Tax covenant—single corporate seller—buyer and seller wording
Tax covenant—single corporate seller—buyer and seller wording

The following Tax precedent provides comprehensive and up to date legal information covering:

  • Tax covenant—single corporate seller—buyer and seller wording

Tax covenant—single corporate seller—buyer and seller wording

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: What does IP completion day mean for Tax?

The Schedule
Tax Covenant

    1. 1

      Definitions and interpretation

      1. 1.1

        Notwithstanding clause 1.3 of this Agreement, in the event of any conflict between the provisions of this Schedule and the rest of this Agreement, the provisions of this Schedule will take precedence in respect of all matters relating to Tax.

      1. 1.2

        In this Schedule, unless the context provides otherwise:

        Accounts Relief

        1. means any Relief to the extent that Relief is taken into account in the Accounts as an asset of the Company[ or in computing any provision for deferred Tax or in reducing or extinguishing any provision for deferred Tax made or which would, but for the Relief, have been made in the Accounts];

        Actual Tax Liability

        1. means any liability to make an actual payment or increased payment of Tax or on account of or in respect of Tax[ (whether or not

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