UK Knowledge Collection | Anticipating the autumn statement, new legislative programme, and data regulation
Published on 10th Nov 2023
Welcome to this week's Knowledge Collection
While businesses digest the implications of the UK government's planned programme, announced in this week's King's speech, they also await the chancellor's autumn statement, taking place on 22 November. Our tax team considers what is likely to feature in what may be the chancellor's penultimate (or last) autumn statement before the next general election.
While the legislative programme was comparatively slim (21 bills), as the election looms it remains uncertain how far more complex or controversial pieces will proceed. The Media Bill (published in draft in the last session) made the cut, as did the Renters Reform Bill (introduced to Parliament in May), the Digital Markets, Competition and Consumer Bill (first presented to Parliament in April), the Data protection and Digital Information (No. 2) Bill and the Law Commission's suggested reforms to the Arbitration Act.
Next week, our data experts host a webinar on developments affecting cross-border data transfers, including the adoption of the EU-US Data Privacy Framework, the (proposed) UK extension to it, and the ICO's updated approach to UK Binding Corporate rules. A recent tribunal decision involving facial recognition systems has raised a number of interesting points on whether such systems are caught by the UK GDPR and on the extra-territorial reach of the regulation.
Ahead of COP28, our decarbonisation series of webinars will explore a range of subjects affecting businesses working on how to meet their sustainability requirements, including investing in and commercialising climate tech, the regulatory landscape of climate finance, and identifying and mitigating risk of greenwashing.
Insights
Top tips on how best to prepare for a reorganisation
Reorganisations are inherently complex and involve a series of transactions that need to be implemented correctly (and often in a particular sequence) in order to reduce tax and financial consequences, operational disruption, and achieve the desired group structure. We offer tips on what to think about when planning a reorganisation.
Employment-related securities options: UK Supreme Court clarifies deeming provisions
Last month, the Supreme Court handed down the long-awaited judgment in HMRC v Vermilion Holdings Ltd. It provides clarity on the deeming provisions applicable to employment-related securities and options, which bring share awards into the scope of employment income (rather than capital gains tax) for UK tax purposes.
UK tribunal says ICO had no jurisdiction to rule on US tech group Clearview AI
A recent First Tier Tribunal case serves as a useful reminder that, while the UK GDPR does have broad extra-territorial reach when it comes to processing data of UK subjects, it does not always catch all kinds of controllers or all types of processing.
Autumn Statement 2023: what business tax measures can the UK expect?
Immediate tax cuts and giveaways are unlikely to feature in the statement and the chancellor's scope for new tax measures is expected to be limited. The statement will be accompanied by an economic and fiscal forecast by the Office of Budget Responsibility.
Law reforms to keep London an arbitration hot-spot
The Law Commission's final report on reform to the Arbitration Act has been published. We look at its recommendations and the likely impact on arbitrations if they are adopted.
Events
Dipping into Data | Cross-border data transfers
IT and data | Webinar | 13 November | 16:00-16:30
What practical considerations and actions arise for businesses from recent developments on cross-border data transfers?
Insuring the consequences of regulatory non-compliance
16 November | 09:00-09:30
What insurance is available when there has been regulatory noncompliance, and what are the common issues that can arise when making claims?
Navigating a route to M&A clearance on both sides of the Atlantic: foreign Investment Controls
16 November | 15:00-16:00
A discussion of how to secure regulatory clearances that are required in the US, UK and EU due to foreign investment and national security controls. Real-life examples will illustrate how to overcome the challenges that can arise during the M&A process when acquiring or investing in a business with an international presence in sensitive sectors.
Decarbonisation Week
Investing in sustainable innovation
20 November | 09:30-10:30
Climate technology plays a crucial role in mitigating climate change. We will explore the technology; obstacles to and incentives for investment; and the role of venture capital. An international panel will focus on EU regulation for investment in climate tech and the legal challenges and opportunities of its commercialisation.
Climate finance: Navigating the regulatory landscape and legal considerations for sustainable funding
21 November | 09:30-10:30
Investment into green and low-carbon technologies is critical for achieving net zero. The use of different types of finance to make these investments will be central to achieving decarbonisation goals. An international panel will discuss the use of green bonds and finance, how structuring and fund formation is evolving, ESG compliance issues, and more.
Greenwashing and green claims: Identifying and mitigating risk
22 November | 09:30-10:30
Identifying and mitigating the risks arising from the making of green claims is an essential activity for businesses. We will provide an overview of where companies are most vulnerable to allegations of greenwashing and the applicable legal frameworks. Our international experts will provide guidance on legal developments across Europe.
In-house Lawyer Talks
Digital Competition – latest developments in the UK and EU
27 November | 10:00-11:00
Competition law in digital markets is developing rapidly, with new laws in the UK and EU and investigations and private actions against large tech players.
Navigating post-Brexit legal and regulatory divergence in the UK
27 November | 14:00-15:00
How much and where is the UK diverging from the EU? Is the divergence active or passive? And what would Labour do about the UK's trading relationship with the EU?
Corporate internal investigations: the good, the bad and the ugly
28 November | 10:00-11:00
This session will cover when investigations might be required, the options, and the role of the in-house lawyer – including privilege, ESG factors, and more.
Demystifying guarantees and indemnities
28 November | 14:00-15:00
We will look at the differences between a guarantee and indemnity and the clauses that make them work, clarify the common terminology and talk through the issues when entering a contract containing any form of guarantee or indemnity.
How to protect your contractual rights
29 November | 10:00-11:00
When a potential contractual dispute is in the air, it is critical to ensure rights are protected. The session looks at how to reserve rights, including terminating for delay, waiver and estoppel, and variation. We will consider whether "no waiver" clauses work, giving away rights, and increasing the chance of being paid by insurers.
The Economic Crime and Corporate Transparency Act 2023: changes you need to know
30 November | 10:00-11:00
The most fundamental change to the purpose and role of the UK's corporate registry since its creation in 1844 also introduces a new corporate criminal offence of failure to prevent fraud and limits on the use of corporate directorships. This webinar offers all you need to know about these forthcoming changes.
Employment law update
30 November | 14:00-15:00
The employment team will consider age-related issues in the workplace and positive action initiatives, HR data issues for employers, and an update on employment laws in the pipeline.
Generative AI: Harnessing its power and managing the risks
1 December | 10:00-11:00
Generative AI poses a two-fold challenge for in-house lawyers: legal and compliance risks need to be understood and managed, as does the technology itself and how it can be used within the legal team.
