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Latest Tax News

Tax weekly highlights—29 July 2021

Tax weekly highlights—29 July 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—29 July 2021

RTI was available information for the purposes of discovery (Loughrey v HMRC)

RTI was available information for the purposes of discovery (Loughrey v HMRC)

The following Private Client news provides comprehensive and up to date legal information on RTI was available information for the purposes of discovery (Loughrey v HMRC)

The tax implications of hybrid working arrangements

The tax implications of hybrid working arrangements

The following Employment news provides comprehensive and up to date legal information on The tax implications of hybrid working arrangements

Import agent not agent acting in its own name for VAT purposes (Scanwell Logistics (UK) Ltd v HMRC)

Import agent not agent acting in its own name for VAT purposes (Scanwell Logistics (UK) Ltd v HMRC)

The following Tax news provides comprehensive and up to date legal information on Import agent not agent acting in its own name for VAT purposes (Scanwell Logistics (UK) Ltd v HMRC)

Featured Tax content

Capital allowances on property sales—pre-contract enquiries

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...

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 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...

VAT—what is a transfer of a business as a going concern?

VAT—what is a transfer of a business as a going concern?

VAT—what is a transfer of a business as a going concern?IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit...

Direct tax treatment of damages and compensation payments

Direct tax treatment of damages and compensation payments

Direct tax treatment of damages and compensation paymentsWhere a dispute is brought to an end by a payment of damages or compensation, whether under a...

Practice notes

Share sale or asset sale—tax considerations

Share sale or asset sale—tax considerationsThe sale of a company's business can be structured as either:•a sale of assets owned by the company (an...
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19th May
Practice notes

SDLT—deeds of rectification

SDLT—deeds of rectificationStamp duty land tax (SDLT) ceased to apply to any land transaction involving any interests in or over land in Scotland from...
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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...
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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...
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19th May
Practice notes

What is an intangible fixed asset?

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...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 19th May
Practice notes

UK Crown Dependency/Overseas Territory Agreements (CDOT)—FAQs

UK Crown Dependency/Overseas Territory Agreements (CDOT)—FAQsWhat are the CDOT agreements?The UK entered into agreements with its three Crown...
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Produced in partnership with Ali Kazimi of Hansuke 19th May
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...
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Produced in partnership with Julia Fox of Deloitte LLP and Anthony Davis 19th May
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Practice notes

Amortisation of intangible fixed assets

Amortisation of intangible fixed assetsWhere a company acquires (or otherwise incurs capitalised expenditure upon) an intangible fixed asset that...
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Produced in partnership with Anne Fairpo of Temple Tax Chambers 19th May
Practice notes

Property holding structures—SDLT and VAT treatment of a Jersey Property Unit Trust (JPUT)

Property holding structures—SDLT and VAT treatment of a Jersey Property Unit Trust (JPUT)IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the...
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19th May
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...
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Produced in partnership with Martin Scammell 19th May
Practice notes

Offshore receipts in respect of intangible property (ORIP)

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

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...
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19th May
Practice notes

The Budget and Finance Bill process

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

R&D capital allowances

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 ownership

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

Most recent VAT on property content

Practice notes

The option to tax land and buildings

The option to tax land and buildingsThis Practice Note is about the option to tax land and buildings. It considers the person by whom the option is...
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Produced in partnership with Martin Scammell 2nd Aug
Q&As

Can a purchase of a commercial property subject to a lease for rooftop solar panels constitute a transfer as a going concern as a purchase of a 'letting business'? No rent is payable on the lease and the property is otherwise vacant.

Can a purchase of a commercial property subject to a lease for rooftop solar panels constitute a transfer as a going concern as a purchase of a...
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1st Aug
Q&As

If the landlord agrees to refund annual rent paid in advance for the period after a break date (assuming the break is exercised), is it correct or appropriate that the landlord should also refund the VAT paid on that rent?

If the landlord agrees to refund annual rent paid in advance for the period after a break date (assuming the break is exercised), is it correct or...
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1st Aug
Q&As

Is it possible to reclaim value added tax (VAT) on the purchase of a property if the purchaser has not paid a sum equal to the VAT to the seller and the debt has not been written off by either party?

Is it possible to reclaim value added tax (VAT) on the purchase of a property if the purchaser has not paid a sum equal to the VAT to the seller and...
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1st Aug
Q&As

What is the VAT treatment of a dilapidations claim on termination of a lease?

What is the VAT treatment of a dilapidations claim on termination of a lease?As set out in Practice Note: VAT issues for lease assignments and...
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1st Aug
Q&As

Is an option to tax effective before it has been accepted by HMRC?

Is an option to tax effective before it has been accepted by HMRC?An option to tax takes effect from the date on which it is exercised, or any later...
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1st Aug
Q&As

A, B and C own an investment commercial property as tenants in common. The property is subject to occupational leases. A wishes to sell part of its beneficial interest to B. The property has been opted to tax. Is VAT chargeable on the sale price?

A, B and C own an investment commercial property as tenants in common. The property is subject to occupational leases. A wishes to sell part of its...
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1st Aug
Q&As

In a sub-sale of a commercial property, does the sub-seller need to opt to tax in order to charge VAT on the sub-sale price? The first seller in the chain has opted to tax and the transaction will not be a transfer of a going concern (TOGC).

In a sub-sale of a commercial property, does the sub-seller need to opt to tax in order to charge VAT on the sub-sale price? The first seller in the...
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1st Aug
Q&As

What is the VAT treatment of a sub-contractor supplying materials to a contractor to be used in the construction of a zero rated new dwelling?

What is the VAT treatment of a sub-contractor supplying materials to a contractor to be used in the construction of a zero rated new dwelling?A supply...
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1st Aug
Q&As

When a tenant pays a rent deposit that remains the tenant’s money under the terms of the rent deposit deed, does a supply arise for VAT purposes at the time of that payment, or not until (and unless) the landlord appropriates all or part of the deposit towards unsatisfied liabilities?

When a tenant pays a rent deposit that remains the tenant’s money under the terms of the rent deposit deed, does a supply arise for VAT purposes at...
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1st Aug
Q&As

Is charging VAT on lease rents over a period of 20 years sufficient to demonstrate that an option to tax has been made and notified to HMRC?

Is charging VAT on lease rents over a period of 20 years sufficient to demonstrate that an option to tax has been made and notified to HMRC?There is...
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1st Aug
Q&As

Is VAT due on a premium paid for the assignment of an existing long lease of a parking garage? Is the answer different if the buyer owns nearby domestic property?

Is VAT due on a premium paid for the assignment of an existing long lease of a parking garage? Is the answer different if the buyer owns nearby...
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1st Aug
Q&As

A buyer is contracting to buy a commercial property that has been opted to tax. The contract provides for the seller to revoke the option between exchange and completion, but if this is not accepted by HMRC, the buyer is to pay VAT on the purchase price. What risks are there for the buyer and what provisions should we add to the contract in this situation?

A buyer is contracting to buy a commercial property that has been opted to tax. The contract provides for the seller to revoke the option between...
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1st Aug
Q&As

Is the initial fee paid by a promoter to a landowner under a promotion agreement subject to value added tax (VAT)?

Is the initial fee paid by a promoter to a landowner under a promotion agreement subject to value added tax (VAT)?Landowners will sometimes enter into...
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1st Aug
Q&As

Is VAT payable on the exercise of a break clause which requires a tenant to pay the landlord a premium?

Is VAT payable on the exercise of a break clause which requires a tenant to pay the landlord a premium?Where payment is being made by a tenant to the...
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1st Aug
Q&As

In what circumstances does the reduced rate of VAT apply where a derelict property is purchased to be renovated and used as a care home?

In what circumstances does the reduced rate of VAT apply where a derelict property is purchased to be renovated and used as a care home?The reduced...
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1st Aug
Q&As

Where a commercial lease contains a clause that if the landlord exercises a break option the landlord will pay compensation to the tenant, how is the compensation treated for VAT purposes?

Where a commercial lease contains a clause that if the landlord exercises a break option the landlord will pay compensation to the tenant, how is the...
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1st Aug
Q&As

Is value added tax chargeable on a transfer of a UK property from a UK trust to a Spanish charity?

Is value added tax chargeable on a transfer of a UK property from a UK trust to a Spanish charity?It is assumed the UK trust is a private...
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1st Aug
Q&As

If a buyer of commercial tenanted property is paying the seller an amount equal to the amount of rent arrears, and is buying the right to seek these arrears from the tenants, should the buyer pay the seller value added tax in addition to the amount of the rent?

If a buyer of commercial tenanted property is paying the seller an amount equal to the amount of rent arrears, and is buying the right to seek these...
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1st Aug
Q&As

When transferring properties which have waived the exemption to tax which make up a property investment business of a deceased to beneficiaries for no consideration, is VAT chargeable?

When transferring properties which have waived the exemption to tax which make up a property investment business of a deceased to beneficiaries for no...
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1st Aug

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Defects liability period and rectification of defects

Defects liability period and rectification of defects

Defects liability period and rectification of defectsIt is common in construction projects for defects to manifest or appear in the works. Most construction contracts require the contractor to return to site to rectify (also known as ‘make good’) defects which arise or are discovered during a

Methods of statutory interpretation used to resolve ambiguities in legislation

Methods of statutory interpretation used to resolve ambiguities in legislation

Methods of statutory interpretation used to resolve ambiguities in legislationIP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP

What is a public authority?

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What is a public authority?There is no single, universal answer to the question whether a particular organisation is treated, in law, as a public authority.Rather, on one hand the courts have developed case law on which bodies are subject to administrative law through the judicial review procedure;

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?

Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and