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UK Budget 2023 – Sovereign Wealth Funds Not Subject to Corporation Tax
March 31, 2023As part of the Spring 2023 Budget, Chancellor Jeremy Hunt has scrapped plans to require sovereign wealth funds to pay corporation tax on property and commercial enterprises.
The United Kingdom (“UK”) government had launched a consultation on 4 July 2022 to “modernise and improve the tax treatment it provides to foreign sovereign investors, such as heads of state and sovereign wealth funds.” In connection with the consultation process, Treasury had planned to introduce these changes in April 2024.
