Basic principles of income tax

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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 of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP 12th Jan
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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9th Nov
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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9th Nov
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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9th Nov
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 12th Jan
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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9th Nov
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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Produced in partnership with Eloise Walker of Pinsent Masons 12th Jan
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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Produced in partnership with Zoe Feller of Bird & Bird 12th Jan
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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9th Nov
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 Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan
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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Produced in partnership with Martin Wilson 12th Jan
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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9th Nov
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 12th Jan
Practice notes
Brexit: This Practice Note contains information on subjects impacted by the UK’s withdrawal from the EU. The Taxation (Cross-border Trade) Act 2018,...
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Produced in partnership with John Fuszard of Sagars Accountants Ltd 12th Jan
Practice notes
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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9th Nov
Practice notes
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...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 12th Jan

Most recent Basic principles of income tax content

Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained.The way in which individuals are taxed on distributions was substantially changed...
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9th Apr
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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9th Apr
Practice notes
The charge to UK income tax applies to the profits of both a UK and overseas property business. A property business is one that generates income from...
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9th Apr
Practice notes
Coronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary measures to support the self-employed. For more...
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Produced in partnership with Karen Cooper of Cooper Cavendish 9th Apr
Practice notes
The charge to UK income tax applies to the profits of both a UK and overseas property business.A property business is one which generates income from...
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9th Apr
Practice notes
ARCHIVED: This Practice Note has been archived and is not maintained.The way in which individuals are taxed on distributions was substantially changed...
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9th Apr
Practice notes
Once a company has established that it has a trade (for which see Practice Note: What is a trade for tax purposes?), it is required to calculate the...
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9th Apr
Practice notes
Since 6 April 2019, a person that is neither UK tax resident nor resident in a full treaty territory (ie not resident in a territory with which the UK...
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9th Apr
Practice notes
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...
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9th Apr
Practice notes
The main types of income are:•employment income•pension income•social security income•trading income•property income•savings and investment income...
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9th Apr
Practice notes
From April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual members of a partnership, and UK-resident...
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9th Apr
Practice notes
The types of income chargeable to tax as 'savings and investment income' include:•interest, being income chargeable under ITTOIA 2005, ss...
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9th Apr
Practice notes
This Practice Note considers the charging provisions on individuals under section 731 of the Income Tax Act 2007 (ITA 2007), also known as ‘the...
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9th Apr
Practice notes
For income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances for Private...
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9th Apr
Practice notes
Reliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer may deduct reliefs from...
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9th Apr
Practice notes
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...
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9th Apr
Practice notes
The cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain types of losses, which could otherwise be set off...
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9th Apr
Practice notes
Income tax is charged on any person on certain categories of income, allocated between tax years in order to determine the rate payable.The...
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9th Apr
Practice notes
This Practice Note considers the charge to of 'transferors' under the transfer of assets abroad code (TAA Code) where income of a person abroad is...
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9th Apr
Practice notes
This Practice Note considers the charging provision under section 727 of the Income Tax Act (ITA 2007) applicable to transferors of assets abroad who...
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9th Apr

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