United Kingdom: New UK Securities Transfer Tax (STT) – Simpler in law, harder in practice

Two significant UK developments are reshaping how asset management executives are taxed and classified.

Following the expiry of the additional tariffs imposed under Section 122, the United States is introducing new tariff measures under Section 301 of the Trade Act of 1974.

The implementation of mandatory e-invoicing for B2B transactions is increasingly gaining relevance in different jurisdictions around the world, especially in Europe. 

In February 2026, the United States introduced a series of significant and fast‑moving measures that alter the trade environment for all exporters shipping goods into the country.

WTS Hansuke is pleased to welcome Ms. Neiha Perera, former Head of AEoI at EY, as a Financial Services Tax Partner, bringing senior leadership experience to the London firm’s international financial services and tax transparency practice.

The UK government has unveiled significant reforms to the Plastic Packaging Tax (PPT) in its Autumn Budget, aiming to strengthen recycling incentives and close loopholes in the system.

The United Kingdom will introduce its own tax-based CBAM from 1 January 2027. The focus will be on aluminium, cement, fertilisers, hydrogen, iron and steel. Electricity imports will be excluded for the time being – unlike in the EU CBAM, which will also cover electricity from 2026.

News on tax developments affecting the international Financial Services industry.

HMRC recently released Transfer Pricing Guidelines for Compliance, a clear framework for compliance to provide tax-payers with more guidance but with increased scrutiny and potential risks for those who fall short.

News on tax developments affecting the international Financial Services industry.

The UK’s Chancellor of the Exchequer, Jeremy Hunt, delivered the Spring Budget on 6 March 2024 announcing a variety of measures impacting the financial services industry.

News on tax developments affecting the international Financial Services industry.

In his latest Autumn Statement, the Chancellor of the Exchequer, Jeremy Hunt announced a variety of measures that will impact the financial services industry.

On the 14 September 2023, HM Revenue and Customs (HMRC) published draft legislation, of particular interest to UK companies listing securities on non-UK exchanges, providing for the removal of the 1.5% charge to UK stamp duty and stamp duty reserve tax on certain issues and transfers.

The UK Autumn Statement 2022 issued by Chancellor Jeremy Hunt, reverses much of the changes introduced by the Truss government and seeks to put the UK economy back on track.

On 20 July 2022, the UK government released the draft legislation on the Pillar 2 In­come Inclusion Rule (IIR) along with its response to the public consultation on the UK implementation of Pillar 2.

The Customs Declaration Service (CDS) has now officially replaced CHIEF as the customs declaration system for imports into the UK.

On 4 July 2022, the UK Government released a consultation outlining an updated approach sovereign immunity from direct taxation.

At the TP Minds Conference which took place in June 2022 in London, senior tax officials and TP practitioners shared their experiences of dispute avoidance and resolution and other TP-related matters.

The National Security and Investment Act (“NSI”) came into effect on 4 January 2022, alongside a series of guidance notes.

Since 2014, the European Union (“EU”) has progressively imposed restrictive measures against Russia in response to the illegal annexation of Crimea.

The UK is progressing to the next implementation stage of the Border Model and the lodging of customs declarations.

The UK has entered the next stage of Brexit. As part of the phased implementation of the UK Operating Border Model, most of the simplifications for entering and exiting goods in the UK have now been removed.

Following a public consultation on TP documentation, the UK government decided to introduce new legislation and require the largest MNE with presence in the UK to maintain a transfer pricing Master File, Local File and supporting Summary Audit Trail. The new requirements could take effect from April 2023.

On 11 January, HMRC launched its consultation on the implementation of Pillar 2 Rules in the UK, this is part of the OECD’s BEPS 2.0 project, which relates to the taxation of the digital economy.