UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe.
To read more issues of UK Financial Insights from Katten, please click here.
The Salaried Members Rules and the ‘Significant Influence’ Test – Does the BlueCrest Case Affect Me (As a Partner) or My Firm?
By Charlotte Sallabank, Daniel Lewin, Christy Wilson, Christopher Hitchins, Brigitte Weaver, Neil Robson
Limited liability partnerships or “LLPs” are common corporate vehicles utilised by the financial services sector to establish UK investment management operations and other financial businesses and, more recently, implement carried interest structures or act as fund investment/feeder vehicles. The most contentious aspect has been the use of LLPs as business operating vehicles. As well as being more flexible than limited companies, in that it is easy to admit members and for them to leave the LLP, they are also commercially competitive since members (colloquially referred to as “partners”) of LLPs benefit from self-employed tax status. Read Katten’s advisory.
Key Updates to the Employment Rights Bill
By Christopher Hitchins, Brigitte Weaver
As part of the UK Government’s efforts to boost living standards and following weeks of consultation with business groups and trade unions, the Government has announced a series of proposed changes that the Employment Rights Bill plans to implement. Read about the key updates.
Working Mothers: Workplace Travel Requirements Do Not Automatically Amount to Indirect Discrimination
By Christopher Hitchins, Brigitte Weaver
This advisory examines the ins and outs of a recent UK Employment Tribunal claim and appeal, and the considerations employers can glean from this workplace travel discrimination case. Read Katten’s advisory.
Will Pillar Two Crumble Before It’s Built?
By Charlotte Sallabank, Daniel Lewin
Over 135 jurisdictions signed up for a global Organisation for Economic Cooperation and Development (OECD) project in October 2021 aimed at reforming the international taxation system. A Two-Pillar approach was developed to combat base erosion and profit-shifting strategies, which large multinational enterprises (MNEs) employ to move their profits to low or no-tax jurisdictions or to lower their tax bases through deductible expenses. On the first day in office of his second term, President Donald Trump withdrew from this “Global Tax Deal.” Read Katten’s advisory.
Tax Transparency and Data Privacy — Which Wins?
By Charlotte Sallabank, Christy Wilson
As tax authorities embrace new digital technologies, the issue of safeguarding citizens’ data privacy rights steps to the fore. Since the implementation of the EU General Data Protection Regulation (GDPR) in 2018, there has been a greater focus on data privacy from both the public and organisations. At the same time, the cooperative international effort to combat offshore tax evasion has been steadily increasing. Several information-sharing regimes have been conceived to allow tax authorities to share information globally relating to financial accounts and investments under Automatic Exchange of Information Agreements. Read Katten’s advisory.
EDPB Adopts Statement on Age Assurance and Creates a Task Force on AI Enforcement
By Trisha Sircar
On February 12, during its February 2025 plenary meeting, the European Data Protection Board (EDPB) adopted a statement on assurance, which outlines ten principles concerning the processing of personal data when determining an individual’s age or age range. The EDPB is also cooperating with the European Commission on age verification in the context of the Digital Services Act (DSA) working group. Read about the personal data principles.
