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In corporate tax, there’s no hiding. An opinion won’t cut it, unless it’s backed up by authority. And in such a complex, ever-changing area there’s no room for mistakes.
VAT
Content written by the author of the leading textbook in this area and includes several sector specific Practice Notes. It links directly to Tolley’s Orange Tax Handbook, Tax Journal and key text De Voil.
Finance
Excellent practical content for loans, derivatives and debt capital markets. The content links directly to Tolley’s Yellow Tax Handbook, Simon’s Taxes, Tolley annuals, Tax Journal and key text Ghosh Johnson and Miller.
Taxes management and litigation
This is an area where many people find themselves a bit at sea. Our content is practical, detailed and covers the major issues in dealing with a tax enquiry or dispute.
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When you need to delve deeper, Lexis+® Tax links you to trusted tax texts, including Tolley’s Yellow and Orange Tax Handbooks, Simon’s Taxes, Sergeant and Sims, De Voil, Tax Journal and Taxation.
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Latest Tax News
Tax analysis: In HMRC v Industria Umbrella, the First-tier Tax Tribunal (FTT) held that, when considering the quantum of a penalty for the failure to...
Law360, London: HMRC has ordered a struck-off solicitor to stop promoting two tax avoidance schemes, the first notice of its kind issued against an...
Law360: The UK's National Crime Agency (NCA) can collect £900,000 in tax and penalty assessments from a married couple on income the agency claims...
This week's edition of Tax weekly highlights includes: (1) the publication of HMRC’s new cryptoasset reporting guidance, (2) HMRC announcing an...
Tax analysis: In NHS Ayrshire & Arran Health Board v HMRC, the First-tier Tax Tribunal (FTT) found that the construction of a secure mental health...
Latest Tax Practice Notes
Follower noticesOn 17 July 2014, the Finance Act 2014 (FA 2014) introduced the concept of a follower notice.The intention is for follower notices to...
Tax and hedge funds—what are hedge funds?There is no specific definition of the term ‘hedge fund’. Rather, the label ‘hedge fund’ represents a sort of...
HMRC criminal investigations and dawn raidsHMRC can investigate suspected tax-related criminal offences in England and Wales using the powers, and...
Accelerated payment noticesThe Finance Act 2014 (FA 2014) introduced the concepts of an accelerated payment notice (APN) and a partner payment notice...
EU withholding tax reclaims for UK-resident pension fundsThere is a common misconception that pension funds do not pay tax. In reality, for many...
Latest Tax Precedents
Share purchase agreement—cross-borderThis Agreement is made on [insert day and month] 20[insert year]Parties1[Insert name of selling corporate...
Share purchase agreement—pro-buyer—corporate seller—conditional—long formThis Agreement is made on [insert day and month] 20[insert...
Tax covenant—multiple individual sellers—buyer and seller wordingThe ScheduleTax Covenant1Definitions and interpretation1.1Notwithstanding clause 1.3...
Tax covenant—single corporate seller—buyer and seller wordingThe ScheduleTax Covenant1Definitions and interpretation1.1Notwithstanding clause 1.3 of...
Tax covenant—short form—buyer and seller wordingThe ScheduleTax Covenant1Definitions and interpretation1.1Notwithstanding clause 1.3 of this...
Latest Tax Q&As
Featured Tax content
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...
VAT treatment of parking facilities
VAT treatment of parking facilitiesThis Practice Note is about the VAT treatment of parking facilities.This Practice Note contains references to EU...
The double taxation treaty passport scheme (DTTP scheme)
The double taxation treaty passport scheme (DTTP scheme)The double taxation treaty passport scheme (DTTP scheme) enables a borrower to apply for and...
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...
What are capital allowances and capital expenditure?
What are capital allowances and capital expenditure?What are capital allowances?Capital allowances are the means by which tax relief is given for some...
Commercial service charges—VAT implications
Commercial service charges—VAT implicationsThis Practice Note is about the VAT treatment of non-residential service charges. General positionService...
Amortisation of intangible fixed assets
Amortisation of intangible fixed assetsWhere a company acquires (or otherwise incurs capitalised expenditure upon) an intangible fixed asset that...
VAT treatment of damages and compensation payments
VAT treatment of damages and compensation paymentsA damages or compensation payment may attract VAT. This depends on exactly what the payment is for....
Taxation of gambling in the UK
Taxation of gambling in the UKCoronavirus (COVID-19): in light of the coronavirus crisis, HMRC has announced a change to the way returns for General...
VAT treatment of intermediaries, agents and disbursements
VAT treatment of intermediaries, agents and disbursementsFor VAT purposes, an intermediary is a person who makes arrangements for, or facilitates, a...
Tax—Finance Act 2022—progress through Parliament [Archived]
Tax—Finance Act 2022—progress through Parliament [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note...
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...
Transfer pricing and private equity transactions
Transfer pricing and private equity transactionsIP COMPLETION DAY: The Brexit transition period ended at 11pm on 31 December 2020. At this time...
What is a trade for tax purposes?
What is a trade for tax purposes?A company is subject to corporation tax on the profits of its trade or trades in accordance with the rules found in...
Taxation of trading profits—basis, receipts and deductions
Taxation of trading profits—basis, receipts and deductionsOnce a company has established that it has a trade (for which see Practice Note: What is a...
Partnerships and VAT
Partnerships and VATA general partnership is treated, for VAT purposes, as though it were a separate taxable person.This note is about:•the nature of...
Ordinary share capital—what it means and why it matters for UK tax purposes
Ordinary share capital—what it means and why it matters for UK tax purposesThe concept of ordinary share capital is important for UK tax purposes....
Types of lending
Types of lendingOverdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving...
Associated legal terms
Carried interest (or carry)
A contingent, subordinated right to share in the profits of a private equity fund, which acts as an incentive for private equity executives. The holders of carried interest do not start to share in returns until investors have received (broadly) an amount equal to their original investment plus an additional return on their capital. Carried interest is normally expressed as a percentage of the total profits of the fund. The industry norm is 20% with the fund manager therefore receiving 20% of the profits generated by the fund (although this will not always be the case, as some negotiations with investors will result in a lower percentage).
MTIC fraud
Missing trader intra-community (MTIC) fraud is a form of VAT evasion that involves the trader who is liable for an amount of VAT going missing or hiding behind a false identity such that the VAT due cannot be recovered.
Output tax
The VAT liability that falls on a taxable person as a result of supplies of goods and services, events treated as supplies of goods and services, supplies of goods acquired from another EU member state, or the reverse charge.
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