Restructuring and insolvency

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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
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
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
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
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
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
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
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 value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...
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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

Most recent Restructuring and insolvency content

Practice notes
LiquidationThe order of distribution in liquidation, following the realisation of security by fixed charge secured creditors for their benefit, is as...
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Produced in partnership with South Square 25th Feb
Q&As
Since UK stamp duty applies to instruments of transfer (such as stock transfer forms) relating to stock or marketable securities (paragraph 1,...
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18th Feb
Practice notes
This Practice Note is about the tax implications of liquidation demergers, also known as section 110 demergers, after section 110 of the Insolvency...
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18th Feb
Q&As
A targeted anti-avoidance rule (TAAR) was introduced in the Finance Act 2016 (FA 2016) which may impact on a shareholder’s ability to be involved in a...
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15th Feb
Q&As
Any company, whether public or private, can apply to the Registrar of Companies to be struck off the register of companies and dissolved. For more...
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15th Feb
Q&As
Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, r 14.4 deals with a creditor's proof of debt. It provides that a creditor's proof...
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Produced in partnership with Christopher Snell of New Square Chambers 15th Feb
Q&As
STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR...
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15th Feb
Practice notes
This Practice Note outlines how a taxable person who has accounted for and paid VAT on a supply, but who is not paid the price for that supply, may...
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Produced in partnership with Etienne Wong of Old Square Tax Chambers 14th Feb
Practice notes
This Practice Note outlines:•the main corporation tax consequences when a UK incorporated company goes into an administration process in the UK,...
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Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 12th Feb
Practice notes
This Practice Note outlines:•the main corporation tax consequences when a UK incorporated company enters into an insolvent liquidation process,...
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Produced in partnership with Julia Fox of Deloitte LLP and Anthony Davis 12th Feb
Practice notes
Taxation and insolvencyThere are relatively few specific rules governing the UK taxation of companies that are subject to insolvency procedures. The...
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Produced in partnership with David L. Irvine, Nathan Langford of Kirkland & Ellis International LLP and Philip Ridgway of Temple Tax Chambers 11th Feb
Practice notes
The Finance Act 2020 (FA 2020) introduced measures enabling HMRC, in certain insolvency-related circumstances, to make:•directors, shadow directors...
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Produced in partnership with David L. Irvine and Nathan Langford of Kirkland & Ellis International LLP 8th Feb
Practice notes
This Practice Note:•outlines the main UK tax provisions that apply where a fixed charge receiver sells assets owned by a company, and•answers the...
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Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan
Practice notes
This Practice Note outlines the main tax implications where a company implements a company voluntary arrangement (CVA) under Part I of the Insolvency...
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Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 15th Jan
Practice notes
FORTHCOMING CHANGES relating to insolvency and tax: Finance Act 2020 introduces provisions where:•HMRC becomes a secondary preferential unsecured...
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Produced in partnership with John Baldry of Temple Tax Chambers 15th Jan
Q&As
HMRC guidance states that:'Paperless transfers of stocks, shares and other securities are exempt from SDRT (there is no tax to pay) if they are:…•...
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29th Nov

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