UK Budget statement: Few new surprises, but several tax rises

The UK Chancellor of the Exchequer Rishi Sunak presented his Budget statement and spending review on 27 October. There have already been major announcements earlier this year of significant tax increases to take effect during the next two years. These include higher corporation tax from April 2023 announced in a Budget statement in March; and last month’s announcement of 1.25% increases from next April in National Insurance contributions from employers, employees and the self-employed together with the same percentage to be added to income tax on corporate dividends. There were nevertheless some significant new announcements in the latest statement.

UK Budget statement: Few new surprises, but several tax rises

Oct 31, 2021

The UK Chancellor of the Exchequer Rishi Sunak presented his Budget statement and spending review on 27 October. There have already been major announcements earlier this year of significant tax increases to take effect during the next two years. These include higher corporation tax from April 2023 announced in a Budget statement in March; and last month’s announcement of 1.25% increases from next April in National Insurance contributions from employers, employees and the self-employed together with the same percentage to be added to income tax on corporate dividends. There were nevertheless some significant new announcements in the latest statement.

FLA wants to see Green Finance Wholesale Guarantee in Budget

Ahead of the Budget on Wednesday, the Finance & Leasing Association (FLA) is calling on the Chancellor to introduce a Green Finance Wholesale Guarantee to help ensure a supply of affordable funding for green assets in the consumer and business finance markets. The industry group argues lender involvement should be central to the government’s Net Zero plans as finance is often the only way to put greener vehicles, plant and machinery, home improvements or business equipment within the reach of customer.

FLA wants to see Green Finance Wholesale Guarantee in Budget

Oct 25, 2021

Ahead of the Budget on Wednesday, the Finance & Leasing Association (FLA) is calling on the Chancellor to introduce a Green Finance Wholesale Guarantee to help ensure a supply of affordable funding for green assets in the consumer and business finance markets. The industry group argues lender involvement should be central to the government’s Net Zero plans as finance is often the only way to put greener vehicles, plant and machinery, home improvements or business equipment within the reach of customer.

Call for European Commission to act on vehicle data access legislation

The European Commission is coming under pressure to introduce ‘ambitious’ legislative proposals on vehicle data access, with a broad grouping of organisations including Leaseurope calling for action by Q1 2022. The current failure to agree common standards is holding back digital developments according to the coalition, which includes publishers of technical information, body repairers, dealers and workshops, garage equipment suppliers, tyre manufacturers, road patrols, parts distributors, leasing and rental companies, as well as consumers.

Call for European Commission to act on vehicle data access legislation

Oct 08, 2021

The European Commission is coming under pressure to introduce ‘ambitious’ legislative proposals on vehicle data access, with a broad grouping of organisations including Leaseurope calling for action by Q1 2022. The current failure to agree common standards is holding back digital developments according to the coalition, which includes publishers of technical information, body repairers, dealers and workshops, garage equipment suppliers, tyre manufacturers, road patrols, parts distributors, leasing and rental companies, as well as consumers.

Lease accounting

LeaseAccelerator study identifies disclosure challenges of ASC 842

Jan 24, 2020

Lease accounting software provider LeaseAccelerator has published a new report looking at the key challenge faced by US companies as they implement ASC 842. It has analysed comment letters received by the Securities and Exchange Commission in 2019 to identify common issues as the new standard was adopted. Many companies had to organise and migrate hundreds or even thousands of leases onto new accounting software with new controls, processes and procedures. Many of the SEC comments were requests for additional details on a company’s analysis, assumptions, judgments and supporting documentation.

BREXIT

Personal Data post-Brexit: Kate Brimsted explains how the UK is allowed “third country” status for up to six months

Jan 06, 2021

The UK and the EU concluded the Trade and Cooperation Agreement on 24 December 2020. The Agreement provides a framework under which trade will take place following expiry of the transition period on 31 December 2020. “Personal data” is mentioned a mere 158 times in the 1265 pages of the document but there are some significant impacts in this area, as in so many others.

General legal and regulatory

Implications of Wood v Commercial First Business on brokers and lenders

Aug 13, 2021

Specialist law firm Auxillias has published a detailed report for brokers and lenders to provide some support to assess the ramifications of a key Court of Appeal ruling on undisclosed commissions. The report, produced in association with the International Asset Finance Network, aims to provide some clarity for the industry following the recent Wood v Commercial First Business decision.