An Introduction to New Team Member at A&M Taxand – Lewis McMillan, Analyst
A&M are pleased to welcome, Lewis McMillan, to the Financial Investors Group at A&M Taxand Scotland.
Mr. McMillan has over three years of Big 4 experience, with a specific focus on the preparation of tax returns for high and ultra-high net worth individuals and partnership tax returns for investment funds. His expertise covers a wide range of both UK and non-UK resident/domiciled clients.
The UK Autumn Statement
On Thursday 17 November 2022, the Chancellor of the Exchequer, Jeremy Hunt, addressed the UK Parliament with the Autumn Statement.
We have a detailed summary of the Autumn Statement here.
UK Qualifying Asset Holding Companies Regime
Since the UK Qualifying Asset Holding Companies (QAHC) regime came into force on 1 April 2022, we continue to receive a large number of queries from asset managers, particularly in relation to the conditions required to be met to fall within the regime, its benefits compared to other regimes i.e., in the Channel Islands, Republic of Ireland and Luxembourg, as well as potential costs related to the implementation and administration of the regime.
In this article, we summarise a handful of Frequently Asked Questions that we have been asked as well as our common responses. It is important to note that our responses are provided at a high-level and do not take into specific background facts and circumstances of a fund's arrangements, which will likely differ in terms of its commercial objectives, asset classes, etc.
Please note that the QAHC legislation and HMRC guidance are continuously evolving so it is important to keep updated with the developments. As part of the proposed Finance Bill 2023 released in July, there will be further amendments, so that the eligibility conditions that must be met for a company to be a QAHC better align with the intended scope of the regime. There have been many questions raised, particularly in relation to the 'ownership condition,' which has already been revised from the previous draft of legislation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
