Chancellor Scraps Permanent Non-Dom Status!

As the UK anticipates its first Budget under Andy Burnham's premiership on 28 October 2026, questions arise about whether 'Manchesterism' will introduce an exit tax regime. This analysis examines how different jurisdictions—from Canada's deemed disposal system to France's targeted charges on substantial holdings—tax individuals leaving their borders, and explores what form a UK exit tax might take if implemented.

Today HMRC released updated Guidance Notes on implementing FATCA in the UK.

Burnham has consistently advocated for replacing council tax and stamp duty with a land value tax - an annual levy charged on the value of the land itself, rather than the buildings on it.

Labour plans to defer major tax changes until the autumn Budget. Key potential changes include raising capital gains tax, altering private equity taxation, and possibly integrating capital gains and inheritance tax rules.

UK executors and beneficiaries dealing with US assets face significant delays in obtaining IRS Transfer Certificates, with waiting times now extending to two or three years. This comprehensive FAQ addresses the critical questions surrounding Form 706-NA applications, US estate tax requirements, and the practical challenges of administering estates containing US shares and investments when the deceased was not a US citizen.

UK banks face the prospect of a new windfall tax as campaigners push for additional levies on strong reported profits, while industry leaders warn of potential consequences for lending, investment, and the UK's position as a global financial centre. This analysis examines the practical implications of adding another layer to an already complex sector-specific tax regime that includes corporation tax, banking surcharge, and bank levy.

The Chancellor's 2024 Budget introduced moderate changes to Capital Gains Tax (CGT). Rates for basic and higher rate taxpayers increased to 18% and 24%, respectively. Business Asset Disposal Relief and Investors' Relief rates will rise from 10% to 18% by 2026, with anti-forestalling provisions. Rates for residential property disposals remain unchanged.

When HMRC issued an information notice demanding a UK subsidiary's US parent company financial statements in a transfer pricing enquiry, the First-tier Tribunal had to determine whether such documents were reasonably required and whether the subsidiary had the power to obtain them. The case examines the boundaries of HMRC's information-gathering powers and the practical limits of corporate group relationships.

HMRC is increasing scrutiny of earn-out arrangements, particularly where founders remain involved in the business after completion and deferred consideration depends on future performance of the target company.

Transfer pricing litigation in the UK has historically been rare, but recent procedural cases reveal HMRC's increasingly aggressive approach to enquiries. With average enquiry durations now exceeding 40 months and transfer pricing yield surging to £3.4bn, understanding the legal boundaries of information requests and closure notice applications has become critical for multinational groups facing contentious disputes.

A health insurance company announced today that it has been the victim of a sophisticated cyber-attack and data breach of information of current and former covered persons.

On Jan. 21, 2025, President Donald Trump, alongside OpenAI CEO Sam Altman, Oracle Chairman Larry Ellison and Softbank CEO Masayoshi Son, announced a private sector plan to invest billions of dollars.

Yesterday three important regulatory developments occurred in the clean energy space.

Since its independence in 1991 Kazakhstan has been rapidly developing to become a country with a market economy establishing and strengthening its economic and trade ties with foreign countries, encouraging foreign investment, and liberalizing trade.

Kazakhstan's commercial banking sector has grown dramatically in recent years.

If a county, city or town contributes a pollutant of concern to a waterbody it may need to modify its municipal stormwater management program to meet state and federal National Pollutant Discharge Elimination System (NPDES) regulations. Chesapeake Bay Total Maximum Daily Load (TMDL) and the Virginia Watershed Implementation Plan (WIP) will require MS4 communities to make improvements and retrofits to existing stormwater management programs.

Renovus Capital Partners has announced the acquisition of Superior Health Holdings.

David Nexon, senior executive vice president at AdvaMed, defended the FDA's 510(k) process for medical devices after the process was recently criticized by Public Citizen, a consumer advocacy group.

The article was based on a July 21 Subject to Inquiry blog post by Alex and Ryan that was published under the same title at www.subjecttoinquiry.com.

Coinciding with the publication of the new rule, the Bureau has updated its Supervisory and Examination Manual to give its examiners guidance in supervising non-bank auto finance companies.