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Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

The following Commercial news provides comprehensive and up to date legal information on Continuing duties after Walsham—limitation and the pitfalls of delay (Equitas v Sande Investments)

Tax weekly highlights—8 April 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—8 April 2021

UT reinstates follower notice penalty (HMRC v Comtek)

The following Private Client news provides comprehensive and up to date legal information on UT reinstates follower notice penalty (HMRC v Comtek)

Tax weekly highlights—1 April 2021

The following Tax news provides comprehensive and up to date legal information on Tax weekly highlights—1 April 2021

Featured Tax content

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 the gains and losses of intangible...

Property holding structures—direct tax treatment of a Jersey property unit trust (JPUT)

FORTHCOMING CHANGE relating to property rich collective investment vehicles and certain investors: HMRC is consulting until 16 December 2020 on draft...

SDLT—deeds of rectification

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...

VAT—triangulation

Brexit: This Practice Note contains information on subjects impacted by the UK’s withdrawal from the EU. The Taxation (Cross-border Trade) Act 2018,...

Practice notes

Bank levy

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...

Produced in partnership with Charlotte Sallabank of Katten Muchin Rosenman UK LLP 12th Jan

Practice notes

Unilateral relief for foreign tax

Unilateral relief, like double tax relief, aims to relieve double taxation. Subject to certain conditions being satisfied and specific limits,...

9th Nov

Practice notes

VAT on composite supplies

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...

Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan

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 sale of all the shares...

9th Nov

Practice notes

Capital reduction demergers

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:...

Produced in partnership with Zoe Feller of Bird & Bird 12th Jan

Practice notes

Section 198 and 199 elections on transactions involving real estate

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...

Produced in partnership with Martin Wilson 12th Jan

Practice notes

Tax considerations on a loan agreement—the tax gross up clause

It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...

Produced in partnership with Eloise Walker of Pinsent Masons 12th Jan

Practice notes

FATCA in the UK—the UK:US Intergovernmental Agreement: an outline

Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the FATCA reporting deadline of 31 May...

Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 12th Jan

In-house

Practice notes

Schemes of reconstruction defined

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...

9th Nov

Practice notes

What is a tax determination?

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...

Produced in partnership with Philip Rutherford 12th Jan

Practice notes

Direct tax treatment of damages and compensation payments

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...

9th Nov

Practice notes

VAT treatment of damages and compensation payments

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...

9th Nov

In-house

Practice notes

Types of lending

Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...

9th Nov

Practice notes

Property authorised investment funds (PAIFs)—summary

The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...

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

Value shifting

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

9th Nov

Practice notes

Management buyouts—summary of tax issues for management

A management buyout, or MBO, involves the acquisition of a business by its existing management team usually with the help of private equity financing....

9th Nov

Most recent VAT content

Practice notes

VAT and abuse of rights

This Practice Note is about the application of the EU principle of abuse of rights (or abuse of law) in the field of VAT. This is often referred to as...

Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 13th Apr

Practice notes

VAT—the reverse charge for building work

This Practice Note is about the VAT reverse charge for building and construction work, which has applied since 1 March 2021.The charge was originally...

Produced in partnership with Martin Scammell 12th Apr

Practice notes

Exemption from VAT for land and buildings

This Practice Note is about the scope of the VAT exemption for property transactions. In many cases the exemption is overridden by other provisions,...

Produced in partnership with Martin Scammell 12th Apr

Practice notes

VAT—European legal principles

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Etienne Wong of Old Square Tax Chambers 12th Apr

Practice notes

VAT treatment of electronically supplied services

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with John Fuszard of Sagars Accountants Ltd 9th Apr

Practice notes

VAT issues on the supply of staff

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

9th Apr

Practice notes

Receivers and VAT

FORTHCOMING CHANGES relating to insolvency and tax: Finance Act 2020 introduces provisions where:•HMRC becomes a secondary preferential unsecured...

Produced in partnership with John Baldry of Temple Tax Chambers 9th Apr

Practice notes

VAT and pension scheme costs

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMESThis Practice Note contains references to case law of the Court of Justice of...

Produced in partnership with Christopher Stiles of Gowling WLG 9th Apr

Practice notes

Zero-rated sales and leases—person constructing a dwelling

This Practice Note is about the zero-rating of VAT for developers selling or leasing dwellings that they have constructed.Why does zero-rating...

Produced in partnership with Martin Scammell 9th Apr

Practice notes

Residential service charges—VAT implications

This Practice Note is about the VAT treatment of residential service charges.Service charges payable to landlordsService charges are often payable to...

Produced in partnership with Martin Scammell 9th Apr

Practice notes

VAT treatment of parking facilities

This Practice Note is about the VAT treatment of parking facilities.Why does this matter?Charges for parking are normally subject to VAT, but this...

Produced in partnership with Martin Scammell 9th Apr

Practice notes

Partnerships and VAT

A general partnership is treated, for VAT purposes, as though it were a separate taxable person.This note is about:•the nature of a partnership, and...

9th Apr

Practice notes

VAT—consequences of a transfer of a going concern

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Cathya Djanogly and Wedlake Bell 9th Apr

Practice notes

VAT treatment of storage facilities

This Practice Note is about the VAT treatment of storage facilities.Why does this matter?The provision of storage facilities became generally subject...

Produced in partnership with Martin Scammell 9th Apr

Practice notes

VAT tripartite supplies—third party consideration

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

Produced in partnership with Matthew Wentworth-May of Winslows 9th Apr

Practice notes

VAT issues for financial services groups

FORTHCOMING CHANGE relating to VAT on financial services: the government announced at Budget 2020 that it will create an industry working group to...

9th Apr

Practice notes

VAT treatment of overage

This Practice Note is about the VAT implications of overage payments.Why does this matter?Very broadly, VAT will be due on overage if the original...

Produced in partnership with Martin Scammell 9th Apr

Practice notes

VAT invoicing

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...

9th Apr

Practice notes

VAT recovery on corporate transactions

VAT is recoverable by a taxable person if it is attributable to taxable supplies made in the course or furtherance of a business. For an explanation...

9th Apr

Practice notes