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BLOG: 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... Scaling through integration? Proposals on integrating greenhouse gas removals in the UK Emissions Trading Scheme The day after former UK Prime Minister Rishi Sunak requested permission from the King to dissolve parliament and called a UK general election, the UK Emissions Trading System (“UK ETS”) Authority launched a consultation on proposals to integrate greenhous... Tax and the City Review - July 2024 In their latest Tax and the City article, Mike Lane and Zoe Andrews consider the Court of Appeal’s decisions in JTI on the unallowable purpose rule in the loan relationships regime, and in Altrad on the use of the Ramsay principle of construction (as appl... How should privacy teams manage AI? It takes a village The unprecedented growth of ChatGPT and the resulting increase in business uptake of AI means many privacy teams are having to adapt fast. They have an important role to play and are needing to address the heightened legal and practical challenges posed b... The Shareholder Rights and Activism Review - 9th edition - United Kingdom chapter This law review chapter considers the legal and regulatory framework in UK shareholder activism, key trends over the past two years, and an analysis of recent activism campaigns. Furthermore, the chapter offers a summary of recent regulatory developments,... Court of Appeal decision in Virgin Media on need for actuarial confirmation when amending reference scheme test benefits The Court of Appeal has decided in Virgin Media Limited v NTL Pensions Trustees II Limited that where amendments were made to contracted-out DB rights between 6 April 1997 and 6 April 2013 rights and did not comply with the requirement to obtain actu... Employment Bulletin - July 2024 Topics covered in this bulletin: Employment Rights Bill; Meaningful consultation required before deciding on redundancy pool; Guidance on new duty to prevent sexual harassment in the workplace; Renewal of fixed-term contract beyond four years was jus... Funded Reinsurance - PRA Final Policy On 26 July the PRA published PS13/24, setting out feedback to CP24/23 - Funded reinsurance, together with a final supervisory statement (SS5/24) and accompanying Dear CEO letter. The new policy expectations set out in SS5/24 came into effect immediately. ... Competition and Regulatory Newsletter: EU, UK and US competition authorities publish shared principles for competition in AI On 23 July 2024, the European Commission, the UK Competition and Markets Authority, the US Department of Justice and the US Federal Trade Commission published a joint statement on competition in generative AI foundation models and AI products. The stateme... The International Comparative Legal Guide to Fintech 2024 David Shone, David Ives, James Cook and Charles Randall provide corporate counsel and international practitioners with an overview of the UK legal and regulatory landscape for fintech.  This chapter is from The International Comparative Legal Guide –...