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Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United Kingdom | Publication | July 2024
The new Prime Minister, Sir Keir Starmer, has appointed Liz Kendall as the new Work and Pensions Secretary. MP for Wycombe, Emma Reynolds, has been appointed as the new pensions minister. The pensions portfolio promises to be busy and we hope to see the following issues addressed as soon as possible:
The new Government has committed itself to a review of the UK pension system, although it is currently unclear exactly what this review will address. Hopefully, stability in pensions policy and certainty of the tax rules that apply to savers will be two of the outcomes.
Although the new Government’s has confirmed it will not reintroduce the lifetime allowance or alter the state pension triple lock, it remains to be seen if pensions could be subject to other tax changes. These could potentially include including pension pots in individuals’ estates for IHT purposes, decreasing the annual allowance which is now £60,000 or reducing the 25 per cent tax-free cash which can currently be taken.
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Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
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On February 2, 2024, the Belgian Presidency of the Council of the European Union confirmed that the Committee of Permanent Representatives had signed the Artificial Intelligence (AI) Regulation, referred to as the AI Act. Approval by the EU Parliament followed on 13 March 2024, and the AI Act is likely to appear in the EU’s Official Journal around May 2024. The AI Act aims to establish a stringent legal framework governing the development, marketing, and utilisation of artificial intelligence within the region, thereby marking a significant advancement in the regulation of this burgeoning domain.
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In the recent decision of Euronav Shipping NV (Euronav) v Black Swan Petroleum DMCC (BSP) [2024] EWHC 986 (Comm) (the Judgment), the English Commercial Court has underscored the role of comity in international disputes.
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