Squire Patton Boggs

This Practice Note provides an overview of the main issues in decommission of oil and gas installations and pipelines that may give rise to disputes between interested parties, including Section 29 Notices, decommissioning security agreements (DSAs) and contractor disputes in relation to delay, variation, force majeure and indemnity provisions covering property damage and pollution.

This Practice Note explains the anti-diversion rule, which is an anti-avoidance rule in the foreign branch (or foreign permanent establishment) exemption. This version of the rule applies for accounting periods beginning on or after 1 January 2013. It is intended to prevent a company from artificially diverting profits out of the UK and into an exempt foreign permanent establishment. This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.

This Practice Note explains the diverted profits gateway which forms part of the anti-diversion rule in the foreign branch (or foreign permanent establishment (PE)) exemption. This version of the rule applies for accounting periods beginning on or after 1 January 2013. This gateway is based on the CFC charge gateway and is aimed at identifying profits of foreign PEs that have been diverted from the UK. This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.

This Practice Note explains the four exemptions from the anti-diversion rule in the foreign branch (or foreign permanent establishment (PE)) exemption. This version of the rule applies for accounting periods beginning on or after 1 January 2013. The four exemptions are for low profits, low profit margin, excluded territories and not subject to a lower level of tax and are based on the CFC exemptions. This Practice Note was produced in partnership with Robert O’Hare of Squire Patton Boggs (UK) LLP.

This Practice Note explains how a company determines the amount of its foreign permanent establishments amount (FPEA). If a company has made a foreign branch (or foreign permanent establishment) exemption election, it must calculate its FPEA in every accounting period. The FPEA is the aggregate of relevant profits amounts less the aggregate of relevant losses amounts for all territories in which the company has a PE. Any profit or loss that is taken into account in calculating the FPEA must be left out of account in calculating the company’s taxable total profits (ie is exempt from UK tax). This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.

This Practice Note explains the special rules that apply to companies that have incurred losses in the six-year period prior to making a foreign branch (or permanent establishment (PE)) exemption election. If the company has incurred such historic losses (ie has a total opening negative amount (TONA)), the application of the exemption is deferred until sufficient profits have been generated in the PEs of that company (whether as a whole (matching) or allocated to specific PEs (streaming)) to equal those historic losses. This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.

This Practice Note explains the changes made to other tax rules to accommodate the foreign branch (or foreign permanent establishment (PE)) exemption. The main changes relate to the capital gains no gain no loss provisions; the intangible fixed asset no gain no loss provision; and the disposal value for capital allowances purposes for the disposal event that is triggered by the entry into a foreign branch exemption election. There are also changes made to the CFC, withholding tax, and corporation tax deductions on employee share acquisitions rules. This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.

Share awards to employees can often benefit from exemptions so that they do not breach the Financial Services and Markets Act 2000 (FSMA 2000). However, granting share awards to non-employees such as non-executive directors, can be less straightforward as a number of those exemptions do not apply. This Practice Note considers the issues under FSMA 2000 of granting share awards to non executive directors and identifies possibly exemptions under FSMA 2000 which may nevertheless be available in some circumstances. Written in partnership with Paul Anderson and Alex Paterson of Squire Patton Boggs.

This Practice Note explains the income tax provisions that apply to offshore employment intermediaries, including a summary of the position before and after the changes introduced by the Finance Act 2014, and key practical considerations to be aware of following those changes. This Practice Note was produced in partnership with Patrick Ford of Squire Patton Boggs.

This Practice Note explains the income tax provisions that apply to onshore employment intermediaries, including a summary of the position before and after the changes introduced by the Finance Act 2014. This Practice Note was produced in partnership with Patrick Ford of Squire Patton Boggs.

This Practice Note summarises the key practical considerations for entities within the scope of the onshore employment intermediaries legislation. This Practice Note was produced in partnership with Patrick Ford of Squire Patton Boggs.

This Practice Note explains the purpose of the foreign branch exemption (foreign permanent establishments exemption) ie to enable a UK resident company with operations overseas that constitute a PE to elect not to be taxed in the UK on the profits of those PEs. This Practice Note summarises the rules for electing into the regime, how the exemption is applied in the UK company’s calculation of corporation tax due and the anti-avoidance provisions that prevent certain profits from being exempt from UK tax and delay entry into the exemption for companies with historic losses. This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.

This Practice Note considers supply chain sustainability and sustainable procurement. It discusses how UN Global Compact leads the effort to improve organisations' supply chain sustainability performance. It provides guidance on establishing a supplier code of conduct and developing a supply chain sustainability programme addressing human rights, labour, environmental issues, corruption, litigation and risk management concerns.

This Practice Note looks at the tax treatment of section 75 debts/employer debts/statutory debts and the extent to which such payments are ‘wholly and exclusively for the purposes of the trade’ when paid by UK registered companies. The Note also looks at the deductibility of tax payments under apportionment and withdrawal arrangements, the timing issues involved in making tax deductions of this nature and the specific ways of dealing with the tax issues arising on the sale of a subsidiary in a multi-employer scheme when a section 75 debt is triggered.

This Practice Note considers the EU conflict minerals regime which, by requiring third party audits and disclosures about supply chain due diligence, seeks to reduce the financing of armed conflicts through the trade of minerals.

This Practice Note sets out the key issues a UK resident company with foreign profits should consider regarding the scope of UK corporation tax and the foreign tax relief available to it, ie double tax treaty relief by way of credit, unilateral foreign tax credit or relief by way of deduction of foreign tax. This note assumes that the company has not made an election to exempt its foreign branch profits. This note also summarises what a UK resident company can do with losses generated overseas. This Practice Note was produced in partnership with Robert O'Hare of Squire Patton Boggs (UK) LLP.