Introduction In these testing times the ramifications of COVID-19 continue to be felt in every area of personal and corporate life. With lockdowns announced around the world, including in the UK on 23 March 2020, travel has been severely curtailed and business practices are having to change accordingly. Below we discuss what this means for … Continue Reading
Earlier this evening (26 March 2020) the UK Chancellor announced the new Self-Employed Income Support Scheme to help the self-employed face the economic hardship wrought by the COVID-19 pandemic. Below are the key points: The scheme will provide direct cash grants of 80 per cent of individuals’ taxable profits (based on average monthly trading profit … Continue Reading
Earlier this evening the UK Chancellor announced an economic intervention which is “unprecedented in the history of the British state” with measures to support the United Kingdom economy in the midst of COVID-19. Below are the key measures he announced for businesses: The government is setting up a Coronavirus Job Retention Scheme. The scheme will … Continue Reading
Last night (17 March 2020) the UK’s Chief Secretary to the Treasury, Steve Barclay, announced in the House of Commons that the government is postponing the implementation of the changes to the application of the off payroll working tax rules to private sector clients (IR35) from 6 April 2020 to 6 April 2021 to ease … Continue Reading
In addition to the measures announced in last week’s UK Budget 2020 (as we reported in our Tax Talks blog of 16 March 2020 The UK Budget and Coronavirus), at the UK Prime Minister’s daily briefing today the UK Chancellor announced further measures to support businesses affected by coronavirus (COVID-19). The Treasury will make available … Continue Reading
As part of the UK’s Budget 2020, the Treasury has announced a range of measures aimed at assisting UK businesses, in particular small and medium sized businesses (SMEs), in tackling disruption caused by the coronavirus (COVID-19) outbreak. The UK government will be hoping that such measures assist in lessening any longer term economic impact caused … Continue Reading
The UK Budget took place on 11 March. In its first post-Brexit Budget with substantial spending announcements, the Treasury wants to continue to ensure the UK remains an attractive and competitive place to invest and do business. We have summarized here the most notable tax changes that will be of interest to our corporate and … Continue Reading
As we reported in our Tax Talks blog of 8 January, the Government has carried out a review of the implementation of the changes to the private sector IR35 rules. This review has now completed with the Government confirming on 27 February that the extension of the IR35 rules to the private sector will take … Continue Reading
There has been much talk recently about “review and reform” (or abolition) of entrepreneurs’ relief. This seems to have moved a step closer this week with Boris Johnson stating that the Treasury are “fulminating” against it on the basis that it made “staggeringly rich” people “even more staggeringly rich”. The debate about this was kicked … Continue Reading
In the Finance Act 2018, the UK Government enacted a number of changes to the information required in partnership returns that raised the concern of undue and impracticable administrative burden being imposed on UK investment fund partnerships. The changes covered a number of areas, including requiring a UK partnership that had partnerships amongst its partners … Continue Reading
As announced by the Chancellor in the run up to the recent General Election, the Government is launching a review into the implementation of the changes to the IR35 rules for private sector workers scheduled to be introduced on 6 April. We have reported on the changes to the IR35 rules for workers providing services … Continue Reading
Draft legislation included in the Finance Bill 2019-2020 will potentially make directors and certain other individuals closely connected to a company jointly and severally liable for a company’s tax liabilities that arise from avoidance, evasion or repeated insolvency and non-payment of tax debts or tax-related penalties of the company. The legislation is targeted at individuals … Continue Reading
New rules to be introduced from April 2020 will make certain companies who engage workers through intermediaries (the “client”) subject to: assessing whether the workers should be treated as employees of the company; and operating employment tax (PAYE and NICs) in respect of payments made to the workers or their intermediary. Currently these obligations rest … Continue Reading
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
There has been another development on the tricky but important subject of whether the rights attaching to preference shares mean that they are or are not ordinary shares for entrepreneurs’ relief (and other tax) purposes. Recent cases have shown that share with no right to a dividend are ordinary shares. HMRC has published its view … Continue Reading
Welcome to the January 2019 edition of the UK Tax Round Up. With the political focus continuing to be dominated by Brexit, this month has been reasonably quiet on the UK tax front. There have nevertheless been some noteworthy developments. Please view this month’s issue of the UK Tax Round Up.… Continue Reading
Season’s greetings from Proskauer’s UK tax team and welcome to the December edition of the Tax Round Up. Following the Autumn Budget and draft Finance Bill last month, this month has been comparatively quiet with very few significant announcements. Please view this month’s issue of the UK Tax Round Up.… Continue Reading
Welcome to the November edition of the Proskauer UK Tax Round Up. This month has seen a number of developments, both on the domestic and international tax fronts. We have set out a summary of some of the main points of interest. Please view this month’s issue of the UK Tax Round Up.… Continue Reading
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
Welcome to the October edition of the Proskauer UK Tax Round Up. It has been a reasonably busy month, with a number of interesting UK cases being reported as well as further clarity from the CJEU in relation to VAT. The Autumn Budget will be presented later today and the Finance Bill 2019 will be … Continue Reading
Welcome to the September edition of the Proskauer UK Tax Round Up. This month has seen a number of interesting tax cases and some clarity on the meaning of ordinary share capital. Please view this month’s issue of the UK Tax Round Up.… Continue Reading
Welcome to the August edition of the Proskauer UK Tax Round Up. Not unexpectedly, August has been a quiet month with just a couple of interesting developments. Please view this month’s issue of the UK Tax Round Up.… Continue Reading
The proposed amendment to entrepreneurs’ relief (“ER”) in Finance Bill 2019 is designed to address one of the outstanding issues with the current law when dilution of a company results in the loss of ER. Under the current rules, a shareholder who has held, for at least 12 months prior to disposal, at least 5% … Continue Reading
On 6 July 2018 the UK Finance Bill 2019 was published by the UK Government. The draft Finance Bill contains the details of the new regime on taxation of non-UK resident investors in UK real estate that had been proposed in a consultation by HMRC following the November 2017 Budget (see Proskauer Tax Talks blog … Continue Reading
