Disguised remuneration and EBTs

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Court of Justice rules on assistance in collection requirements (Maksu-ja Tolliamet v Heavyinstall OU)

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Tax weekly highlights—21 January 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—21 January 2021

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The following Tax news provides comprehensive and up to date legal information on Loan broking structure fails to remove irrecoverable VAT cost (Wilmslow Financial Services plc (in administration) v HMRC)

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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)

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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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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,...

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Practice notes

VAT on composite supplies

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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

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

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

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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

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

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

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 Disguised remuneration and EBTs content

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 16th Jan

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 15th Jan

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 15th Jan

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 15th Jan

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 15th Jan

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 15th Jan

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 15th Jan

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...

15th Jan

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...

15th Jan

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 14th Jan

Practice notes

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

FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...

Produced in partnership with Jeremy Glover of Fenwick Elliott 11th Jan

In-house

Practice notes

What is an employee benefit trust?

FORTHCOMING CHANGE: The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force...

Produced in partnership with Jeremy Glover of Fenwick Elliott 11th Jan

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 8th Jan

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,...

6th Jan

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...

29th Nov

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...

29th Nov

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

View Tax by content type:

Latest Tax News

Court of Justice rules on assistance in collection requirements (Maksu-ja Tolliamet v Heavyinstall OU)

Tax weekly highlights—21 January 2021

Loan broking structure fails to remove irrecoverable VAT cost (Wilmslow Financial Services plc (in administration) v HMRC)

How to approach and interpret retained EU law—a practical guide

Featured Tax content

What is an intangible fixed asset?

Property holding structures—direct tax treatment of a Jersey property unit trust (JPUT)

SDLT—deeds of rectification

VAT—triangulation

Most recent Disguised remuneration and EBTs content

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