The following Tax practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: Finance Bill 2020–21 will introduce a new information notice that HMRC may issue to anyone it suspects of being involved in the supply of arrangements that should have been disclosed, and a power for HMRC to issue a scheme reference number if the requested information is not forthcoming. The change will apply from Royal Assent to the Finance Bill. For more information, see News Analysis: Draft Finance Bill 2020–21—promoters and enablers of tax avoidance schemes.
This Practice Note describes the rules on the disclosure of tax avoidance schemes for VAT and other indirect taxes (DASVOIT).
For the rules on disclosing the avoidance of:
income tax, corporation tax, capital gains tax (CGT) and National Insurance contributions (NICs), see Practice Note: Disclosure of tax avoidance schemes—income tax, corporation tax, CGT and NICs
stamp duty land tax (SDLT), see Practice Note: Disclosure of tax avoidance schemes—SDLT
inheritance tax (IHT), see Practice Note: Disclosure of tax avoidance schemes—IHT
The DASVOIT rules make it obligatory to inform HMRC about certain arrangements for avoiding VAT and other indirect taxes. The rules allow HMRC to find out about tax avoidance schemes that it might otherwise not know about, or might only find out about much later. The rules also mean that HMRC can monitor how widely a known scheme is being used, and if necessary can act swiftly
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This Practice Note explains certain common financial covenants used in commercial finance transactions including:•minimum net worth test•gearing ratio•leverage ratio (or debt to equity ratio)•current ratio (or acid test ratio)•cashflow ratio•interest cover ratio, and•loan to value ratioIt explains:
Tipping off and prejudicing an investigationIt would undermine the benefit to the authorities if, a suspicious activity report (SAR) having been made, the alleged offender were to be made aware of the interest in their activities so that they could take steps to cover up their misdeeds or disappear.
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis (presently until 31 December 2020) impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For further reading, see Practice Note: Corporate
The Standard Conditions of Sale (SCS), currently in their 5th edition (2018 revision), are a set of standard conditions which are commonly incorporated into contracts for the sale of residential property. The Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are used for
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