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TaxationWeb by Burges Salmon LLPClarification on the tax treatment of certain payments to shareholders in a registered industrial and provident society, contributed by Burges Salmon LLP, SolicitorsThe tax treatment of certain payments to shareholders in a registered industrial and provident society has recently been clarified. This follows an exchange of correspondence between John Barnett of Burges Salmon LLP Solicitors and HM Revenue & Customs regarding the potential impact of the reworded legislation ... Continue Reading

Tolley's Practical Tax by Mark McLaughlin CTA (Fellow) ATT TEPMark McLaughlin continues his look at tax planning issues on a company sale.The first part of this article (which appeared in TPT 2005 page 81) ended with Example 2, which illustrated a sale for share or loan note earn-out. As in the previous article, references are to TCGA 1992 unless otherwise stated. ‘Paper for paper’ reorganisation treatment is automatic for rights conferred after 9 April 2003 if the relevant conditions are satisfied, ... Continue Reading

Tolley's Practical Tax by Mark McLaughlin CTA (Fellow) ATT TEPIn the first part of a two part article, Mark McLaughlin looks at some key tax planning issues on a company sale.The sale of a company involves numerous tax and commercial considerations. Vendors and purchasers will have their own priorities and agendas. In some cases, the purchaser and/or commercial aspects will dictate the terms of the deal. However, this article concentrates on tax planning opportunities from the viewpoint of owner-managers ... Continue Reading

VAT Voice by Andrew NeedhamAndrew Needham, Director of VAT Solutions (UK) Ltd, looks at VAT and corporate finance transactions following the ECJ decision in the Kretztechnik AG v Finanzamt Linz Case (C-465/03)VAT and corporate finance transactions is an area that continues to cause problems for businesses and advisers alike. In this article, we take a look at some of the basic issues and highlight the changes following the recent ECJ decision in the Kretztechnik AG v Finanzamt Linz Case (C-465/03). ... Continue Reading

Tolley's Practical Tax by Andrew HubbardAndrew Hubbard takes stock of the current situation regarding the disclosure rulesIntroductionIt is a year since the announcement, in Budget 2004, of the introduction of the regime for early disclosure of tax avoidance schemes. The regime became live, after much controversy, in September 2004 and it is now time, after several months’ of practical experience, to take another look at how effective the regime actually is and how it is operating in practice. ... Continue Reading

TaxationWeb by Bob Fraser MBA MA FSFAAn overview of AIM and its potential tax benefits, by Bob Fraser MBA, MA, FSFA of Rensburg Investment Management LimitedI suppose the first reaction individuals have when the AIM is mentioned is to shy away in horror at the supposed investment risk. However, whilst acknowledging that the AIM does constitute a higher risk investment, it is important to appreciate that the risk can be managed. It's a bit like sky-diving – risky, but the quality of your equipment ... Continue Reading

Tolley's Practical Tax by Arthur SellwoodArthur Sellwood takes a fresh look at the taxation implications.In the past – especially perhaps, when capital profits were not taxable at all – the Revenue were only too anxious to discover ‘badges of trade’ in isolated or infrequent transactions and thus to have such transactions designated as trading profits, which were fully assessable to tax. They should not, therefore, feel unduly aggrieved where a taxpayer uses a similar line of approach to ... Continue Reading

TaxationWeb by Mark McLaughlin CTA (Fellow) ATT TEPMark McLaughlin CTA (Fellow) ATT TEP, offers 10 tax planning tips for family and owner-managed companies1. Company tax rateConsider pre-year end tax planning reviews (or ask your accountant!) to reduce the company’s effective tax rate, particularly if the company’s profits may be liable to corporation tax at significant levels (e.g. capital expenditure, pension contributions). If this is not possible, consider post-year end tax planning (e.g. ... Continue Reading

VAT Voice by Andrew NeedhamAndrew Needham, Director of VAT Solutions (UK) Ltd, outlines the limitations of professional privilege for non-legal advisers, and how the effects of those limitations can be minimised.It has always been recognised that legal advice was protected by ‘legal privilege’, and for the most part, it was thought that this also extended to confidential advice from other professional advisors. In many ways, this was recognised by HMRC (HMC&E as was) in Notice 700/47 ‘ Confidentiality ... Continue Reading

Capital Tax Review by Matthew Hutton, MA, CTA (Fellow), AIIT, TEPMatthew Hutton MA, CTA (fellow), AIIT, TEP author of Capital Tax Review, outlines areas of uncertainty for SDLT purposes in connection with Wills and TrustsContextConflating a number of sections of FA 2003, a liability to SDLT will arise for the purchaser of a chargeable interest who pays chargeable consideration in excess of the nil-rate threshold. A beneficiary (pure and simple) under a Will or a trust will hardly expect to have ... Continue Reading