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Corporate Taxes Value-Added Tax (VAT) HMRC

Latham & Watkins LLP

Charging Ahead: Grappling With the Characterisation of Fixed and Floating Charges

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The characterisation of fixed and floating charges remains a complex area, not least with respect to new intangible asset types. The key distinction between a fixed and a floating charge is well established as a matter of...more

BCLP

Spring Budget 2024 - Will We See Material Reform?

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Budgets are normally stories of two halves. The first half contains the headline-grabbing tax policy reforms that can be encapsulated in a snappy soundbite in the Budget speech, such as “Chancellor scraps the non-dom regime”....more

Proskauer Rose LLP

UK Tax Round Up - March 2023 - 2

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Welcome to March’s edition of the UK Tax Round Up. This month’s edition features comments on the recent Spring Budget together with a summary of some recent case law involving VAT due on services provided to ex-VAT group...more

Hogan Lovells

UK: HMRC changes to notification process for opting to tax on land and buildings

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Whilst the default position is that supplies of land and buildings are usually exempt from VAT (the sale of new commercial buildings excepted), landowners of commercial property will often choose to opt to tax their property...more

Katten Muchin Rosenman LLP

Winners and Losers: HMRC Revises Policy on VAT Treatment of Fees and Compensation for Early Termination of Contracts

HM Revenue and Customs (HMRC) now considers that charges made by businesses to their customers to withdraw early from agreements to supply goods or services are payments for a supply and potentially subject to value added-tax...more

Proskauer Rose LLP

UK Tax Round Up - May 2021

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UK General Tax Developments - Stamp Duty and COVID-19 - Since the start of the first UK lockdown in March 2020, HMRC has been accepting that documents can be stamped electronically. HMRC has now confirmed that, where...more

A&O Shearman

Global Tax Insights: Uncertain tax positions: preparing for further tax disclosure

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The UK government is pressing ahead with its proposal to require large businesses to notify their “uncertain tax positions” to HMRC. ...more

Katten Muchin Rosenman LLP

Taxes — Not So Certain After All? HMRC Looks to Mind the Gap

The size of the UK's 'legal interpretation tax gap' is a matter of increasing concern to the government, so much so that it has now published its second consultation on the topic. A 'legal interpretation tax gap' arises where...more

Proskauer Rose LLP

UK Tax Round Up - April 2021

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UK Case Law Developments - Tax avoidance motive did not prevent availability of share for share exchange treatment - In Euromoney Institutional Investor plc v HMRC, the FTT held that the share for share exchange...more

Proskauer Rose LLP

UK Tax Round Up - March 2021

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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

Proskauer Rose LLP

UK Tax Round Up - February 2021

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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

Proskauer - Tax Talks

UK Budget 2021

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The UK has now been in lockdown, on and off, for the best part of a year. With the COVID-19 vaccination programme now in full swing in the UK, and hopefully with light at the end of tunnel, attention has inevitably turned to...more

Jones Day

Restoration of Crown Preference and Erosion of the English Floating Charge

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With effect from December 1, 2020, Her Majesty's Revenue and Customs ("HMRC") ranks ahead of floating charge holders and unsecured creditors with respect to recovering certain pre-insolvency taxes from an insolvent business...more

Dechert LLP

UK Asset Holding Companies – Alternative Credit Funds: A Chance to Shape the Future

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The UK government has published a response to the consultation announced last year in relation to the possible introduction of a new tax advantaged regime for UK asset holding companies (AHC) used in the context of...more

Proskauer Rose LLP

UK Tax Round Up - December 2020

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COVID-19 Developments - Tax exemptions for coronavirus antigen costs - Draft regulations providing for employee and employer national insurance contribution (NIC) exemptions from payments made to employees to cover...more

Proskauer Rose LLP

UK Tax Round Up - November 2020

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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

Freeman Law

International Tax Treaty: The United Kingdom

Freeman Law on

Quick Summary. In the United Kingdom, Her Majesty’s Revenue and Customs (HMRC) is responsible for administering and collecting taxes in the UK. For 2019, HMRC collected $841.19 billion in tax revenue. But it took over 300...more

Proskauer Rose LLP

UK Tax Round Up - October 2020

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UK COVID-19 Developments - UK Prime Minister’s statement on COVID-19 - On 31 October, the Prime Minister announced a number of measures designed to slow down the spread of COVID-19 to last for four weeks from 4...more

Katten Muchin Rosenman LLP

VAT and Termination Payments – A New Dawn for HMRC Brings a Dark Night for Taxpayers

HM Revenue and Customs (HMRC) has adopted a new position regarding VAT on contractual termination payments and cancellation fees....more

Katten Muchin Rosenman LLP

New Rate of Stamp Duty Land Tax (SDLT) for Non-UK Residents

Following on from the announcement in the 2018 Budget, from 1 April 2021 non-UK resident purchasers of residential property in England and Northern Ireland will be subject to a new higher rate of SDLT of 2 percentage points...more

Proskauer - Tax Talks

HMRC updates its guidance on the VAT treatment of early termination fees and compensation payments

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Following the European Court of Justice’s (ECJ) rulings in Meo and Vodafone Portugal, HMRC has recently updated its VAT manual and published a brief...more

Vinson & Elkins LLP

HMRC Changes VAT Rules For Early Contract Termination Fees

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Amidst the turmoil of COVID-19, HMRC has suddenly reversed its position on early termination fees, announcing such fees are now subject to VAT. In addition, it is taking the controversial position that this change in policy...more

Katten Muchin Rosenman LLP

New Tax Risks for Directors: Insolvent Companies and COVID-19 Fraud

Finance Act 2020: This Time It’s Personal (Liability) - The Finance Act 2020 introduces new rules which make certain individuals who have a ‘relevant connection’ to a company that is, or is likely to become, subject to an...more

Morgan Lewis

HM Revenue & Customs to Get Preferential Status as of 1 December 2020 (UPDATED)

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With effect from 1 December 2020, the UK’s HM Revenue & Customs will be given preferential creditor status for certain taxes which a company has collected but failed to pay to HMRC on the date it enters insolvency. ...more

Orrick, Herrington & Sutcliffe LLP

COVID-19 UK: Corporate – UK Summer Statement 2020 - Key Tax Points

Highlighting key tax points coming out of the recent economic update (8 July) delivered by the UK Government: Temporary reduction in stamp duty land tax (“SDLT”) on residential property purchases in England and Northern...more

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