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 Environmental Services Ltd, the First-tier Tax Tribunal (FTT) dismissed the appeal of the waste handling and transporting company...
This week's edition of Tax weekly highlights includes: (1) UK Finance responding to HMRC’s consultation on simplifying treaty relief for overseas...
Tax analysis: In Poznic, the First-tier Tax Tribunal (FTT) held that the taxpayer’s disposal of B ordinary shares did not qualify for business asset...
Tax analysis: In Cogefin, the First-tier Tax Tribunal (FTT) held that a Bermudian company was UK resident because its central management and control...
Tax analysis: In Jody Scheckter v HMRC, the First-tier Tax Tribunal (FTT) dismissed the taxpayer’s appeal concerning his entitlement to claim sideways...
Latest Tax Practice Notes
This Practice Note looks at the tax implications of transferring a trade without a change in ultimate ownership, and, in particular, the rules that...
FORTHCOMING CHANGE relating to double tax treaty relief: The government is exploring options to potentially simplify the process and administration of...
FORTHCOMING CHANGE: The government is exploring options to potentially simplify the process and administration of double tax treaty (DTT) relief from...
FORTHCOMING CHANGE: The government is exploring options to potentially simplify the process and administration of double tax treaty (DTT) relief from...
FORTHCOMING CHANGE relating to the modernisation of stamp taxes on shares framework: Stamp duty and SDRT will, in 2027, be replaced with a single,...
Latest Tax Precedents
1Construction Industry Scheme—for use where the landlord’s contribution is a reverse premiumThe Landlord and Tenant acknowledge that the Landlord’s...
[Letterhead][Addressed to HMRC Officer][Date]We hereby jointly elect pursuant to section 792 of the Corporation Tax Act 2009 (CTA 2009) for [the whole...
[To be set out on client’s headed notepaper or with client’s logo]Off-payroll working (IR35): confirmation of the size of our organisationOn [insert...
[Law firm’s letterhead][Addressed to client]Acquisition by [name of buyer] (the Buyer) of [name of target company] (the Company) from [name of seller]...
[Insert client’s address]Income tax treatment of staff entertainment and gifts to employees and directors1Purpose of this letterThis letter explains...
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
Exempt supply
A supply that is excluded from the charge to tax.
Output tax
The VAT liability that falls on a taxable person as a result of supplies of goods and services, events treated as supplies of goods and services, supplies of goods acquired from another EU member state, or the reverse charge.
Taxable income
Taxable income is the amount of a person’s or company’s income on which income tax or corporation tax is actually charged, after taking into account allowable deductions, reliefs and exemptions. In practice, it is the figure arrived at after starting with total or gross income and then applying the relevant statutory rules to remove non-taxable receipts and deduct permitted expenses and reliefs.
In the UK, “taxable income” is a shorthand drawn from the Income Tax Acts and Corporation Tax Acts, rather than a single stand‑alone definition. It underpins the calculation of income tax for individuals and partners, and corporation tax for companies, and is central to advising on tax planning, compliance, PAYE, self‑assessment and HMRC enquiries.
In Ireland, the Taxes Consolidation Act 1997 performs an equivalent function, with broadly similar usage and effect, though detailed rules on what is deductible, exempt or relieved differ.
Across England & Wales, Scotland, Northern Ireland and Ireland, legal and tax practitioners use “taxable income” consistently to mean the statutory tax base on which the applicable tax rates and bands are applied.
CONTACT US
