
Publication
Calming the storm after the SVB collapse: Prudential policy the key to stability
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
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Global | Publication | December 2017
The UK has announced that it will introduce a new tax from April 2019 which will apply to payments of royalties and certain other payments, such as franchise fees, between members of international groups, where there is a link between the payments and the UK. The tax is to be imposed by way of a deemed withholding on the payer, even if the payer is based outside the UK.
This measure is part of the UK’s wider response to the challenges it sees with the taxation of the digital economy. However this new tax is not restricted to just the digital economy – and will apply to those businesses with high value intellectual property or intangible assets (for example, brands) held offshore.
The UK Government has indicated in their Position Paper on “corporate tax and the digital economy” that they are considering further measures to ensure that digital companies are taxed appropriately. Businesses should consider whether their existing arrangements are still appropriate in the light of possible future changes.
The UK propose to extend the circumstances in which a payment of royalties, or certain other payments are subject to withholding tax. The new charge will apply to royalty and other payments between group members. In particular:
The consultation confirms that the UK will not be amending the existing rules which impose withholding tax on royalties or diverted profits on royalties paid by a non-UK company in connection with an avoided permanent establishment in the UK. Instead, where a taxpayer finds itself subject to one or more of the new rules or the existing regimes, he will taxed under whichever set of rules results in the highest tax charge.
The UK Government is consulting on these proposals set out in this briefing until 23 February 2017. We would be delighted to discuss the practical impact of these proposals with you or to discuss the Government’s position paper on “corporate tax and the digital economy”.
Publication
The collapse of Silicon Valley Bank, Signature Bank and Silvergate Bank in the last week has caused turmoil in global financial market.
Publication
The European Union’s Foreign Subsidies Regulation (the FSR) entered into force on 12 January 2023 and creates a new regime aimed at combating distortions of competition on the EU internal market caused by foreign subsidies. It imposes mandatory notification and approval requirements for acquisitions of significant EU businesses and large EU public tenders, and gives the European Commission (EC) extensive powers to launch ex officio investigations. The notification requirements go live on 12 October 2023.
Publication
Starting our series of legal FAQ on Polish on real estate market, in which we address questions often raised by the investors, we would like to begin with a popular topic – PRS (private rented sector). Counsel in the Warsaw real estate team, Jan Wszołek, PhD is commenting on most relevant market and legal issues.
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