Basic principles of income tax

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Practice notes
VAT on composite suppliesSingle composite supplies vs multiple suppliesWhere a supply comprises a number of different elements with varying VAT...
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Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 19th May
Practice notes
Commercial service charges—VAT implicationsThis Practice Note is about the VAT treatment of non-residential service charges. General positionService...
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Produced in partnership with Martin Scammell 19th May
Practice notes
Offshore receipts in respect of intangible property (ORIP)Since 6 April 2019, a person that is neither UK tax resident nor resident in a full treaty...
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19th May
Practice notes
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...
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Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 19th May
Practice notes
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...
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Produced in partnership with Eloise Walker of Pinsent Masons 19th May
Precedents
1 Withholding and grossing up 1.1 All sums payable under this [Agreement] by or on behalf of any party (for the...
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19th May
Practice notes
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...
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19th May
Practice notes
Section 198 and 199 elections on transactions involving real estateThis Practice Note describes the law and practice relating to elections under...
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Produced in partnership with Martin Wilson 19th May
Practice notes
Loan capital exemption from stamp dutyDebt which:•qualifies as loan capital (whether it is short or long-term debt), and•satisfies further conditions...
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19th May
Practice notes
The Budget and Finance Bill processThe Budget is a Parliamentary event at which the Chancellor of the Exchequer makes important announcements relating...
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19th May
Practice notes
Capital reduction demergersThe reasons why a company might carry out a demerger, and the different ways in which a demerger may be structured, are...
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Produced in partnership with Zoe Feller of Bird & Bird 19th May
Q&As
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....
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19th May
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...
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19th May
Practice notes
R&D capital allowancesFORTHCOMING CHANGE: At Spring Budget 2021, the government announced a wide-ranging review of research and development (R&D)...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 19th May
Practice notes
Transfer of a trade under common ownershipSometimes the restructuring of a business will involve a company transferring an existing trade to a...
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19th May
Practice notes
SDLT group reliefFORTHCOMING CHANGE relating to FA 2008, Sch 36: In its Tax Information and Impact Note (TIIN) on freeports, the government announced...
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19th May

Most recent Basic principles of income tax content

Practice notes
How are individuals taxed on distributions received from companies?This Practice Note explains the rules that apply to distributions made to UK...
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21st Sep
Practice notes
Offshore receipts in respect of intangible property (ORIP)Since 6 April 2019, a person that is neither UK tax resident nor resident in a full treaty...
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6th Sep
Practice notes
Disguised remuneration and the self-employedCoronavirus (COVID-19): in light of the coronavirus crisis, the government has announced temporary...
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Produced in partnership with Karen Cooper of Cooper Cavendish 6th Sep
Practice notes
Transfer of assets abroad—the benefits chargeThis Practice Note considers the charging provisions on individuals under section 731 of the Income Tax...
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6th Sep
Practice notes
Transfer of assets abroad—transferors receiving capital sumsThis Practice Note considers the charging provision under section 727 of the Income Tax...
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6th Sep
Practice notes
Transfer of assets abroad—introductionTransfer of Assets Abroad CodeThe anti-avoidance provisions relating to a transfer of assets abroad are...
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6th Sep
Practice notes
Transfer of assets abroad—transferors having the power to enjoy incomeThis Practice Note considers the charge to of 'transferors' under the transfer...
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6th Sep
Practice notes
Taxation of trading profits—basis, receipts and deductionsOnce a company has established that it has a trade (for which see Practice Note: What is a...
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31st Aug
Practice notes
Property income—the income tax chargeThe charge to UK income tax applies to the profits of both a UK and overseas property business.A property...
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16th Aug
Q&As
Can a self-employed dentist deduct the costs of a leased vehicle in calculating income tax liability?In answering this Q&A, we have assumed that the...
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16th Aug
Q&As
Are expenses incurred during an extensive refurbishment of a property deductible expenses of the subsequent property rental business?In this Q&A we...
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16th Aug
Practice notes
Types of income for income tax purposesThe main types of income are:•employment income•pension income•social security income•trading income•property...
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16th Aug
Practice notes
Savings income—the income tax chargeThe types of income chargeable to tax as 'savings and investment income' include:•interest, being income...
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16th Aug
Practice notes
Cap on unlimited income tax reliefs for individualsThe cap on unlimited income tax reliefs applies from 6 April 2013. It prohibits relief for certain...
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16th Aug
Practice notes
The basis of calculation of income taxThe calculation of income tax liabilities is usually done by a person's tax adviser or by HMRC following...
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16th Aug
Practice notes
What is the basis of income tax?Income tax is charged on any person on certain categories of income, allocated between tax years in order to determine...
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15th Aug
Practice notes
Exemptions and reliefs from income taxFor income tax rates and allowances applicable in the current tax year, see Practice Note: Key UK tax rates,...
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15th Aug
Practice notes
Relief for income tax lossesReliefs entitle taxpayers to reduce the amount of income tax payable. When calculating liability to income tax, a taxpayer...
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15th Aug
Practice notes
Profit fragmentation and tax avoidanceFrom April 2019, the profit fragmentation rules aim to prevent UK-resident individuals, including individual...
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15th Aug
Practice notes
How employment income is taxed—concept of general earningsThe UK has a comprehensive code for the taxation of employment income. This Practice Note...
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15th Aug

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