The following Tax practice note provides comprehensive and up to date legal information covering:
The Budget is a Parliamentary event at which the Chancellor of the Exchequer makes important announcements relating to the national economy. This includes the government's plans in relation to tax for the following year, and sometimes further ahead. The majority of the measures that will take effect in the following tax year will have been announced and consulted upon in advance. There will also be new announcements on Budget day—some (chiefly anti-avoidance) measures to take effect immediately, and others which will take effect in a future tax year.
The Budget is also the precursor to the introduction of the Finance Bill to Parliament. In most years there is just one Finance Bill, although in some general election years there have been two or even three, as described below.
Income tax and corporation tax are annual taxes, meaning that they can only be charged in a year (a tax year for income tax, or a financial year for corporation tax) for which an Act of Parliament provides that they may be charged. Authorising the government to continue collecting income and corporation tax is arguably the most important function of the Finance Bill, although occupying only a couple of sentences in a Bill that will typically be hundreds of pages long.
VAT and excise duties are permanent taxes, meaning that the government does not
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Form of transfer of sharesThere are a number of circumstances in which shares in a company may be transferred, eg upon a sale of the shares, through the transmission of the shares by operation of law (eg upon the death or bankruptcy of a shareholder), by gift or upon the enforcement of a charge. For
Common financial covenantsThis 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
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No deal Brexit—jurisdiction (UK and the Lugano Convention) [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note has been produced in partnership with Guy Pendell, Liz Williams and Kushal Gandhi of CMS.This Practice Note covers the situation where the UK
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