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Bizkaia: a tax ecosystem for entrepreneurs Although the recent approval of the Start-up Law in the “common” Spanish territory (as opposed to the historic territorios forales of the Basque Country and Navarre) is to be applauded (see previous posts for example here and here), it is nevertheless wor... BMW AG v CMA ruling - No extraterritorial effect for CMA's investigatory powers The Competition Appeal Tribunal (CAT) and High Court have issued a single ruling in Bayerische Motoren Werke AG v Competition and Markets Authority [2023] CAT 7 relating to an appeal by BMW AG and an application for judicial review by Volkswagen AG, which... The Lords vs LDI In September 2022, the UK's central bank, the Bank of England, was forced to intervene in the gilt market to the tune of £19.3 billion after the UK Prime Minister at the time, Liz Truss’, “mini budget”. Gilt prices fell precipitously, which caused defined... GloBE Administrative Guidance In order to achieve consistency, any jurisdiction adopting the global minimum tax or “GloBE” rules has to follow the Model Rules and the Commentary as amended from time to time by Administrative Guidance. This guidance is expected to be issued on a rollin... Are the Floodgates Opening? The Future of Large Datasets in AI The use of large third-party datasets in the development of AI models has been a contentious issue for some time now.  In the latest development, Getty Images are bringing a copyright claim in the UK against AI developer Stability AI, in relation to Stabi... Cryptoassets: the next chapter Yesterday, HM Treasury published its much anticipated vision for the future of the financial services regulatory regime for cryptoassets. Comprehensive, detailed, and 82 pages long, this consultation paper and call for evidence brings some coherence to an... Crypto: Promo Go Slow (Part 2) Just a week after the FCA's review of AML registration applications by crypto firms, we've now got two important publications from the UK government on the future regulation of cryptoassets. It feels like they're my 43 bus from London Bridge (or perhaps m... Crypto-ing the line Back at the very beginning of 2020 Covid-19 still hadn't been designated a pandemic, Brexit still wasn't quite 'done' and you could start a cryptoasset business in the UK without needing to so much as notify the FCA you were doing so.  In the intervening ... New limitation on the offsetting of tax losses generated in 2023 by entities taxed under the Spanish CIT consolidation regime This post provides an overview of the Spanish legal framework applicable to the use of carried forward tax losses (NOLs) and briefly analyses the temporary limitation introduced by the recently published Law 38/2022, of 27 December, regarding the use of t... To borrow or not to borrow: key considerations for “venture debt” deals If you are a tech start-up, or your organisation invests in or helps develop them, you will have seen market speculation that 2023 is likely to be a difficult year for tech businesses to raise venture capital. At the end of last year, we set out some key ...