The following Tax practice note Produced in partnership with Karen Cooper of Cooper Cavendish provides comprehensive and up to date legal information covering:
Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the self-employed. For more detail, see Practice Note: Coronavirus (COVID-19)—tax implications—Self-employed income support scheme (SEISS). HMRC has confirmed that, where a claim is to be made through the SEISS and the individual in question had loans impacted by the loan charge and is intending to declare a loan charge or settle disguised remuneration scheme involvement with HMRC by 30 September 2020, the SEISS grant will be based on either (a) the average of the tax years 2016–17 and 2017–18 or (b) solely tax year 2017–18 if the individual was not self-employed in tax year 2016–17. The self-assessment tax return for the tax year 2018–19 does not have to be submitted by 23 April 2020; it should be filed by 30 September 2020 (in accordance with the extension provided as part of the government’s response to the Morse review of the loan charge, for more detail, see Practice Note: Disguised remuneration—the loan charge).
In 2011, anti-avoidance legislation in the form of Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) was introduced to tackle arrangements aimed at providing employees and their family members with benefits free of income tax and National Insurance contributions (NICs). The rules, known as the ‘disguised remuneration’ rules, typically catch the use
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What is rescission of a contract?The remedy of rescission is available to a party whose consent, in entering into a contract, has been invalidated in some way:•the effect of rescinding a contract is to extinguish it and restore the parties to their pre-contractual positions•the main grounds of
You may apply simplified customer due diligence (SDD) measures in relation to particular business relationships or transactions which you determine present a low risk of money laundering or terrorist financing, having taken into account:•your organisation-wide risk assessment—see Practice Note:
What is a third party debt order (TPDO)?Third party debt orders were previously known as 'garnishee' orders and operated under the regime provided for in CCR Ord 30 and RSC Ord 49 (now revoked). Although the rules in CPR 72 are new, many of the principles with which they are concerned are well
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
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