Corporate Newsletter Issue 4 – Spring 2021
What’s the buzz? What’s the buzz? Tell me what’s a-happening. Unfortunately (from a mindfulness perspective) everyone in business has to mind about the future and from a legal and commercial perspective, the coming months look set to contain opportunities, bear traps, challenges and much more. Tax Partner, Elizabeth Small, discusses the latest issues in the Spring 2021 edition of Forsters' Corporate newsletter.
SPACs are causing a stir as they create a real opportunity for capital to marry up with hungry businesses that need funding and want to go public, while advisors and clients need to think carefully about the National Security and Investment Bill which allows the government an unprecedented right to scrutinise a myriad of transactions. On top of that the focus on audit reform may have a sizeable impact on directors’ liability.
It must be a relief to many (and not just compliance teams in professional services firms) that HMRC confirmed that the UK would not be applying DAC6 in its full "glory". As Nicole, Julia and Robert explain in the newsletter, the hallmarks for entry into the reporting regime have been considerably reduced.
One of the greatest challenges in my view for business at the moment is the lack of certainty and having to deal with ever changing rules. Nowhere is that more apparent than in the wonderful world of tax; the inaugural Tax Day on 23 March 2021 referred to 30-odd consultations. Our articles on VAT and Brexit and NRSDLT further illustrate this point.
It is perhaps idle speculation to wonder how many more consultations, reforms and changes there might have been if the government had not been distracted by a global pandemic?