Disguised remuneration and EBTs

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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)

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

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)

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

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...

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...

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...

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

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

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

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

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

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

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

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

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:...

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...

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

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—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

Most recent Disguised remuneration and EBTs content

Practice notes

Employee benefit trusts—on-shore and offshore trusts and tax implications

Trustees are generally treated as UK resident if all the trustees are resident in the UK, or:•at least one trustee is resident in the UK•there is a...

Produced in partnership with Jeremy Glover of Fenwick Elliott 27th Apr

In-house

Practice notes

Employee benefit trusts—UK taxation issues

Employee benefit trusts (EBTs) are commonly used to support employees' share schemes and to provide other benefits to employees in the form of...

Produced in partnership with Karen Cooper of Cooper Cavendish 22nd Apr

Practice notes

Disguised remuneration and pensions

What is disguised remuneration?HMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 9th Apr

Practice notes

Employee benefit trusts and inheritance tax considerations

Overview of potential IHT chargesIt is important when establishing or operating an employee benefit trust (EBT) that the potential for Inheritance Tax...

9th Apr

Practice notes

What is an employee benefit trust?

The EBT as a trustAn employee benefit trust (EBT) is a form of trust. A trust refers to the legal relationship created by a person, the settlor, when...

Produced in partnership with Jeremy Glover of Fenwick Elliott 9th Apr

Practice notes

Disguised remuneration—the tax charge and responsibility for paying tax

Under the disguised remuneration rules, the value of the 'relevant step' counts as employment income. For the meaning of a relevant step, see Practice...

Produced in partnership with Pete Miller Miller Partnership for Tolley's Tax Digest and Karen Cooper of Cooper Cavendish LLP 9th Apr

Practice notes

Disguised remuneration—structure of the regime and its implications in practice

IntroductionHMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National...

Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr

Practice notes

Disguised remuneration and the self-employed

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

Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr

Practice notes

Disguised remuneration—the loan charge

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

9th Apr

Practice notes

Disguised remuneration—the gateway

Sections 554A–554AA of Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) are referred to by HMRC as the ‘gateway’ to the disguised remuneration...

Produced in partnership with Pete Miller Miller Partnership for Tolley's Tax Digest and Karen Cooper of Cooper Cavendish LLP 9th Apr

Practice notes

Exclusions from the disguised remuneration rules

The disguised remuneration legislation was introduced in 2011 but has been further developed and extended by subsequent Finance Acts. It is intended...

Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr

Practice notes

Disguised remuneration—tax planning environment before rules introduced

The huge volume of legislation that comprises Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003) (the disguised remuneration...

Produced in partnership with Pete Miller Miller Partnership for Tolley's Tax Digest and Karen Cooper of Cooper Cavendish LLP 9th Apr

Practice notes

Disguised remuneration—the relevant steps

This Practice Note focuses on the meaning of a 'relevant step'. One of the requirements set out in the 'gateway' to the disguised remuneration rules...

Produced in partnership with Pete Miller Miller Partnership for Tolley's Tax Digest and Karen Cooper of Cooper Cavendish LLP 9th Apr

Practice notes

Examining common disguised remuneration scenarios in share schemes

Disguised remuneration and share schemesHMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to...

26th Feb

Q&As

What are the reporting requirements under the loan charge provisions?

The Finance Act 2018 introduced reporting requirements into the disguised remuneration loan charge provisions (which are contained in Schedule 11 to...

15th Feb

Q&As

Which entity is obliged to settle a tax liability that arises under the disguised remuneration loan charge provisions?

The disguised remuneration rules, contained in Part 7A of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), broadly charge to tax...

15th Feb

Q&As

How does TCGA 1992, s 135 (on exchanges of securities) interact with TCGA 1992, s 236H (on employee-ownership trusts (EOTs)) when shares are transferred to an EOT in exchange for loan notes? Is the effect of s 135 that there is no disposal until the loan notes are redeemed, at which point s 236H relief would not be available?

Provided that all of the requirements of section 135 of the Taxation of Chargeable Gains Act 1992 (TCGA 1992) are met in relation to the sale of the...

29th Nov

Disguised remuneration and EBTs

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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)

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

Tax weekly highlights—6 May 2021

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

Management buyouts—summary of tax issues for management

Clause—tax gross up—commercial agreements

Value shifting

Most recent Disguised remuneration and EBTs content

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