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> > > Brexit on the horizon: what will be the impact on alternative investments (private equity, real estate, etc.) Made via Luxembourg ?

Brexit on the horizon: what will be the impact on alternative investments (private equity, real estate, etc.) Made via Luxembourg ?

Droit fiscal

Date : 13/06/2019 Horaires : 14h00 - 17h00 (accueil à partir de 13h30) Lieu : Novotel Kirchberg

Thématique : Legitech en collaboration avec Sedlo Law firm and ATOZ Tax Advisers

Over the last two years, the UK and the EU negotiated the terms of a withdrawal agreement that should define the relationship between the UK and the EU post-Brexit for a transitional or implementation period ending in December 2020 (unless it is extended for up to one or two years). The draft withdrawal agreement endorses a “soft” Brexit which would leave the UK’s relationship with the EU as close as possible to the existing arrangements for the transitional period.

While the UK would no longer have a seat on the European Council and other EU institutions and governance structures, it would nevertheless be treated as if it were a member of the EU. The EU acquis would continue to apply to the UK, allowing it to keep unfettered access to the European single market. This means that goods and services would be traded with the remaining EU Member States on a tariff-free basis and financial firms would keep their “passporting” rights to sell services and operate branches in the EU. Moreover, the UK would remain within the EU’s customs union, avoiding the need for border controls.

The withdrawal agreement has been endorsed on 25 November 2018 by the EU27 leaders of the European Council. However, on 15 January 2019, the House of Common’s overwhelmingly rejected the withdrawal agreement with a record margin of 230 votes (by 432 votes to 202). Since then, House of Commons rejected again and again the withdrawal agreement as well as any compromise proposal.

The Brexit negotiations between the UK and the EU are currently locked in stalemate. While the UK representatives clearly rejected the withdrawal agreement as is, the EU does not seem to be willing to reopen negotiations on the terms of this agreement.

Recently, Prime Minister May negotiated a second extension to the original Brexit date until 31 October 2019 with the option to end this extension as soon as a compromise has been agreed in the House of Commons (i.e. an extension with a flexible end). However, with no deal in sight, the prospect of a “hard” Brexit is today more than a theoretical possibility.

If the UK and the EU fail to agree a withdrawal agreement, there would be no transition period after 31 October 2019 and EU laws would stop applying to the UK immediately. At this point in time, it is very difficult to anticipate what will happen in the coming months given the division of the political spectrum in the UK.

With regard to cross-border investments made via Luxembourg, the UK is one of the main investment locations for Alternative Investment Funds (real estate, private equity, etc.) and multinational groups. Likewise, investments made by UK fund groups and multinationals in the EU are often made through Luxembourg platforms (funds, holding companies, etc.). Moreover, UK asset managers play an important role for the Luxembourg fund industry that has traditionally relied on their management services provided, be it as an AIFM or the entity to which the asset management services have been delegated.  

This workshop will focus on the practical implications of the Brexit – be it a « hard« , a « soft » or « no » Brexit – from a legal, a direct tax and a VAT perspective with a view to prepare participants for all eventualities 


Objectives of the workshop

Upon successful completion of this workshop, the participants will:

  • Understand the consequences of a hard Brexit from a legal perspective
  • Have an overview of the special bills adopted by the Luxembourg government to protect the Luxembourg asset management industry and to mitigate the negative effects of a potential hard Brexit
  • Have an overview of the direct tax treatment of cross-border investments involving the UK (UK inbound and UK outbound investments) and the consequences of a “hard” Brexit
  • Understand the VAT consequences of a potential “hard” Brexit


PUBLIC CIBLE  

Lawyers, Corporate Services Providers, Accountants, Auditors, Issuers


PROGRAMME

  • Legal Part:
    • The content of the EU-passporting regime applicable to AIFs and AIFMs
    • The measures taken by Luxembourg to prevent a negative impact of Brexit
    • The legal treatment from a Luxembourg standpoint of UK investors in case of a hard Brexit
    • The legal treatment from a Luxembourg standpoint of UK asset managers in case of a hard Brexit
    • The legal treatment from a Luxembourg standpoint of UK AIFs in case of a hard Brexit
  • Tax Part
    • Overview of typical investment structures
    • Considerations regarding the tax treatment of cross-border investments involving the UK (including considerations regarding the tax reform)
    • Analysis of the tax treatment in case of a “hard” Brexit
    • Analysis of the VAT consequences of a “hard” Brexit

* * *

Intervenants

Adrian Sedlo, Partner, SEDLO LAW FIRM

Adrian is the founding partner of Sedlo Law Firm, a Luxembourg based law firm specialising in financial law. 

He has 20 years of experience in setting-up Luxembourg funds and vehicles and has worked for a long time in the Luxembourg offices of Anglo-Saxon “magic-circle” firms. He is well-known for his expertise in Luxembourg financial law.

He has written several articles on different aspects of Luxembourg financial law as well as on the legal treatment of derivatives in Luxembourg.

He is an active speaker at financial industry events and provides training and courses on several aspects of Luxembourg financial law, especially on legal aspects relating to the structuring of funds and securitisation transactions.

 

Oliver R. Hoor, Tax Partner, ATOZ Tax Advisers

Oliver R. Hoor is a Tax Partner in the International and Corporate Tax Department of ATOZ. He is also heading the transfer pricing practice and the German desk of ATOZ.

His professional qualifications include the Luxembourg Certified Accountant (Expert Comptable) and the German Certified Tax Advisor (Steuerberater). He holds a degree in business administration with a major in tax from the University of Applied Sciences of Trier (Germany).

Oliver has more than 16 years of practical experience in Luxembourg and international taxation (including transfer pricing) with a focus on Alternative Investments (Private Equity, Real Estate, Sovereign Wealth Funds, Hedge Funds and Securitization), Mergers & Acquisitions and Multinational Groups.

Oliver has published more than 200 articles and books on Luxembourg and international taxation, including transfer pricing, the OECD Base Erosion and Profit Shifting (“BEPS”) Project and the EU Anti-Tax Avoidance Directives (ATAD 1/ATAD 2), the OECD Model Tax Convention and bilateral tax treaties, EU Law and the State Aid investigations of the EU Commission as well as the new reporting obligations of tax intermediaries (DAC 6). Oliver is further a regular speaker at conferences and lecturer with Legitech and House of Training.

 

Cette formation d’une demi-journée est agréée par le Barreau de Luxembourg dans le cadre de la formation continue.

Prix : 345€ HTVA

Tarif étudiant : 48,55€ HTVA, soit 50€ TTC (à condition d’envoyer une copie de sa carte étudiant)

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