Old Square Tax Chambers

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Old Square Tax Chambers
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Old Square Tax Chambers
Contributions by Old Square Tax Chambers Experts

38

Interaction of EU law and direct tax
Practice notes

This Practice Note looks at the interaction between EU law and the direct tax rules of Member States, particularly where potential incompatibility between the two is referred to the EU Court of Justice. It also looks at the key questions when considering whether a national tax provision is compatible with the fundamental freedoms, including the potential justifications for restricting a freedom. This Practice Note was produced in partnership with Etienne Wong of Old Square Tax Chambers.

Murabaha—tax consequences of purchase and resale arrangements
Practice notes

This Practice Note on Islamic finance and tax outlines how a murabaha works as a form of financing, the UK corporation tax and withholding tax issues that apply to a murabaha that qualifies as a purchase and resale arrangement under the UK alternative finance arrangement rules. It also considers certain stamp taxes and VAT issues relevant to a murabaha. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

Musharaka—tax consequences of diminishing shared ownership arrangements
Practice notes

This Practice Note on Islamic finance and tax outlines how musharaka works as a form of financing and the UK corporation tax and withholding tax issues that should be considered by a company that is party to a musharaka that qualifies as a diminishing shared ownership arrangement under the UK alternative finance arrangement rules. It also considers certain issues regarding the taxation of chargeable gains, stamp duty, stamp duty reserve tax and VAT relevant to diminishing shared ownership arrangements. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

Overpaid tax—interest and damages
Practice notes

This Practice Note is about the right to interest on repayments of overpaid tax, whether under a statutory regime, EU law, or the common law (and specifically the law of restitution). It covers direct taxes and VAT. This Practice Note also discusses the corporation tax charge on restitution interest, and EU law on whether overpaid tax may give rise to a right to damages. This Practice Note was produced in partnership with Etienne Wong of Old Square Tax Chambers.

Overpaid tax—restitution
Practice notes

This Practice Note is about the rights of a person who has overpaid tax to recover that amount under the common law of restitution. It covers Woolwich claims and mistake-based claims, and the related rules on limitation periods. It also covers the particular issues that arise on the application of the law of restitution to overpaid VAT. This Practice Note was produced in partnership with Etienne Wong of Old Square Tax Chambers.

Overpaid tax—the statutory regimes
Practice notes

This Practice Note is about the statutory provisions regulating the recovery of overpaid tax. In the case of direct taxes, it covers overpayment relief. In the case of VAT, it covers the rules applying to a taxable person who has either paid too much output tax or recovered too little input tax. This Practice Note was produced in partnership with Etienne Wong of Old Square Tax Chambers.

Qualifying private placement exemption from withholding tax
Practice notes

This Practice Note outlines the exemption from UK withholding tax that applies to interest paid by a corporate borrower on a qualifying private placement (QPP exemption). It explains the various conditions that need to be met for the QPP exemption to apply and the circumstances in which the exemption ceases to apply. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

SDLT: alternative property finance relief and musharaka—FA 2003, s 71A
Practice notes

This Practice Note on Islamic finance and tax outlines the stamp duty land tax (SDLT) relief for alternative property finance arrangements (APFA) provided by section 71A of the Finance Act 2003, using a musharaka or diminishing shared ownership arrangement over land situated in England or Northern Ireland to illustrate its application. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers

Sukuk al ijara—capital allowances relief under FA 2009, Sch 61
Practice notes

This Practice Note on Islamic finance and tax considers the reliefs in Schedule 61 to the Finance Act 2009 that are available for UK capital allowances purposes in respect of the land transactions underlying a sukuk al ijara (sale and leaseback) over land in England. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

Sukuk al ijara—conditions for tax relief under FA 2009, Sch 61
Practice notes

This Practice Note on Islamic finance and tax considers the conditions in Schedule 61 to the Finance Act 2009 that must be satisfied in order for reliefs relating to stamp duty land tax (SDLT), tax on chargeable gains (CGT) and/or capital allowances to apply to certain land transactions underlying a sukuk al ijara (sale and leaseback) over land in England. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

Sukuk al ijara—relief from tax on chargeable gains under FA 2009, Sch 61
Practice notes

This Practice Note on Islamic finance and tax considers the reliefs that apply to the land transactions underlying a sukuk al ijara over land for the purposes of UK tax on chargeable gains (CGT) under Schedule 61 to the Finance Act 2009. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

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