Secondary buyouts

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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
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
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
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
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
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
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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Produced in partnership with Martin Wilson 12th Jan
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
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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Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 12th Jan
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
Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
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9th Nov
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
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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9th Nov
Practice notes
A management buyout, or MBO, involves the acquisition of a business by its existing management team usually with the help of private equity financing....
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9th Nov
Practice notes
The international movement of capital rules should be considered whenever:•any non-UK tax resident subsidiary (referred to in this note as a foreign...
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9th Nov
Practice notes
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...
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9th Nov

Most recent Secondary buyouts content

Practice notes
What are growth shares?Growth shares, also known as value shares or hurdle shares, are a special class of shares that have restricted rights. These...
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9th Apr
Practice notes
This Practice Note examines how the income tax regime applies where UK managers dispose of interests in the target company as part of a private...
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9th Apr
Practice notes
This Practice Note examines the following issues that arise in the context of a private equity backed buyout: •the circumstances in which costs...
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9th Apr
Practice notes
This Practice Note summarises the main tax issues arising for the UK acquisition group in a private equity-backed buyout.In particular the...
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9th Apr
Practice notes
A secondary buyout (SBO) is broadly where a private equity firm buys a business that has previously been subject to a buyout. This Practice Note...
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9th Apr
Practice notes
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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Produced in partnership with Batanayi Katongera of Macintyre Hudson 9th Apr
Practice notes
The key attraction of private equity investment for investors and shareholders (including management) is the potential for realising a significant...
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9th Apr
Practice notes
This Practice Note looks at tax issues arising on money borrowed by the acquisition group to finance a private equity-backed buyout.In the context of...
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9th Apr
Practice notes
This Practice Note deals with secondary buyouts and examines the application of the capital gains tax (CGT) regime to a disposal of target company...
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9th Apr
Precedents
[Team Leader][insert HMRC address][insert date]Application for clearances in advance under [section[s] 138[ and 139(5)] Taxation of Chargeable Gains...
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14th Feb
Q&As
A person may make a claim for interest relief in a number of circumstances. One such circumstance is where a person takes out a loan to fund their...
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29th Nov
Q&As
It is possible for an employee (or director) and employer to make a joint election under section 431 of the Income Tax (Earnings and Pensions) Act...
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29th Nov
Precedents
[11.9] Each Manager and any Permitted Transferee (other than an associated person as defined in section 421C of the Income Tax...
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26th Sep
Precedents
Add new Article 14 as follows: 1 Conversion into Deferred Shares 1.1 In this Article 14, unless the context otherwise...
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26th Sep

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