The following Tax practice note Produced in partnership with Martin Scammell provides comprehensive and up to date legal information covering:
This Practice Note is about the VAT treatment of partnerships, joint ventures and other entities in the context of property development and investment. It considers:
companies, general partnerships, limited partnerships, limited liability partnerships (LLPs), real estate investment trusts (REITs), co-owners and joint ventures
which entity needs to be VAT registered
which entity should opt to tax
the treatment of transactions between the parties
contributions and distributions, and
dealings with third parties
It is not always apparent how collaboration arrangements should be dealt with for VAT purposes, and who needs to charge VAT to whom. In some cases the position is genuinely unclear, and the supplies for VAT purposes may not reflect commercial reality. It is important to ensure that contracts deal adequately with the position.
A company is a relatively straightforward vehicle for holding property, but the points provide a basis for comparison with other types of entity.
A company is a separate entity from its shareholders. It is registered for VAT, and exercises any option to tax, in its own right.
Companies can be VAT grouped if they are under common majority control (see Practice Note: VAT groups).
The issue of shares in a company is not a supply for VAT purposes.
The disposal of existing shares might be a non-business activity (in the case of a private investor for example),
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This Practice Note covers the legal framework and regulatory guidance to be considered in determining whether an arrangement constitutes a contract of insurance and the possible consequences of carrying on activities relating to a contract of insurance without the requisite regulatory permissionsThe
There are two kinds of burden:•the legal burden, and•the evidential burdenThe legal burdenA party has the legal (sometimes called ‘the persuasive’) burden where the onus is on that party to prove a fact or issue in a case to the required standard of proof.The legal burden is generally on the
This practice note provides an introduction to tort law by addressing three questions:•what does the concept of being liable in tort mean? And how does tort relate to contract and criminal law•how has the law of tort developed?•what is the scope of tort, ie what interests does it protect? What
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