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Pensions Essentials February 2024 (3) Pensions Essentials February 2024 (2) EU AI Act to enter into Force Mind the gap: What could Labour’s plans to close the UK tax gap mean for your business? The Labour party has formed its first UK government since 2010. Its manifesto (discussed here) and ‘Close the Tax Gap’ document published prior to the election stated an intention to decrease the UK’s ‘tax gap’. This is the difference between tax collecte... The wallet revolution: FCA and PSR publish call for information on Big Tech and digital wallets How did you pay for your coffee today? Because the UK Financial Conduct Authority (FCA) and the Payment Services Regulator (PSR) are interested. On 15 July 2024 they launched a joint call for information on the benefits and risks that digital wallets such... UK data reforms (including for Smart Data) are resurrected: what do we know so far? The UK government has set out the details of its proposed legislative program in the King’s Speech this week. This includes proposals for a new Digital Information and Smart Data Bill (the DISDB), which will resurrect a number of (but not all) aspects of ... Is the UK getting an AI bill? Yesterday’s King’s Speech confirmed that the new Labour government “will seek to establish the appropriate legislation to place requirements on those working to develop the most powerful artificial intelligence models”, but stopped short of explicitly ann... The capital test for investment management expenses is the same as for trading expenses: UK Supreme Court in Centrica Overseas Holdings Limited To what extent are professional advisory fees associated with the disposal of a loss-making investment deductible as management expenses under section 1219 of the Corporation Tax Act 2009 (CTA 2009)?  This was the question before the Supreme Court in Cent... ByteDance confirmed as digital gatekeeper In the first substantive judgment on the Digital Markets Act (DMA), the European General Court (GC) has today upheld ByteDance's designation as a gatekeeper.  ByteDance was designated as a gatekeeper in respect of its social networking platform TikTok in ... EU AI Act published today - enters into force 1st August The EU AI Act was published in the Official Journal today and will enter into force 20 days later, on 1st August. While it will still be some time before some of the more substantive rules apply (most of the Act will not take effect for another two years,...