The following Private Client practice note provides comprehensive and up to date legal information covering:
FORTHCOMING CHANGE: On 14 July 2020, the Office of Tax Simplification (OTS) published its online survey and a call for evidence to seek views about capital gains tax. The call for evidence comes in two sections: the first seeks high-level comments on the principles of CGT by 10 August 2020, while the second and primary section of the document invites more detailed comments on the technical detail and practical operation of CGT by 9 November 2020. Although the results of the survey and consultation are not yet known, it is worth bearing the proposals in mind when considering and advising on CGT.
When an individual disposes of an asset and makes a profit that is capital in nature, which is not subject to income tax or otherwise taxed, then this may be a taxable capital gain. A number of conditions may affect whether or not a charge to capital gains tax (CGT) arises:
the asset, the disposal and the person making the disposal must all be of a type that can attract CGT
the asset must be valued correctly for CGT purposes
the ‘consideration minus costs’ calculation must result in a gain (see Practice Note: CGT—how to calculate a capital gain)
an exemption or relief may apply
there may be losses to set off against the gain
In the UK, a distinction
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This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
Statutory declaration of solvencyA company enters voluntary liquidation when the members of the company vote to do so by a special resolution. For more information, see Practice Note: What is a members' voluntary liquidation (MVL) and where/when is it typically used?Before the members can vote on a
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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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