The following Tax practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE relating to construction industry scheme (CIS) abuse: Following a consultation that ran until 28 August 2020, Finance Bill 2021 (FB 2021) will include measures to tackle abuse of the construction industry scheme (CIS). FB 2021 will contain four amendments to the CIS rules: a simplification of the rules for deemed contractors, changes to the rules on deductions for materials, a new power for HMRC to restrict CIS set-off claims and an expansion of the scope of penalties. The measures will apply from 6 April 2021. For more detail, see: Tackling Construction industry scheme abuse and News Analyses: Draft Finance Bill 2021—tackling construction industry scheme abuse, Further provisions for draft Finance Bill 2021—Tax analysis—Real estate and Consultation on tackling Construction Industry Scheme abuse.
FORTHCOMING CHANGE: HMRC intends to make wide-ranging changes to the rules on tax penalties, as part of its 'Making Tax Digital' reforms and a wider penalty review, including:
Late submission penalties: Replacing late filing penalties with a new system of late submission penalties using a points-based model—the amount of the penalties has yet to be announced
Late payment penalties: Replacing the current late payment penalties with a hybrid regime of penalties and penalty interest. Half the penalty, which will be an as yet unspecified percentage of the unpaid tax, will arise when a payment is late by 15 days; the second
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The principle of transferred maliceIf a person has a malicious intent towards X and, in carrying out that intent, injures Y, he is guilty of an offence. So, if D shoots at A with intent to kill him but kills B by mistake it is murder; the mistake as to the identity of the victim is irrelevant as D
What is a res judicata?A res judicata is a decision given by a judge or tribunal with jurisdiction over the cause of action and the parties, which disposes, with finality, of a matter decided so that it cannot be re-litigated by those bound by the judgment, except on appeal.Final judgments by
This Practice Note is an archive of news from the Loan Market Association (LMA) on LMA documentation and related topics. It covers LMA updates from early 2013 to January 2016. For the latest LMA developments since January 2016, see Practice Note: Loan Market Association (LMA)—latest news on
Produced with input from Rebecca Cousin of Slaughter and May on market practice.This Practice Note summarises the rules and guidance in relation to parties who are, or may be presumed to be, acting in concert for the purposes of The City Code on Takeovers and Mergers (the Code). In particular the
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