UK Case Developments -
IR35 – no mutuality of obligation to create a contract of employment -
RALC Consulting Ltd v HMRC has provided the First-tier Tribunal (FTT) with another opportunity to consider the application...more
1/6/2020
/ Collective Investment Schemes ,
Corporate Taxes ,
Cryptoassets ,
Employment Contract ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Personal Services ,
Private Equity ,
Remuneration ,
Tax Liability ,
UK ,
Value-Added Tax (VAT)
UK Case Law Developments -
More decisions on IR35 -
This month has seen two more decisions on whether broadcast presenters providing their services to the BBC and ITV respectively would or would not have been...more
12/2/2019
/ Corporate Taxes ,
Cryptoassets ,
Distribution Rules ,
Employment Tax ,
EU ,
HMRC ,
International Tax Issues ,
Member State ,
OECD ,
Self-Employment Tax ,
UK ,
UK Cryptoassets Taskforce ,
Value-Added Tax (VAT)
UK Case Law Developments -
Reliance on HMRC's manual statement can, but didn't, give rise to legitimate expectation -
In the recent judicial review case of Roao Aozora GMAC Investment Ltd v HMRC, the Court of Appeal...more
10/31/2019
/ Arm's Length Principle ,
Corporate Taxes ,
EU ,
European Commission ,
GAAR ,
HM Treasury ,
HMRC ,
Income Taxes ,
International Tax Issues ,
OECD ,
Private Equity ,
Share Purchase Agreements ,
Tax Planning ,
Transfer Pricing ,
UK ,
Value-Added Tax (VAT)
Case Law Developments -
Place of supply for VAT purposes -
The recent case of American Express Services Europe Limited (AESEL) v HMRC is a useful reminder of the well-established two-stage approach to determining the...more
10/7/2019
/ Acquisitions ,
Corporate Taxes ,
EU ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Mergers ,
Private Equity ,
Tax Planning ,
UK ,
Value-Added Tax (VAT)
Finance Bill 2019-2020 -
The FB19-20 was published on 11 July. The majority of the matters included have been announced previously with no surprise measures. The draft legislation is now open for consultation. We have...more
8/1/2019
/ Anti-Abuse Rule ,
Anti-Avoidance ,
Capital Losses ,
Corporate Taxes ,
Court of Justice of the European Union (CJEU) ,
Digital Services Tax ,
HMRC ,
International Tax Issues ,
Stamp Duty Land Tax ,
UK ,
Value-Added Tax (VAT)
Guernsey SPV not resident in the UK -
In Development Securities plc and others v HMRC, the Upper Tribunal (UT) has overturned the prior discussion of the First-tier Tribunal (FTT) in favour of the taxpayer in an important...more
7/1/2019
/ Acquisitions ,
Board Meetings ,
Corporate Governance ,
Corporate Taxes ,
Goods or Services ,
HMRC ,
International Tax Issues ,
Parent Corporation ,
Subsidiaries ,
Tax Assessment ,
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 Developments -
Taxpayer succeeds in judicial review case against HMRC -
On 22 November 2018, the Upper Tribunal published its decision on the judicial review case of R. (on the application of Vacation Rentals (UK)...more
12/31/2018
/ Corporate Taxes ,
Cross-Border ,
EU ,
Foreign Corporations ,
Guidance Update ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Island of Guernsey ,
Limited Partnerships ,
Multilateral Agreement ,
Poland ,
Tax Exemptions ,
UK ,
Value-Added Tax (VAT)
General UK Tax Developments -
Finance Bill -
The Finance (No 3) Bill 2018-19 (which will become the Finance Act 2019) was published on 7 November and includes legislation to enact the changes highlighted in our UK Budget...more
UK Case Law Developments -
Entrepreneurs' relief – voting rights not imputed for equitable reasons -
In George v HMRC, the First Tier Tribunal (FTT) decided that they could not apply the equitable principle that...more
10/8/2018
/ BEPS ,
Corporate Taxes ,
EU ,
European Commission ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Ireland ,
Share Purchase Agreements ,
Tax Planning ,
Tax Tribunal ,
UK ,
Value-Added Tax (VAT)
VAT treatment of supplies of non-employed temps clarified -
A recent Court of Appeal case – Adecco v HMRC – clarifies a longstanding question over seemingly contradictory case law on the VAT treatment of employment agency...more
8/29/2018
/ Board of Directors ,
Capital Expenditures ,
Corporate Taxes ,
Cross-Border ,
EU ,
Foreign Corporations ,
HMRC ,
Holding Companies ,
International Tax Issues ,
Regulatory Oversight ,
UK ,
Value-Added Tax (VAT)
General UK Tax Developments -
Enterprise management incentive (EMI) options State Aid approval -
We referred in the April UK Tax Round Up to the expiry of the EU's State Aid approval for EMI options. Fortunately, this...more
5/31/2018
/ Acquisitions ,
Anti-Avoidance ,
BEPS ,
Capital Losses ,
Corporate Taxes ,
EU ,
European Commission ,
Foreign Subsidiaries ,
HMRC ,
International Tax Issues ,
Mergers ,
UK ,
Value-Added Tax (VAT)
General UK tax developments -
Changes to taxation of termination payments -
HMRC has updated its Employment Income Manual to reflect the changes to the taxation of termination payments (including payments in lieu of...more
5/1/2018
/ Anti-Avoidance ,
Corporate Taxes ,
Cross-Border ,
EU ,
European Court of Justice (ECJ) ,
Foreign Acquisitions ,
Foreign Corporations ,
GAAR ,
Guidance Update ,
HMRC ,
Income Taxes ,
International Tax Issues ,
PILONs ,
Tax Planning ,
Tax Warrants ,
UK ,
Value-Added Tax (VAT)
Welcome to the March edition of the Proskauer UK Tax Round Up. As promised, the Spring Statement from the Chancellor focused on the economy and public finances without any major tax announcements. However, a few interesting...more
4/5/2018
/ Anti-Avoidance ,
Capital Gains ,
Controlling Person ,
Corporate Taxes ,
Court of Justice of the European Union (CJEU) ,
Cross-Border ,
Entrepreneurs ,
EU ,
European Commission ,
Federal Budget ,
Foreign Investment ,
GAAR ,
HMRC ,
International Tax Issues ,
Investment Management ,
Limited Partnerships ,
Remuneration ,
Tax Credits ,
Tax Rates ,
UK
Case law developments -
Settlement payment not deductible as an expense of a trade (Vaines v HMRC) -
Mr. Vaines was a solicitor. In the 2007/08 tax year he paid a settlement amount to a third party that had made a...more
2/23/2018
/ Corporate Taxes ,
Cross-Border ,
EU ,
European Court of Justice (ECJ) ,
Foreign Acquisitions ,
Foreign Corporations ,
Guidance Update ,
HMRC ,
Income Taxes ,
International Tax Issues ,
PILONs ,
Tax Planning ,
Tax Warrants ,
UK ,
Value-Added Tax (VAT)
The impact of discounts on consideration for VAT purposes (Finanzamt Bingen-Alzey v Boehringer Ingelheim Pharma GmbH & Co. KG) -
The ECJ has confirmed that consideration for VAT purposes should be reduced by any discount...more
1/29/2018
/ Corporate Bonds ,
Corporate Taxes ,
EU ,
European Commission ,
European Court of Justice (ECJ) ,
GAAR ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Share Purchase Agreements ,
Tax Planning ,
Tax Tribunal ,
Tax Warrants ,
UK ,
Value-Added Tax (VAT)
Finance (No. 2) Bill 2017-19 -
The first version of the Finance (No. 2) Bill 2017-19 was published on 1 December 2017. The majority of the Bill's content had been previously announced at the Autumn 2017 Budget (see...more
12/29/2017
/ BEPS ,
Common Reporting Standard (CRS) ,
Corporate Taxes ,
Disclosure Requirements ,
Distribution Rules ,
EU ,
HMRC ,
International Tax Issues ,
Member State ,
OECD ,
Royalties ,
Self-Employment Tax ,
Social Insurance Contributions ,
UK ,
Value-Added Tax (VAT)
UK Tax News and Developments -
The OTS publishes its report "Value added tax: routes to simplification" -
On 7 November, the Office of Tax Simplification (OTS) published its first report on VAT, which included a range...more
11/30/2017
/ CFC ,
Corporate Taxes ,
Court of Justice of the European Union (CJEU) ,
Diverted Profits Tax ,
Draft Guidance ,
EU ,
European Commission ,
HMRC ,
Income Taxes ,
International Tax Issues ,
National Insurance Contributions ,
OTS ,
Remuneration ,
Restitution ,
Self-Employment Tax ,
Tax Reform ,
Threshold Requirements ,
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 - Latest on the Finance (No 2) Bill 2017 - On 20 July 2017 the government announced in Hansard that the House of Commons will, on Wednesday 6 September 2017, be asked to approve the Ways and Means...more
8/25/2017
/ Appeals ,
BEPS ,
Capital Gains ,
Corporate Taxes ,
EBITDA ,
GAAR ,
HMRC ,
Interest Income ,
Investment Funds ,
OECD ,
Tax Deductions ,
Tax Tribunal ,
UK ,
UK Brexit
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)
International Tax Developments -
BEPS Multilateral Convention signed -
On 7 June, officials from more than 60 jurisdictions signed the BEPS Multilateral Convention which will transplant a number of measures in respect...more
6/16/2017
/ Anti-Avoidance ,
BEPS ,
Capital Gains ,
Corporate Bonds ,
Corporate Taxes ,
Double Taxation ,
EU ,
Film Tax Credits ,
HMRC ,
Investment Funds ,
OECD ,
Tax Deductions ,
UK ,
Value-Added Tax (VAT)
Welcome to the Tax Round Up, the first edition of what will be a regular bulletin highlighting the latest tax developments relevant to UK companies and asset managers. We plan to produce this monthly with the next one in...more
4/7/2017
/ Asset Management ,
Budgets ,
Carry Forward ,
Corporate Taxes ,
Double Taxation ,
EBITDA ,
Employee Stock Purchase Plans ,
Foreign Corporations ,
HMRC ,
Holding Companies ,
Interest Payments ,
LLPs ,
New Legislation ,
Non-Resident Income Taxes ,
Offshore Funds ,
Partnerships ,
Passporting ,
Publicly-Traded Companies ,
Remuneration ,
Shareholders ,
Tax Deductions ,
Tax Exemptions ,
Tax Treaty ,
UK ,
Value-Added Tax (VAT) ,
Withholding Tax
After numerous UK tax changes affecting asset managers over the past few years – not least the wholesale re-vamping of the tax treatment of carried interest and other fund participations for investment fund managers – the UK...more
3/15/2017
/ Carried Interest ,
Corporate Taxes ,
Domicile ,
Double Taxation ,
HMRC ,
Investment Funds ,
Investment Management ,
Limited Liability Partnerships ,
National Insurance Contributions ,
Partnerships ,
Passporting ,
Self-Employment Tax ,
Tax Reform ,
Tax Treaty ,
UK ,
Withholding Tax