Welcome to November’s edition of the UK Tax Round Up. This month has seen the Chancellor’s Autumn Statement as well as an interesting confirmation from the Court of Appeal on the scope of “arrangements” for capital gains tax...more
12/12/2023
/ Capital Gains Tax ,
HMRC ,
Investment ,
National Insurance Contributions ,
OECD ,
Pensions ,
Private Equity ,
Tax Avoidance ,
Tax Credits ,
Transfer of Assets ,
UK ,
Venture Capital
Welcome to the September edition of the UK Tax Round Up. This month has seen interesting decisions on the salaried members rules, the scope of arrangements for the CGT rollover main tax avoidance purpose test and the...more
10/12/2023
/ Compensation ,
Film Industry ,
GAAP ,
HMRC ,
Investment ,
Private Limited Companies ,
Subsidies ,
Tax Avoidance ,
Tax Deductions ,
Tax Exemptions ,
Tax Planning ,
UK
Welcome to August’s edition of our UK Tax Round Up. This month has seen two interesting decisions from the Upper Tribunal, the first on the loan relationship unallowable purpose test and the second on the meaning of...more
Welcome to the August edition of the UK Tax Round Up. August turned out to be not such a quiet month on the UK tax front. We have seen several important and technical case law decisions, some of which we discuss below, and...more
UK Case Law Developments -
Taxpayer treated as receiving distribution in tax avoidance case -
We reported on First-tier Tribunal’s (FTT’s) decision in Dunsby v Revenue & Customs in our June 2020 UK Tax Round Up. By way...more
1/5/2022
/ Distribution Rules ,
Dividend-Equivalent Transactions ,
International Tax Issues ,
Legal Costs ,
Proposed Regulation ,
Regulatory Agenda ,
Share Class Structures ,
Stock Options ,
Tax Avoidance ,
Tax Code ,
Tax Court ,
Tax Liability ,
Tax Reform ,
UK ,
Value-Added Tax (VAT)
In Haworth v HMRC the Supreme Court (SC) upheld the Court of Appeal’s (CA’s) decision to quash a follower notice (FN) and accelerated payment notice (APN) issued to the taxpayer, Mr Haworth. An FN can be issued by HMRC where...more
8/2/2021
/ Accelerated Payments ,
Bonuses ,
Charitable Trusts ,
GAAR ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Legislative Agendas ,
NICS ,
OECD ,
Preferred Shares ,
Proposed Legislation ,
Regulatory Agenda ,
Remuneration ,
Tax Avoidance ,
Tax Reform ,
UK ,
Valuation ,
Value-Added Tax (VAT)
UK Case Law Developments -
Income tax consequences of pension-related payments in E.ON v HMRC -
E.ON v HMRC concerned a large UK power and gas supplier, which paid certain lump sum payments, called “facilitation...more
7/6/2021
/ Corporate Taxes ,
Double Taxation ,
Employee Benefits ,
HMRC ,
Income Taxes ,
International Tax Issues ,
OECD ,
Pension Schemes ,
Pensions ,
Tax Avoidance ,
UK
Spring Budget and Tax Day -
After months of speculation about the possibility that capital gains tax (CGT) rates would be increased in the Spring Budget, both it and the government’s follow up “Tax Day” on 23 March passed...more
UK Case Law Developments -
EIS relief not available for shares carrying preferential rights -
The Upper Tribunal (UT) in Foojit v HMRC dismissed the taxpayer’s appeal against the First-tier Tribunal’s (FTT’s) decision...more
3/10/2021
/ Corporate Taxes ,
EU ,
European Commission ,
GAAR ,
HMRC ,
Income Taxes ,
International Tax Issues ,
OECD ,
Private Equity ,
Tax Avoidance ,
Tax Planning ,
UK ,
Value-Added Tax (VAT)
UK COVID-19 Developments -
Extension of support for retail, leisure and hospitality businesses -
Further to the extension of the Coronavirus Job Retention Scheme (or furlough scheme), reported in the November issue of...more
2/8/2021
/ Anti-Avoidance ,
Capital Gains ,
Capital Gains Tax ,
Coronavirus/COVID-19 ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Job Retention Schemes ,
Partnerships ,
Tax Avoidance ,
Tax Exemptions ,
Tax Planning ,
Tax Reform ,
UK ,
Value-Added Tax (VAT)
UK COVID-19 Developments -
Extension of support for employed and self-employed workers -
On 5 November, the UK Chancellor announced the extension of the Coronavirus Job Retention Scheme (or furlough scheme) to the end...more
12/3/2020
/ Capital Gains Tax ,
Corporate Taxes ,
EU ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Job Retention Schemes ,
Tax Avoidance ,
Tax Exemptions ,
Tax Planning ,
Tax Rates ,
Tax Reform ,
UK ,
Value-Added Tax (VAT)
The European Council has announced its decision to remove the Cayman Islands from the EU list of non-cooperative jurisdictions for tax purposes. In February we reported on Cayman’s inclusion on the list and our expectation...more
UK COVID-19 Developments -
Furlough not detrimental to EMI options held on 19 March 2020 -
On 26 June, the government introduced a new provision into the Finance Bill that provides that the period during which an...more
8/5/2020
/ Capital Gains Tax ,
Coronavirus/COVID-19 ,
Employee Retention ,
Employment Tax ,
Furloughs ,
Future Fund ,
HMRC ,
International Tax Issues ,
Limited Liability Partnerships ,
Maternity Leave ,
National Insurance Contributions ,
Startups ,
State Aid ,
Tax Avoidance ,
UK ,
Value-Added Tax (VAT) ,
Working Time Regulations
On 18 February 2020, the ECOFIN committee of finance ministers of the EU resolved to add the Cayman Islands to the EU blacklist of non-cooperative jurisdictions for tax purposes. Their reasoning was short...more
UK Case Law Developments -
Valid notice crucial to tax indemnity claim -
The Court of Appeal (CA) decision in Stobart Group Ltd v Stobart and another is a cautionary tale for any purchaser who, following the...more
9/3/2019
/ Acquisitions ,
Anti Tax Avoidance Directive (ATAD) ,
Cross-Border Transactions ,
EU ,
HMRC ,
International Tax Issues ,
Member State ,
Mergers ,
Offshore Funds ,
Private Equity Funds ,
Tax Avoidance ,
Tax Liability ,
UK ,
Value-Added Tax (VAT)
UK General Tax Developments -
HMRC updates guidance on what constitutes "ordinary share capital" -
Following the decision by the First-tier Tribunal (FTT) in Warshaw V HMRC, reported in our UK tax blog earlier this...more
6/5/2019
/ Anti-Abuse Rule ,
Anti-Avoidance ,
Corporate Taxes ,
Economic Substance Doctrine ,
GAAR ,
HMRC ,
International Tax Issues ,
Stamp Duty Land Tax ,
Tax Avoidance ,
UK ,
Value-Added Tax (VAT)
UK Tax News and Developments -
Government White Paper on Customs Bill -
On 9 October, the Government published a White Paper setting out its approach to the introduction of a new customs and VAT regime after the UK...more
10/30/2017
/ Amazon ,
BEPS ,
Corporate Taxes ,
Double Taxation ,
EU ,
European Court of Justice (ECJ) ,
HMRC ,
Ireland ,
Island of Guernsey ,
Luxembourg ,
OECD ,
OTS ,
PACs ,
Pension Funds ,
Remuneration ,
Retirement Plan ,
SIFIs ,
State Aid ,
Tax Avoidance ,
Tax Tribunal ,
UK ,
UK Brexit ,
Value-Added Tax (VAT) ,
Withholding Tax
UK Tax News and Developments - Finance (No 2) Bill 2017 - The second Finance Bill of 2017, known as Finance (No 2) Bill 2017, has now been published. As expected, this contains most of the provisions which were dropped from...more
9/22/2017
/ Corporate Taxes ,
Criminal Fascilitation ,
Debt Trading ,
Foreign Corporations ,
HMRC ,
OECD ,
OTS ,
Partnerships ,
Remuneration ,
SIFs ,
Stamp Taxes ,
Tax Avoidance ,
Tax Evasion ,
Tax Reform ,
Tax Tribunal ,
Transfer Pricing ,
UK ,
Value-Added Tax (VAT) ,
Withholding Tax
UK Tax News and Developments -
Conservative legislative agenda set out in Queen's Speech -
Following the UK general election on 8 June 2017, at which the Conservative party won the largest number of seats but lost its...more
7/21/2017
/ BEPS ,
Corporate Governance ,
Corporate Taxes ,
Distribution Rules ,
Gaming ,
HMRC ,
OECD ,
Self-Employment Tax ,
Social Insurance Contributions ,
Stamp Taxes ,
Tax Avoidance ,
Tax Evasion ,
UK ,
Value-Added Tax (VAT)
Following the UK general election on 8 June 2017, at which Theresa May’s Conservative party won the largest number of seats but lost its overall majority, the Queen’s Speech setting out the now minority Conservative...more
We wrote in February (European Commission Publishes Anti Tax Avoidance Package) about the draft EU Anti Tax Avoidance Directive (“ATAD”).
On 21st June 2016, the EU Council agreed on the final text of the ATAD and it will...more
6/24/2016
/ Anti-Avoidance ,
BEPS ,
Controlled Foreign Corporations ,
EU ,
EU Council of Ministers ,
Foreign Subsidiaries ,
Member State ,
OECD ,
Tax Avoidance ,
Tax Deductions ,
Tax Exemptions
On 28 January 2016, the European Commission published a draft Anti Tax Avoidance Package in order to ensure increased tax transparency and effective taxation within, and outside of, the EU. The package includes a proposed...more