On 5 July, MacFarlanes LLP published an article on sovereign immunity – the principle that foreign governments and heads of state have immunity from certain taxes including Income Tax, Corporation Tax and Capital Gains Tax. The Government is consulting on reforms to sovereign immunity and will potentially have significant implications for investors, investment managers and the UK’s attractiveness as an investee jurisdiction. The consultation is scheduled to run until 12 September and the document states that any new rules will come into effect from 1 April 2024.
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NOTE THAT THE ABOVE LINK IS NOW CORRECTED AND WORKS!