About Tax Law
In corporate tax, there’s no hiding. An opinion won’t cut it, unless it’s backed up by authority. And in such a complex, ever-changing area there’s no room for mistakes.
VAT
Content written by the author of the leading textbook in this area and includes several sector specific Practice Notes. It links directly to Tolley’s Orange Tax Handbook, Tax Journal and key text De Voil.
Finance
Excellent practical content for loans, derivatives and debt capital markets. The content links directly to Tolley’s Yellow Tax Handbook, Simon’s Taxes, Tolley annuals, Tax Journal and key text Ghosh Johnson and Miller.
Taxes management and litigation
This is an area where many people find themselves a bit at sea. Our content is practical, detailed and covers the major issues in dealing with a tax enquiry or dispute.
Trusted tax tests
When you need to delve deeper, Lexis+® Tax links you to trusted tax texts, including Tolley’s Yellow and Orange Tax Handbooks, Simon’s Taxes, Sergeant and Sims, De Voil, Tax Journal and Taxation.
Topics We Cover
Latest Tax News
Tax analysis: In Moffat, the First-tier Tax Tribunal (FTT) held that the taxpayers’ claims for entrepreneurs’ relief (now business asset disposal...
Tax analysis: In Performance Leads, the First-tier Tax Tribunal (FTT) allowed the taxpayer’s appeal that supplies of ‘lead generation’ services to...
Private Client analysis: The First-tier Tribunal (Tax) (FTT) ruled in the taxpayer’s favour, deciding that Mr. Candy did have four years to lodge the...
Tax analysis: In Eastern Power Networks plc and others v HMRC, the First-tier Tax Tribunal (FTT) held that, when determining the ownership proportion...
Pensions analysis: The Pensions Ombudsman has upheld a complaint about member communication. Martin Scott of gunnercooke LLP looks at the decision....
Latest Tax Practice Notes
Doing business in: ChinaUpdated in June 2024IntroductionChina, officially known as the People’s Republic of China (PRC), is a sovereign state...
EU collection—CommercialThis page collects together EU content that addresses matters of Commercial law.For information on EU law generally, see: •EU...
Doing business in: the USUpdated in July 2024IntroductionThe US has one of the most competitive economies in the world. It is the largest national...
Introduction to the EU GDPR and UK GDPRThis Practice Note provides an introduction to both the EU’s General Data Protection Regulation, Regulation...
Plastic packaging taxPlastic packaging—the problemGlobally there is increasing awareness of the problems arising from the world's consumption of...
Latest Tax Precedents
Stamp duty adjudication letterFORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Following the call for evidence in...
Application letter—stamp duty group relief—FA 1930, s 42FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Following...
Unsecured employee loan agreement—company and employee—short-formThis Agreement is made on [insert date]Parties1[insert name of employee borrower], of...
Guidelines for directors—maintaining non-UK tax residence of a non-UK company1Company's tax residence1.1[Insert name of the company] (the Company) is...
Declaration of trust for the transfer of sharesFORTHCOMING CHANGE: Following the call for evidence in 2020, the resulting outcome published in 2021,...
Latest Tax Q&As
Featured Tax content
VAT treatment of damages and compensation payments
VAT treatment of damages and compensation paymentsA damages or compensation payment may attract VAT. This depends on exactly what the payment is for....
The double taxation treaty passport scheme (DTTP scheme)
The double taxation treaty passport scheme (DTTP scheme)The double taxation treaty passport scheme (DTTP scheme) enables a borrower to apply for and...
What are capital allowances and capital expenditure?
What are capital allowances and capital expenditure?What are capital allowances?Capital allowances are the means by which tax relief is given for some...
If the words ‘exclusive of VAT’ are omitted from the definition of annual rent, but there is a VAT clause stating: ‘Where this lease requires the tenant to pay or provide any amount in respect of a VAT supply to the tenant...that amount will be deemed to be exclusive of VAT...and the tenant shall pay a sum equal to that VAT’, will this be sufficient to charge the tenant VAT? Is there any case law in this area?
Direct tax treatment of damages and compensation payments
Direct tax treatment of damages and compensation paymentsWhere a dispute is brought to an end by a payment of damages or compensation, whether under a...
Residential service charges—VAT implications
Residential service charges—VAT implicationsThis Practice Note is about the VAT treatment of residential service charges.Service charges payable to...
Commercial service charges—VAT implications
Commercial service charges—VAT implicationsThis Practice Note is about the VAT treatment of non-residential service charges. General positionService...
Taxation of UK LLPs
Taxation of UK LLPsA UK limited liability partnership (LLP) is a body corporate for company law purposes, but is generally taxed as though it were a...
Qualifying charitable donations and excess management expenses
Qualifying charitable donations and excess management expensesAll companies within the charge to corporation tax can deduct qualifying charitable...
Amortisation of intangible fixed assets
Amortisation of intangible fixed assetsWhere a company acquires (or otherwise incurs capitalised expenditure upon) an intangible fixed asset that...
The Budget and Finance Bill process
The Budget and Finance Bill processThe Budget is a Parliamentary event at which the Chancellor of the Exchequer makes important announcements relating...
Tax treatment of reorganisations of share capital
Tax treatment of reorganisations of share capitalThis Practice Note is about the meaning of a reorganisation for tax purposes, and the tax treatment...
Capital gains—intra-group asset transfers
Capital gains—intra-group asset transfersCompanies which form a group for capital gains purposes are able to transfer assets to one another free of...
VAT treatment of intermediaries, agents and disbursements
VAT treatment of intermediaries, agents and disbursementsFor VAT purposes, an intermediary is a person who makes arrangements for, or facilitates, a...
Taxation of private equity funds—the investors
How are investors in a private equity fund taxed on their share of the profits?This Practice Note sets out how the investors in a typical UK private...
Tax and offshore funds—what is an offshore fund?
Taxation of offshore funds—what is an offshore fund?Background to the offshore funds rulesSpecific tax legislation dealing with offshore funds was...
Partnerships and capital gains
Partnerships and capital gainsThis Practice Note is about the capital gains tax and corporation tax on chargeable gains treatment of UK general...
Tax considerations on a loan agreement—the tax gross up clause
Tax considerations on a loan agreement—the tax gross up clauseIt is standard market practice for loan agreements (also known as facility agreements),...
Associated legal terms
Carried interest (or carry)
A contingent, subordinated right to share in the profits of a private equity fund, which acts as an incentive for private equity executives. The holders of carried interest do not start to share in returns until investors have received (broadly) an amount equal to their original investment plus an additional return on their capital. Carried interest is normally expressed as a percentage of the total profits of the fund. The industry norm is 20% with the fund manager therefore receiving 20% of the profits generated by the fund (although this will not always be the case, as some negotiations with investors will result in a lower percentage).
VAT group
Two or more companies established in the UK, or having a fixed establishment in the UK, are eligible for membership of a VAT group if one of the companies controls each of the others or if one person (being either a company, an individual or two or more individuals carrying on a partnership) controls all of them (Value Added Tax Act 1994 (VATA 1994), s 43A(1)).
VAT representative
The commissioners may allow an overseas trader who does not have a presence in the UK to voluntarily appoint a VAT representative in order to secure compliance by such a trader; they may direct such a trader to appoint a VAT representative if, but only if, he is established in a third country which does not have mutual assistance arrangements with the UK.
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