Tax Talks

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Robert E. Gaut

Partner
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Robert Gaut is a tax partner and head of our UK tax practice in London.

Robert provides advice on a full range of UK and international tax issues relating to fund formation, private equity deals, finance transactions and private equity real estate matters, including experience with non-traditional equity transactions, such as debt-like preferred equity and co-investments for private credit investors.

Robert is highly-regarded for his ability to provide sophisticated tax advice to many of the world’s preeminent multinational companies, sovereign wealth funds, investment banks and private equity and credit funds. Clients have commented to legal directories that Robert is “really technical and knows his stuff,” and “has a very strong knowledge of the various tax laws, but also presents more innovative techniques and strategies."

He is consistently recognized by Chambers UK and The Legal 500 United Kingdom, and has been recognized by Chambers Global as a leading individual in tax. The Legal 500 comments that Robert has “vast experience in a range of matters, including corporate tax structuring, real estate tax and fund formation.”

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Upcoming changes to the company share options plan regime

By Stephen Pevsner, Robert E. Gaut, Richard Miller and Emma C. McDonnell on Posted in Tax, UK Tax
Company share option plans (CSOP) and enterprise management incentives (EMI) are two statutory share option regimes that can be used to incentivise employees in a tax-efficient way. Broadly, where the relevant qualifying criteria have been met, both the CSOP and EMI schemes allow employees to acquire shares in their employer (or its group) for less … Continue Reading

BlueCrest FTT Decision –  Salaried Member Rules and Asset Managers

By Stephen Pevsner, Robert E. Gaut, Catherine Sear and David M. Ward on Posted in In the news, Tax Policy, UK Tax
The recent decision of the First-tier Tribunal (FTT) in BlueCrest Capital Management (UK) LLP v HMRC (29 June 2022) is the first time the UK’s salaried member rules (the Rules) have been considered in the context of an asset management limited liability partnership (LLP). BlueCrest is engaged in providing hedge fund investment management services. In … Continue Reading

HMRC Clarifies Application of QAHC Regime to Corporate Lending Vehicles

By Robert E. Gaut, Stephen Pevsner and David M. Ward on Posted in Corporate Taxation, UK Tax
HMRC has recently updated the guidance relating to the UK’s new qualifying asset holding company (QAHC) tax regime which was introduced from 1 April 2022. The new guidance clarifies HMRC’s approach to whether corporate lending vehicles used by credit funds should be treated as carrying on an investment activity or a trade in the context … Continue Reading

EU Commission publishes draft directive to remove tax driven debt-equity bias

By Robert E. Gaut and Emma C. McDonnell on Posted in European law, International Taxation, Tax Policy
Summary and Background On 11 May 2022, the European Commission (the “Commission”) published its draft proposal for a debt-equity bias reduction allowance (“DEBRA” or, the “Directive”), which forms part of the Commission’s Communication on Business Taxation reforms which were first outlined on 18 May 2021.  The Directive seeks to remove tax as a weighted factor … Continue Reading

130 countries join the OECD’s framework for international tax reform

By Robert E. Gaut and David M. Ward on Posted in In the news, International Taxation
Significant progress has been made in the efforts of the OECD to reach international consensus on the BEPS 2.0 proposals. Broadly, the proposals are aimed at addressing challenges relating to taxation of the modern digital economy. The 139 country OECD Inclusive Framework meeting concluded on 1 July 2021, with 130 countries and jurisdictions, representing in … Continue Reading

COVID-19: UK Chancellor announces significant extension of support packages

By Robert E. Gaut and Philip Gilliland on Posted in Coronavirus, In the news, UK Tax
The UK Chancellor has today announced that the Coronavirus Job Retention Scheme (the furlough scheme) and the Self-Employment Income Support Scheme (SEISS) will be extended against “a worsening economic backdrop”. Earlier this week we reported on the UK Prime Minister’s reintroduction of the furlough scheme until 2 December 2020 (the scheduled end date of the … Continue Reading

COVID-19: Extension of economic support ahead of national lockdown

By Robert E. Gaut and Philip Gilliland on Posted in Coronavirus, In the news, UK Tax
Ahead of England’s return to national lockdown this Thursday, the UK Prime Minister has announced the extension of support packages for both employed workers and for the self-employed. As reported by us previously (https://www.proskauertaxtalks.com/2020/09/uk-chancellor-announces-winter-economy-plan/) the Coronavirus Job Retention Scheme (the furlough scheme) was due to end and its replacement, the Job Support Scheme, was to … Continue Reading

COVID-19: Further extension to the UK’s Job Support Scheme

By Robert E. Gaut and Philip Gilliland on Posted in Coronavirus, In the news, UK Tax
As coronavirus infection rates rise and restrictions tighten across the UK, the UK Chancellor has extended the Job Support Scheme (again). Last week we reported on the extension of the Scheme to businesses legally required to close under tier 3 of the alert system (https://www.proskauertaxtalks.com/2020/10/covid-19-extension-of-the-uks-job-support-scheme/). Yesterday (22 October) the UK Chancellor announced the following updates: … Continue Reading

COVID-19: Extension of the UK’s Job Support Scheme

By Robert E. Gaut and Philip Gilliland on Posted in Coronavirus, In the news, UK Tax
As lockdowns loom across the land with the introduction of a three-tier system of restrictions based on local COVID-19 alert levels, at the highest alert level (tier 3) certain businesses will be forced to close, including pubs and bars (unless they serve substantial meals). To support businesses that are legally required to close as a … Continue Reading

Cayman Islands removed from the EU blacklist of non-cooperative jurisdictions for tax purposes

By Robert E. Gaut and Philip Gilliland on Posted in In the news
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 that Cayman would make every effort to ensure its removal from the list in cooperation with the EU (https://www.proskauertaxtalks.com/2020/02/cayman-islands-added-to-the-eu-blacklist-of-non-cooperative-jurisdictions-for-tax-purposes/). The … Continue Reading

UK Chancellor announces Winter Economy Plan

By Robert E. Gaut and Philip Gilliland on Posted in Coronavirus, In the news, UK Tax
As the UK braces itself for a second wave of COVID-19 the UK Chancellor has announced the Treasury’s Winter Economy Plan with the aim of protecting jobs and supporting businesses over the coming months. Despite the measures introduced in the Chancellor’s Summer Statement (reported by us https://www.proskauer.com/blog/chancellors-summer-statement-focuses-on-hospitality-sector), the UK’s economic recovery “is fragile” amidst the … Continue Reading

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

By Robert E. Gaut and Philip Gilliland on Posted in In the news, UK Tax
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 (https://www.gov.uk/government/publications/revenue-and-customs-brief-12-2020-vat-early-termination-fees-and-compensation-payments/) stating that payments arising out of early contract termination will now be treated as consideration for a taxable supply therefore subject to VAT. This marks a significant change from HMRC’s … Continue Reading

COVID-19: Taxation of coronavirus support payments

By Philip Gilliland and Robert E. Gaut on Posted in Coronavirus, In the news, UK Tax
The UK government has opened a consultation on draft legislation concerning the taxation of coronavirus business support payments. HMRC want views on the technical effectiveness of the proposed legislation in ensuring that grants covered by the legislation are subject to tax. Such grants include the much-reported Coronavirus Job Retention Scheme (“CJRS”) (as reported by us … Continue Reading

Cayman Islands added to the EU blacklist of non-cooperative jurisdictions for tax purposes

By Robert E. Gaut on Posted in European law, International Taxation
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: “[The] Cayman Islands does not have appropriate measures in place relating to economic substance in the area of collective investment vehicles.” This … Continue Reading

Upper Tribunal Rules in Favour of Taxpayer in Tax Residence Case

By Robert E. Gaut on Posted in Uncategorized
Development Securities plc and others v HMRC [2019] UKUT 169 (TCC) The Original Judgment As we reported in our August 2017 UK Tax Round-Up [https://www.proskauer.com/newsletter/uk-tax-round-up-august-2017], the UK’s First Tier Tribunal (“FTT”) found against the taxpayer in the Development Securities case, and ruled that certain Jersey-incorporated companies were, in fact, UK tax resident through central management … Continue Reading

UK Tax Round Up

By Catherine Sear, Robert E. Gaut and Stephen Pevsner on Posted in UK Tax
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 month, HMRC has updated its guidance on what constitutes “ordinary share capital” for the purposes of most tax provisions using that term. As well as … Continue Reading

UK Budget – Some Key Changes

By Daniella Abel, Robert E. Gaut and Stephen Pevsner on Posted in UK Tax
The UK Budget took place on 29th October. The Chancellor, Philip Hammond, took the opportunity to make a series of targeted changes to the UK’s tax system, some of which had already been announced, but several of which were new and surprising. We have summarized here of the most eye-catching changes that will be of … Continue Reading
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