The Freshfields Podcast

Tax Matters: Spring Budget 2024 – The Hunt for Blue October

The UK Chancellor of the Exchequer, Jeremy Hunt, has delivered the Spring Budget 2024.

In a rowdy House of Commons, the Chancellor delivered what will be his last Spring Budget before a UK general election widely expected to take place in autumn this year.  Further details on some of these measures are expected to follow on Tax Administration and Maintenance Day 2024 – confirmed as taking place on 18 April – but there were plenty of interesting points (and politics) in the tax policies included in this wave of announcements.

In our latest podcast Jill Gatehouse, Emily Szasz, Josh Critchlow and David Haughey from our London tax team discuss some of the tax measures they found the most noteworthy in the Spring Budget 2024, including:

• Replacing the current tax rules for non-UK domiciled individuals (so-called ‘non doms’) with a new residence-based regime;
• Changes to the transfer of assets abroad rules following the Supreme Court decision in Fisher to ensure this anti-avoidance regime cannot be bypassed by individuals transferring assets offshore via a UK company;
• The introduction of Reserved Investor Funds (RIFs), a new type of UK investment fund in the form of an unauthorised contractual scheme; and
• Other changes to the UK’s tax code, including:
  • Further reductions to NICs, benefitting both employed and self-employed workers;
  • On stamp duty/SDRT, new guidance on recently-enacted legislation restricting the application of the higher rate charge on the issue and certain transfers of UK shares and securities into clearance services or depositary receipt systems – but nothing further on the Stamp Taxes on Shares Modernisation proposal;
  • Delaying the sunsetting of the Energy Profits Levy, so that it will end in 2029 (or earlier if energy prices fall below levels set by the previously-announced Energy Security Investment Mechanism);
  • Establishing a new R&D tax relief expert panel tasked with ensuring relevant HMRC guidance remains up-to-date as industry develops; and
  • Consulting on the introduction a new UK ISA, giving individuals a £5,000 annual allowance to invest in certain UK-focussed assets on a tax-free basis.

No Worse Off #1: Overview of current restructuring trends

The first episode of our new restructuring podcast series, No Worse Off, which provides legal and commercial insights, and practical tips, on the world of restructuring.

Podcast hosts Lindsay Hingston, and Emma Gateaud, in our London office, cover recent trends including the looming wall of debt maturities, liability management, contested restructuring plans and the increasing use of parallel/interlocking processes in a cross-border context.

Essential Antitrust #38: What businesses can expect from China’s revised merger control regime

In January 2024, China implemented significant changes to its merger control thresholds – marking the first revisions in 16 years.  Coupled with last year's amendments to the Anti-Monopoly Law, they represent a comprehensive revamp of China’s merger control regime. 

In this episode of our Essential Antitrust podcast, host Jenn Mellott is joined by Freshfields’ Ninette Dodoo and Laurent Bougard and RuiMin’s Hazel Yin to examine these changes and their impact on filing deals for regulatory clearance in China. Their discussion features critical insights into navigating the merger control process as well as addressing sectors at risk of increased scrutiny and underscoring broader regulatory issues, including national security reviews.

Impressions from the J.P. Morgan Healthcare Conference – A MedTech Perspective

Listen to the latest episode of the Freshfields MedTech podcast as partner Vinita Kailasanath and Managing Director of Ivy Tree Advisors, Jonathan Olsen, discuss key MedTech hot topics coming out of this year’s J.P. Morgan Healthcare Conference.

Essential Antitrust #37: Antitrust in 2024: competition enforcement takes center stage

In our first Essential Antitrust podcast of 2024, host Jenn Mellott is joined by Alastair Chapman, Ninette Dodoo and Mark Sansom to explore some of the themes highlighted in “Global antitrust in 2024: 10 key themes”, our recent report on the biggest trends in antitrust for the year ahead.

With insights from the US, UK, EU and Asia, we predict how antitrust will continue to be used as a wide-ranging tool in 2024 – from aggressive enforcement targeted at digital markets and AI to novel theories of harm in M&A, and from risks and opportunities at the intersection of antitrust and sustainability to the expansive use of abuse and monopolization claims in antitrust damages actions to pursue general consumer or unfair competition issues.

Businesses that want to stay one step ahead will need a global strategy to navigate these evolving and dynamic challenges.

Legends of Tech #1: Turing with Vint and Whit: Boris Feldman in conversation with Vinton G. Cerf and Whitfield Diffie

Boris Feldman, Freshfields Partner, interviews two of the most prominent pioneers of technology - Vinton G. Cerf, one of the ‘fathers of the internet’ and Whitfield Diffie, a leading inventor of public-key cryptography. Listen in for a fascinating discussion on the origin of technologies that have changed the course of history, and predictions for how technology will continue to change our futures.

Essential Antitrust Asia #9: updates with ABNR on antitrust in Indonesia

In this episode in our Essential Antitrust Asia, Laurent Bougard speaks to Bilal Anwari and Gustaaf Reerink from ABNR Law in Indonesia, which is part of Freshfields’ StrongerTogether network. Together, they explore the evolving landscape of Indonesia's updated merger control regime, highlighting opportunities and potential pitfalls for foreign investors. This discussion will shed light on enforcement trends, potential challenges in dealing with the local regulator, and strategic insights crucial to navigating the Indonesian regulatory landscape.

Managing Risk in Asia #8: Opportunities for Asian and US investors post-US Executive Order on outbound investments

President Biden’s Executive Order 14105 on outbound investment restrictions is expected to take effect in 2024. While this policy may not be the sweeping “reverse CFIUS” regime that many in industry anticipated and feared, it nonetheless represents a disruptive shift in investment dynamics for Asian and US investors.

In this podcast, Ninette Dodoo is joined by Arun Balasubramanian, Aimen Mir, Alan Wang and Jonathan Zhou to discuss the nuances of this policy shift and the implications on investment strategies for Asian and US investors. They explore the strategic decisions businesses are taking to adapt to the evolving regulatory landscape when pursuing new opportunities and as they seek to thrive in an increasingly complex global investment environment.

Tax Matters: Trends in tax disputes – what should businesses be aware of?

Back in October, the global Freshfields Tax team published the Tax investigations and disputes across borders guide which, among other things, provided an overview of current trends in corporate tax disputes and gave some predictions for the future.

In our latest podcast, London Tax partner Sarah Bond, Düsseldorf Tax partner Philipp Redeker and London Tax knowledge lawyer Laura Western explore these points in more detail, including:

• The increased scrutiny of cross-border structures and arrangements, with tax authorities using a variety of tax rules (including anti-avoidance provisions) to do so;
• Transfer pricing disputes becoming more common and more difficult to resolve, with this becoming an 'evergreen' contentious tax trend;
• The multitude of jurisdiction-specific trends in domestic tax disputes, including challenging partnerships with mixed members or salaried members in the UK and auditing management participation programmes in Germany;
• Tax authorities across the globe adopting more aggressive approaches than they historically have done, both in terms of the position taken and the penalties imposed;
• The variety of settlement options in different jurisdictions, and the increased likelihood of taxpayers considering litigation if a negotiated outcome is not forthcoming; and
• The potential impact of tax transparency measures and developments in technology on tax disputes in the years ahead.

Essential Antitrust #36: The UK’s Digital Markets, Competition and Consumers Bill – what you need to know

The Digital Markets, Competition and Consumers Bill will introduce the most significant reforms to UK competition and consumer laws since the CMA was established in 2014.

The Bill is on track to take effect next year and is making its way through the UK Parliament.  But its passage has been far from smooth sailing and fundamental questions about the Bill remain.

In this episode of our Essential Antitrust podcast, our host Jenn Mellott is joined by Sharon Malhi and Rikki Haria to explore the main features of the Bill and unpack its impact on businesses.