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...
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...
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...
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:...
Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the FATCA reporting deadline of 31 May...
The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...
It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...
This Practice Note is about the meaning of a scheme of reconstruction for tax purposes.Tax neutrality is maintained where a company (company A) enters...
Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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...
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise...
A business can be acquired by one of two methods: an asset purchase or a share purchase. The two types of transaction are fundamentally different in...
The buyer may fund the acquisition by way of:•cash: from its internal cash resources (or those of its parent or other group company)•debt financing:...
What is a B share scheme and why is it used?A B share scheme is one method used by UK companies to return excess capital to shareholders. It is used...
BrexitThe operation of the UK listing and prospectus regime may be affected by Brexit. For further details, see Practice Note: Brexit—UK listing and...
A limited liability partnership (LLP) is not a partnership but a body corporate that is formed under the Limited Liability Partnerships Act 2000 (LLPA...
Sources of limited partnership lawThe main body of law governing a limited partnership formed under English law (as opposed to a general partnership,...
A person wishing to set up a new company has the following options:•they can incorporate a new company in accordance with the Companies Act 2006 (CA...
This Practice Note focuses on the key aspects of open offers and the matters that require consideration when an open offer is being carried out by a...
Warranty and indemnity (W&I) insurance may be used in private company sale and purchase transactions (whether structured as a share purchase or asset...
BREXIT IMPACT: Several aspects of the PSC regime will be affected by Brexit, including:•the availability of the Societas Europaea (SE) in the UK. For...
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