In this roundup, we look at some of the key cases in corporate and real estate tax from December 2021 to January 2022, including the value–added tax (VAT) decisions on input VAT that was not passed on to final consumers and...more
As environmental, social and governance (ESG) considerations become ever more central to doing business, tax is equally becoming a critical ESG factor. This is evidenced, among other measures, by the increased social interest...more
The Finance Act 2021 sets out a more sustainable and environmentally friendly tax system by legislating to implement a plastic packaging tax (Tax). The new Tax, which will come into force on 1 April 2022, will encourage the...more
The eight new freeports in England include tax breaks for employers and businesses, but what are they and where will they be?
What Are Free Zones?
Free zones (also known as freeport customs sites) are designated...more
The new regime for asset holding companies (the qualifying asset holding company (QAHC) regime) was published last month as part of the draft Finance Bill 2021-22.
In essence, the term 'asset holding companies' refers to...more
In the last six months, the Office of Tax Simplification (OTS) has published two reports evaluating the effectiveness of the capital gains taxation system in the UK. These reports suggest amendments to the existing system....more
LIBOR (London Interbank Offered Rate) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale-unsecured funds. It is used in numerous financial instruments such as loans,...more
Tax avoidance is the process of manipulating tax rules to reduce the amount of tax payable and obtaining a financial advantage that was never the intention of the legislation. A typical example of tax avoidance involves the...more
Securitisation is a widely used method of raising debt finance on capital markets through the issue of asset-backed securities. Typically, income-producing assets are used as collateral backing for the issue of securities by...more
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
The Finance Bill 2021 sets out a more sustainable and environmentally friendly tax system by legislating to implement a plastic packaging tax (the "Tax"). The new Tax will encourage the use of recycled plastic within...more
On the eve of the UK's exit from the EU on 31 December 2020, the UK Government published the concise but game-changing piece of legislation, 'The International Tax Enforcement (Disclosable Arrangements) (Amendment) (No. 2)...more
The Government is pressing ahead with its proposed UK 'freeports' initiative, described as a 'flagship government programme' by HM Treasury, which aims to increase the attractiveness of the UK as an international trading...more
On December 8 and 10, Katten’s Structured Finance and Securitization Department presented the “Year in Review and Outlook for 2021” webinar series. Topics covered by Katten attorneys and guest speakers include the impact of...more
12/24/2020
/ Biden Administration ,
Coronavirus/COVID-19 ,
EU ,
FDIC ,
FinTech ,
Libor ,
Loans ,
OCC ,
Regulatory Oversight ,
Safe Harbors ,
Tax Reform ,
UK ,
UK Brexit
HM Revenue and Customs (HMRC) has adopted a new position regarding VAT on contractual termination payments and cancellation fees....more
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
The Finance Act 2020 includes provisions (the body of which are in Schedule 16 to the Act) clarifying the tax treatment of payments made by the UK Government to alleviate the effects of COVID-19 on the economy and the...more
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
Key Points -
- COVID-19 has caused a rise in variations of commercial leases;
- HMRC has published a briefing paper to help landlords and tenants comply with appropriate tax legislation by providing guidance on VAT and...more
From 6 April 2020, non-UK tax resident corporate landlords (NRLs) are subject to corporation tax rather than income tax on their UK rental profits. Prior to this change, NRLs were subject to income tax (through withholding...more
Principal private residence relief (PPR) provides an individual disposing of their main or principal place of residence (their ‘dwelling-house’ — such term is not defined in the legislation, but generally includes buildings...more
IR35 off payroll rules1 and employee's NICs by supplying their services through an intermediary, such as a personal services company (PSC), and paying themselves in dividends from that company....more
Key Points -
- The DRC will affect around 150,000 businesses in the construction industry
- It will require those receiving a supply of construction services to account for VAT directly to HMRC
- In particular, it...more
In the 2018 Autumn Budget, the Chancellor announced his intention to reintroduce Crown Preference with effect from 6 April 2020. Due to the attempts to prorogue Parliament and the General Election last year, the necessary...more
The Spring 2020 Budget included confirmation that a new UK digital services tax (DST) comes into effect from 1 April 2020. DST was originally announced in the 2018 Budget as a new tax designed to ensure that the amount of tax...more