The following Tax practice note Produced in partnership with Charlotte Sallabank of Katten Muchin Rosenman UK LLP provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Tax?
STOP PRESS: In relation to chargeable periods ending on or after 1 January 2021, the Bank Levy (Loss Absorbing Instruments) Regulations 2020, SI 2020/1188, provide a deduction from a UK entity’s equity and liabilities for the bank levy where it holds assets representing loss absorbing instruments issued by overseas subsidiaries to meet regulatory requirements.
The bank levy is a tax that:
applies in respect of periods of account (defined in the legislation as chargeable periods) ending on or after 1 January 2011, and
is charged on certain types of equity and liabilities (defined in the legislation as chargeable equity and liabilities) as at the end of a chargeable period of banks, building societies and groups containing banks and building societies
It is a balance sheet tax, not a tax on bank profits and the first £20bn of chargeable equity and liabilities is not
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This Practice Note considers the law governing the procedural law of arbitration proceedings (the curial law or lex arbitri) and how it is determined under the law of England and Wales (England and English are used as convenient shorthand).The procedural law of the arbitral proceedingsThe procedural
When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the company may want to ensure that relevant creditors quickly enter a standstill agreement to gain some breathing space to consider a restructuring
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
This Practice Note considers the doctrine of forum non conveniens, also referred to as the appropriate forum or the proper place for a dispute to be determined. This doctrine is of relevance when determining whether the courts of England and Wales have jurisdiction to hear a dispute and is applied
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