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09 December 2021
Abolishing digital taxes one part of the OECD's global tax reform
The OECD announced in October 2021 final agreement, by 136 of the 140 base erosion and profit shifting (BEPS) Inclusive Framework countries (including the UK, US and China), of a landmark global tax reform package, aimed at addressing the tax challenges arising from the digitalisation of the...
25 October 2021
The final Senate report on Australia as a tech and finance hub – An opportunity missed
The Senate Select Committee on Australia as a Technology and Financial Centre produced its Final Report on 20 October 2021 which supplements its recommendations in its first two interim reports. For the Committee’s recommendations in its second interim report, see our Article available here .
16 July 2021
Federal Ministry of Finance reacts to the ruling of the Fiscal Court of Hesse on cum/cum trades
The German Federal Ministry of Finance has now reacted to the ruling regarding cum/cum-trades of the Fiscal Court of Hesse dated 28 January 2020 by way of two decrees (dated 9 July 2021 which were published today), and amended the previous decrees of 2017 on the "Tax Treatment of Cum/Cum...
22 June 2021
German Federal Tax Court decides that "Sweet Equity" can be taxed at beneficial capital gains tax rates – what does this mean for financial investors?
The German tax treatment of disposal proceeds of so-called "sweet equity" had until recently been somewhat unclear: While the German tax authorities often tried to apply the regular, top income tax rates of up to c. 48%, taxpayers usually aimed for the more beneficial so-called partial income...
08 April 2021
Real estate transfer tax (“RETT”) reform likely to be implemented on short notice
The German RETT reform is gaining momentum and an updated draft bill is contemplated to be voted on by the German parliament as early as mid-April. While a draft bill has not yet been published, with a few exceptions, the new rules are expected to be largely similar to a previous draft published in...
29 January 2021
Potential changes to the scrip for scrip roll-over and demerger relief tax provisions
The Board of Taxation released a Consultation Paper just before Christmas, outlining potential changes to the scrip for scrip roll-over and demerger relief tax provisions. This summary, from Greenwoods & Herbert Smith Freehills, outlines what these changes may mean for M&A transactions.
14 September 2020
Restructuring and turnaround: tax implications of financial restructurings (Germany)
Introduction Businesses are struggling. Many have lost a significant portion of their annual revenue as a result of lockdowns and other measures to prevent the spread of Covid19 during the first half of 2020.
12 August 2020
Germany: DAC6 – The impact of the new EU Disclosure Rules on Lending Transactions
With effect from 1 July 2020, new mandatory disclosure obligations to tax authorities of certain cross-border arrangements have come into force in Germany. The new rules are based on the 6th EU Directive on Administrative Cooperation (“ DAC6 ”). Even though the underlying updated EU rules would...
27 May 2020
Tax Treaty Interpretation: The Limits of Fiction
In Fowler v HMRC [2020] UKSC 22, the Supreme Court determined that a statutory fiction created by a deeming provision of UK tax law did not affect how the terms of a bilateral tax treaty should be applied. In particular, the Supreme Court held that although the UK deeming provision in question...
14 May 2020
Rapid resolution of domicile disputes: be careful what you wish for
In Henkes v HMRC [2020] UKFTT 7645 (“ Henkes ”), the First-tier (Tax) Tribunal (“ the Tribunal ”) held that (a) it could (and would) determine the taxpayer’s domicile status when determining an application for the closure of a domicile enquiry and (b) its determination of that issue would be...
27 March 2020
COVID-19: PRESSURE POINTS: WITHHOLDING TAX – UNEXPECTED LINKS, UNUSUAL MECHANISMS (RUSSIA)
On 25 March 2020 president Putin in his television speech addressing Russian citizens 1 announced a set of support measures to be provided to the poorest citizens and small and medium businesses in the context of the spread of COVID-19. At the same time, in addition to these measures, the President...
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31 January 2022
Paula Hodges QC to participate in event celebrating 25 years of the English Arbitration Act
The Arbitration Act 1996 came into force on 31 January 1997. Exactly 25 years later, this event will celebrate its success and consider what the future may hold for the Act. There will be an afternoon of presentations offering differing perspectives, past and present, as well as a debate " This...
20 January 2022
UPC: Jurisdiction and "opt-out"
Once the Unified Patent Court (UPC) comes into effect, and after the transitional period of 7 years (at least), the court system will have exclusive jurisdiction over UPs and all EPs designated to participating EU Member States (unless these EPs have been opted out of its jurisdiction). The UPC...
20 January 2022
Landmark Australian class actions book launches third edition
Following a period of evolution in the class actions market, the highly practical third edition of Class Actions in Australia is now available. An essential guide for any legal practitioner involved in class actions, the book provides complete coverage of class action law in Australia.
20 January 2022
WHICH STATES ARE IN THE UPC & WHERE WILL A UP HAVE EFFECT?
26 EU Member States participated in the enhanced cooperation procedure to establish the unitary patent (including the UK which has now withdrawn). However unless these states have also ratified the Unified Patent Court Agreement (UPCA) then the unitary patent (UP) will not be effective in their...
20 January 2022
UPC Structure – local, regional and central divisions
The UPC will have a Court of First Instance (divided into local, regional and central divisions) and a Court of Appeal (Luxembourg). Cases will commence in any one of these divisions according to the subject matter and the prescribed division set out in the UPC Agreement and the UPC Rules .
20 January 2022
UPC: Costs and Fees
Following a lengthy consultation, the Preparatory Committee for the Unified Patent Court (UPC) published its Rules on Court fees and recoverable costs ( the Rules ) along with Guidelines for the determination of value–based Court fees and the ceiling of recoverable costs of the successful party (...
20 January 2022
The UPC and the UP: Impact on patent portfolios and licensing
Our article on the impact of the UP and the UPC on the management of patent applications, patent portfolios in general and licensing: " The New Unitary Patent Regime – Prepare and Protect your Portfolio " published in PLC Magazine is available as a pdf from this link and also on Practical Law .
20 January 2022
How to get a Unitary Patent
Enhanced cooperation under Regulation 1257/2012 of 17 December 2012 implementing enhanced cooperation in the area of unitary patent protection was used to establish the unitary patent (UP). Also termed the European patent with unitary effect, the UP will be a single patent right covering all the...
18 January 2022
Herbert Smith Freehills advises Chargeurs Museum Solutions on its acquisition of Event Communications
International leading law firm Herbert Smith Freehills has advised Chargeurs Musuem Solutions, international leader in museum services, on the finalisation of the acquisition of 100% of the capital of Event Communications Ltd, one of the global leaders in museum planning, design and delivery.