- with readers working within the Law Firm industries
- within Intellectual Property and Energy and Natural Resources topic(s)
This week:
The prospect and implications of a new single securities transfer tax
Two weeks ago, we reported that the Government has published draft legislative provisions to introduce a new securities transfer tax (STT), to replace the existing stamp duty reserve tax (SDRT) and stamp duty regimes that apply on the transfer of certain securities.
Our colleagues in our Tax and Reward practice have now published an in-depth analysis of the proposed new regime, which provides more detail on the implications of the regime on procedural aspects of transactions and the effect on certain existing exemptions and reliefs.
Read our colleagues’ in-depth piece on the new single securities transfer tax (STT)
Other items
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Investment Security Unit moves back to Business and Trade. The Government has announced that the Investment Security Unit (ISU) has moved from the Cabinet Office back to the Department for Business and Trade (to be re-named the Department for Business, Innovation, Science and Trade), with decision-making responsibility passing to the Secretary of State of that department (currently Jonathan Reynolds MP). The ISU is the body responsible for accepting notifications under the UK’s national security and investment (NSI) regime (housed principally in the National Security and Investment Act 2021). The process for NSI notifications, call-ins and investigations remains the same.
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FRC publishes insights to support boards with corporate reporting. The Financial Reporting Council (FRC) has published insights to help boards, preparers and investors understand how materiality applies to corporate reporting. The new resources include frequently asked questions and illustrations to assist entities with developing their own process for applying materiality when preparing annual reports.
Read the FRC’s new insights into applying materiality in corporate reporting
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Consultation on EU sustainability reporting launched. The European Financial Reporting Advisory Group is consulting on new sustainability reporting standards which, if implemented, would apply to subsidiary undertakings and branches located within the European Union (EU) but belonging to a group whose ultimate parent undertaking is established outside the EU. The standards form part of the package of measures for implementing the EU Corporate Sustainability Reporting Directive (CSRD). The consultation closes on 31 October 2026.
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