CapitalQuarter: Autumn 2023

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Welcome to our Autumn edition of Capital Quarter – the newsletter for listed businesses and their advisors.

In this edition:

The Finance Act 2023 received royal assent in July. It introduces to UK tax legislation the first elements of the OECD Global Anti-Base Erosion (GloBE) rules: a minimum Corporation Tax rate of 15% for large multinational groups. Chris Riley, Head of our Tax team, identifies the implications and requirements ahead of 1 January 2024.

Cryptoassets have seen a meteoric rise is the past decade. Although the fundamental pillar of most cryptoassets is their decentralised nature, regulators across the globe have had to step in to ensure transparency and fairness where possible. In this edition, James Savage, Audit Director outlines these new measures.

The Government consultation on restoring trust in audit and corporate governance means stakeholders are focusing more on the make-up and oversight of audit committees. The FRC is consulting on this, and although initially directed at the FTSE350, it is likely to be extended to other entities in the future. Nick Joel a Director in our Capital Markets team, explains the key points and other areas of good practice.

Governance, Risk and Control Assurance Partner, Jessica Wills highlights the proposed changes and potential implications for firms following the FRC’s consultation document focusing on areas of internal control, assurance and resilience.

The International Sustainability Standards Board (ISSB) issued its inaugural standards — IFRS S1 and IFRS S2 — on 26 June. Lauren Haslam, Senior Manager in our Transaction Services team explains the new rules for sustainability disclosures and what they mean for you.

We hope you find this edition useful, and we are always keen to hear your comments and suggestions for future articles.