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UK data reforms (including for Smart Data) are resurrected: what do we know so far? The UK government has set out the details of its proposed legislative program in the King’s Speech this week. This includes proposals for a new Digital Information and Smart Data Bill (the DISDB), which will resurrect a number of (but not all) aspects of...
Is the UK getting an AI bill? Yesterday’s King’s Speech confirmed that the new Labour government “will seek to establish the appropriate legislation to place requirements on those working to develop the most powerful artificial intelligence models”, but stopped short of explicitly...
The capital test for investment management expenses is the same as for trading expenses: UK Supreme Court in Centrica Overseas Holdings Limited To what extent are professional advisory fees associated with the disposal of a loss-making investment deductible as management expenses under section 1219 of the Corporation Tax Act 2009 (CTA 2009)?  This was the question before the Supreme Court in...
ByteDance confirmed as digital gatekeeper In the first substantive judgment on the Digital Markets Act (DMA), the European General Court (GC) has today upheld ByteDance's designation as a gatekeeper.  ByteDance was designated as a gatekeeper in respect of its social networking platform TikTok in...
EU AI Act published today - enters into force 1st August The EU AI Act was published in the Official Journal today and will enter into force 20 days later, on 1st August. While it will still be some time before some of the more substantive rules apply (most of the Act will not take effect for another two years,...
Fourth tranche of Pillar Two Administrative Guidance: all clear for securitisations? Securitisation is a form of structured financing, whereby the credit risks associated with a specific pool of assets are segregated from the originators’ own credit risks. This is typically achieved by establishing a special purpose vehicle (SPV), which...
Creating a level playing field: the EU AI Act and copyright The EU AI Act is due to be published in the Official Journal of the EU in the coming days and will enter into force 20 days after publication. Whilst the EU AI Act is not IP focused, it does contain some important obligations relating to copyright. And so...
Egypt’s medium-term tax policy is materialising – how far does it go and what more to expect? With support from the IMF, since December 2022 Egypt has been engaged in a policy reform to address economic imbalances. During the fiscal policy discussions, the Egyptian authorities proposed a set of structural tax reforms (Plan) to increase tax...
Pepsi wins royalty withholding tax and diverted profits tax appeal against the Australian Taxation Office On 26 June, Australia's Full Federal Court decided in favour of Pepsi on appeal, flipping the initial decision which had been in favour of the Australian Taxation Office (ATO).  Pepsi won on both issues, being royalty withholding tax and diverted profits...
Capping liability: far from a model of clarity in TCS v DBS Negotiating and drafting a liability clause is never easy. We’ve seen a number of liability clauses scrutinised in court in recent years, and the judge’s interpretation can have a huge impact on the damages recoverable. Tata Consultancy Services Ltd v...