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The infrastructure capital stack is undergoing significant transformation as equity markets consolidate at the top while creating mid-market opportunities, private debt emerges as a bankability indicator for maturing sectors, and fund finance structures become increasingly sophisticated. This evolution is reshaping how capital is deployed, structured, and exited across the infrastructure investment landscape...

Loan-on-loan financing structures have become essential in commercial real estate lending, enabling credit funds to leverage originated loans. As this back leverage technology expands beyond CRE into other asset classes, practitioners must navigate complex securitisation regulations, capital treatment considerations, and intricate documentary requirements that balance lender control with underlying asset performance.

The Government's pursuit of increasing Defined Contribution (DC) pension investment into private capital markets has stepped up a gear. On Tuesday 13 May 2025 a voluntary industry-led initiative, coined...

"Better late than never" may be words to live by, but in litigation missing a deadline can have significant consequences. In the recent case of Medpro Healthcare Limited & Anor v HMRC [2025] UKUT 255 (TCC)...

The UK Home Secretary has this week announced a plan to cut migration levels in the UK. This is aimed at reducing the net migration figure, which is the difference between...

Representative claims are intended to be a method of dealing effectively with large-scale litigation, which is all the more likely to be generated by rapidly developing...

In Q3 2024, market participants surveyed by CREFC expressed a positive outlook for the UK real estate market in 2025 with the prevailing expectation of a sustained recovery in investor demand for commercial real estate.

The Chancellor set out his stall with a headline-grabbing reference to the "110 growth measures" included in the Autumn Statement.

The Levelling Up and Regeneration Bill (the Bill) is passing through Parliament and moved to report stage in the House of Lords on 11 July 2023.

Over recent years the European commercial real estate (CRE) market has been shaped by persistently higher interest rates and elevated construction costs. At the same time...

The OECD has proposed significant revisions to its transfer pricing guidance on intra-group services, expanding practical examples and emphasizing the need for robust documentation to evidence service provision and benefits. While core principles remain unchanged, the updates create potential tensions with HMRC's more prescriptive approach to high-value services, particularly around pricing methodologies and the treatment of shareholder activities.

This bulletin follows the release of the July Agent Update (Issue 133). In this issue we cover the content most relevant to employment taxes and reward activities.

This bulletin follows the Government's Autumn Statement and the release of HMRC's November Agent Update.

Navigating tax disputes with HMRC can be a complex and daunting process. This "need to know" series sheds light on the essential elements. In this note, we cover HMRC's formal information gathering powers.

The Supreme Court has delivered its landmark decision in HMRC v BlueCrest Capital Management, clarifying the salaried member rules that determine whether LLP members are taxed as employees or partners. The ruling refines the legal test for "significant influence" and establishes that influence must derive from enforceable governance frameworks rather than informal practice, with immediate implications for how LLPs structure membership terms and delegated authority.