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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)

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

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)

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)

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

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

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

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

1 Withholding and grossing up 1.1 All sums payable under this [Agreement] by or on behalf of any party (for the...

Practice notes

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...

9th Nov

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...

9th Nov

Practice notes

VAT treatment of damages and compensation payments

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...

9th Nov

In-house

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...

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...

Produced in partnership with Philip Rutherford 12th Jan

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...

Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 12th Jan

In-house

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...

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...

Produced in partnership with Martin Wilson 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...

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...

Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan

Practice notes

Plant and machinery allowances—definition of plant and machinery

Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...

Produced in partnership with Martin Wilson 12th Jan

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...

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,...

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...

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...

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...

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

Most recent Devolution content

Practice notes

Scottish landfill tax

Scottish landfill taxWhat is Scottish landfill tax?Scottish landfill tax (SLfT) is an environmental tax administrated by Revenue Scotland with support...

Produced in partnership with Angus Evers of Shoosmiths 15th May

Scottish Law

Practice notes

Scotland: Land and buildings transaction tax (LBTT)—the basics

Scotland: Land and buildings transaction tax (LBTT)—the basicsLand and buildings transaction tax (LBTT) replaced stamp duty land tax (SDLT) in...

Produced in partnership with Ronnie Brown of Burness Paull 15th May

Scottish Law

Practice notes

Wales: Land transaction tax (LTT)—particular transactions and taxpayers

Wales: Land transaction tax (LTT)—particular transactions and taxpayersLand transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales with...

Produced in partnership with Andrew Evans 15th May

Practice notes

Scotland: Land and buildings transaction tax (LBTT)—administration and compliance

Scotland: Land and buildings transaction tax (LBTT)—administration and complianceCORONAVIRUS (COVID-19): Revenue Scotland is not processing paper...

Produced in partnership with Ronnie Brown of Burness Paull 15th May

Scottish Law

Practice notes

Scottish general anti-avoidance rule (Scottish GAAR)

Scottish general anti-avoidance rule (Scottish GAAR)The Scottish general anti-avoidance rule (Scottish GAAR) aims to protect revenue through...

Produced in partnership with Andrew Ford of Barr & Ford Limited 15th May

Scottish Law

Practice notes

Wales: Land transaction tax (LTT)—the basics

Wales: Land transaction tax (LTT)—the basicsThis Practice Note provides an overview of land transaction tax (LTT) which replaced stamp duty land tax...

Produced in partnership with Andrew Evans 15th May

Practice notes

Scotland: Land and buildings transaction tax (LBTT)—chargeable consideration and rates of LBTT

Scotland: Land and buildings transaction tax (LBTT)—chargeable consideration and rates of LBTTCORONAVIRUS (COVID-19): the Coronavirus (Scotland) (No...

Produced in partnership with Ronnie Brown of Burness Paull 15th May

Scottish Law

Practice notes

Wales: Land transaction tax (LTT)—administration and compliance

Wales: Land transaction tax (LTT)—administration and complianceCORONAVIRUS (COVID-19): There is a delay in processing correspondence (including...

Produced in partnership with Andrew Evans 15th May

Practice notes

Wales: Land transaction tax (LTT)—chargeable consideration and rates of LTT

Wales: Land transaction tax (LTT)—chargeable consideration and rates of LTTLand transaction tax (LTT) replaced stamp duty land tax (SDLT) in Wales...

Produced in partnership with Andrew Evans 15th May

Practice notes

Scotland: Land and buildings transaction tax (LBTT)—particular transactions and taxpayers

Scotland: Land and buildings transaction tax (LBTT)—particular transactions and taxpayersFORTHCOMING CHANGE relating to PAIFs and CoACS: The Scottish...

Produced in partnership with Ronnie Brown of Burness Paull 15th May

Scottish Law

Practice notes

Tax—devolution tracker

Tax—devolution trackerThe tracker is split into two main parts:•tracking by country, which is split down into:◦Wales◦Scotland, and◦Northern Ireland,...

15th May

Practice notes