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Latest Tax Q&As

Q&As
Can payments made in lieu of notice be redirected into a pension scheme to achieve tax and National Insurance contribution (NIC) efficiency, considering the relevant provisions under the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003)? There appears to be conflicting guidance on whether salary sacrifice arrangements affect Pay As You Earn and NIC obligations in such cases. Clarification would be appreciated.
Q&As
If, on the assignment of a lease for a premium, the rent under the assigned lease exceeds £1,000 a year, is the nil rate band waived in respect of the premium for the assignment for land and buildings transaction tax (LBTT) purposes?
Q&As
Where a non-residential lease over land in Scotland (in respect of which stamp duty land tax (SDLT) was paid and a return filed) is varied in 2017 to extend the term (and reduce the rent), would the variation bring the lease within the Land and Buildings Transaction Tax (LBTT) regime even if the deemed new lease which arises as a result of the variation is not notifiable (because the term of the lease is only two years) and no LBTT is due (because rent over the extension is below the LBTT nil rate band)? The deemed new lease extends by tacit relocation. Is it correct that an LBTT return will be due where the effect of the tacit relocation is that it makes the deemed new lease, notifiable where it was not previously?
Q&As
What is the impact of a tenant's exercise of an ‘option to extend the term’ provision in accordance with the terms of its commercial lease over land in Scotland, where the original lease is an SDLT lease, but the option to extend was exercised post introduction of LBTT?
Q&As
Where a previously notified Land and buildings transaction tax (LBTT) lease over non-residential land is varied and assigned as part of the same transaction, is it correct that only the assignor must submit a return, given that the assignee’s obligation to submit a return following the three yearly review system already in place?
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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).

Flat-rate scheme

A simplified method of accounting for VAT.

Rollover relief for group companies

Where one company (A) disposes of a business asset (X) and a different company (B) in the same group acquires another business asset (Y), any chargeable gain arising on A's disposal of X can be 'rolled over' such that the cost of B's acquisition of Y is deemed to be reduced by the amount of chargeable gains rolled over.
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