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Articles by Hatice Ismail
UK employment tax ruling impacts LLPs
Hatice Ismail and Jamie Robson of Pinsent Masons were commenting after the UK Supreme Court clarified (43-page / 369KB PDF) two of three conditions relevant to whether the so-called salaried members rules apply to LLP members or not. Where the salaried members rules apply, affected LLP members are considered to be employees for tax purposes. This means they should be paid through the PAYE system with income tax and National Insurance contributions (NICs) deducted prior to payment.
Large LLPs ‘likely to be concerned’ by decision broadening scope of anti-avoidance tax rules
Hatice Ismail, a funds tax expert at Pinsent Masons, was commenting after the Court of Appeal published its decision in a case involving anti-avoidance tax rules applicable to LLPs. Overturning previous tribunal decisions, the court upheld HMRC’s appeal that the rules apply, determining that condition B – the “significant influence” test should be interpreted narrowly – ultimately broadening the scope of the rules.
Carried interest tax changes will reshape fund manager compensation
Fund managers should take the opportunity to input to the government consultation relating to the scope of the reforms. Carried interest refers to the performance-related rewards received by fund managers, primarily in the private equity industry. Unlike other rewards, carried interest can currently be taxed at lower capital gains tax (CGT) rates, compared with income tax rates of up to 45%.
UK Budget: carried interest tax rate increased to 32% with further increases expected from 2026
The increased tax rate will be an interim measure ahead of full reform for the tax regime for carried interest, which will be completed by April 2026, according to documents published alongside Reeves’ speech.
UK government calls for evidence on carried interest tax ‘loophole’
HM Treasury recently published a paper seeking input from stakeholders across the UK. The government has confirmed its intention to engage proactively with stakeholders on changes and will “seek to protect the UK’s position as a world-leading asset management hub, recognising that the sector channels vital investment across the UK and will play an important role in the government’s mission to boost economic growth”.
UK Budget 2024: abolition of non-dom tax regime ‘a radical change’
The beneficial tax regime will be replaced with a simpler residence-based regime, which will take effect from 6 April 2025. Individuals coming to the UK who opt into the regime will not pay UK tax on foreign income and gains for the first four years of tax residence. Existing non-domiciled UK tax resident individuals who have been UK tax resident for less than four years will be eligible to opt into the new scheme and will benefit from relief until the end of their fourth year of tax residence.
MDR: UK disclosure of cross-border tax arrangements
Introduction Territorial scope What arrangements are caught? Reporting Penalties Guidance MDR v DAC6 Introduction On 28 March 2023, mandatory cross-border tax avoidance arrangements disclosure rules (MDR) (based on rules devised by the Organisation for Economic Co-operation and Development [OECD]) entered into force in the United Kingdom.
Increasing competitiveness of UK funds regime will be ‘challenging’
Finding workable solutions to make the UK funds regime more competitive will be “challenging” and there is a lot more work to be done, a tax law expert has said. Hatice Ismail of Pinsent Masons was commenting following HM Treasury’s publication of a policy paper (54-page / 433KB PDF) summarising responses to its call for input as part of its review into the UK’s fund regime, launched in January 2021. The policy paper outlines next steps in the government’s review of the UK’s fund regime.
UK proposes new tax regime for fund asset holding companies
The UK government has proposed a new elective tax regime for companies which hold investment assets as part of fund structures. The measure is part of a wider review of the UK funds regime by the government, designed to enhance the UK’s competitiveness as a location for asset management and for investment funds.
Environmental taxes: The race towards net zero
The UK has legally committed itself to reaching a 100% reduction in net greenhouse gas emissions by 2050. The UK is considering a carbon tax as a fallback on leaving the EU Emissions Trading Scheme. But it may be that the tax system can be deployed better to help meet the 2050 target. Net zero by 2050 The Climate Change Act 2008 was passed with overwhelming support from politicians, environmental groups and businesses.
Multi-jurisdictional UAE ‘a challenge’ to firms resolving employment disputes
Defending employment claims is Dubai can be costly if you're not familiar with the court system in the region. That was the message to companies based there from Luke Tapp back in July as Covid-19 was spreading quickly in the region hitting businesses badly and, in turn, affecting employment relationships. The result? A noticeable rise in employment litigation and problems for companies unfamiliar with way disputes are managed in the region. So let's shed some light on that.
Business focus turning to digital transformation
The coronavirus crisis has fundamentally changed the way businesses think about the link between technology and the way they operate. Many slow to embrace technological change previously are now focused on digital transformation and the benefits that come with it. The link between a business' technology and its operational resiliencewas brought into sharp focus by the initial impact of Covid-19.
The Construction Act and its amendment - payment issues
The Housing Grants, Construction and Regeneration Act, also known as the 'Construction Act', has been an important part of the law affecting the construction industry since it came into force on 1 May 1998. Part 8 of the Local Democracy, Economic Development and Construction Act substantially amends the Construction Act. It affects all "construction contracts" in England, Wales and Scotland.
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