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Latest Tax News

Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

The following Commercial news provides comprehensive and up to date legal information on Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

Tax weekly highlights—8 April 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—8 April 2021

UT reinstates follower notice penalty (HMRC v Comtek)

The following Private Client news provides comprehensive and up to date legal information on UT reinstates follower notice penalty (HMRC v Comtek)

Tax weekly highlights—1 April 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—1 April 2021

Featured Tax content

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...

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...

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...

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,...

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

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,...

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

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

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

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

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

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...

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...

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

Types of lending

Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...

9th Nov

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...

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

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

Precedents

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...

9th Nov

Practice notes

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...

9th Nov

Practice notes

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...

9th Nov

Most recent Employment taxes content

Practice notes

IR35—off-payroll workers

Coronavirus (COVID-19): in light of the coronavirus crisis, the government announced temporary measures to support the employed. For more detail on...

Produced in partnership with David Smith of DLA Piper 13th Apr

Practice notes

Selecting the right share scheme

Selecting the right share scheme is fundamental to ensuring that the arrangement meets the company’s specific needs and objectives.This Practice Note...

12th Apr

Practice notes

Establishing employment status—from a tax and NICs perspective

Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support both the employed and the...

Produced in partnership with Anne Redston 12th Apr

Practice notes

Employment status—why it matters

Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support both the employed and the...

Produced in partnership with Anne Redston 12th Apr

Practice notes

Expenses and benefits—payroll requirements

Coronavirus (COVID-19): HMRC has published guidance on how employers should treat certain expenses and benefits provided to employees during the...

12th Apr

Precedents

Client size confirmation—off-payroll rules (IR35)

[To be set out on client’s headed notepaper or with client’s logo]Off-payroll working (IR35): confirmation of the size of our organisationOn [insert...

12th Apr

Precedents

Status determination statement—off-payroll rules (IR35)

[To be set out on client’s headed notepaper or with client’s logo]Status determination statementThis is a status determination statement, provided in...

12th Apr

Precedents

Status determination disagreement process—off-payroll rules (IR35)

[To be set out on client’s headed notepaper or with client’s logo]Status disagreement processThis document sets out the process that [insert name of...

12th Apr

Practice notes

Non-taxable termination payments

Some payments made on the termination of an employment or office can be paid tax free. Some of these exemptions are often overlooked in practice. The...

Produced in partnership with Sam Whitaker of Shearman & Sterling 9th Apr

Practice notes

IR35—off-payroll workers—practical considerations for the fee-payer

FORTHCOMING CHANGE: Finance Bill 2021 will make the following changes to the off-payroll IR35 legislation:•section 61O of the Income Tax (Earnings and...

9th Apr

Practice notes

IR35—off-payroll workers—practical considerations for the end client

FORTHCOMING CHANGE: Finance Bill 2021 will make the following changes to the off-payroll IR35 legislation:•section 61O of the Income Tax (Earnings and...

9th Apr

In-house

Practice notes

Taxation of payments in lieu of notice (PILONs) and post-employment notice pay (PENP)

The tax treatment of payments in lieu of notice (PILONs) fundamentally changed under the amendments to sections 402 to 404 of the Income Tax (Earnings...

Produced in partnership with Sam Whitaker of Shearman & Sterling 9th Apr

In-house

Practice notes

Termination payments taxed as earnings

Depending on the circumstances, a payment made or other benefit provided in connection with the termination of an office or employment may be taxable...

Produced in partnership with Sam Whitaker of Shearman & Sterling 9th Apr

Practice notes

PAYE—readily convertible assets, intermediaries and jurisdictional scope

Pay as you earn (PAYE) is the mechanism by which income tax (and National Insurance contributions (NICs) and certain other statutory deductions) must...

9th Apr

Practice notes

UK employment tax issues for cross-border employment

Given the ever increasing global mobility of employees, employers could be regularly required to understand and comply with numerous legislative...

Produced in partnership with Darren Oswick of Simmons & Simmons 9th Apr

Practice notes

Fixed protection 2012 (FP 2012)

THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMESThe lifetime allowanceWhile there is no limit on the total amount of authorised benefits a...

9th Apr

Practice notes

Using Scheme Pays to pay the annual allowance charge

THIS PRACTICE NOTE APPLIES ONLY TO PENSION SCHEMES IN ENGLAND AND WALESScheme Pays, introduced by Schedule 17 to the Finance Act 2011 (FA 2011) allows...

Produced in partnership with Herbert Smith Freehills and Naveed Soomro of Squire Patton Boggs 9th Apr

Practice notes

Individual Protection 2014 (IP 2014)

Through the Finance Act 2014, the government introduced two lifetime allowance protection regimes to accompany the reduction in the lifetime allowance...

9th Apr

Practice notes