In this podcast, Zoe Andrews, Tanja Velling and Nele Dhondt discuss the CJEU decision in the Engie State aid case, the Advocate General's opinion in the Apple State aid case, the UK Supreme Court's decisions in Skatteforvaltningen and in Fisher on the transfer of assets abroad regime. The podcast also covers the UN Resolution on a framework convention on international tax cooperation and the OECD’s Tax Certainty Day and MAP statistics.

2024 is set to be a big year for UK employers. We are anticipating significant changes to employment law, affecting how people work, diversity, equality and inclusion (DEI) and hiring and firing. In addition, the post-Brexit employment landscape is starting to take shape, with significant changes taking effect on 1 January 2024. There is much for employers to look out for, to ensure they keep pace with the changing legal landscape. In this podcast Clare Fletcher and David Rintoul take you through the key changes, and what you need to do to ensure your business is prepared.

Phase 1 Complete; Phase 2 to come! In this podcast, we reflect on the lessons learned from Phase 1 of consumer duty implementation, and the challenges that face firms for closed books ahead of 31 July 2024. This episode sets out a general market-wide overview; we will separately be launching follow up discussions deep diving into specific issues that consumer duty poses for banking, insurance and asset management sectors.

In this podcast, Emma Game and Tanja Velling discuss the Supreme Court’s decision in Vermilion considering whether a particular securities option was employment-related, the Court of Appeal’s decision in Delinian (formerly Euromoney) on the purpose test in the capital gains tax reorganisation rules, and the Upper Tribunal’s decision in Refinitiv, a judicial review case where the taxpayers argued that a diverted profits tax notice was inconsistent with an advance pricing agreement.

In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decision in ScottishPower on the deductibility of payments made pursuant to an agreement with the regulator at the end of an investigation and the Supreme Court’s decision in Target Group on the scope of the VAT exemption for financial services. The podcast also covers draft legislation for Finance Bill 2023-24 in respect of the removal of the 1.5% stamp duty and SDRT charge on issues and transfers integral to capital raisings and further changes to the UK’s implementation of the Pillar Two GloBE Rules. Zoe and Tanja discuss the draft legislation for the transitional UTPR safe harbour and the QDMTT safe harbour, and how tax imposed under the Subject-to-Tax Rule fits within the GloBE rules. They further touch on developments in respect of the Multilateral Convention to Implement Amount A of Pillar One and the European Commission’s proposals for two new corporate tax directives concerning, respectively, the harmonisation of the corporate income tax base under the Business in Europe: Framework for Income Taxation (BEFIT) and the incorporation of the arm’s length principle and OECD Transfer Pricing Guidelines into EU law.

In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decisions in JTI Acquisitions Company on the loan relationships unallowable purpose rule, Hotel La Tour on input tax recovery in respect of advisers’ fees on a share sale to raise funds for downstream economic activity, and M Group Holdings on the substantial shareholding exemption. They also discuss the First-tier Tribunal’s decision in Wilkinson on the unallowable purpose rule in the capital gains tax reorganisation rules. The podcast further covers certain draft legislation for Finance Bill 2023-24 published on 18 July 2023, including the proposal for a single merged regime for tax reliefs for research and development, and provides an update on international tax reform, focussing the UK’s proposed implementation of the UTPR, and the QDMTT safe harbour and transitional UTPR safe harbour in the second tranche of Administrative Guidance published on 17 July 2023 by the Inclusive Framework.

Three years on from the pandemic and one year on from our last podcast, what does hybrid working look like and are there any emerging trends? In this podcast, partners Phil Linnard and Jane Edwarde are joined by Martin Boyle (Head of Legal - Dispute Resolution and Employment, Ocado Group) to discuss what has changed over the last year, the current global picture and the wider impact of hybrid working on employee retention, human resources, real estate requirements and mental wellbeing.

In this podcast, Zoe Andrews and Tanja Velling are joined by Nele Dhondt to discuss the EU’s Foreign Subsidies Regulation, how it could apply in the tax context and what steps can be taken to prepare for its coming into force. They also discuss the Advocate General’s opinion in the Amazon State aid case, recommending that the Court of Justice upholds the General Court’s decision that had annulled the European Commission’s finding of State aid. In relation to the UK, the podcast considers HMRC’s draft guidance on the multinational top-up tax (the first tranche of which has been published for consultation until 12 September) and HMRC’s updated guidance on the loan relationships unallowable purpose test. Zoe and Tanja also discuss the consultation on the reform of the UK’s transfer pricing, permanent establishment and Diverted Profits Tax legislation, the announcement of the “Energy Security Investment Mechanism” which should effectively bring forward the end date of the Energy (Oil and Gas) Profits Levy if oil and gas prices fall below certain thresholds, and the Upper Tribunal’s decision in Hargreaves Property Holdings on interest withholding tax.

The past 9 months have seen turbulence stemming from the Truss-Kwarteng mini budget, a UK government debt market intervention by the Bank of England and rising interest rates, against the backdrop of questions about the UK's ability to thrive outside the EU. Charles Randell, Jan Putnis, Nick Bonsall, Dr. Sabine Dittrich and our host Selmin Hakki discuss how the post-crisis financial system is weathering these challenges and anticipate future areas of focus for financial regulators. They also explore where the UK stands in its plan to 'rethink the rulebook' post-Brexit. 

In this podcast, Zoe Andrews and Tanja Velling discuss the Court of Appeal’s decision in McClean v Thornhill KC on duty of care in the context of tax advice, the First-tier Tribunal’s decision in Buckingham on the tax treatment of a US dividend, the Upper Tribunal’s decision in Spring Capital on whether questions of Scots law are questions of fact or law, and the Advocate General’s opinion in the Engie State aid case. They further discuss the consultations on the modernisation of stamp taxes on shares and the introduction of a new fund structure, the Reserved Investor Fund (Contractual Scheme), which were published as part of the Tax Administration and Maintenance Day on 27 April 2023. The podcast also covers the potential QDMTT safe harbour, the status of Pillar Two implementation across different jurisdictions, and a Brexit-related change to HMRC’s practice on late payment interest as well as an update on the Retained EU Law (Revocation and Reform) Bill.

In this podcast, Zoe Andrews and Tanja Velling discuss a few highlights from the Spring Budget, including certain pensions tax changes, the temporary introduction of full expensing for expenditure that would otherwise attract capital allowances at the main rate of 18%, an update on tax reliefs for research and development and changes to the application of certain administrative provisions in respect of the assessment of capital gains tax (or corporation tax on chargeable gains) on the completion of unconditional contracts. 

In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decisions in Harrison, confirming the demise of the doctrine of “staleness” in relation to discovery assessments, and Morrisons on the standard to be applied when reviewing the First-tier Tribunal’s assessment of a multi-factorial test.  They also discuss HMRC’s Transfer Pricing and Diverted Profits Tax statistics for 2021-2022, showing inter alia a significant reduction in the number of Advance Thin Capitalisation Agreements, and the report on HMRC’s Financial Institution Notice powers, confirming that HMRC will not use the powers to request taxpayer location data, but may use them to request information on a financial institution’s employees and contractors.  The podcast further provides an update on international tax reform, looking in particular at the impact assessment and administrative guidance recently published by the OECD, discusses the OECD’s new Manual on the Handling of Multilateral Mutual Agreement Procedures and Advance Pricing Arrangements and notes HM Treasury’s more detailed response to its online sales tax consultation, following the announcement at the Autumn Statement that no such tax would be introduced.

Corporate digitalisation and technological developments continue at a rapid pace. Ongoing scrutiny of ‘big tech’ will have implications for the wider digital ecosystem. An increasing regulatory focus on online activities, cyber security and the use of data, AI and crypto-assets could also impact corporate strategy across all sectors in 2023.

2023 promises to be a significant year for low carbon hydrogen production in the UK with the first contracts supporting green and blue hydrogen production expected to be entered into from H2 2023. As a result, hydrogen producers, their investors and lenders will be examining the UK Government’s latest update to the hydrogen production business model with interest.  In this podcast we discuss some of the key issues on which industry is engaging with government. These include which end uses will be eligible for support under the business model, how volume risk is managed, and how CO2 network cross-chain risks are proposed to be mitigated.

If 2022 was a year of ever greater commitments to net zero and sustainability, then 2023 is all about authentic and effective implementation of those targets and putting in place the right governance and procedures to meet them. It’s also the year to focus on social issues alongside environmental ones. Businesses are facing increasing pressure to be sustainable, inclusive, and part of the communities in which they operate, whilst adhering to an increasing number of new rules and regulations throughout their entire supply chain.

Businesses face a worsening global commercial environment. From macroeconomic distress and uncertainty to geopolitical tension, supply chain disruption and sharpening litigation risk, to the effects of inflation and consumer resilience, companies must navigate amidst a range of headwinds at this point in the cycle.

Geopolitical volatility, rising costs and economic slowdowns coupled with regulatory changes provide an increasingly complex landscape for companies operating internationally. Businesses need to be adaptive, and their strategy and investments must also adjust accordingly.

In this podcast, Zoe Andrews and Tanja Velling discuss the decision in Urenco Chemplants where the Court of Appeal corrected a drafting error in the Capital Allowances Act 2001 and a range of other UK developments, including the technical consultation on the VAT treatment of fund management services, the evaluation plan for the notification of uncertain tax treatment for large businesses, the extension of the definition of “investment transaction” for the purposes of the investment management exemption to include cryptoassets, the draft guidance on upcoming changes to the R&D tax reliefs regime, the Office of Tax Simplification’s report on hybrid and distance working and the draft regulations for the new transfer pricing documentation requirement.

In this podcast, Zoe Andrews and Tanja Velling discuss the UK’s first comprehensive tax treaty with Brazil which was signed on 29 November 2022 as well as certain highlights from the Autumn Statement and in relation to the Autumn and Spring Finance Bills, including an update on the UK’s implementation of Pillar Two and the new Electricity Generator Levy to be legislated for in the Spring Finance Bill. The podcast also covers two recent cases: the Court of Appeal’s decision in Centrica on the deductibility of advisory fees incurred in relation to the realisation of an investment as investment management expenses under section 1219 of the Corporation Tax Act 2009 and the Upper Tribunal’s decision in Kwik-Fit on the loan relationships unallowable purpose test in section 441 of the same Act. Zoe and Tanja further provide an update on the UK’s proposed replacement of its scaled-back DAC6 implementation and the National Audit Office Report on the Digital Services Tax.

In this podcast, Zoe Andrews and Tanja Velling discuss the CJEU’s decision in Fiat on fiscal State aid and the Supreme Court’s decision in NHS Lothian on historic claims for input tax recovery. They also discuss UK Finance’s report on the total tax contribution of the UK banking sector, the designation of the 2022 edition of the OECD’s Transfer Pricing Guidelines under TIOPA and the removal of the expiry date for the regulatory capital exemption from the UK’s anti-hybrid rules. The podcast covers the OECD’s “Progress Report on the Administration and Tax Certainty Aspects of Amount A of Pillar One” and its report on “Tax Incentives and the Global Minimum Corporate Tax” as well as the Public Accounts Committee’s inquiry into the UK’s digital services tax. Zoe and Tanja also discuss the recent signature of two separate multilateral competent authority agreements on the automatic exchange of, respectively, information reported by digital platform operators on their sellers and information reported by intermediaries (or, in certain circumstances, taxpayers) in relation to arrangements intended to circumvent the Common Reporting Standard or structures that disguise the beneficial ownership of assets, in each case in the context of existing or proposed UK regulations on the topic.

In this podcast, Zoe Andrews and Tanja Velling discuss the First-tier Tribunal’s decision in Burlington Loan Management considering the purpose test in Article 12 (Interest) of the UK/Ireland double tax treaty and two decision of the Upper Tribunal: Aozora GMAC concerning the interaction between the UK/US double tax treaty and the UK’s rules on unilateral relief and Pickles considering the interpretation of “market value” and “new consideration” in the context of deemed distributions under section 1020 of the Corporation Tax Act 2010.   Zoe and Tanja also discuss the decision of the Inner House of the Court of Session in Ventgrove on the interaction between VAT law and the break clause in a lease, and the Advocate General’s opinion in Gallaher on the compatibility of the UK's group transfer rules with EU fundamental freedoms. The podcast further considers the potential impact of the Retained EU Law (Revocation and Reform) Bill in the tax context as well as announcements made as part of the Growth Plan announced by the Chancellor on 23 September 2022, including proposals to reverse the planned increase in the rate of corporation tax, abolish the health and social care levy before it takes effect, undo the 2017 and 2021 changes to the IR35 rules and make the temporary £1 million level of the annual investment allowance permanent.

As AI adoption increases, and governments and regulators across the globe grapple with how best to regulate AI, Slaughter and May are producing a series of ‘Regulating AI’ thought pieces that will consider some of the legal issues that arise from developing and using AI solutions. The latest in this series is a podcast in which IP Partner Laura Houston and PSL Richard Barker discuss some of the key intellectual property law considerations and issues relating to AI. They consider which IP rights are relevant, look at whether AI itself can own or infringe IP, discuss some of the outcomes of the UKIPO’s recent consultations and calls for views and talk us through some of the changes that are expected to be made following those consultations.

In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decisions in HMRC v Euromoney Institutional Investor PLC on the application of the purpose test in the reorganisation rules (section 137(1) TCGA), in HMRC v BlackRock Holdco 5, LLC on transfer pricing and the unallowable purpose test in the loan relationship rules (section 441 CTA 09), and in Altrad Services Limited v HMRC on statutory interpretation. They also discuss the planned OTS review of distance working, an update to the Uncertain Tax Treatments by Large Businesses Manual, confirming that the result provided by HMRC’s Check Employment Status for Tax (CEST) tool may constitute a “known position”, and the first GAAR panel opinion in favour of the taxpayer. The podcast also highlights proposed legislative changes in three areas: two measures for which draft legislation was published on L-day - certain changes to the Qualifying Asset Holding Companies regime and the introduction of the Pillar 2 GloBE Income Inclusion Rule in the UK in the form of a new “multi-national top-up tax” - and the UK Treasury’s consultation on the codification of the sovereign immunity exemption which would narrow its application to UK source interest.

In this podcast, Competition Partner, Jordan Ellison and Senior PSL Annalisa Tosdevin discuss the competition law considerations arising from the use of algorithms. They consider some of the concerns around algorithms, the extent to which these concerns are really a competition law issue and how competition regulators might get involved. They finish with some practical takeaways for clients who use AI and algorithms in their business.

In this podcast, Zoe Andrews and Tanja Velling discuss the General Court’s decision in the EU State aid case in respect of the finance company exemption in the UK’s CFC rules and the Supreme Court’s decision in Zipvit on input tax recovery. They discuss the recently announced Energy Profits Levy and associated investment allowance as well as the results of a survey by the Centre for Policy Studies which looked at the attractiveness of the UK as an investment location. The podcast further provides an update on Pillar One, considering in particular the extended implementation timetable and the consultations on the regulated financial services exclusion and tax certainty, and covers the OECD’s report on “Tax Co-operation for the 21st Century”.

The UK government has thrown its weight behind CCS, aiming to capture and store 20-30 Mt of carbon emissions per year by 2030 from across the economy. However, the cost of installing and operating carbon capture equipment, together with the cost of transporting and storing that carbon once captured, is currently prohibitively expensive and therefore requires government support. With detailed draft contracts designed to support capture projects published recently, Oliver Moir, Iain McCann, Rory Botros and Kathryn Emmett discuss key issues for investors in capture projects: from pricing and deliverability, to co-dependency on the CCS network and termination rights.

The UK government has doubled its ambitions for low carbon hydrogen and is now aiming for 10 GW of low carbon hydrogen capacity by 2030. However, revenue support for new build production projects is needed to make them viable, investable and bankable. Oliver Moir and Kathryn Emmett discuss the draft heads of terms for low carbon hydrogen support in the UK including key issues for hydrogen production projects: from pricing and the low carbon hydrogen standard, to network co-dependency issues, offtake and termination rights.

In this podcast, Zoe Andrews and Tanja Velling discuss the First-Tier Tribunal decisions in Sally Judges on the question whether legislative amendments and related materials can influence the interpretation of the provisions in their form before the amendment took effect, in Alexander Beard on the nature of dividends paid out of share premium, in JTI where interest deductions for the intra-group funding of a third party acquisition were denied under the loan relationships unallowable purpose rule and in Hexagon Properties which considers whether a payment of damages effected through a loan waiver is taxable under the loan relationships regime. They also cover the Supreme Court decision in NCL that the taxpayers were entitled to a deduction as a trading expense in respect of their accounting debits recognised on the grant of share options to their respective employees by an employee benefit trust. The podcast further covers the summary of responses published by the UK government in respect of their consultation on the introduction of a UK re-domiciliation regime and the European Commission’s ongoing consultation on a “new EU system to avoid double taxation” including the potential harmonization of withholding tax refunds.

In this podcast, Zoe Andrews and Tanja Velling consider the Chancellor’s Spring Statement which was delivered on 23 March 2022, the latest developments in the two-pillar process towards international tax reform and how the possibility of the UK’s introduction of an online sales tax sits with its international obligations. The podcast also covers a number of recent cases: the Upper Tribunal’s decision in Royal Bank of Canada where payments received by the bank, a Canadian tax resident, were subject to UK corporation tax because they were linked to an oil field, the Court of Appeal’s decision in SKAT v Solo Capital Partners on the admissibility of the Danish tax authority’s claims in relation to withholding tax refunds alleged to have been obtained through misrepresentation, the First-tier Tribunal’s decision in Cider of Sweden on third party access to documents related to proceedings before the First-tier Tribunal, and the First-tier Tribunal’s decision in Scottish Power, as contrasted with the earlier decision in BES Commercial Electricity, on the deductibility of compensation payments following regulatory failings.

Two years after lockdown was first imposed, most businesses now have increased flexibility about where and how their employees work. But what have we learnt about the hybrid model, and can this be taken forward as we move beyond COVID-19? In this podcast, partners Jane Edwarde and Phil Linnard discuss how hybrid working has evolved over the past two years, and what challenges and opportunities this presents for both the employment relationship and the UK property sector.

In this podcast, Zoe Andrews and Tanja Velling consider the increasing interest in the link between tax and climate action in particular in light of the High Court decision in R (oao Cox & Others) v The Oil And Gas Authority & Others, the new public interest business protection tax which is proposed to be enacted as part of the current Finance Bill, HMRC’s revised draft guidance on the large business notification of uncertain tax treatment and HM Treasury’s consultation on the UK’s implementation of Pillar Two. They also cover the European Commission’s proposal for a directive to prevent the misuse of shell entities which is commonly referred to as Unshell or ATAD3, considering in particular its potential impact on the UK, as well as the publication of the revised, 2022 edition of OECD’s transfer pricing guidelines, and the Court of Appeal’s decision in the Embiricos case on partial closure notices which confirms that the regime cannot be used to force a judicial determination of a preliminary legal issue.

In this podcast, Zoe Andrews and Tanja Velling are joined by Nele Dhondt to discuss the latest developments in tax State aid cases, focusing in particular on the decision of the Court of Justice in the Spanish financial goodwill case and the AG opinion in Fiat.

In the Autumn series of M&A Perspective, we take an in depth look at some of the key trends influencing M&A across three regions. In the first of the series, David Watkins, Natalie Yeung and Chris McGaffin examine differences and similarities in deal activity across Asia. They discuss geopolitical pressure, pivotal shifts in Chinese policy and then take a broader view of deal activity and dynamics in South East Asia.

In this podcast, Zoe Andrews and Tanja Velling cover three highlights from the UK’s Tax Administration and Maintenance Day – proposed reforms of the taxation of securitisation and insurance-linked securities, the Government’s response to the OTS review of CGT, indicating that an alignment of CGT and income tax rates is not currently on the cards, but the Government is considering whether to allow a corporate bond to include an irrevocable provision to specify that it is subject to CGT, and the action points from the review of large businesses’ experience of UK tax administration, including the development of new “Guidelines for Compliance”. They further discuss the delayed publication of the consultation on a UK-wide online sales tax in the context of international tax reform as well as key takeaways from HMRC’s latest Report and Accounts and the Tax Receipts statistics for 2020 to 2021. The podcast also covers the Upper Tribunal’s decision in Assem Allam which casts doubt on HMRC’s guidance suggesting that, in the context of the definition of “trading company” in the TCGA, “substantial” could be taken to mean “more than 20%” and the First-tier-Tribunal’s decision in the Hargreaves Property Holdings on interest withholding tax.

In this podcast, Zoe Andrews and Tanja Velling provide an update on the OECD/G20 Inclusive Framework’s two-pillar solution to address the tax challenges arising from the digitalisation of the economy, highlighting potential stumbling blocks on the road to implementation and the joint statement from Austria, France, Italy, Spain, the UK and the US on the transition away from digital services taxes published on 21 October 2021. They discuss the Health and Social Care Levy Act 2021 and a selection of measures included in Finance Bill 2022, including the decrease in the banking surcharge, revised draft legislation for the large business notification of uncertain tax treatment and changes to the diverted profits tax regime. The podcast also notes the designation of the first freeport tax sites, mentions planned changes to tax reliefs for R&D and the proposed introduction of a corporate re-domiciliation regime, and it discusses the First-tier Tribunal decision in Europcar concerning the taxpayer’s application to instruct a joint expert in a cross-border group relief case which was opposed by HMRC.

As employers put into place their return to office strategy, leases are now being reviewed with an ‘ESG’ lens. In this podcast, our Real Estate team discusses the increasing importance of ESG considerations for corporate occupiers. Graham Rounce, Samantha Brady, Mark Gulliford and Ben Redding share some insight on what we are seeing from clients in this space and answer questions on government-led initiatives to improve the sustainability of workplaces and corporate HQ’s, while also touching on the importance of lenders in this process. Listen to the full podcast below.

In this podcast, our lawyers give some practical pointers on what businesses can do to build operational resilience and be prepared for future challenging periods. The pandemic affected large swathes of the economy, but with temporary COVID-related restrictions easing and vaccination programme bedded down, the economy is open for business. However, businesses are facing a number of headwinds, including supply chain disruption, raw material price increases, gas price increases and labour shortages. With the backdrop of government support starting to wind down and temporary protections being withdrawn, in this podcast, Ian Johnson, Andrew Jolly and Megan Sparber discuss how businesses facing a possible restructuring can prepare for all eventualities in order to achieve the best outcome.

In this podcast, Zoe Andrews and Tanja Velling discuss the consultation response and draft legislation for the economic crime levy, the High Court decision in Almacantar on the application of estoppel by convention in the context of a notice of claim under a tax indemnity, and the First-tier Tribunal decisions in Shinelock on the interaction between the tax rules and net accounting and Marlborough rejecting a rather wide interpretation of the Supreme Court decision in Rangers argued for by HMRC. Zoe and Tanja also share some thoughts sparked by the press coverage of the Pandora Papers and briefly address the announcement that 136 out of the 140 member countries of the OECD/G20 Inclusive Framework on BEPS have reached agreement on international tax reform.

Climate change and sustainability currently has a strong focus not only within ESG circles but also in the broader business and investment community. As part of our 'Path to COP26' series, this podcast features partners Harry Hecht, Jan Putnis and Lisa Wright in conversation about how in-house lawyers can join the conversation on climate change, covering topics such as TCFD disclosures, climate reporting and sustainability standards and what challenges and opportunities they expect to come in light of COP26. 

In this podcast, Zoe Andrews and Tanja Velling discuss HMRC’s draft guidance in relation to the large business notification of uncertain tax treatment for which draft legislation was published on “L-Day”, and four recent cases: the Court of Appeal’s decision in Ingenious Games (a sequel to the Ingenious Films litigation); the Court of Session’s decision in the employment-related securities case Vermilion; the Upper Tribunal’s decision in Centrica on investment management expenses; and  the First-tier Tribunal’s decision in the latest unallowable purpose case, Kwik-Fit. They also briefly mention the Upper Tribunal’s decision in KSM Henryk Zeman where public law arguments, normally the purview of judicial review, were permitted to be raised in a VAT appeal.

In this podcast, Nele Dhondt and Tanja Velling discuss the proposal for a new UK subsidy control regime (and its impact on tax) as well as the EU General Court’s decision in the Nike and Converse State aid case. The podcast also covers key points around the draft legislation for the large business notification of uncertain tax treatment published on 20 July, better known as “L-day”, and the latest news on the modernisation of stamp taxes on shares, and it briefly mentions the Supreme Court’s judgment in Tinkler, applying the doctrine of estoppel by convention to prevent the taxpayer from denying that a notice of enquiry had been validly issued.

An increasing number of companies and treasury teams have been considering issuing green and ESG bonds. Earlier this year our financing team worked with Chris Vaughan, GC at Whitbread on the issuance of a dual-tranche Green Bond. In this podcast, Chris gives us an issuer’s perspective on green and ESG bonds, and discusses the attraction, advantages and practicalities for these bonds with Matthew Tobin and Jennifer Sadek.

As businesses reshape their working patterns, Standard Chartered Bank was already ahead with their ‘Future Workplace, Now’ project. We sat down with Nicola Doran, Head of Employment Law Europe, Americas & AME at Standard Chartered, to discuss the challenges and opportunities of hybrid working models across the world.  From employee surveys and office space design to diversity and inclusion and future generations, partners Phil Linnard and Caroline Phillips explore with Nicola how we can reinvent the 9 to 5 and what role legal teams can play.

In this podcast, Zoe Andrews and Tanja Velling discuss the First-tier Tribunal decision in West Burton Property Limited v HMRC concerning deferred revenue expenditure and the interaction between the accounting and tax computation rules. They also discuss the Supreme Court decision in the Haworth judicial review proceedings which confirms that the pre-conditions for the issuance of a follower notice should be interpreted restrictively. The podcast also covers the latest developments on the OECD’s international tax reform project, including a statement published on 1 July 2021 on an agreement reached by the majority of the members of the Inclusive Framework and its subsequent endorsement by the G20 Finance Ministers, and it touches on the UK’s roadmap for financial services post-Brexit.

As businesses reshape their working patterns, social cohesion appears at the heart of the discussion around the future of work. In this podcast, partners Jan Putnis, Jeff Twentyman, Phil Linnard and Natalie Cook discuss how we can define social cohesion, how it has been impacted (and could be re-invented) by the pandemic and why it matters to in-house legal functions.

In this podcast, Zoe Andrews and Tanja Velling discuss the Supreme Court decisions in Hurstwood Properties on the application of the Ramsay principle to business rates legislation and Tooth on discovery assessments, clarifying the meaning of “deliberate error” and dismissing the concept of staleness. They also consider two cases concerning tax covenant and warranty claims, Dodika before the Court of Appeal and TP Icap Ltd before the High Court, and judicial review proceedings in Heathrow Airport in respect of the withdrawal of an extra-statutory concession in respect of tax-free shopping. The podcast also provides an update on potentially settled points and open issues following the G7 agreement in respect of the OECD’s international tax reform project, and it covers the European Commission’s plan to make EU business taxation fit for the 21st century, highlighting the planned proposals for BEFIT, DEBRA and a WTO-compliant digital levy.

In the final podcast in this series, Ben Kingsley, Natalie Donovan and Emily Bradley turn to consider the promise presented by quantum technologies, and discuss how businesses can start to leverage the opportunities they present. They catch up with Alexei Kondratyev, Managing Director and Head of Data Science and Innovation at Standard Chartered Bank, to hear more about the work that Slaughter and May’s clients are already doing in this space.

In this podcast Rob Sumroy, head of Technology Group and the global Cyber hub at Slaughter and May, Robert Hannigan, Chairman of BlueVoyant International and Senior Adviser to McKinsey & Co, and Dr Ali El Kaafarani, Research Fellow at the Mathematical Institute (University of Oxford) and Founder/CEO of PQShield, discuss the risks that quantum computing poses to the security of organisations and their data. Is there a solution we should be investing in now to stay quantum secure?

In this podcast David Subel, an associate in one of our corporate teams and Emily Bradley, a professional support lawyer in our financial regulation group, discuss the key findings of their research into what is meant by ‘quantum computing’. Both David and Emily are members of our Slaughter and May quantum technologies hub.

In this podcast, Zoe Andrews and Tanja Velling provide an update on the progress of Finance Bill 2021, noting some of the Government amendments made during the Committee Stage. They also discuss two First-tier Tribunal and one High Court decisions. The First-tier Tribunal decisions are those in Euromoney on the application of the purpose test in section 137 of the Taxation of Chargeable Gains Act 1992 to prevent rollover treatment on a share-for-share exchange and in Aozora on the interaction between the UK’s rules on unilateral relief from double taxation and the Limitation on Benefits article in the US/UK tax treaty. The High Court decision concerns the Danish tax authority SKAT’s attempt to reclaim Danish withholding tax refunds. The podcast further covers certain international tax topics. Zoe and Tanja consider the impact of the Biden/Harris administration’s tax reform proposals on the OECD’s international tax reform project, the adoption of a new Article 12B (Income from Automated Digital Services) for the UN’s Model Tax Treaty and the consultation on proposed changes to the commentary on Article 9 (Associated enterprises) of the OECD’s Model Tax Treaty.

In this podcast, Professor Scott Moeller (Director of the M&A Research Centre at the Business School (formerly Cass)) and Jordan Ellison (Competition Partner at Slaughter and May) discuss why companies engage in M&A, what makes a successful deal and what the latest research studies tell us about the impact of transactions on shareholder value and innovation. In a world where competition authorities are increasingly likely to block deals on the basis of limited competition harms, communicating the value of M&A is now more important than ever.

In this podcast, Zoe Andrews and Tanja Velling provide an overview of the UK Government’s announcements made on Tax Day, 23 March 2021, highlighting three measures that were shelved and three measures on which further information will be published in due course.   Five consultations are discussed in more detail: the call for evidence on the tax administration framework to support a 21st century tax system, the second consultation on the notification of uncertain tax treatment by large businesses, the consultation on options for updating transfer pricing documentation requirements, the consultation on raising standards in the tax advice market which focusses on the introduction of compulsory professional indemnity insurance for tax advisers, and the consultation on the reform of the taxation of securitisation companies.   The podcast covers the decisions of the Court of Justice of the European Union in Cases C-459/19 Wellcome Trust, considering whether a taxable person is “acting as such” for the purposes of Article 44 of the Principal VAT Directive when receiving supplies for the purposes of its non-economic business activities, and C-812/19 Danske Bank on the VAT treatment of supplies between a VAT-grouped head office and its non-VAT-grouped foreign branch. Zoe and Tanja also briefly touch on DAC7.

Sustainability-linked loans: what are they, how are they structured and why are they increasingly popular? In this podcast, we discuss the features that make a loan sustainability-linked, what parties should be thinking about when putting one in place, the impact of meeting key performance indicators and how the various indicators are measured.

In this podcast, Zoe Andrews and Tanja Velling discuss highlights from the UK Budget, including the planned increase of the headline corporation tax rate, the proposed review of tax administration practices, and the introduction of a more generous loss carry-back and enhanced capital allowances. The podcast provides an update on certain OECD and EU developments, including on the International Compliance Assurance Programme and public country-by-country reporting. It discusses European Commission consultations on business taxation for the 21st century, on safeguarding the rights of taxpayers engaged in cross-border activities and on improvements to the gathering and exchange of information on crypto-assets and e-money. Finally, Zoe and Tanja consider four recent cases, the First-Tier Tribunal decisions in HFFX and Odey Asset Management on the tax treatment of funds reallocated from the corporate member of a partnership to the individual members, and Imprimatur Capital Holdings on input VAT recovery, and the Court of Appeal decision in Eastern Power Networks, addressing the extent to which the First-tier Tribunal should use its discretion to decide substantive tax points in a procedural application.

In this podcast, Corporate partners Filippo de Falco and Claire Jackson discuss the shareholder activism trends that emerged in 2020, and whether these trends will carry over into 2021. They reflect on both the increase in M&A activism and the increasing importance of ESG considerations to both activists and corporates, before providing key tips for companies looking to defend themselves against activist shareholders.

In the third podcast of the series, Jonny Cotton, Sir David Green and Holly Ware discuss the criminal investigations and enforcement outlook for 2021. In particular they look at the Serious Fraud Office’s (SFO) recent activity, the possible changes to the corporate criminal liability regime, the impact of Brexit and other likely international developments.

In this podcast we consider the impact on the new requirements on climate related risk governance and reporting requirements in the Pension Schemes Act 2021.  We cover the detailed new requirements for trustees of larger occupational pension schemes, which will come into force in October 2021, and how schemes of all sizes will need to take into account the new requirements.

In the second podcast of the series, Jan Putnis, Ewan Brown and Ella Williams discuss the outlook for financial institutions enforcement in 2021. In particular they focus on the expected areas of increased activity for the UK’s Financial Conduct Authority (FCA), the reported drop in criminal investigations conducted by the FCA, the likelihood of the FCA pursuing civil resolutions and the impact of COVID-19 on financial services firms.

In this podcast, Zoe Andrews and Tanja Velling consider the evaluation of HMRC’s implementation of powers, obligations and safeguards introduced since 2012 which was published on 4 February 2021, the review of the UK’s funds regime including the consultation on the tax treatment of asset holding companies in alternative fund structures and the OECD’s updated guidance on tax treaties and the impact of the COVID-19 pandemic. Zoe and Tanja also discuss certain VAT developments, including the First-tier Tribunal decision in Wilmslow, the European Commission’s public consultation on VAT and financial services, and HMRC’s updated guidance on the payment of VAT that was deferred between March and June 2020. They finally touch on the European Commission’s grounds for appealing the General Court’s decision in the Apple state aid case, rumours of measures that may be included in the UK’s March Budget and potential US tax measures.

In this podcast, part of our Regulating Digital series, Natalie Donovan interviews Rob Sumroy and Duncan Blaikie about whether our current privacy rules are fit-for-purpose in an increasingly digital age, whether the ICO is doing enough to encourage innovation in the digital space and how, in practice, businesses can innovate in a privacy compliant way.

In this podcast Camilla Sanger, Damian Taylor and Tim Blanchard discuss the UK Supreme Court’s much-anticipated judgment in Merricks v Mastercard and its wider implications. The judgment is one of the most important commercial judgments of 2020 and represents a significant development in the future of the UK’s collective proceedings regime.

In the first podcast of our Investigations and Enforcement Outlook 2021 series, Jonathan Cotton, Richard Jeens and Rebecca Cousin discuss the outlook for data privacy-related enforcement and litigation in 2021. In particular they focus on the increased (and varied) risks of regulatory enforcement and follow on civil litigation arising from breaches of data protection and privacy legislation.

In this podcast Richard Sargeant (both COO of Faculty, a leading applied AI company, and a board member of the UK’s Centre for Data Ethics and Innovation) and Rob Sumroy (Head of Technology Group and co-head of Global Privacy practice at Slaughter and May) discuss the use, ownership and regulation of data in an increasingly digital world, what blockers and value drivers exist for businesses wanting to innovate in this area and how issues around IP ownership and open data, and the UK’s national data strategy, impact these discussions.

In this podcast, Zoe Andrews and Tanja Velling provide an update on tax aspects of the EU-UK Trade and Co-operation Agreement, OECD guidance on the transfer pricing implications of COVID-19, a House of Lords report giving short shrift to a number of Government proposals and plans to withdraw Revenue and Customs Brief 12/2020 on the VAT treatment of early termination fees and compensation payments. The podcast also covers the Court of Appeal decision in Development Securities on corporate tax residence, and the Upper Tribunal decisions in Gallaher on exit taxes, Stephen Warshaw on the definition of “ordinary share capital” and Embiricos on partial closure notices.

In the first podcast of our Regulating Digital series, Ariel Ezrachi (Professor of Competition Law at the University of Oxford) and Jordan Ellison (Competition Partner at Slaughter and May) discuss the relationship between privacy and competition considerations, and debate whether the GDPR is anticompetitive.

In this podcast, Zoe Andrews and Tanja Velling look back over certain 2020 tax news highlights and forward at what 2021 may bring. The podcast covers international tax reform, and certain tax aspects of Brexit and relating to COVID-19. Zoe and Tanja also review three key cases decided in 2020, the Apple state aid case and two UK cases, Newey on VAT and abuse of law, and Fowler on deeming provisions and double tax treaty interpretation, and point to three cases to watch out for in 2021 .

In this podcast, Clare Fletcher and Philippa O’Malley discuss the employment implications of COVID testing and vaccination. They reflect on the developments since their podcast on COVID testing back in July, and how workplace testing is likely to evolve as we move into a new stage of the pandemic. They also consider the employment implications of a COVID-19 vaccine and highlight key areas for employers to think about.

Brexit planning should now firmly be on everyone’s agendas as the end of the transition period looms closer. This podcast discusses the implications of Brexit on data privacy and considers the key, practical steps that organisations need to put in place as part of their Brexit preparations. As well as considering the importance of adequacy of transfers of personal data from the EEA to the UK in light of the most recent developments, we also consider how the EU GDPR will continue to apply to certain personal data after the end of the transition period; the implications flowing from a change in regulator and the potential for multiple enforcement actions; the need, in some cases, to appoint a representative in the UK and/or the EU; and the impact on processing grounds and processor terms.

In this podcast, Zoe Andrews and Tanja Velling discuss the recent cases, including the First-tier Tribunal decision in Blackrock and the Court of Appeal decision in Total, some good news on VAT recovery and financial services and the draft legislation for Finance Bill 2021 which was published on 12 November 2020, also considering documents published alongside the draft legislation and what its publication is likely to mean for the timing of the publication and enactment of the Finance Bill.

In the fifth and final episode of our ‘Redundancies in focus’ podcast series, Padraig Cronin and Clare Fletcher discuss the aftermath of redundancies. They consider the recent extension of the furlough scheme and postponement of the Job Retention Bonus, dealing with survivors guilt, and an important recent European decision about consultation on successive redundancies.

In the fourth episode of our ‘Redundancies in focus’ podcast series, Richard Goldstein, Ian Brown and Clare Fletcher discuss the pensions and incentives aspects of redundancy. They consider the potential implications for pension schemes, the approach taken by employers and what this means for their employees.

This podcast explores how business strategy can align with ESG. Azadeh Nassiri and Jeff Twentyman walk us through the key issues in demonstrating authenticity. 

In the third episode of our ‘Redundancies in focus’ podcast series, Philippa O’Malley, Dave Rintoul and Clare Fletcher discuss some key issues for employers and insolvency practitioners when facing the prospect of redundancies. These include timing issues in the run up to insolvency, the potential discrimination risk faced by administrators, and changes introduced by the Corporate Insolvency and Governance Act 2020.

In this podcast Roland Turnill, Camilla Sanger and Efstathios Michael discuss the rise of shareholder group litigation and some of the issues listed companies should be thinking about, including how to avoid it in the first place.

In the second episode of our ‘Redundancies in focus’ podcast series, Lizzie Twigger, Katherine Flower and Clare Fletcher discuss the ‘people’ angle, and consider how traditional labels, terminology and mindset on redundancies need to adapt in the current climate.

In August 2020 the Department for Work and Pensions (DWP) published proposals for legislation and statutory guidance on governance and reporting of climate change issues in line with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). In this podcast we discuss different aspects of the consultation, including translating the TCFD Recommendations into law and guidance, the impact of climate-related risks on trustees’ duties, DB vs DC schemes, and penalties for non-compliance with the new regulations.

In this podcast, Zoe Andrews and Tanja Velling discuss the OECD’s blueprints for international tax reform, points around customs, employee taxation and retained EU and domestic case law after the end of the transition period and the CJEU judgment in the United biscuits VAT case.

COVID-19 has forced corporates to re-evaluate their recovery plans and consider alternative measures to protect their long-term futures. One such measure is redundancies. In the first of a new, five-part podcast series addressing business-critical areas for employers to consider in the current climate, Phil Linnard and Clare Fletcher share their insights on how Brexit and COVID-19 is shaping the landscape for redundancies.

Last year saw EMEA corporate sale and leaseback transactions hit a record high. With such transactions seen as an effective source of capital raising, and in the midst of the COVID crisis, is this upward curve set to continue? In this podcast, Michael Evans and Nick Compton of JLL, and Jane Edwarde discuss how sale and leaseback transactions have been used this year to raise capital, the sector opportunities and trends seen over the past 10 months, and what we can expect to see in the future.

COVID-19 has forced London workers to abandon their office desks and adjust at home. After nearly six months of doing so, a gradual return to work is on the horizon for many. However, employees may find a different work space from the one they left. How has the pandemic changed employers’ thinking about their working environments? What do occupiers now want from their HQs and from their landlords? In this podcast, Paul Williams of Derwent London, Phil Hobley of Knight Frank, and Jane Edwarde discuss whether, in a post-pandemic London, the office market landscape will change forever and, if so, in what ways.

In this podcast, Zoe Andrews and Tanja Velling discuss rumours of UK tax rises, potential changes to the UK’s VAT grouping rules, HMRC’s new policy on the VAT treatment of early termination fees, and the decision in the Irish Bank case on tax treaty interpretation.

There is no doubt that retailers have been heavily impacted by COVID-19 – both physically and financially. With retailers having to change their set-up by introducing plexi-glass screens at the tills, social distancing markings on floors, and the enforced wearing of masks – the physical shopping experience and the way consumers behave has dramatically changed.  David Kozack of Ocado, John Nevin and Graham Rounce consider the immediate and longer term impact of COVID-19 on the retail and logistics sectors.

In this podcast, Matthew Tobin and Kathrine Meloni discuss key issues for companies contemplating debt financings, refinancings or restructurings in the coming months and some of the themes that are starting to emerge.

Following the European elections in May of 2019, and amidst the uncertainty of the COVID-19, the European Commission laid out its plan for the next five years. These plans will affect businesses across a diverse range of areas; including FDI, data, competition, environment and tax. In this podcast, a number of our experts explain the potential effects and impacts of the plans moving forward.

In his latest podcast Richard Goldstein focuses on Brexit - specifically the actions pension schemes should be taking now in preparation for 1 January 2021, when the transition period comes to an end.

In this podcast, Zoe Andrews and Tanja Velling discuss the status of the OECD's work to address the tax challenges arising from the digitalisation of the economy, two recent High Court cases, HMRC’s ten year strategy and the proposal to modernise the UK’s stamp taxes on shares regime.

In this podcast, Tim Blanchard, Filippo de Falco, Sir David Green CB QC and Ella Williams assess bribery and corruption risk and successor liability in the context of distressed M&A in COVID-19 times. Our team discuss the potential for enforcement actions relevant to those transactions and how purchasers might spot red flags and manage or mitigate those risks.

COVID-19 has brought unprecedented disruption to normal working arrangements. As businesses adapt to the changing environment, they need to keep in mind the legal framework. In the sixth and final podcast in this series, Dave Rintoul and Clare Fletcher consider the law on flexible working, whether it is fit for purpose in the current climate, and some key practical issues for employers.

In this podcast Razia Khan, a leading Chief Economist for Africa and Middle East at Standard Chartered Bank focuses on the impact of COVID-19 on economies in Africa.

Sickness, self-isolation and shielding are just some of the types of absence employers are grappling with as a result of COVID-19. With holiday season now upon us, and the possibility of quarantine after international travel, the challenges are mounting. In the fifth podcast in this series, Katherine Flower and Clare Fletcher navigate a number of COVID-related absence scenarios and provide practical solutions for employers.

This podcast provides a useful roundup of three pensions law developments over the last month. It covers the latest guidance on GMP equalisation; an important European Court decision on data transfers outside the EEA; and the latest decision concerning the Safeway pension scheme regarding equalisation of normal retirement age.

The economic impact of the COVID-19 pandemic is worsening, and with government support tapering off, businesses need to reassess their options. In this podcast, Phil Linnard and Clare Fletcher explore the impact of the COVID on redundancy planning and implementation, and highlight some key issues for employers to take on board.

In our third COVID-19 employment podcast, Lizzie Twigger and Clare Fletcher discuss the law and guidance on homeworking, how this can impact the workplace culture, and some key takeaways for employers.

Richard Goldstein provides a useful round-up of recent developments in pensions law over the last month. Topics covered included the Pensions Regulator’s guidance on reporting requirements, following the end of its COVID-19 related easements; the deadlines for fiduciary management and investment consultancy compliance statements; and the pensions impact of the Corporate Insolvency and Governance Act 2020.

As more businesses resume their operations after lockdown, testing for COVID-19 is at the forefront of measures to prevent a second spike of infections. In our second COVID-19 employment podcast, Philippa O’Malley and Clare Fletcher discuss the impact of testing on employers, and what practical steps can be taken to protect both staff and businesses.

In this podcast, Zoe Andrews and Tanja Velling discuss the Chancellor's Summer Economic Statement and the latest developments in respect of DAC6 and international tax reform.

COVID-19 has created new challenges for employers in protecting the health and safety of their employees. In this podcast, the first in a new COVID-19 employment series, Padraig Cronin and Clare Fletcher discuss the legal and practical issues surrounding risk assessments, PPE, commuting, and employee engagement.

In this podcast, David Watkins and Ellie Mackay consider the impact which the COVID-19 crisis will have in the short to medium term, as well as some of the factors that will influence deal structure and terms.

COVID will have a lasting impact on how we work and our requirements for office space. Jane Edwarde, John Nevin and Graham Rounce discuss the effect of COVID on the office letting market and focus on which trends are emerging, from a human as well as a legal perspective.

In this podcast, Jessica Staples, Sarah Jackson, Poppy Smith and Rosalind Kenward from the Competition and Regulatory group, compare the responses of regulators in the UK energy, water and communications sectors to the COVID-19 crisis. They discuss how regulators in these sectors are taking an increasingly pragmatic approach to enforcement and competitor collaboration, where this is necessary to allow suppliers to protect vulnerable consumers and continue to deliver essential services. They also look at how COVID-19 is likely to impact regulatory priorities going forward.

In this podcast, Gillian Fairfield and Ian Brown discuss Executive Remuneration and the issues facing Remuneration Committees in the current crisis.

COVID's impact on cash flows has seen many companies turn to the equity markets to address liquidity problems. In this podcast, Richard Smith,  James Cook and Gillian Fairfield consider which trends are emerging and focuses on what issuers need to know when contemplating an equity raise.

National governments across the world are adopting a range of measures to deal with the economic distress caused by the COVID-19 pandemic. Some of these measures seek the tightening of foreign direct investment (FDI) regimes to prevent a sell-off of strategic businesses to foreign investors.   In this podcast, Lisa Wright, a partner in our competition group, examines the EU's existing FDI framework and the European Commission's recent guidance to EU Member States on deploying FDI screening to protect critical businesses, as discussed in our client briefing on 27 March 2020. She also discusses the new FDI measures adopted by certain jurisdictions, both within and outside the EU, and the use of existing FDI screening regimes by those that have not (yet) introduced new measures to respond to the crisis.

Matthew Tobin and Ed Fife, partners in our Financing Group, discuss the Bank of England’s Covid Corporate Financing Facility (CCFF). From eligibility issues, timing to access the scheme to the potential of business restrictions and how to manage the publicity of receiving CCFF support. Tobin and Fife share thoughts from our experience in advising H.M. Treasury and working with multiple corporates applying for CCFF.