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EU non-performing loans: towards a more uniform secondary market Major EU member states (such as Spain, France, Germany and Italy) have begun implementing the Directive on credit servicers and credit purchasers of non-performing loans ("NPLs") (the "Directive") with a view to meeting the Directive’s 29 December 2023 im... The Subsidy Control Act comes into effect today Today the Subsidy Control Act 2022 comes into full effect. The Act represents a development of the UK subsidy control regime that was put in place at the end of 2020 as part of the implementation of the UK’s commitments in the EU-UK Trade and Cooperation ... Electricity Generator Levy Draft legislation for the Electricity Generator Levy (EGL) was published on 20 December 2022 for inclusion in the Spring Finance Bill. It was published alongside a new “supplementary technical note”, intended to help generators prepare for the EGL. The te... Still thinking of moving to Spain to bask in the sun, while benefiting from our special tax regime for expats? Well, your time has finally come! You may recall that back in that glorious summer of 2021, when the pandemic restrictions were beginning to be lifted, we tried to entice you into moving to Spain to enjoy our weather and special tax regime for expats, which was about to undergo significan... Government pushes ahead with plans to strengthen UK’s cyber resilience and regulate more IT services Protecting critical services and infrastructure from cyber incidents is a key priority for legislators on both sides of the channel. We heard last month how the EU is expanding the scope of its Network and Information Systems (NIS) regime to cover new sec... Provisional agreement reached on the European Union's Carbon Border Adjustment Mechanism The Council of the European Union issued a press release on Tuesday, stating that negotiators representing the European Parliament and Council had agreed terms on which to implement a Carbon Border Adjustment Mechanism (CBAM). This agreement concludes 18 ... Italy to tax non-residents on indirect sales of Italian real estate held through foreign entities Under the current legislation, Italy taxes non-resident entities only on capital gains derived from a direct sale of Italian immovable property or from a direct sale of participations in Italian companies (including real estate companies). The 2023 budget... UK Government Scraps Controversial Proposals to Tackle Legal but Harmful Content Online The UK government has confirmed that it is abandoning controversial provisions in its Online Safety Bill to make tech firms take down legal but harmful material accessed by adults. Protections for children remain unchanged, and other new protections for a... Carried-Interest Income earned by Spanish Tax Residents: Beware! You may qualify for a 50% Income Tax Rebate! On 1 December 2022, the new so-called “Start-up Law” was passed by the Spanish Parliament. The Law aims to foster the start-up ecosystem in Spain establishing a specific regulatory framework that supports the creation and growth of start-ups. Additional i... Fundraising during rockier times – key takeaways During a recent panel session moderated by Slaughter and May for late-stage UK start-ups, titled ‘Fundraising during rockier times’, we came away feeling a bit more positive about the ‘rockier times’ than we might have been before. If you are a tech start...