Technical Updates

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25 March 2020

COVID-19 - Tax and Financial Reliefs

The disruption to business as a result of measures put in place to limit the spread of COVID-19 is unprecedented. The UK Government has announced a number of measures designed to cushion the financial impact to businesses, and although no details have been announced, what we know about these measures is summarised in this update.
Business taxes Compliance Personal taxes Technical updates
12 March 2020

UK Tax Data Card 2020/21

Please click the download PDF button to view the UK Tax Data Card 2020/21. There is also a version of the tax data card which should be easier to read on a mobile device here.
Tax data card Technical updates
12 March 2020

Non-Resident Landlord Companies

From 6 April 2020, non-UK resident companies that carry on a UK property business or have other UK property income will be brought within the scope of corporation tax (as opposed to UK income tax, as is currently the case). The change in legislation also applies to those who invest in UK property through collective investment vehicles. The aim of the legislation is to…
Business taxes Compliance Property Technical updates
12 March 2020

2020 Budget Update

This document highlights the more important tax changes and announcements from the 2020 Budget.
Budget update Technical updates
23 January 2020

French Tax Data Card 2020

Please download the pdf to view the French Tax Data Card 2020.
Tax data card Technical updates
24 October 2019

Community Interest Companies (CICs)

A CIC is a company designed for social enterprises which aim to use their profits and assets primarily for the benefit of the community or to trade for a social purpose. They are not strictly 'not for profit', and CICs can, and do, deliver returns to investors. A CIC may be limited by shares, but it is more usual for them to be limited by guarantee. It is even…
Charity Technical updates
13 September 2019

Demergers - Capital Reduction Demerger

Companies are increasingly turning to demergers as a method of separating out various parts of a business. The decision to split off a trade or subsidiary from a company or group may be undertaken for a multitude of reasons including streamlining operations, ring-fencing liabilities, succession planning or shareholder disputes. There are three broad routes to carrying…
Business taxes Technical updates
31 July 2019

Construction Services Domestic Reverse Charge for VAT

HMRC have delayed the introduction of the domestic reverse charge for construction services, with the new expected start date being 1 October 2020.
Business taxes Property VAT Technical updates
31 July 2019

The 5th Money Laundering Directive as it Relates to Trusts

The Government recently published a consultation, ‘Transposition of the Fifth Money Laundering Directive’, which considers the proposals to transpose the EU’s 5th Money Laundering Directive (“5MLD”) into UK law. The Directive affects all UK express trusts and many non-UK express trusts, and extends the reach of the 4th Money Laundering Directive (“4MLD”), which itself…
Compliance Trusts & Estates Technical updates
26 July 2019

Economic substance requirements for companies in Crown Dependencies and other jurisdictions

New legislation has been introduced in the Crown Dependencies of Guernsey, Jersey and Isle of Man, as well as in Bahamas, Bermuda, BVI and Cayman Islands, which now ensures that certain entities based in those territories can demonstrate sufficient local economic substance. The start date varies slightly among jurisdictions, but for the Crown Dependencies the legislation…
Business taxes Compliance Technical updates
23 July 2019

Corporation Tax Treatment of Goodwill and Related Assets

There are special rules governing the treatment of goodwill and other intangible assets for corporation tax purposes. When the rules were first introduced with effect from 1 April 2002 the tax treatment was intended to broadly follow the accounting treatment. This meant that where a company acquired an intangible asset, it would be able to claim a corporation tax…
Business taxes Technical updates
09 July 2019

IHT - OTS second report

The Office of Tax Simplification (OTS) recently published its second report on inheritance tax. The first review was published in autumn 2018 and focussed on administration of the tax. The second review concentrates on the application of inheritance tax reliefs and other technical aspects. The government has not yet responded to the report so it is unclear if any of…
Business taxes Inheritance tax Property Trusts & Estates Technical updates