Considerations for US and UK Corporations Resulting From the Inflation Reduction Act and Recent UK Tax Developments

There have been a number of significant legislative and tax policy developments in the US and UK recently.

In the US, on August 16, President Biden signed into law the Inflation Reduction Act of 2022. The Act contains some very significant new provisions for corporate taxpayers. This includes the introduction of the Corporate Alternative Minimum Tax, $270 billion of climate related tax incentives and an excise tax on corporate stock buybacks.

In the UK, on September 23, the Government announced several significant tax changes in its Growth Plan (widely referred to in the media as a ‘Mini-Budget’), many of which were subsequently reversed in a further announcement on October 17. There may also be further announcements in the coming weeks. We will provide a round-up of the latest developments and discuss the impact for corporates.

Please join Scott Cockerham, Peter Connors, David Klass, John Narducci and Jonathan Rosen of Orrick’s global Tax team for a discussion on these key tax developments.

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