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Latest Tax News

FTT allows unilateral credit for US withholding tax when treaty relief did not apply (Aozora GMAC Investments v HMRC)

FTT allows unilateral credit for US withholding tax when treaty relief did not apply (Aozora GMAC Investments v HMRC)

The following Private Client news provides comprehensive and up to date legal information on FTT allows unilateral credit for US withholding tax when treaty relief did not apply (Aozora GMAC Investments v HMRC)

SDLT—annuity did not prevent market value rule applying (M&M Builders v HMRC)

SDLT—annuity did not prevent market value rule applying (M&M Builders v HMRC)

The following Private Client news provides comprehensive and up to date legal information on SDLT—annuity did not prevent market value rule applying (M&M Builders v HMRC)

Tax weekly highlights—6 May 2021

Tax weekly highlights—6 May 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—6 May 2021

Danish Tax Authority faces jurisdictional barrier in withholding tax claim (Skatteforvaltningen v Solo Capital Partners)

Danish Tax Authority faces jurisdictional barrier in withholding tax claim (Skatteforvaltningen v Solo Capital Partners)

The following Tax news provides comprehensive and up to date legal information on Danish Tax Authority faces jurisdictional barrier in withholding tax claim (Skatteforvaltningen v Solo Capital Partners)

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...

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...

Value shifting

Value shifting

The value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...

Property authorised investment funds (PAIFs)—summary

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...

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

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

VAT—triangulation

Brexit: This Practice Note contains information on subjects impacted by the UK’s withdrawal from the EU. The Taxation (Cross-border Trade) Act 2018,...
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Produced in partnership with John Fuszard of Sagars Accountants Ltd 12th Jan
Practice notes

SDLT—deeds of rectification

Stamp duty land tax (SDLT) ceased to apply to any land transaction involving any interests in or over land in Scotland from 1 April 2015. From that...
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9th Nov
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 Coronavirus (COVID-19) content

Practice notes

Coronavirus (COVID-19)—tax implications

The government has announced a number of measures in response to the coronavirus (COVID-19) crisis either that relate specifically to the UK tax...
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5th May
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Practice notes

Coronavirus (COVID–19)—impact on company filing and administrative procedures

This Practice Note summarises the key ways in which company filing and other administrative procedures have temporarily changed due to the coronavirus...
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27th Apr
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Practice notes

Coronavirus (COVID-19)—impact on annual accounts and reports

BackgroundThis Practice Note considers the impact that the coronavirus (COVID-19) pandemic may have on the preparation and filing of a company’s...
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26th Apr
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Practice notes

Self-Employment Income Support Scheme

STOP PRESS (13/4/21): The Chancellor has made a Treasury Direction (as amended) in relation to the fourth SEISS grant (SEISS 4), covering the period 1...
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23rd Apr
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Q&As

Is there any saving provision under the current SDLT holiday rules for a transaction which has exchanged before 31 March 2021 but which completes after that date, due to unforeseen delays ie coronavirus (COVID-19) related?

The temporary increase in the nil rate band for SDLT applies to transactions with an effective date that falls within the period from 8 July 2020...
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16th Apr
Practice notes

Coronavirus (COVID-19) and tax—impact on tax appeals and tax tribunals

Appeals and applications to the First-tier Tribunal and Upper Tribunal are both significantly affected by the coronavirus (COVID-19) pandemic. This...
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9th Apr
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Practice notes

Coronavirus Job Retention Scheme (revised version 1 July to 31 October 2020)

This Practice Note considers the ‘flexible furloughing’, revised version of the Coronavirus Job Retention Scheme (CJRS) that applied between 1 July...
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9th Apr
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Practice notes

Coronavirus Job Retention Bonus Scheme [Archived]

ARCHIVED: This archived Practice Note is not maintained and is for background information only.UPDATE (5/11/20):The Chancellor of the Exchequer, Rishi...
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6th Apr
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Practice notes

Electronic bundles in civil proceedings

Effective preparation of bundles is an essential element of a smooth, orderly hearing and something which practitioners should keep in clear focus as...
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Produced in partnership with Quinn Emanuel Urquhart & Sullivan UK LLP 23rd Mar
tag iconCOVID-19
Practice notes

Taxation of coronavirus (COVID-19) government support payments

FORTHCOMING CHANGE: At Spring Budget 2021 the government announced that Finance Bill 2021 will contain amendments to:•ensure that SEISS grants made on...
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16th Mar
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Practice notes

Job Support Scheme

STOP PRESS (9/11/20): On 30 October 2020, HMRC published 11 guidance notes giving further details of eligibility for the Job Support Scheme (JSS) and...
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4th Mar
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Q&As

Coronavirus (COVID-19)—what are the potential tax consequences of working remotely, including cross-border employment tax issues?

As a result of measures to slow down the spread of coronavirus (COVID-19), many countries including the UK are in lockdown. For employees, this often...
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Produced in partnership with Laura Allwright of Simmons & Simmons and Darren Oswick of Simmons & Simmons 15th Feb
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Q&As

Coronavirus (COVID-19)—what is the impact of the coronavirus-related restrictions on corporate tax residence and permanent establishments?

Any restrictions on travel imposed by the coronavirus (COVID-19) may impact on corporate tax residency if businesses do not take care to recognise the...
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Produced in partnership with Martin Shah 15th Feb
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Q&As

Can an employee who does not have a UK contract of employment be placed on furlough under the coronavirus (COVID-19) job retention scheme?

This Q&A takes account of the HMRC guidance for employers: Claim for your employees' wages through the Coronavirus Job Retention Scheme as at 15 April...
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3rd Feb
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Q&As

Coronavirus (COVID-19)—what is the potential impact on transfer pricing?

There are a range of issues that could arise for transfer pricing purposes, due to the impact of coronavirus (COVID-19).Intra-group contractsThe...
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Produced in partnership with Kapisha Vyas of Simmons & Simmons and Tomoko Ikawa of Simmons & Simmons 8th Jan
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Q&As

Coronavirus (COVID-19)—what are the potential VAT consequences of cancelling or aborting contracts due to coronavirus?

Government recommendations on social distancing, self-isolation in the case of sickness, and business closures has resulted in many typical business...
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Produced in partnership with Bryn Reynolds of Simmons & Simmons and Jo Crookshank of Simmons & Simmons 8th Jan
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Q&As

Can a non-UK organisation with employees apply for a grant under the coronavirus (COVID-19) job retention scheme if it has created and started a pay as you earn payroll scheme on or before 28 February 2020 and has a UK bank account?

HMRC updated its guidance for employers on the coronavirus (COVID-19) job retention scheme (CJRS) on 4 April 2020, and some of the revisions it has...
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5th Dec
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Q&As

What are the implications of the coronavirus (COVID-19) pandemic on the economic substance regimes of the Crown Dependencies and Overseas Territories?

The Crown Dependencies of Jersey, Guernsey and the Isle of Man, and the Overseas Territories of Bermuda, Cayman Islands and British Virgin Islands...
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29th Nov
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Q&As

Will days that an individual is forced to spend in the UK because of travel restrictions fall within the ‘exceptional circumstances’ exception under the statutory residence test?

FORTHCOMING CHANGE: proposed temporary relaxation of the statutory residence test: On 9 April 2020, a letter from the Chancellor to the Chair of the...
Read More >
29th Nov
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Popular documents

Insurance conduct regulation—COBS and ICOBS

Insurance conduct regulation—COBS and ICOBS

The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these

Commercial Property Standard Enquiries (CPSE)—environmental and health and safety enquiries

Commercial Property Standard Enquiries (CPSE)—environmental and health and safety enquiries

Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several

What is an intangible fixed asset?

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 fixed assets. Note, however, that certain intangible fixed assets are excluded from the regime, see Practice Note: Excluded intangible fixed

Forfeiture of a lease

Forfeiture of a lease

Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to