Insights

The FCA's consultation paper CP26/26 proposes one of the most significant changes to UK fund reporting since the introduction of Annex IV under AIFMD.

Limited Liability Companies (“LLCs”) are one of the most popular vehicles for closely-held US businesses, with the U.S. treating them as fiscally transparent by default. HMRC takes a different view and generally treats them as opaque. For UK residents and particularly trust beneficiaries, the characterisation mismatch can produce double taxation issues, so early planning is essential.

HMRC is consulting on rules that could affect share buybacks, demergers, capital repayments, and succession planning.

Andy Burnham became UK Prime Minister on 20 July 2026, and with pressure on the public finances, attention is focused on what his government could mean for tax policy.

Almost 15 months after the FCA first issued its Call for Input on the future regulation of alternative fund managers, the regulator has now published its long-awaited consultation on the proposed final rules.

From proposed VAT reforms for social housing and online marketplaces to significant court decisions and a temporary VAT zero-rate for electricity supplies, this month's VAT update covers the developments most likely to affect businesses and organisations.

This is the third article in our future UK AIFM regime series, and the second of two focusing on the FCA's Consultation Paper 26/28 (CP26/28). Having previously explored where obligations vary by firm size under the FCA's proposed three-tier framework, we now turn to where proportionality is driven by other factors – such as fund structure or business activity – and consider the areas where the FCA has yet to reach a final position.

This is the second article in our future UK AIFM regime series, and the first of two focusing on the FCA's Consultation Paper 26/28: The UK AIFM Regime (CP26/28). Here, we look at where firm size is the primary driver behind the FCA's obligations.