to service was instilled from a young age ...
