UK COVID-19 Developments -
HMRC updates its trading activities guidance -
HMRC has updated its guidance at BIM48000 regarding how legislation and case law should be applied where a business makes changes to its...more
7/1/2020
/ Corporate Taxes ,
Cross-Border Transactions ,
Guidance Update ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Loan Market Association ,
Reporting Requirements ,
Tax Planning ,
UK ,
Value-Added Tax (VAT)
UK COVID-19 developments -
Proposed deferral of DAC6 and DAC2 -
The European Commission has published a draft directive proposing a three month delay to the deadlines for certain information disclosures under the EU...more
6/3/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
EU ,
European Commission ,
HMRC ,
Income Taxes ,
Infectious Diseases ,
International Tax Issues ,
Personal Protective Equipment ,
Tax Deductions ,
Tax Planning ,
UK ,
Value-Added Tax (VAT)
Temporary changes to the statutory residence test for inbound COVID-19 workers -
The UK Chancellor has written to the chair of the Treasury Select Committee outlining temporary changes to the statutory residence test...more
5/12/2020
/ Anti-Avoidance ,
Corporate Taxes ,
Digital Services Tax ,
EU ,
European Court of Justice (ECJ) ,
Guidance Update ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Tax Planning ,
UK ,
Value-Added Tax (VAT)
Budget Announcements -
The most significant announcements were:
- immediate reduction in the lifetime limit for entrepreneurs' relief from £10 million to £1 million along with some "anti-forestalling" provisions to...more
UK General Tax Developments -
HMRC updates to the private sector IR35 rules -
On 7 February 2020, HMRC confirmed that the new private sector IR35 rules will only apply to payments made for services provided on or...more
3/5/2020
/ Collective Investment Schemes ,
Corporate Taxes ,
Employer Liability Issues ,
Foreign Investment ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Private Equity ,
State Aid ,
Tax Planning ,
UK ,
UK Brexit ,
Value-Added Tax (VAT)
UK General Tax Developments -
Date set for next UK Budget -
The first Budget of the new Conservative government will be held on Wednesday 11 March. There has been significant speculation that there will be a major...more
1/31/2020
/ Anti-Avoidance ,
Articles of Association ,
Corporate Taxes ,
Draft Guidance ,
Entrepreneurs ,
EU ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Investment Funds ,
Partnerships ,
Private Equity ,
Remuneration ,
Tax Reform ,
UK ,
UK Brexit ,
Value-Added Tax (VAT)
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)
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)
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 Case Law Developments -
Damages on share sales same as on other sales -
In Oversea Chinese Banking Corporation Ltd v ING Bank NV, the Commercial Court has held that the measure of damages for breach of warranty in...more
5/2/2019
/ Acquisitions ,
Capital Gains ,
Controlled Foreign Corporations ,
EU ,
European Commission ,
HMRC ,
International Tax Issues ,
Mergers ,
Private Equity ,
Shareholders ,
State Aid ,
Stock Options ,
UK ,
Warranties
EU developments -
European Court rules that withholding tax exemptions under EU Directives can be denied by abuse of rights principle -
At the end of February, the Court of Justice of the European Union (CJEU) issued...more
4/3/2019
/ Anti-Avoidance ,
Beneficial Owner ,
Capital Gains ,
Controlled Foreign Corporations ,
Court of Justice of the European Union (CJEU) ,
HMRC ,
Income Taxes ,
International Tax Issues ,
Member State ,
OECD ,
Parent Corporation ,
Subsidiaries ,
UK ,
Value-Added Tax (VAT) ,
Withholding Tax
UK Developments -
Amendments to the Finance Bill – entrepreneurs' relief and intangibles -
Three significant changes have been made to the Finance Bill published last October which will be included in the Finance Act...more
2/5/2019
/ Breach of Contract ,
Capital Gains Tax ,
Entrepreneurs ,
European Court of Justice (ECJ) ,
HMRC ,
Insurance Industry ,
International Tax Issues ,
OECD ,
Proposed Amendments ,
Shareholders ,
SIFs ,
UK ,
Value-Added Tax (VAT) ,
Venture Capital
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
General UK Tax Developments -
CIOT responds to the draft profit fragmentation provisions in the Finance Bill 2019 -
The Chartered Institute of Taxation (CIOT) has published its response to the profit fragmentation...more
10/30/2018
/ Acquisitions ,
BEPS ,
Court of Justice of the European Union (CJEU) ,
EU ,
HMRC ,
International Tax Issues ,
Mergers ,
OECD ,
Shareholders ,
Stamp Duty Land Tax ,
Tax Liability ,
UK ,
UK Brexit ,
Value-Added Tax (VAT)
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