New UK Data Protection rules

The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could engage in a co-design process with business leaders and data experts - ensuring that the new regime built on the UK’s

The Data Protection and Digital Information Bill was first introduced last Summer and paused in September 2022 so ministers could engage in a co-design process with business leaders and data experts – ensuring that the new regime built on the UK’s high standards for data protection and privacy, and seeks to ensure data adequacy while moving away from the ‘one-size-fits-all’ approach of European Union’s GDPR.

Data-driven trade generated 85% of the UK’s total service exports and contributed an estimated £259 billion for the economy in 2021.

The improved bill will:

  • Introduce a simple, clear and business-friendly framework that will not be difficult or costly to implement – taking the best elements of GDPR and providing businesses with more flexibility about how they comply with the new data laws.
  • Ensure our new regime maintains data adequacy with the EU, and wider international confidence in the UK’s comprehensive data protection standards.
  • Further reduce the amount of paperwork organisations need to complete to demonstrate compliance.
  • Support even more international trade without creating extra costs for businesses if they’re already compliant with current data regulation.
  • Provide organisations with greater confidence about when they can process personal data without consent.
  • Increase public and business confidence in AI technologies by clarifying the circumstances when robust safeguards apply to automated decision-making.

These data reforms are expected to unlock £4.7 billion in savings for the UK economy over the next 10-years and maintain the UK’s internationally renowned data protection standards so businesses can continue to trade freely with global partners, including the EU.

Source: Other Mon, 13 Mar 2023 00:00:00 +0100

Latest INSIGHTS

Check out our latest Insights for useful accounting tips and information.

Multiple Dwellings Relief for SDLT

It was announced as part of the Spring Budget 2023 that Multiple Dwellings Relief (MDR) was being abolished. This change has now come into effect for transactions which complete, or substantially perform on or after 1 June 2024.

The MDR relief

Read More

Self-assessment payments on account

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during the tax year and 31 July following the tax year end date.

These

Read More

Non-resident UK property sales

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT) due if they have sold or disposed of:

residential UK property or

Read More