Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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:...
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...
It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...
Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the FATCA reporting deadline of 31 May...
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...
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...
Overdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving credit facilities...
The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...
A management buyout, or MBO, involves the acquisition of a business by its existing management team usually with the help of private equity financing....
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...
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...
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...
Single composite supplies vs multiple suppliesWhere a supply comprises a number of different elements with varying VAT treatments, the question arises...
Where is a supply made for VAT purposes?In order to determine whether a supply is subject to UK VAT or VAT in another jurisdiction it is necessary to...
For VAT purposes it is necessary to determine: •first, whether a supply has taken place•second whether the supply is of goods or services, and•third,...
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