Martin Shah

Martin is a partner in the corporate tax group at Simmons & Simmons. His broad based practice encompasses financial markets, corporate, real estate (including structured real estate) and commercial work, with an emphasis on clients in the asset management & investment funds and financial institutions sectors. His focus includes advising on funds and other investment products, together with structural tax issues for asset management, banking and insurance clients. Martin leads the financial services tax practice which won European Financial Services Tax Team of the Year at the International Tax Review European Awards in 2011 and 2013. He is rated in the latest Legal 500 and Chambers directories ("very strong" in his defence of clients’ interests and can be relied upon to be "robust in difficult circumstances") for corporate tax and endorsed by PLC Which Lawyer?. Martin is a regular participant at the Investment Management Association and Alternative Investment Management Association, and a member of AIMA’s Tax Committee. He also led the AIMA working group on the European Savings Directive. Martin is a member of the Tax Committee of the Law Society of England and Wales and chairs its VAT and Duties Sub-Committee.
Contributed to

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AIFs—tax elected funds
Practice Note

This Practice Note explains how an authorised investment fund (AIF) may qualify as a tax elected fund (TEF), the procedure for seeking such status, the consequences for the fund and its participants of qualification as a TEF and certain related compliance matters. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP.

PAIFs—breach of the conditions and exit
Practice Note

This Practice Note considers the consequences of breaches of the various conditions for the property authorised investment funds (PAIF) regime, and the tax consequences of exit from the regime. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—compliance and vouchers
Practice Note

This Practice Note considers the requirements on property authorised investment funds (PAIFs) to submit corporation tax returns and accompanying documents, to withhold tax from distributions and account for it to HMRC and to provide statements to recipients of distributions showing the amount of tax withheld. It also considers the position in the event that the PAIF pays a distribution free from withholding when withholding was, in fact, required. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—taxation of the participants
Practice Note

This Practice Note considers the tax treatment of distributions made by a property authorised investment fund (PAIF) in the hands of participants. It looks at the allocation of distributions between three types of income and the tax consequences of each for different types of investor. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—taxation of the scheme
Practice Note

This Practice Note considers the taxation treatment of a Property Authorised Investment Fund (PAIF), including the division of its business into tax-exempt and residual parts, and the tax rules which apply to each of them. It also considers the rules which can impose a specific tax charge to counter avoidance situations or breaches of the PAIF code, and the VAT rules as they apply to PAIFs. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

PAIFs—the conditions
Practice Note

This Practice Note looks at the conditions that an OEIC must meet for entry to the property authorised investment fund (PAIF) regime and to benefit from its continued application. The main six conditions are: the property investment business condition, the genuine diversity of ownership condition, the corporate ownership condition, the loan creditor condition, the balance of business conditions and the notification condition. An additional condition testing excess financing costs applies to any PAIF that is also a qualified investor scheme (QIS). This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons based on material originally written by Charles Goddard of Rosetta Tax LLP.

Practical application of the VAT exemption for fund management
Practice Note

This Practice Note provides an overview of a number of practical considerations relating to the VAT exemption for the management of special investment funds. This Practice Note is produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP.

Property authorised investment funds (PAIFs)—summary
Practice Note

This Practice Note broadly outlines the rules applicable to Property Authorised Investment Funds (PAIFs). It considers briefly the intention behind the PAIF regime, what a PAIF is, the conditions for the PAIF regime to apply, as well as the taxation of the PAIF itself and its investors. This Practice Note is produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

UK REITs—the conditions
Practice Note

This Practice Note sets out the conditions required to be met by UK REITs on entry to the UK REIT regime and thereafter. It considers the company conditions, the property rental business conditions, the balance of business conditions, and the distribution condtion. It also discusses two other tests—the holder of excessive rights (or the corporate ownership test) and the interest cover test—which both place practical restrictions on how the UK REIT is set up and funded. This Practice Note was produced in partnership with Martin Shah of Simmons and Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP.

VAT and abuse of rights
Practice Note

This Practice Note explains the origins, meaning and consequences of the EU doctrine of abuse of rights, or abusive practices, for VAT purposes. The doctrine is also referred to as the Halifax test (or Halifax doctrine), after the leading EU Court of Justice judgment on this topic. This Practice Note was produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP.

VAT exemption for fund management
Practice Note

This Practice Note provides an overview of the EU and UK legislation relating to the VAT exemption for fund management of special investment funds. It discusses the meaning of management and the meaning of special investment fund. This Practice Note is produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP

VAT on composite supplies
Practice Note

This Practice Note is about the VAT consequences of a supply that is made up of several elements with different VAT treatments. This may be treated as a number of separate supplies for VAT purposes, or as a single composite supply. This Practice Note was produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP.

Practice areas

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