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Coming full circle: Closing Loopholes No 2 reinstates the common law tests
On 7 December 2023, Parliament passed the Fair Work Legislation Amendment (Closing Loopholes Act 2023),
United Kingdom | Publication | January 2024
On December 14, 2023, in a written statement, the Financial Secretary to the Treasury published HMRC's summary of responses to its technical consultation on the VAT treatment of fund management services. This is mainly of interest for DC schemes.
Currently, fund management services can be VAT exempt either by falling within the fund types that enjoy statutory exemptions, or because they are regarded as “special investment funds” under EU VAT law. SIFs were largely left to individual member states to define. The consultation set out proposals for SIF codification to remove the uncertainty that had arisen following years of EU case law.
Having considered the consultation responses, the Government has decided not to proceed with the SIF codification, and to retain the current rules. This means that the above two ways in which fund management services can be VAT exempt will continue.
HMRC will update its relevant guidance in due course.
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On 7 December 2023, Parliament passed the Fair Work Legislation Amendment (Closing Loopholes Act 2023),
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Starting in 2022, the Government of Canada has introduced three waves of amendments to the Competition Act (Act) resulting in the most significant revisions to Canada’s competition laws in over a decade.
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Prime Minister Rishi Sunak has unveiled the Conservative Party’s manifesto ahead of the general election taking place on 4 July 2024. Whilst the Conservative Party manifesto does not contain changes to employment laws which are as significant as those proposed by the Labour Party, it includes a number of policies which will impact rights and obligations in the workplace. Below is a brief summary of these proposals and the implications for employers.
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