Old Square Tax Chambers

ARCHIVED: This Practice Note has been archived and is not maintained. This Practice Note looks at the interaction between EU law and the direct tax rules of EU Member States, including the impact that EU law had on the direct tax rules of the UK while it was bound by EU law. It looks in particular at what happens when a national tax provision is incompatible with the EU 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.

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.

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.

This Practice Note is about the right to interest on repayments of overpaid tax, whether under a statutory regime, the common law of restitution, or EU law (including retained EU law). It covers direct taxes and VAT. This Practice Note also discusses the corporation tax charge on restitution interest, and historic EU law rights to damages in respect of tax overpaid before 31 December 2020. This Practice Note was produced in partnership with Etienne Wong and Shane O’Driscoll of Old Square Tax Chambers.

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 and Shane O’Driscoll of Old Square Tax Chambers.

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 and Shane O’Driscoll of Old Square Tax Chambers.

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.

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 to illustrate its application. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers

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.

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.

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.

This Practice Note on Islamic finance and tax considers the stamp duty land tax (SDLT) reliefs in Schedule 61 to the Finance Act 2009 that apply to a sukuk al ijara where the underlying asset held by the issuer of the sukuk is an ijara (sale and leaseback) over land in England. The SDLT reliefs apply to both the land transactions underlying a sukuk al ijara and dealings in the sukuk certificates. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

This Practice Note on Islamic finance and tax outlines how sukuk al ijara (sale and leaseback) over land in England works as a form of financing, and introduces the UK tax reliefs that are available under Schedule 61 to the Finance Act 2009 to such arrangements that qualify as alternative finance investment bond (AFIB) arrangements for UK tax purposes. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

This Practice Note on Islamic finance and tax outlines the principal UK stamp duty and stamp duty reserve tax (SDRT) issues that would need to be considered by a company issuing or holding sukuk (ie Islamic certificates that equate to bonds) that qualify as alternative finance investment bond (AFIB) arrangements for the purposes of the UK’s tax rules that apply to alternative financing arrangements. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

This Practice Note on Islamic finance and tax considers the UK corporation tax and withholding tax issues relevant to sukuk (certificates) that qualify as investment bond arrangements and are issued as part of alternative finance investment bond or AFIB arrangements. This Practice Note was produced in partnership with Sarah Squires of Old Square Tax Chambers.

This Practice Note on Islamic finance and tax outlines the UK VAT treatment of the issue, transfer and redemption of sukuk by an issuer belonging for VAT purposes in the UK. It also considers who the supplier is for UK VAT purposes in dealings by the issuer with the sukuk trust property. This Practice Note was produced in partnership with Étienne Wong of Old Square Tax Chambers.

This Practice Note outlines how the UK treats cryptoassets for income tax, capital gains tax (CGT), corporation tax, stamp duty reserve tax (SDRT), land transfer tax and VAT purposes. In this Practice Note, the term ‘cryptoasset’ is used as a generic term for cryptocurrencies, virtual currencies, virtual assets or digital tokens. This Practice Note was produced in partnership with Etienne Wong and Ben Symons of Old Square Tax Chambers.

This Practice Note outlines how a taxable person who has accounted for and paid VAT on a supply, but who is not paid the price for that supply, may claim a refund of the whole or part of the VAT that they have paid. This Practice Note was produced in partnership with Etienne Wong of Old Square Tax Chambers.

This Practice Note is about the impact of EU legal principles on the implementation and application of VAT law in EU Member States. It also describes the possible consequences where Member States have failed to implement the VAT Directive in a manner that conforms with these principles. This Practice Note was produced in partnership with Etienne Wong of Old Square Tax Chambers.

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