Business structures

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This Practice Note was originally drafted by Christopher Kerr-Smiley, Legal Director at Womble Bond Dickinson, but is now maintained by Lexis®PSL Private Client....

Practice Note

This Practice Note outlines Bermuda trust law and focuses upon its unique features and recent reforms, such as Bermuda's regime for private trust companies (PTCs) and...

Practice Note

British Virgin Islands (BVI) trusts law is contained in the Trustee Ordinance, Cap 303 (as amended) as revised from time to time and the Virgin Islands Special Trusts Act...

Practice Note

This Practice Note is about the rules for establishing whether companies are within the same group for the purposes of corporation tax on chargeable gains. In many ways a...

Practice Note

Part VIII of the Trusts Law (2011 Revision) Non-charitable purpose trusts are called ‘STAR’ trusts in the Cayman Islands. They are subject to specific statutory...

Practice Note

FORTHCOMING CHANGE: the rate of corporation tax will fall to 17% for the financial year 2020. This table compares the tax treatment of: • sole traders • partnerships...

Practice Note

The common law trust has long been a feature in many kinds of commercial arrangements. It has certain unique characteristics which set it apart from other legal...

Practice Note

Consortium relief is an extension of the group relief rules to allow the surrender and claim of losses between companies that are not so closely connected as to form a...

Practice Note

This Practice Note looks at the meaning of connected persons within sections 1122 and 1123 of the Corporation Tax Act 2010 (CTA 2010). An almost identical definition for...

Practice Note

FORTHCOMING CHANGE relating to transfers within an EU group: Finance Bill 2019–20 will contain provisions permitting companies to pay tax in instalments in relation to...

Practice Note

Overview of potential IHT charges It is important when establishing or operating an employee benefit trust (EBT) that the potential for Inheritance Tax (IHT) charges to...

Practice Note

FORTHCOMING CHANGE: The EU Fifth Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. The...

Practice Note

FORTHCOMING CHANGE: for financial year 2020, the main rate of corporation tax will fall to 17% . When one or more individuals decide to start a business, they have a...

Practice Note

For general information on Guernsey, see Practice Note: Private Client jurisdictional guide—Guernsey. Guernsey as a trust jurisdiction Whilst there are examples of...

Practice Note

When looking at the definition of chargeable transfers and transfers of value in the Inheritance Tax Act 1984 (IHTA 1984), it is perhaps not immediately apparent that...

Practice Note

Companies can be treated as forming groups for many different tax purposes. The usual principle behind group treatment is that the companies which form the group...

Practice Note

When a sole trader (or an individual running a business as a partner in a partnership) decides to incorporate that business, he transfers the assets of that business to a...

Practice Note

When a sole trader (or an individual running a business as a partner in a partnership) decides to incorporate that business, he transfers the assets of that business to a...

Practice Note

For general information on the Isle of Man, see Practice Note: Private Client jurisdictional guide—Isle of Man. Legal framework Isle of Man trust law has its roots in...

Practice Note

For general information on Jersey, see Practice Note: Private Client jurisdictional guide—Jersey [Archived]. Legal framework The legal framework for Jersey law governed...

Practice Note

FORTHCOMING CHANGE relating to transfers within an EU group: Finance Bill 2019–20 will contain provisions permitting companies to pay tax in instalments in relation to...

Practice Note

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 entered an...

Practice Note

What is outsourcing? Outsourcing is an arrangement whereby one company provides services to another company that could be, or usually have been, provided in-house....

Practice Note

This Practice Note is about the calculation and use of losses (other than capital losses) made by general partnerships, limited liability partnerships and limited...

Practice Note

This Practice Note is about the capital gains tax and corporation tax on chargeable gains treatment of UK general partnerships, limited liability partnerships (LLPs) and...

Practice Note

A general partnership is treated, for VAT purposes, as though it were a separate taxable person. This note is about: • the nature of a partnership, and why this may be...

Practice Note
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