Earnings and benefits

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Practice notes
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 Gary Barnett and Martin Shah 27th Oct
Practice notes
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...
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13th Oct
Practice notes
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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12th Oct
Practice notes
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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28th Sep
Practice notes
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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27th Sep
Practice notes
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 26th Sep
Practice notes
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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26th Sep
Practice notes
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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26th Sep
Practice notes
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 26th Sep
Practice notes
Unilateral relief, like double tax relief, aims to relieve double taxation. Subject to certain conditions being satisfied and specific limits,...
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25th Sep
Practice notes
The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...
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Produced in partnership with Martin Shah 25th Sep
Practice notes
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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25th Sep
Practice notes
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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25th Sep
Practice notes
Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
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25th Sep
Practice notes
Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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25th Sep
Practice notes
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...
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25th Sep

Most recent Earnings and benefits content

Practice notes
Bonuses can be a very effective tool to motivate and retain employees while allowing businesses to control wage costs. In certain sectors and...
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25th Sep
Practice notes
FORTHCOMING CHANGE: it was revealed in the Queen’s Speech on 14 October 2019 that the government intends to table legislation, the Employment...
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26th Sep
Practice notes
The use of malus and clawbackThe concept of withholding or even recovering value from executives if a material adverse event occurs following the...
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26th Sep
Precedents
[Insert client’s address]Income tax treatment of staff entertainment and gifts to employees and directors1Purpose of this letterThis letter explains...
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26th Sep
Practice notes
The residual liability provisions are the back-stop of the benefits code, providing a means of calculating the value of a benefit provided to an...
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26th Sep
Practice notes
Restrictive covenants or undertakingsThese are undertakings given by employees during employment or on termination which restrict their conduct or...
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26th Sep
Practice notes
Specific rules in the benefits code in ITEPA 2003, Part 3 apply to 'employment-related loans' and, in certain circumstances, impose income tax and...
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26th Sep
Practice notes
Companies sometimes provide directors or employees with low interest (or interest-free) loans as part of the reward package or on specific occasions...
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26th Sep
Q&As
Scholarship income is one of many types of income which are exempt from income tax. The exemption to income tax is set out in section 776 of the...
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29th Sep
Q&As
As a general rule, an employee is subject to income tax in the UK on his general earnings if he is resident in the UK or he is carrying out employment...
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29th Sep
Practice notes
The UK has a comprehensive code for the taxation of employment income. This Practice Note deals with the basic principles of income tax on employment...
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2nd Oct
Q&As
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 2nd Oct
Practice notes
Companies sometimes provide loans to directors or employees as part of the reward package or on specific occasions to help the individual meet...
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8th Oct
Practice notes
In addition to cash earnings, such as wages or salaries, many reward packages include non-cash items, such as the provision of a car, health insurance...
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14th Oct

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