Brexit and tax

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Practice notes
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
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
Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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Produced in partnership with Martin Wilson 12th Jan
Practice notes
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
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
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
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
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
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
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
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...
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9th Nov
Practice notes
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
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
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
The value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...
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9th Nov
Practice notes
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...
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9th Nov

Most recent Brexit and tax content

Practice notes
As of exit day (11 pm on 31 January 2020), the UK ceased to be an EU Member State and no longer participates in the political institutions and...
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18th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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18th Jan
Practice notes
This Practice Note is about the extent to which EU law continues to apply to the UK’s tax rules (direct tax and VAT) following the end of the Brexit...
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15th Jan
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained.As of 31 January 2020 (exit day), the UK is no longer an EU Member State and its...
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Produced in partnership with Adam Cygan of University of Leicester 15th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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Produced in partnership with Kieran Laird of Gowling WLG 13th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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13th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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Produced in partnership with Dr. Kieran Laird of Gowling WLG 13th Jan
Practice notes
This Practice Note sets out the areas of UK tax law that are affected by the UK's exit from the European Union (EU) (Brexit) and how. .As of exit day...
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12th Jan
Q&As
Retained EU law is a legal concept describing EU-derived legislation, rights and principles the UK plans to preserve in UK law after Brexit. It is a...
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Produced in partnership with Mathias Cheung of Atkin Chambers 11th Jan
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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11th Jan
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained. It tracks the progress of UK primary legislation introduced as part of the...
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11th Jan
Q&As
At the moment, none.Brexit may eventually alter the way in which tax covenants and warranties are negotiated and drafted but, until we know more as to...
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Produced in partnership with Patrick Ford of Squire Patton Boggs 8th Jan
Q&As
Any material amendment to loan terms could mean it becomes a new loan for FATCA purposes. For this to be the case, the modification has to be...
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Produced in partnership with Ronnie Brown of Burness Paull 8th Jan
Q&As
As with most aspects of Brexit, we are yet to ascertain the precise impact of the UK’s impending exit from the EU on cross-border VAT and Customs...
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Produced in partnership with Andrew Rimmer of BVC Associates Ltd 8th Jan
Q&As
There are two schools of thought on how Brexit may prevent the Financial Transactions Tax (FTT) proposals from affecting the UK. The first is a policy...
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Produced in partnership with Hilary Barclay of Burges Salmon 8th Jan
Q&As
None, provided the loan agreement is in Loan Market Association (LMA) standard form.The tax gross-up and indemnity clauses (and their accompanying...
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Produced in partnership with Eloise Walker of Pinsent Masons 8th Jan
Practice notes
For a spreadsheet listing all tax-related Brexit Statutory Instruments and Acts, click below.The Brexit Tax Legislation tracker provides, for each...
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5th Jan
Q&As
In order to answer this question it is necessary to understand the effect of the VAT Directive in UK law prior to Brexit, before going on to consider...
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27th Dec
Precedents
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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23rd Dec
Q&As
For the purposes of this Q&A we have focused on the matters directly relevant to World Trade Organization (WTO) rules as they relate to trade in goods...
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6th Dec

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