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Latest Tax News

Supreme Court finds taxpayer had not made deliberate inaccuracy and that staleness is not relevant to discovery (HMRC v Raymond Tooth)

Supreme Court finds taxpayer had not made deliberate inaccuracy and that staleness is not relevant to discovery (HMRC v Raymond Tooth)

The following Private Client news provides comprehensive and up to date legal information on Supreme Court finds taxpayer had not made deliberate inaccuracy and that staleness is not relevant to discovery (HMRC v Raymond Tooth)

Tax weekly highlights—13 May 2021

Tax weekly highlights—13 May 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—13 May 2021

Contracts—‘Reasonable detail’ in notice clause determined by business purpose (Dodika Ltd and others v United Luck Group Holdings Ltd)

Contracts—‘Reasonable detail’ in notice clause determined by business purpose (Dodika Ltd and others v United Luck Group Holdings Ltd)

The following Commercial news provides comprehensive and up to date legal information on Contracts—‘Reasonable detail’ in notice clause determined by business purpose (Dodika Ltd and others v United Luck Group Holdings Ltd)

Taxpayer’s Ramsay argument fails before the Court of Appeal (Khan v HMRC)

Taxpayer’s Ramsay argument fails before the Court of Appeal (Khan v HMRC)

The following Tax news provides comprehensive and up to date legal information on Taxpayer’s Ramsay argument fails before the Court of Appeal (Khan v HMRC)

Featured Tax content

Tax considerations on a loan agreement—the tax indemnity clause

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...

International movement of capital

International movement of capital

The international movement of capital rules should be considered whenever:•any non-UK tax resident subsidiary (referred to in this note as a foreign...

Management buyouts—summary of tax issues for management

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....

Clause—tax gross up—commercial agreements

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...

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...
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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

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...
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9th Nov
Practice notes

Types of lending

Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
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9th Nov
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...
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9th Nov
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...
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Produced in partnership with Philip Rutherford 12th Jan
Practice notes

Schemes of reconstruction defined

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...
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9th Nov
Practice notes

FATCA in the UK—the UK:US Intergovernmental Agreement: an outline

Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the FATCA reporting deadline of 31 May...
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Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 12th Jan
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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...
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Produced in partnership with Eloise Walker of Pinsent Masons 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...
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Produced in partnership with Martin Wilson 12th Jan
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:...
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Produced in partnership with Zoe Feller of Bird & Bird 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...
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9th Nov
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...
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Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan
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,...
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9th Nov
Practice notes

Bank levy

FORTHCOMING CHANGE: HMRC is consulting (13 July to 10 August 2020) on draft regulations to provide a deduction from a UK entity’s equity and...
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Produced in partnership with Charlotte Sallabank of Katten Muchin Rosenman UK LLP 12th Jan
Practice notes

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...
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9th Nov
Practice notes

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...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 12th Jan

Most recent Capital allowances content

Practice notes

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...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Capital allowances and connected persons

Capital allowances and connected personsProvisions exist to ensure, generally, that assets may not be transferred between connected persons in such a...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Know-how allowances

Know-how allowancesCapital allowances are available for qualifying capital expenditure on know-how where the acquirer is not within the corporate...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 15th May
Practice notes

Structures and buildings allowances

Structures and buildings allowancesFORTHCOMING CHANGE: The government intends to legislate to amend the requirements for SBA allowance statements, to...
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Produced in partnership with Martin Wilson 15th May
Practice notes

How plant and machinery allowances are claimed—income tax

How plant and machinery allowances are claimed—income taxCapital allowances for plant and machinery are given only if specifically claimed by...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Plant and machinery allowances—definition of plant and machinery

Plant and machinery allowances—definition of plant and machineryPlant and machinery allowances are the most widely used form of capital allowance....
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Produced in partnership with Martin Wilson 15th May
Practice notes

How plant and machinery allowances are claimed—corporation tax

How plant and machinery allowances are claimed—corporation taxFORTHCOMING CHANGE: Finance Bill 2021 introduces new rules, that will apply...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Contributions in respect of expenditure on plant and machinery

Contributions in respect of expenditure on plant and machineryThe Capital Allowances Act 2001 contains provisions to ensure that one person cannot...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Plant and machinery allowances—fixtures

Plant and machinery allowances—fixturesA taxpayer may be able to obtain tax relief for expenditure on fixtures by claiming plant and machinery...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Plant and machinery allowances—types and rates

Plant and machinery allowances—types and ratesCapital allowances are the means by which a taxpayer can obtain a deduction when calculating taxable...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Plant and machinery allowances—integral features

Plant and machinery allowances—integral featuresCertain items of plant and machinery (see Practice Note: Plant and machinery allowances—definition of...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Capital allowances—interaction with CGT, VAT and stamp taxes

Capital allowances—interaction with CGT, VAT and stamp taxesThis Practice Note sets out how the capital allowances rules interact with the rules...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Patent allowances

Patent allowancesCapital allowances are available and provide a deduction for capital expenditure on acquiring two particular types of intangible...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 15th May
Practice notes

Capital allowances and company reconstructions

Capital allowances and company reconstructionsWhere a transfer of assets (as opposed to a transfer of shares) results in the transfer of a trade or...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Enhanced capital allowances

Enhanced capital allowancesWhat is an enhanced capital allowance?An enhanced capital allowance (ECA) is a tax relief for businesses on their...
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15th May
Practice notes

Capital allowances anti-avoidance provisions

Capital allowances anti-avoidance provisionsFor both plant and machinery allowances and structures and buildings allowances (SBAs), anti-avoidance...
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Produced in partnership with Martin Wilson 15th May
Practice notes

R&D capital allowances

R&D capital allowancesFORTHCOMING CHANGE: At Spring Budget 2021, the government announced a wide-ranging review of research and development (R&D)...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 15th May
Practice notes

Capital allowances on property sales—pre-contract enquiries

Capital allowances on property sales—pre-contract enquiriesThis Practice Note is about capital allowance-related pre-contract enquiries on a property...
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Produced in partnership with Martin Wilson 15th May
Practice notes

Section 198 and 199 elections on transactions involving real estate

Section 198 and 199 elections on transactions involving real estateThis Practice Note describes the law and practice relating to elections under...
Read More >
Produced in partnership with Martin Wilson 15th May
Precedents

Election—capital allowances apportionment on sale of land—CAA 2001, s 198

[Date][Transferor's name and Unique Taxpayer Reference (UTR)][Transferee's name and UTR]Election to apportion the price of fixtures under section 198...
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Produced in partnership with Martin Wilson 5th May

Popular documents

Written basis of plea and Newton hearings

Written basis of plea and Newton hearings

When defendants are guilty, they have a choice to plead guilty or to put the prosecution to proof. When they plead guilty they may benefit from a reduction in their sentence as a result, see Practice Note: Credit for guilty plea. However, the Sentencing Council's overarching guidelines on reduction

Conditions precedent in commercial contracts

Conditions precedent in commercial contracts

This Practice Note considers the meaning and use of conditions precedent in commercial arrangements. It also considers typical conditions precedent and drafting issues.What are conditions precedent?A condition precedent in a commercial contract details an event which must take place before:•a

Fraud by false representation

Fraud by false representation

Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006

Novation—why and how to novate a contract

Novation—why and how to novate a contract

There may be times when, rather than assigning the benefit of an agreement to a third party, the original parties wish instead to end their obligations to each other under that agreement and, in effect, recreate it, with the third party stepping into the shoes of one of the original parties. This is