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Latest Tax News

Tax weekly highlights—10 June 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—10 June 2021

The G7 agreement on the international tax system

The following Private Client news provides comprehensive and up to date legal information on The G7 agreement on the international tax system

Let property does not create VAT fixed establishment (Titanium Ltd v Finanzamt Österreich)

The following Tax news provides comprehensive and up to date legal information on Let property does not create VAT fixed establishment (Titanium Ltd v Finanzamt Österreich)

Validity of an information notice (Avonside Roofing Ltd v HMRC)

The following Private Client news provides comprehensive and up to date legal information on Validity of an information notice (Avonside Roofing Ltd v HMRC)

Featured Tax content

Taxation of redundancy payments

Taxation of redundancy paymentsRedundancy is one of five ways in which an employment contract may be terminated unilaterally by an employer where such...

VAT definition

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Capital allowances on property sales—pre-contract enquiries

Capital allowances on property sales—pre-contract enquiriesThis Practice Note is about capital allowance-related pre-contract enquiries on a property...

Enhanced capital allowances

Enhanced capital allowancesWhat is an enhanced capital allowance?An enhanced capital allowance (ECA) is a tax relief for businesses on their...

Q&As

Two employees have been issued shares and entered into a section 431 election respectively. The date of the signatures is the date the shares are shown at Companies House as being issued. However, where the form requires the date the shares were acquired by the employee, a date has not been inserted. Does this invalidate the section 431 election?

Two employees have been issued shares and entered into a section 431 election respectively. The date of the signatures is the date the shares are...

19th May

Practice notes

Property authorised investment funds (PAIFs)—summary

Property authorised investment funds (PAIFs)—summaryThe regime for property authorised investment funds (PAIFs) was introduced in 2008.It created a...

Produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP 19th May

Practice notes

VAT—triangulation

VAT—triangulationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following...

Produced in partnership with John Fuszard of Sagars Accountants Ltd 19th May

Practice notes

How employment income is taxed—non-cash earnings or benefits

How employment income is taxed—non-cash earnings or benefitsIn addition to cash earnings, such as wages or salaries, many reward packages include...

19th May

Practice notes

VAT treatment of damages and compensation payments

VAT treatment of damages and compensation paymentsFORTHCOMING CHANGE: HMRC is in the process of revising Revenue and Customs Brief 12 (2020) on the...

19th May

In-house

Practice notes

Key tax consequences of an insolvent liquidation

Key tax consequences of an insolvent liquidationThis Practice Note outlines:•the main corporation tax consequences when a UK incorporated company...

Produced in partnership with Julia Fox of Deloitte LLP and Anthony Davis 19th May

In-house

Practice notes

Commercial service charges—VAT implications

Commercial service charges—VAT implicationsThis Practice Note is about the VAT treatment of non-residential service charges. General positionService...

Produced in partnership with Martin Scammell 19th May

Practice notes

FATCA in the UK—the UK:US Intergovernmental Agreement: an outline

FATCA in the UK—the UK:US Intergovernmental Agreement: an outlineIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...

Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 19th May

In-house

Practice notes

Tax considerations on a loan agreement—the tax gross up clause

Tax considerations on a loan agreement—the tax gross up clauseIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...

Produced in partnership with Eloise Walker of Pinsent Masons 19th May

Practice notes

Section 198 and 199 elections on transactions involving real estate

Section 198 and 199 elections on transactions involving real estateThis Practice Note describes the law and practice relating to elections under...

Produced in partnership with Martin Wilson 19th May

Practice notes

Taxation of UK LLPs

Taxation of UK LLPsA UK limited liability partnership (LLP) is a body corporate for company law purposes, but is generally taxed as though it were a...

19th May

Practice notes

Loan capital exemption from stamp duty

Loan capital exemption from stamp dutyDebt which:•qualifies as loan capital (whether it is short or long-term debt), and•satisfies further conditions...

19th May

Practice notes

Capital reduction demergers

Capital reduction demergersThe reasons why a company might carry out a demerger, and the different ways in which a demerger may be structured, are...

Produced in partnership with Zoe Feller of Bird & Bird 19th May

Q&As

Corporate redomiciliation—can a non-UK company redomicile into the UK?

Corporate redomiciliation—can a non-UK company redomicile into the UK?It is possible for a non-UK incorporated company to redomicile to the UK....

19th May

Practice notes

Why have a tax covenant?

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...

19th May

Practice notes

Transfer of a trade under common ownership

Transfer of a trade under common ownershipSometimes the restructuring of a business will involve a company transferring an existing trade to a...

19th May

Most recent Derivatives content

Practice notes

Derivative contracts—hedging: taxation (currency contracts and commodity and debt contracts)

Derivative contracts—hedging: taxation (currency contracts and commodity and debt contracts)IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks...

5th Jun

Practice notes

Taxation of derivative contracts—what are derivative contracts?

Taxation of derivative contracts—what are derivative contracts?The derivative contracts rules are a self-contained regime governing the taxation of a...

5th Jun

Practice notes

Derivative contracts—hedging (periods of account beginning before 1 January 2015): elections to disapply Regulations 7 and 8

Derivative contracts—hedging (periods of account beginning before 1 January 2015): elections to disapply Regulations 7 and 8IP COMPLETION DAY: 11pm...

5th Jun

Practice notes

Derivative contracts—anti-avoidance: transactions not at arm's length and foreign exchange gains and losses

Derivative contracts—anti-avoidance: transactions not at arm's length and foreign exchange gains and lossesIP COMPLETION DAY: 11pm (GMT) on 31...

5th Jun

Practice notes

Derivative contracts—anti-avoidance: unallowable purposes

Derivative contracts—anti-avoidance: unallowable purposesThe general rule is that:•the credits (broadly, but not necessarily, profits), and•debits...

5th Jun

Practice notes

Taxation of derivative contracts—the main rules

Taxation of derivative contracts—the main rulesIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation...

5th Jun

Practice notes

Taxation of derivative contracts—chargeable gains basis rules

Taxation of derivative contracts—chargeable gains basis rulesThe general rule is that the profits and losses arising to a company from its derivative...

5th Jun

Practice notes

Derivative contracts—hedging (periods of account beginning before 1 January 2015): elections to disapply Regulation 9

Derivative contracts—hedging (periods of account beginning before 1 January 2015): elections to disapply Regulation 9IP COMPLETION DAY: 11pm (GMT) on...

5th Jun

Practice notes

Derivative contracts—hedging: taxation (basics)

Derivative contracts—hedging: taxation (basics)IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation...

5th Jun

Practice notes

Taxation of derivative contracts—embedded derivatives

Taxation of derivative contracts—embedded derivativesThis Practice Note does not constitute accounting advice and is not intended to be exhaustive in...

5th Jun

Practice notes

Derivative contracts—hedging: accounting

Derivative contracts—hedging: accountingIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period...

5th Jun

Practice notes