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Taxation (Post-Transition Period) Bill 2020—Tax analysis

The following Private Client news provides comprehensive and up to date legal information on Taxation (Post-Transition Period) Bill 2020—Tax analysis

What does IP completion day mean for the status of EU law in the UK?

The following Banking & Finance news provides comprehensive and up to date legal information on What does IP completion day mean for the status of EU law in the UK?

Relevant relationship agreement law—a guide for the perplexed

The following Corporate Crime news provides comprehensive and up to date legal information on Relevant relationship agreement law—a guide for the perplexed

HMRC’s new preferential creditor status—impact on insolvency practitioners

The following Banking & Finance news provides comprehensive and up to date legal information on HMRC’s new preferential creditor status—impact on insolvency practitioners

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

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

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

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

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

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

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

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

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

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 Individuals and income tax content

Practice notes

Introductory guide to UK tax for non-resident individuals

This Practice Note briefly summarises the main UK taxes which may apply to non-UK resident individuals, including income tax, capital gains tax (CGT),...

22nd Jan

Practice notes

Introductory guide to residence and domicile for UK tax purposes

The concepts of residence and domicile are used to establish the extent of an individual's liability to UK taxation. This Practice Note provides a...

22nd Jan

Practice notes

Temporary non-residence—post 5 April 2013 departures

STOP PRESS: On 9 April 2020, a letter from the Chancellor to the Chair of the Treasury Select Committee was published, which outlined a proposed...

Produced in partnership with Stephen Parnham 22nd Jan

Practice notes

Transfer of assets abroad—introduction

Transfer of Assets Abroad CodeThe anti-avoidance provisions relating to a transfer of assets abroad are contained in Chapter 2, Part 13 of the Income...

22nd Jan

Practice notes

Transfer of assets abroad—transferors receiving capital sums

This Practice Note considers the charging provision under section 727 of the Income Tax Act (ITA 2007) applicable to transferors of assets abroad who...

22nd Jan

Practice notes

How employment income is taxed—concept of general earnings

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...

18th Jan

Practice notes

Statutory residence test—working full-time or sufficient hours

STOP PRESS: On 9 April 2020, a letter from the Chancellor to the Chair of the Treasury Select Committee was published, which outlined a proposed...

Produced in partnership with Emma Loveday 15th Jan

Practice notes

The remittance basis—conditions A and B and key exemptions

A remittance of an individual’s income or chargeable gains will occur if Conditions A and B are met (or if one of Conditions C and D are...

Produced in partnership with Clare Ludlam and Nick Warr of Taylor Wessing LLP 15th Jan

Practice notes

Deemed domicile for tax before 6 April 2017 [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained.The incidence of inheritance tax (IHT) depends on the domicile of an individual....

15th Jan

Practice notes

The statutory residence test—overseas workday relief

Overseas Workday Relief (OWR) is a relief from UK income tax for certain non-domiciled individuals, who have elected to be taxed on the remittance...

Produced in partnership with Lisa Spearman of Mercer & Hole 15th Jan

Practice notes

The basis of calculation of income tax

The calculation of income tax liabilities is usually done by a person's tax adviser or by HMRC following submission of a tax return, rather than by a...

15th Jan

Practice notes

Profit fragmentation and tax avoidance

From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident...

15th Jan

Practice notes

Domicile

The concepts of domicile and residence are used to establish the extent of an individual’s liability to UK taxation. Specifically, domicile determines...

15th Jan

Practice notes

Transfer of assets abroad—the benefits charge

This Practice Note considers the charging provisions on individuals under section 731 of the Income Tax Act 2007 (ITA 2007), also known as ‘the...

15th Jan

Practice notes

Relief for income tax losses

Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from...

15th Jan

Practice notes

Savings income—the income tax charge

The types of income chargeable to tax as 'savings and investment income' include:•interest, being income chargeable under ITTOIA 2005, ss...

15th Jan

Practice notes

Exemptions and reliefs from income tax

For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private...

15th Jan

Practice notes

Deemed domicile for tax from 6 April 2017

At Summer Budget 2015, the government announced wide-ranging reforms to the deemed domicile rules and also to the excluded property rules as they...

15th Jan

Practice notes

The remittance basis—conditions C and D

To determine whether a remittance has occurred for the purposes of the remittance basis of taxation, reference must be made to the Conditions set out...

Produced in partnership with Clare Ludlam and Nick Warr of Taylor Wessing LLP 15th Jan

Practice notes

The remittance basis—relevant persons

To determine whether a remittance has occurred for the purposes of the remittance basis of taxation, reference must be made to the Conditions set out...

Produced in partnership with Clare Ludlam and Nick Warr of Taylor Wessing LLP 15th Jan