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Latest Tax News

Danish Tax Authority faces jurisdictional barrier in withholding tax claim (Skatteforvaltningen v Solo Capital Partners)

The following Tax news provides comprehensive and up to date legal information on Danish Tax Authority faces jurisdictional barrier in withholding tax claim (Skatteforvaltningen v Solo Capital Partners)

Former coach house was not suitable for use as a dwelling for SDLT purposes (Mullane v HMRC)

The following Property news provides comprehensive and up to date legal information on Former coach house was not suitable for use as a dwelling for SDLT purposes (Mullane v HMRC)

IBAs were available in period of disuse (Shaw v HMRC)

The following Tax news provides comprehensive and up to date legal information on IBAs were available in period of disuse (Shaw v HMRC)

High Court strikes out majority of BT’s restitution claim on bad debt relief (British Telecommunications plc v HMRC)

The following Tax news provides comprehensive and up to date legal information on High Court strikes out majority of BT’s restitution claim on bad debt relief (British Telecommunications plc v HMRC)

Featured Tax content

What is an intangible fixed asset?

Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to the gains and losses of intangible...

Property holding structures—direct tax treatment of a Jersey property unit trust (JPUT)

FORTHCOMING CHANGE relating to property rich collective investment vehicles and certain investors: HMRC is consulting until 16 December 2020 on draft...

SDLT—deeds of rectification

Stamp duty land tax (SDLT) ceased to apply to any land transaction involving any interests in or over land in Scotland from 1 April 2015. From that...

VAT—triangulation

Brexit: This Practice Note contains information on subjects impacted by the UK’s withdrawal from the EU. The Taxation (Cross-border Trade) Act 2018,...

Practice notes

Unilateral relief for foreign tax

Unilateral relief, like double tax relief, aims to relieve double taxation. Subject to certain conditions being satisfied and specific limits,...

9th Nov

Practice notes

Plant and machinery allowances—definition of plant and machinery

Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...

Produced in partnership with Martin Wilson 12th Jan

Practice notes

VAT on composite supplies

Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...

Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan

Practice notes

Why have a tax covenant?

It is market practice for a tax covenant, also known as a tax deed, to form part of the transaction documents in respect of a sale of all the shares...

9th Nov

Practice notes

Capital reduction demergers

The reasons why a company might carry out a demerger, and the different ways in which a demerger may be structured, are described in Practice Notes:...

Produced in partnership with Zoe Feller of Bird & Bird 12th Jan

Practice notes

Section 198 and 199 elections on transactions involving real estate

This Practice Note describes the law and practice relating to elections under section 198 or 199 of the Capital Allowances Act 2001 (CAA 2001), which...

Produced in partnership with Martin Wilson 12th Jan

Practice notes

Tax considerations on a loan agreement—the tax gross up clause

It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...

Produced in partnership with Eloise Walker of Pinsent Masons 12th Jan

Practice notes

What is a tax determination?

This Practice Note explains:•what a determination in respect of direct tax (ie a direct tax determination) is•when HMRC might issue a direct tax...

Produced in partnership with Philip Rutherford 12th Jan

Practice notes

Direct tax treatment of damages and compensation payments

Where a dispute is brought to an end by a payment of damages or compensation, whether under a court order or an out-of-court settlement agreement:•the...

9th Nov

Practice notes

VAT treatment of damages and compensation payments

A damages or compensation payment may attract VAT. This depends on exactly what the payment is for. If it is purely compensatory, it will be outside...

9th Nov

In-house

Practice notes

EIS funds, including approved knowledge-intensive funds

The Enterprise Investment Scheme (EIS) is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax...

9th Nov

Practice notes

Property authorised investment funds (PAIFs)—summary

The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...

Produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP 12th Jan

Practice notes

Value shifting

The value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...

9th Nov

Precedents

Clause—tax gross up—commercial agreements

1 Withholding and grossing up 1.1 All sums payable under this [Agreement] by or on behalf of any party (for the...

9th Nov

Practice notes

Management buyouts—summary of tax issues for management

A management buyout, or MBO, involves the acquisition of a business by its existing management team usually with the help of private equity financing....

9th Nov

Practice notes

Tax considerations on a loan agreement—the tax indemnity clause

This Practice Note:•explains:◦the purpose of the tax indemnity clause that is normally found in a loan agreement, and◦that the standard drafting of...

9th Nov

Most recent Business structures content

Q&As

Does an employee benefit trust have to be registered with HMRC’s online Trust Registration Service?

By virtue of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 any...

5th May

Practice notes

Transfer pricing and joint ventures

This Practice Note considers the UK tax aspects of the application of the UK’s transfer pricing rules to joint ventures, including in particular, when...

Produced in partnership with Simon Gough and Caroline Brown of Bird & Bird LLP 4th May

Practice notes

Tax implications of international joint ventures

This Practice Note considers the key tax issues arising when structuring, operating and terminating an international joint venture, over and above...

Produced in partnership with Zoe Feller and Andrew Rink of Bird & Bird 4th May

Practice notes

VAT groups

Many companies operate in groups, broadly meaning that they are under common economic ownership. The existence of groups of companies is recognised in...

4th May

Practice notes

Employee benefit trusts—on-shore and offshore trusts and tax implications

Trustees are generally treated as UK resident if all the trustees are resident in the UK, or:•at least one trustee is resident in the UK•there is a...

Produced in partnership with Jeremy Glover of Fenwick Elliott 27th Apr

In-house

Practice notes

The security agent and security trust provisions

The security agentIn a syndicated loan transaction, the security agent (sometimes also known as the security trustee) (the Security Agent) will hold...

26th Apr

Practice notes

Taking security from trust funds

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Martin Blake of Farrer & Co 26th Apr

Practice notes

Taxation of general partnerships

This Practice Note is about the tax treatment of a general partnership formed under English law (as opposed to a limited partnership, a limited...

26th Apr

Practice notes

Partnership losses

FORTHCOMING CHANGE relating to carry-back of losses: At Spring Budget 2021, the government announced a temporary extension of the period over which...

26th Apr

Practice notes

Tax implications of operating and terminating a joint venture partnership

This Practice Note considers the UK tax aspects of the operation and termination of a joint venture operated through a partnership. It is assumed for...

Produced in partnership with Arun Birla of Paul Hastings, Hannah Gray of Paul Hastings and Abigail Hung of Paul Hastings 26th Apr

Practice notes

Tax influences on choice of joint venture vehicle

This Practice Note considers how the principal UK tax aspects of the establishment, operation and termination of a joint venture may impact on the...

Produced in partnership with Arun Birla of Paul Hastings, Hannah Gray of Paul Hastings and Abigail Hung of Paul Hastings 26th Apr

Practice notes

Tax implications of contractual joint ventures

This Practice Note considers the UK tax aspects of the establishment, operation and termination of contractual joint ventures, and also considers how...

Produced in partnership with Arun Birla of Paul Hastings, Hannah Gray of Paul Hastings and Abigail Hung of Paul Hastings 26th Apr

Q&As

Where a discovery amendment has been made to the tax return of a dissolved, trading limited liability partnership under section 30B of the Taxes Management Act 1970, how can this be appealed?

Section 30B of the Taxes Management Act 1970 (TMA 1970) permits HMRC, subject to various conditions, to amend a partnership’s tax return so as to...

Produced in partnership with Denis Edwards of Normanton Chambers 26th Apr

Precedents

Precedent tax clauses for a 50/50 joint venture agreement

1Definitions and interpretation1.1In this Agreement, unless the context otherwise requires the following expressions shall have the following...

Produced in partnership with Arun Birla of Paul Hastings, Hannah Gray of Paul Hastings and Abigail Hung of Paul Hastings 26th Apr

Practice notes

Forms of business vehicle—tax summary

When one or more individuals decide to start a business, they have a choice as to what vehicle they operate that business through. In addition to the...

22nd Apr

Practice notes

Tax influences on choice of business vehicle

FORTHCOMING CHANGE: As announced at Spring Budget 2021, Finance Bill 2021 provides that the corporation tax rate will:•increase to 25%, from 1 April...

22nd Apr

Practice notes

Trusts as a vehicle for holding company shares

IntroductionMany trusts own shares as part of a portfolio of investments. This Practice Note looks at situations where trustees own shares in order to...

Produced in partnership with Marilyn McKeever, Partner at New Quadrant Partners 20th Apr

Practice notes

Role of a bond trustee

Not all bond issues involve a trustee. It is up to the issuer to decide whether to appoint a trustee or a fiscal agent—see Practice Note: Transaction...

19th Apr

Practice notes

Tax implications of establishing a joint venture partnership

This Practice Note considers the UK tax aspects of the establishment of a joint venture operated through a partnership. It is assumed for the purposes...

Produced in partnership with Arun Birla of Paul Hastings, Hannah Gray of Paul Hastings and Miss Abigail Hung of Paul Hastings 18th Apr

Practice notes