The firm has been recommended in three practice areas, while seven lawyers have also been recommended.
…and the present is no time to request a loss determination.
Funds update: AIFMD implementation under fire; European agreement on beneficial ownership registers; and more download
Also: new Jersey accounts documentation and recent case law.
The Legal 500: Europe, Middle East and Africa (EMEA) Directory 2015 has recognised Baker & McKenzie with high rankings across a range of practice areas.
Corporate and personal income tax, social security contributions and property tax are among the sectors to be affected.
Charities urged to share their opinions on Government plans for reform – the Charity Finance Group has put together a policy briefing.
Presentation for the association of corporate lawyers in Split.
Investment preferences in Kazakhstan download
Measures of state support for priority investment projects.
Initiative aims to encourage development of urban areas but will it have the desired effect?
From 6 April 2015, capital gains tax will be extended to non-UK residents selling UK residential property.
Mining issuers have their qualified persons (QPs) and occasionally legal counsel review technical disclosure, including news releases and technical reports, to ensure they comply.
30% female non-execs on German boards; lower penalty for failing to consult a works council in France; mandatory retirement no more in Denmark; all the UK changes; and more.
“Resources are not reserves”, and other findings of a review of investor presentations on mining issuers’ websites.
Only a small minority of pension savers have plans to spend their whole pot on luxury items, following recent retirement reforms.
Aspects of MiFID II of particular interest to asset managers including: commissionss; phone call recordings; costs disclosure; client categorisation; and more.
Canada names new taxpayers’ombudsman download
The Canada Revenue Agency has appointed a new Taxpayers’ Ombudsman, the second since the position was created in 2008.
Franco-German tax treaty amended download
After the amendment to the Franco-Luxembourg tax treaty of September 2014 it is the turn of the Franco-German tax treaty, with an amendment concluded on 31 March.
Certain sums that arise to investment fund managers for their services will be charged to income tax.
The rules are likely to change soon. Managed investment trust deeds and distribution mechanisms should be amended to qualify under the new attribution rules, and other tips.
Turkey’s prime minister has announced an 11-step incentive package to secure investment financing for the country.
HMRC plays fast and loose download
A medium-sized corporate client of Collyer Bristow got into temporary cash flow difficulties and, as a result, HMRC filed a petition for the winding up of the company for arrears of VAT.
It will be a key aspect of compliance going forward that employers monitor the time spent by their employees in each country.
A draft law on voluntary declaration should motivate business owners to disclose their foreign property and facilitate the tax-free restructuring of foreign assets.
One of the key features of Jersey’s funds industry is the range of structures and regulatory approaches that can be used.
Multinationals take note; China has introduced measures to deny income tax deductions for certain service fees and royalties paid by Chinese companies to their overseas affiliates.
Corporation tax has been cut from 21% to 20% and and the business rates system has changed in England.
Step-ups in tax basis: utilising Section 336(e) elections in structuring private equity acquisitions download
The IRS and Treasury Department has issued regulations that provide rules for making a ‘Section 336(e) election’.
Expansion of the IT sector in Serbia has lead to an increased engagement of local IT experts by foreign IT companies.
Baker & McKenzie has been named as Transfer Pricing Firm of the Year at the Legal Community Finance & Tax Awards, which took place in Milan on 24 March 2015.
As well as the minimum wage and tax changes, pensions, special purpose share schemes and company cars are getting a political tweak.
If so, it is important to act quickly to ensure you keep your options open
A number of developments relevant to tax planning were included in the Budget, the key points of which are summarised in this briefing.
The implications of the draft Protection of Charities bill, which proposes significant increases to the Charity Commission’s powers.
Swiss resident individuals selling shares in a corporation that are privately held will, instead of a tax-free capital gain, realise income from capital that is partially or fully taxed.
Distributions from a Swiss resident company are subject to a 35 per cent Swiss Withholding Tax (WHT).
Special Thin Capitalization Rules were introduced in Switzerland in 1997, which restrict the maximal amount of debt granted by a related company.
The Swiss Federal Department of Finance (FDF) has presented the modified Expatriate Ordinance on 16 January 2015.
Significant changes to Russia’s tax code could lead to an increased use of corporate and trust entities based in the Channel Islands in the structuring of Russian corporate and private wealth arrangements.
Charities could receive more money from payroll giving after agreeing new measures to improve the system and make it more transparent.
Conyers Dill & Pearman provided Bermuda legal advice to James River Group Holdings on its $231m IPO on Nasdaq.
The island’s income tax law has been amended. Karen Farman explains how the changes will impact non-residents.
On 25 March 2015, the Australian government introduced the Tax and Superannuation Laws Amendment (Employee Share Schemes) Bill 2015 and Explanatory Memorandum into Parliament
The Cayman Automatic Exchange of Information Portal is now open and a user guide is available to help smooth the process of making filings.
Pensions update – March 2015: Finance Act 2004; IBM v Dalgleish; automatic enrolment; and more download
Baker & McKenize has released its March 2015 edition of UK Pensions Update.
The Cayman Islands Tax Information Authority launched its online portal for the automatic exchange of tax information.
The Dubai Electricity and Water Authority is looking at ways of assisting parties seeking to get involved.
A number of key questions still need to be answered with regard to the development of a secondary market for annuities.
A high-level overview, relevant to anyone connected with the structuring, establishment or maintenance of corporate or private wealth arrangements for Russian clients.
The Cayman Islands Department for International Tax Cooperation has launched its Automatic Exchange of Information portal and released an accompanying user guide.
Highlighting the measures that are most relevant to law firms and their clients.
The Government knows that the North Sea is in reality competing with the economics of projects in other countries and so needs to be attractive for future investment.
The recent judgment in Wright v Wright has added to the growing debate about whether there should be a radical review of the courts’ approach to maintenance payments on divorce.
This year’s Budget saw a departure from recent attacks on partnerships, although there were of course some announcements that will still be of interest.
The Budget contained some interesting points for those keeping a watchful eye on developments in social investment tax relief.
Changes to the share buyback regime download
New legislation will come into force in April 2015 which will clarify the procedural requirements for share buybacks.
An overview of the main changes outlined by the Chancellor.
The possibility for ex-pats to claim tax allowances for special professional expenses will be maintained, but certain restrictions will be implemented.
Former Selborne Chambers head Romie Tager QC has instructed Withers partner Amber Melville-Brown to challenge a tribunal ruling ordering him to pay £1.25m in tax bills to HMRC.
A 56-year-old woman was recently sent to jail for two years and eight months after she lied to avoid paying more than £500,000 inheritance tax on her wealthy aunt’s estate
Business rates system to be reviewed download
A radical review has been launched, in a bid to make the business rates system fairer.
The former head of Selborne Chambers, Romie Tager QC, is facing a tax bill of £1.25m after a tribunal ruled the silk breached inheritance tax rules following the death of his father.
Martin Gunson explains how the new rules governing capital allowances work, whether you are buying or selling property.
Jersey is one of the world’s major international finance centres.
The Israel Tax Authority has expressed a view that could jeopardise, or at least complicate some basic hedging tactics.
Tax break fears for married couples download
The only way married couples can apply for a new tax break is online and that could mean that thousands of people miss out, a report has suggested.
If you make gifts of money or items of value to other individuals these gifts are chargeable transfers for inheritance tax purposes.
A new IP tax regime, in line with the so-called “modified nexus approach”, is to be introduced in Luxembourg. This is aimed at creating a level playing field in the area of IP taxation.
Last year there were positive and interesting developments regarding French capital gains tax applicable to non-French tax residents. News that these developments are now confirmed will be welcomed by many.
Eversheds has announced the appointment of leading HMRC tax and funds expert, John Buckeridge, who joins the firm as a consultant.
Dentons has prepared the overview of the most important legislation changes in tax for 2014.
The Federal Minister of Finance announced certain proposals aimed at bolstering Canada’s junior mining industry.
Around 100 present and aspiring women board members will gather in London on 4-5 March for the second European Institute meeting of Women Corporate Directors.
From 6 April 2015, the pensions landscape will be altered radically.
CRA representatives provided an update on two topics: 1) online CRA e-services, and 2) Regulation 102 and Regulation 105 waivers for non-residents.
Mumbai decision may have significant implications for the tax positions of hotel owners and operators in India.
People need to consider their digital legacy when drawing up a will. Only around 25% of online bank account holders have arranged for their details to be passed on.
In 2014, 17 laws were adopted to amend the Code of Kazakhstan ‘On Taxes and Other Obligatory Payments to the Budget’. GRATA Law Firm provides a the brief review of main amendments.
BWB briefing for charities and social enterprise: proposals to increase thresholds for charity audit and more download
A round-up of developments in the charity sector.
Welcome to Collyer Bristow’s Art Matters, our newsletter covering all aspects of art law.
Whistleblowers in the Swiss banking sector: legal hurdles to co-operating with foreign governments download
An overview of the main Swiss criminal law provisions that prohibit the theft and disclosure of banking information to foreign authorities or courts, and how they have been applied to whistleblowers in recent cases.
Competition News: February 2015 download
Dentons has released the February 2015 edition of its Competition News update.
There is confusion over the new agency legislation and businesses should treat it with care and determination.
Liability for tax violations under a new code ‘On Administrative Violations’ and Criminal Code of Kazakhstan download
A brief review of the main innovations concerning the liability of taxpayers on tax-related administrative cases.
VAT and lawyers – a legal challenge? download
VAT has proven to be anything but a supposedly simple tax, presenting technical challenges for even the most straightforward of businesses such as the legal profession.
Most people will welcome a reform of the court system that will facilitate a more efficient and cost-effective approach to access to justice, but can such a system actually be delivered?
There is confusion over the new Agency Legislation and businesses should treat it with care and determination.
New tax break for married couples download
More than four million couples could save as much as £212 a year in tax, thanks to the new marriage allowance.
Founding and managing partner
Tax is a fundamental part of Bojovic’s full-service approach.
The UK’s 2005 regime was the poster child for EU gaming law compliance but that has now been brought to a screeching halt with the introduction of new tax rules.
In a recent case, the First-tier Tribunal (Tax) confirmed that a compensation payment that was made to an employee on the termination of their employment was taxable.
Croatia updates tax legislation download
On 1 January 2015, amendments to the Income Tax Act, the Profit Tax Act and the Value Added Tax Act came into effect in Croatia.
Our corporate tax lawyers advise on all aspects of corporate and business taxation and much of our work is of an international nature.
Concerns about ‘going concerns’ download
A new tribunal case throws fresh light on the need to take a careful and considered approach to real estate dealings – and not to rely on an overly-mechanistic interpretation of VAT law and HMRC guidance.
The European Parliament has set up a special committee to examine whether member states broke EU rules by offering tax breaks to large multinational companies.
The government introduced draft legislation in January 2015 to prevent the use of reductions of capital by target companies using takeover schemes of arrangement.
Pinsent Masons has won permission to bring a judicial review of HMRC’s use of accelerated payment notices (APNs) against its group action client, members of Ingenious Media’s film partnerships scheme.
Coming into effect on 6 April are two key pieces of primary legislation that will be pivotal to the flexibility of pensions. This alert outlines the key aspects of the legislation.
The Hon Peter MacKay, minister of justice and attorney general of Canada, has made two appointments.
Eversheds tax partner warns that EU attempts to provide multilateral tax reform do not include the US.
Draft legislation raises concerns that many normal carried interest and co-investment structures could be within the scope of new income tax rules.
Property Update: Winter 2014/15 download
This edition focuses on all things environmental.
Update on VAT on pension fund costs download
This update sets out a brief overview of the issues, focusing primarily on DB schemes, but at the end also briefly considers the changes that have arisen for DC schemes.
Jersey legislation overview download
There have been a number of significant legislative developments in Jersey since November 2012, as reflected in the length of this briefing.
Dentons Global Mobility Guide 2015 download
The ability to move skilled workers globally is essential to the success of the world economy and the companies that drive it.
Tax update — January 2015 download
The Luxembourg Budget law, abolition of the witholding tax system and a new circular on benefits-in-kind, plus more.
The VAT refund secured receivable from a customer admitted to concordato preventivo can be partially satisfied if liened assets value is lower download
A company filed a plan for a concordato preventivo providing that creditors would be paid out of future earnings, which the Tribunal of Lucca refused to confirm.
Before Thursday 7 May 2015, the date of the next general election, the Conservative Liberal Alliance will make a number of changes to the UK tax regime as it applies to international investors.
Budget 2014 and pensions download
The Budget statement delivered on 19 March 2014 promised some of the most radical changes to pension savings for a generation. Are you ready?
Dentons describes certain important changes in the rules on hiring and use of foreign citizens that will enter into force on 1 January.
On 1 January 2014, the Romanian Government introduced a new property tax, namely a tax on constructions. This tax has proven to be controversial.
Lending into the UK is set to become easier for overseas investors thanks to the removal of UK withholding tax from interest paid to investors in ‘private placements’.
Some significant amendments have been made to the Income Tax Act.
The proposed Irish Knowledge Development Box regime will follow a similar framework to the Modified Nexus approach.
Starting with the 2015 tax year, the rate of the tax on constructions in Romania will decrease to 1 per cent (from 1.5 per cent).
The unpopular duty is in line for review if the Conservatives win in the next general election.
The Scottish Government has announced revised rates for residential properties under the Land and Buildings Transaction Tax (LBTT).
Publicly available ultimate beneficial ownership registers appear to have been restricted to ‘taxable’ trusts in the EU’s Fourth Money Laundering Directive.
HFN is known to have some of the country’s leading tax experts.
The UK Government published draft legislation on 22 January that aims to implement the recommendations of the Smith Commission for further devolution to Scotland.
This briefing sets out some high level issues to consider on a global M&A deal where the target is an Australian company or business or where downstream Australian subsidiaries are involved.
Tax tasks and resolutions for 2015 download
In this article, partner Karen Payne and senior associate Vasuki Sivaloganathan of Minter Ellison outline some important tax-related tasks for your business this year.
Serbia updates tax legislation download
New social security treaty signed between Serbia and France.
BWB Briefing for Charities and Social Enterprise: Charity Commission's policy paper; videos from Big Society Capital; and more download
Bates Wells Braithwaite has released the 20 January 2015 issue of its BWB Briefing for Charities and Social Enterprises.
We are able to offer a comprehensive tax service covering corporate and individual tax planning for UK and international clients, and dealing with all the major direct and indirect taxes.
In December the Swiss Federal Finance Department launched an explanatory report and a proposed legislative bill concerning some important changes of the federal withholding tax system.
The Tax Directors Handbook 2015 recommends Ilyashev & Partners as one of the leading law firms in Ukraine for taxation.
Ministers may be considering changes to the regulations surrounding business relief, according to a tax expert.
As the second-largest economy in Southeast Asia Thailand holds great potential for dealmakers.
Myanmar has emerged as an attractive destination for foreign investors following the country’s government reforms and the opening up of its economy.
We have led the way into the Middle East, becoming the first Singaporean law firm to set up an office in Abu Dhabi.
Austria: Constitutional Court confirms constitutionality of non-deductibility of manager remuneration above €500,000 download
On 1 March 2014 a restriction on the deductibility of manager remunerations for tax purposes exceeding €500,000 per person and year was introduced in Austria. Some experts argued this may be unconstitutional.
Luxembourg new tax measures 2015 download
On 19 December 2014 the Luxembourg Parliament enacted Bill no. 6720 and Bill no. 6722 introducing new Luxembourg tax measures applicable for corporations and individuals as of 2015.
In a bid to encourage family stability, a retired judge has called for married couples to be given additional tax breaks after they pass landmark wedding anniversaries.
Helping you manage your tax and pay no more than is required is one of the specialties of our tax practice.
2015 tax changes download
Luxembourg tax changes update.
MPs approve stamp duty changes download
Peers are set to examine the government’s proposed stamp duty reforms, after the third reading in the House of Commons passed unopposed.
BWB Briefing for Charities and Social Enterprise: charities recovering VAT construction costs; report on philanthropy; and more download
Bates Wells Braithwaite has released the 13 January 2015 issue of its BWB Briefing for Charities and Social Enterprises.
llinois has jumped ahead in the movement to increase employee retirement savings.
The Luxembourg tax authorities have issued Circular Letter L.I.R. n° 14/4 with respect to the taxation of income realised by a Luxembourg common limited partnership or a special limited partnership.
As expected, the taxpayer has filed a Supplementary Memorandum of Fact and Law in its transfer pricing appeal in the Federal Court of Appeal.
BWB Briefing for Charities and Social Enterprise — HM Treasury publishes response to 2014 call for evidence about credit unions; and more download
Bates Wells Braithwaite has released the 8 January 2015 issue of its BWB Briefing for Charities and Social Enterprises.
Wragge Lawrence Graham & Co’s tax experts bring you the latest tax law issues and provide action points to help you and your organisation.
Luxembourg Budget law for 2015 download
The Luxembourg Budget law for 2015 and the law introducing measures for the future were adopted on 19 December 2014.
Luxembourg’s parliament has voted through a Budget that contains various new VAT measures.
Transfer pricing changes download
On 28 December 2014, the Ukrainian Parliament adopted the Draft law No. 1264-1 ‘On amending the Tax Code of Ukraine regarding improvement of tax control over transfer pricing’.
Luxleaks — the next level download
Until recently, the Luxemburg government had resisted the European Commission’s attempts to disclose the beneficiaries of tax rulings.
Kyiv Tax Newsletter download
All newly adopted laws must be signed by the President of Ukraine and officially published.
From 1 January 2015, there will be a major change to the EU VAT rules which will affect businesses established in the EU and that supply digital services to end consumers located in other EU jurisdictions.
From 1 January 2015 the laws of the Russian Federation on taxes and fees become effective in Crimea and Sevastopol.
The common law doctrine of rectification operates to correct mistakes in transactions that produce (or may produce) unintended and adverse tax results.
Many tax rectification cases address situations in which certain transaction documents contain errors that do not accord with the parties’ intent to minimise or avoid taxes.
Extra tax on empty homes proposed download
Empty properties should be targeted by councils through higher taxes, in an attempt to alleviate the housing shortage, according to a major think-tank.
New amendments to the Russian Tax Code regarding de-offshorisation will enter into force on 1 January 2015.
These two cases are helpful in terms of how the court sees the inter-relationship between the new article 47 test for mistake and the pre-existing provision of the TJL at article 11.
Loyens & Loeff has appointed Gerard Blokland, Bastiaan Cornelisse, Tom van Helmond, Natalie Reypens and Michael Scott as partners, effective from 1 January 2015.
Memery Crystal’s Tim Crosley and Naomi Lawton give their views on the 2014 Autumn Statement and the Draft Finance Bill 2015 clauses for PLCs
DLA Piper has advised on the largest LIC IPO on the Australian Securities Exchange since late 2006.
The Federal Court of Appeal has allowed the taxpayer’s motion to amend its Notice of Appeal to add a new ground of appeal.
Mr Justice Knowles has found that an HMRC officer made an unlawful arrest and that the subsequent detention thereby constituted false imprisonment.
Australia’s Minter Ellison has bolstered its tax practice with the addition of three partners from rival firm Maddocks.
Maravela’s newsletter sets out the main amendments and news pertaining to enactments and case law for Romania, September – October 2014. Contents: Agriculture Competition Energy and natural resources Regulatory and compliance Tax Click on the link below to read the rest of the Maravela briefing.
Governments’ efforts to curb what they perceive to be aggressive international tax planning is leading many multinational companies to question their tax advice.
HMRC has published a finalised policy on VAT for pension schemes.
Changes to the stamp duty laws could boost the housing market by up to five per cent, surveyors have suggested.
On 2 December, Eversheds hosted its annual Food and Drink conference, which opened with a keynote speech by Adam Leyland, editor of The Grocer.
On 24 September the States Assembly adopted the Income Tax (Amendment No 44) (Jersey) Law, which will come into force on 1 January 2015.
The Charity Commission has announced that three new questions will be included in Annual Returns for 2015.
Charity employing the services of a direct mailing company must now pay VAT at 20 per cent.
Optus has reached an agreement with NBN Co on the future of its Hybrid Fibre Coaxial (HFC) network to enable the accelerated roll-out of Australia’s National Broadband Network (NBN).
Institute of Chartered Accountants releases guidance on donations to a charity from its trading subsidiary download
New guidelines say a trading subsidiary is not permitted to pay its parent charity a greater sum in Gift Aid than it has profits.
Our tax group has practical experience in advising and representing individuals and corporations vis-à-vis the tax authorities.
The president and key members of his administration have signalled that tax reform is a high priority and one of a short list of legislative accomplishments that he would like to complete during his final two years in office.
Spain reforms its tax regime download
Spain’s recently published tax reform measure modifies the tax regime for companies, individuals and non-resident taxpayers.
SDLT: the slab falls download
Residential stamp duty land tax (SDLT) (i.e. SDLT on deals relating to interests in/over dwellings and their curtilages) has changed.
Minter Ellison advised the NSW government over the procurement of Northern Beaches Hospital in a ‘first of its kind’ transaction.
The main concern for any foreign investor is security of tenure for its investment.
Here, we discuss some key areas where HMRC’s agreement is essential to ensuring a smooth restructuring or insolvency process.
Do you think the recent changes to stamp duty that have delivered a progressive, rather than staged, approach result in a fairer tax on properties above £125,000?
In the Autumn Statement, the abolition of the slab system for stamp duty on residential transactions had not been widely anticipated. We are already seeing changes in behaviour.
Impact of FATCA on Bermuda entities download
To facilitate reporting under and reduce the burden of compliance with FATCA Bermuda has signed a Model 2 intergovernmental agreement with the US.
High-value property taxation download
This article considers the form that mansion tax is likely to take and reviews the future issues a government would face in implementing such a tax.
Baker Tilly says solicitors must act fast if they want to take advantage of HMRC’s latest campaign, allowing them to bring their tax affairs up to date.
Walker Morris has advised on the sale of Woodleigh Community Care to Care Aspirations Developments, a wholly owned subsidiary of Cambian Group plc.
What must the Crown plead and how must she plead it? This question became an issue in the Tax Court’s recent decision in Legge v The Queen.
We summarise some of the main announcements including the diverted profits tax and BEPS.
There are three things in the Autumn Statement that we want to bring to your attention which you may have missed, and that may be of relevance to you.
Chancellor’s Autumn Statement and the national infrastructure plan — what does it mean for planning?
Walker Morris’ planning and environment team provides a brief overview of the proposals likely to impact on the current planning regime.
We have seen an increasing number of public company takeovers structured as schemes of arrangement.
The Autumn Statement delivered little of excitement for the real-estate sector.
The cobbler’s children were frequently at risk of going unshod. And so it is with governance in professional service firms.
White & Case has advised HM Treasury on its proposal for new tax legislation, which would help to provide new finance for business and infrastructure projects.
Shepherd and Wedderburn Financial’s Sarah Tory, a personal financial adviser, has welcomed the recent proposals on tax.
Tim Crosley, head of the tax department at Memery Crystal, spoke at the MBL In-House Lawyers — Commercial Law Round-up 2014 Conference.
The Canadian government partnered with Startup Canada to hold Startup Canada Day on the Hill on 26 November.
The Supreme Court of Canada has heard oral arguments in the case of Guindon v The Queen.
The offer by the estate of Lady Mary Soames to transfer 38 paintings by Sir Winston Churchill into public possession under the Acceptance in Lieu scheme provides a timely opportunity to consider how the scheme is functioning.
In his Autumn Statement, the chancellor announced changes to stamp duty which he says will see the amount payable reduced for 98 per cent of homebuyers.
Autumn Statement: important measures relevant to internationally wealthy individuals and families download
The chancellor made his Autumn Statement on 3 December. Included in this were a number of measures of potential significance to wealthy non-domiciliaries and non-residents.
HM Revenue and Customs (HMRC) has launched a new campaign to target solicitors’ unpaid taxes, through which lawyers can choose to bring their tax affairs up to date or face tougher penalties in 2015.
In its recent Autumn Statement, the government has announced a reform to stamp duty land tax on residential property transactions.
Jim Meakin, Baker Tilly’s head of tax, has responded to the Autumn Statement 2014.
Lesley Fidler, associate director at Baker Tilly, has commented on the Autumn Statement 2014 and its impact on employers.
Tax partner Tim Crosley outlines the key points of the BEPS project.
Capital gains tax for non-residents disposing of UK residential property: updated proposals download
This note outlines the government’s amended proposals for the taxation of gains made by non-residents disposing of UK residential property.
David McGuirk, partner and rates expert at Eversheds, has commented on potential measures on business rates.
After being on his feet for almost 40 minutes, the Chancellor of the Exchequer mentioned something interesting about shale gas.
Osborne unveils stamp-duty reforms download
A major overhaul of the stamp-duty system has been unveiled by chancellor George Osborne.
The double tax treaty between France and Luxembourg contains a favourable tax regime for capital gains on shares of real-estate companies.
Ben Jones, partner and tax expert at Eversheds, has commented on potential new changes to the UK patent box in yesterday’s Autumn Statement.
Eversheds has advised The Co-operative Bank on its £157,500,000 disposal of Illius Properties to Salmon Real Estate.
The Ninth Circuit recently reversed the Tax Court and held equitable recoupment was not time barred.
Khaitan & Co has advised Cigital in relation to the acquisition of the entire issued share capital of iViZ Techno Solutions.
In the African tax sphere, the trend remains for headline tax rates to continue to remain stable or decrease.
Home movers want to see an overhaul of the stamp duty tax on properties, according to a new study.
HRMC has published new guidance which sets out the circumstances in which a holding company may recover VAT.
The Smith Commission download
The Smith Commission has published its recommendations for further devolution of powers to the Scottish Parliament.
Onex Corporation, advised by Bär & Karrer, has agreed to acquire SIG Combibloc Group for up to €3.75bn.
On 6–7 November 2014, the IX Kazakh Forum of Corporate Lawyers — moderated by GRATA Law Firm — was held in Almaty.
Nabarro has advised the management team and certain selling shareholders on the management buy-out of Human Capital Investment Group.
Positive signals for Switzerland: continuation of lump-sum taxation in Switzerland and the Canton of Geneva download
Swiss voters have decided by a clear majority of 59.2 per cent on the retention of the lump-sum taxation regime on a federal, cantonal and communal level.
Update — VAT on pension costs download
On 25 November, HMRC issued two Revenue & Customs Briefs. Eversheds has set out the background and a suggested way forward.
In the most recent developments in the McKesson transfer pricing case, the respondent has filed its written representations in response to the appellant’s motion to raise new issues on appeal, and the appellant has filed a reply submission.
The Court of Appeal has handed down a decision which reminds us of the importance of carefully considering the treatment of VAT during any land transaction.
This was the finding in GSM Export (UK) Ltd (in Administration) and another v Revenue & Customs Commissioners, in which GSM Export appealed against a refusal of repayment of input tax.
Wildgen has released its 26 November 2014 update on the Luxembourg double tax treaties network.
Nabarro has acted for Kish Holdings, which was advised by Green Property, in relation to the sale of the issued share capital of Kish One for more than £206m.
GRATA representatives have attended a roundtable called ‘Optional Application of the E-Billing Information System’, which was presented in Almaty, Kazakhstan.
Gateley’s Manchester office has welcomed four new lawyers to its private client team.
InCredit — Immigration Act 2014 regulations; gross mortgage lending up five per cent; and more download
Addleshaw Goddard has released the 25 November 2014 edition of its InCredit publication.
Smarter fundraising download
Collyer Bristow provides 10 pointers to help you to engage alumni and encourage/manage donations.
This briefing note provides a summary of the additional text provided in bulletin 2014/1.
Paying school fees with ease download
For many families, choosing the right school for their children is difficult. Once this decision is made, families should think about how they will fund that education.
Extra safeguards for new tax plans download
Plans to give HMRC direct access to debtors’ bank accounts will now include extra legal safeguards, ministers have said.
The lawyers of Colibri Kazakhstan possess innovative experience in supporting infrastructure and industry projects in Kazakhstan since the moment of the development of PPP mechanisms in the country.
Our team has gained practical experience in construction and real estate during the period of construction boom in Kazakhstan.
Colibri Kazakhstan’s team supports oil and gas projects using its practical experience and excellent knowledge of the industry.
Our experience in the mining sector allows us to support clients in projects of any complexity.
Colibri Kazakhstan’s financial practice includes various projects of major investment banks, national and international companies, and international financial institutions.
Colibri Kazakhstan’s team has wide experience of providing consulting services to FMCG companies.
Khaitan & Co has advised Inmage Systems Inc and Inmage Systems Ltd in relation to their acquisition by Microsoft Corporation.
The litigation team at Colibri Kazakhstan deals with all aspects of commercial dispute resolution cases, most of which result in success.
BWB Briefing for Charities and Social Enterprises — several interesting reports about the role of trustees; and more download
Bates Wells Braithwaite has released the 20 November 2014 issue of its BWB Briefing for Charities and Social Enterprises.
Barack Obama has announced a series of executive actions to crack down on illegal immigration at the border and prioritise deporting felons, not families.
Kering has successfully completed its acquisition of Ulysse Nardin from its former owners. Bär & Karrer advised the sellers in the transaction.
She used to sue the Government. Now she leads the legal team at HMRC. Gill Aitken on adding value in-house
HMRC’s Gill Aitken spent her early career suing the Government but, envious of its cases, she switched sides and now brandishes an 80 per cent success rate
The Supreme Court of India has held that the National Tax Tribunal Act 2005 as passed by the Parliament was unconstitutional and has struck it down.
The International Business Structuring Association conference focused on ‘Trends in Cross-Border Corporate Acquisitions’.
OECD proposes curtailing use of commissionaire and other arrangements that aim to avoid PE status download
This article discusses the draft’s proposals regarding commissionaire arrangements and the activity exemptions.
Direct Tax Newsletter — SC lays down principles on retrospective vs prospective operation of amendments in tax law; and more download
Khaitan & Co analyses recent developments affecting business in the field of direct tax.
This article updates key, high-level takeaways based on recent meetings surveying ongoing developments.
The new legislation will be applicable for fiscal years starting as from 1 January 2015, although some new measures will only be effective as from 2016.
The Upper Tribunal has published an important decision on disclosure and privilege in contribution notice reference proceedings before the Upper Tribunal.
This piece considers the impact of the Payment Systems Regulator, which was created on 1 April 2014 by the Financial Services (Banking Reform) Act 2013.
It should go without saying that everyone should have a will. The consequences of dying without one (intestacy) can be disastrous.
Changes are to be made to the 55 per cent tax charge that applies when some lump-sum death benefits are paid from a registered pension scheme to a member’s estate.
Nabarro has advised South Street Asset Management on the establishment of an £89m UK student accommodation fund.
Bombay High Court provides breather to Vodafone: no ‘income’, no transfer pricing adjustment on issue of shares download
Recently, a longstanding dispute between Vodafone and the tax authorities has been put to rest by the Bombay High Court.
Ed Balls has pledged to introduce a ‘genuine deterrent’ for those seeking to aggressively avoid tax, if the Labour Party wins the next general election.
Hormaz Daruwalla has joined Khaitan & Co as a partner in the indirect tax practice.
In Brent Kern Family Trust v The Queen, the Federal Court of Appeal dismissed the taxpayer’s appeal with reasons delivered from the bench.
A shot in the arm for investment funds? Tax pass-through status for a contributory trust, regarded as revocable transfer download
The Bangalore Bench of the Income Tax Appellate Tribunal has provided much needed clarity on the scheme of taxation of investment funds structured as trusts.
Fear of defeat prompted the UK government to announce an intention to devolve further powers to Scotland.
Financial Regulatory Developments — FSB consults on total loss absorbency; PRA extends liquidity waivers; and more download
Dentons has released the 14 November 2014 issue of its Financial Regulatory Developments (FReD) publication.
DLA Piper has advised Sigma Capital Group on its strategic partnership with the UK’s largest listed residential property owner and manager, Grainger.
This article observes that, rhetoric aside, lame-duck sessions dealing with expiring tax provisions have become the norm.
Reinsurance activities in Luxembourg download
Luxembourg offers interesting tax legislation for reinsurance businesses.
HMRC has doubled down on accountancy and law firms, issuing 1,502 disclosure notices in the last year for information on clients that are subject to criminal tax investigations.
Is the Canada Revenue Agency (CRA) entitled to notice of a rectification application? In Brogan Family Trust, the Ontario Superior Court of Justice said ‘no’.
We combine the knowledge of our tax and corporate lawyers with the experience of our specialised and experienced tax and accounting consultants.
Our specialised attorneys cover the institutional, financial, accounting, and technical aspects of regulated industries in Romania.
The last few months have seen some positive and interesting developments regarding French capital gains tax applicable to non-French tax residents.
Real Estate Gazette — international real-estate finance markets; developments in individual countries; and more
In this edition of the Real Estate Gazette, DLA Piper brings together a range of articles dealing with the financing of real estate around the world.
Base Erosion and Profit Shifting (BEPS) is the base erosion referred to as the tax base and its implications for future tax structures.
DLA Piper has represented Avalara in its financing round of $100m from an affiliate of private equity firm Warburg Pincus.
DLA Piper has advised Dragon Capital on the establishment of a new natural gas exchange called Ukrainian Gas Exchange (UGX).
Eversheds partner Andrew Henderson has commented on new global rules to prevent banks that are ‘too big to fail’ from being bailed out by taxpayer.
Gateley has advised East Midlands-based haulage, storage and logistics business Lockwood Holdings on a major shareholder restructuring deal.
Addleshaw Goddard has advised UK REIT client and primary care property investor and developer Assura Group on its acquisition of 11 medical centres.
Food and Beverage News and Trends — tax on sugary sodas approved; FDA to settle lawsuit over GRAS rule; and more download
This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape.
Gateley has advised on a deal that saw Avignon Capital purchase the commercial assets of The School Yard, a Grade II-listed Victorian former school.
On 6 November 2014, representatives from the CRA provided an update on the Income Tax Rulings Directorate.
Financial Regulatory Developments — EIOPA consults on product governance; ECB takes over banking supervision; and more download
Dentons has released the 7 November 2014 issue of its Financial Regulatory Developments (FReD) publication.
Chambers UK has placed Wragge Lawrence Graham & Co in 43 categories, 17 of which are in Band 1.
Eversheds has appointed established funds and real-estate tax lawyer Cathryn Vanderspar as the new head of its London tax team.
Automatic exchange of information download
On 29 October, 51 jurisdictions signed a multilateral agreement to participate in the automatic exchange of information under the Common Reporting Standard.
While some aspects of the agenda for the incoming Republican-controlled 114th Congress are still in formulation, there is no question that tax reform will be a top priority.
Fiscal state aid: atomic alarm download
On 5 November 2014, a group of journalists placed about 540 rulings granted by the Luxembourg tax administration to some 340 companies active in a large number of industries.
This publication provides a brief overview of the expected impact on entities incorporated in the Cayman Islands of FATCA.
Austria: Ministry of Finance publishes its view on certain aspects relating to private equity funds download
The Austrian Ministry of Finance has published its view on certain aspects relating to private equity funds.
Does anybody really enjoy paying tax? Probably not. After all, a person is only required to pay the amount of tax they are lawfully required to pay.
Dentons’ mining group will be holding a seminar on mining at the Terminal City Club on 18 November 2014.
Eversheds has appointed Berwin Leighton Paisner (BLP) real estate tax partner Cathryn Vanderspar as its new London tax head following the departure of Clive Jones.
Bär & Karrer has advised the banks in Molecular Partners’ initial public offering (IPO), which closed on 7 November 2014.
The transfer pricing case of McKesson v The Queen has raised procedural issues that are without precedent in Canadian tax cases.
Mineral Matters — proposals for new regulations on health and safety in mines; import issues in the mining sector; and more download
DLA Piper has released the latest edition of its Minerals Matters publication.
Kazakhstan possesses significant reserves of oil and gas. Therefore, the tax system in this sector needs to provide stability, transparency and progressivity.
What about other payments in addition to basic pay, such as overtime?
Litigation boutique Stewarts Law has appointed partner David Pickstone from PricewaterhouseCoopers (PwC) Legal to head its new tax litigation group.
Five of the practice groups at B P Collins have been awarded a band-one ranking in the 2015 edition of Chambers UK.
Corporate lawyers from Wragge Lawrence Graham & Co have advised main market client Hyder Consulting on its £300m recommended takeover by ARCADIS.
Investments — Nabarro’s top 10 tips download
Nabarro offers its top 10 tips when taking investment into your start-up.
Impact of FATCA on BVI entities download
This publication provides an overview of the impact on entities incorporated in the BVI of FATCA and equivalent rules implemented in relation to UK taxpayers.
DLA Piper is celebrating success after having been named the winner in the Insurance Law Firm 2014 category at The Legal 500 UK Awards.
This briefing summarises some key characteristics of such structures.
Karolina Stawowska, tax adviser and partner in charge of the tax advisory practice at Wierzbowski Eversheds, has been recognised by Women in Business Law.
DLA Piper and JKW Law have been appointed by the Northern Territory government to advise on the development of its Marine Industry Park in Darwin.
This article looks at some issues that often arise with property being gifted in wills. It looks at some of the pros and cons of the most common types of gift of property.
According to KPMG International, the signing of the Multilateral Competent Authority Agreement is another step towards global transparency in tax affairs.
Preparations for the fundamental changes announced in the 2014 Budget are well under way.
Bär & Karrer has advised Garnero Group Acquisition Company on its entrance into definitive agreements with WISeKey, a mobile cyber-security provider.
While it appears that Ford’s petition for certiorari yielded some answers, Ford is still without the $470m in what it argues is overpayment interest.
The land and buildings transaction tax will replace stamp duty land tax in Scotland on 1 April 2015.
The Finance Act 2014 gifted to HMRC two powerful new weapons for the enforcement and collection of tax: ‘follower notices’ and ‘accelerated payment notices’.
Wragge Lawrence Graham & Co analyses the decision in HMRC v University of Huddersfield Higher Education Corporation and its implications for future tax planning.
The government has released an exposure draft of the Exploration Development Incentive (EDI) legislation.
In Maddin v The Queen, the sole issue was whether the taxpayer could make out a due diligence defence under subsection 227.1(3) of the Income Tax Act (Canada).
MPs have been warned that a new law aimed at ensuring transparency surrounding the ownership of companies is likely to be easily circumvented by criminals.
Taxing issues for not-for-profits download
A common misconception for higher-education institutions is that tax is not an issue because they are charitable not-for-profits and therefore tax exempt.
Tax Update — October 2014: Luxembourg budget 2015; Luxembourg-France double tax treaty amended; and more download
Arendt & Medernach has published its Tax Update for October 2014.
China’s State Administration of Taxation actively advances the Base Erosion and Profit Shifting 2014 Deliverables download
In September 2014, SAT released a Chinese translation of the G20/OECD BEPS 2014 Deliverables. This was followed by a conference discussion between SAT and taxpayers.
Australian government commits to reform tax treatment of employee stock awards: five takeaways for US-based companies download
The Australian government is to reform the tax treatment of employee stock awards as part of its Industry Innovation and Competitiveness Agenda.
Wildgen has released its 28 October 2014 update on the Luxembourg double tax treaties network.
British Columbia is developing a liquefied natural gas industry. A key step in furthering the progress of LNG projects is the introduction of an LNG tax regime.
This highly anticipated appeal to the Supreme Court of Canada has been scheduled for hearing, and the parties have now filed their factums in the appeal.
Employee share scheme rules overhaul download
The federal government is set to reverse the controversial employee share schemes tax changes implemented in 2009 and set up a separate tax regime for start-up entities.
Businesses operating in the EU with the benefit of tax ruling consequently need to be aware that tax rulings are currently at the centre of a series of EC state aid investigations.
DLA Piper has advised Green Light Contractors on a new AUD164m solar farm project in Moree in northern New South Wales.
Purpose trusts have become an increasingly important part of the Trusts (Jersey) Law 1984 (as amended).
All-In@EiG 2014 — gaming in the cloud; patents on gaming and gambling technology; legal issues surrounding Bitcoin; and more download
To coincide with the 13th European iGaming Congress and Expo, DLA Piper’s gaming team has launched All-In@EiG 2014.
Wragge Lawrence Graham & Co has advised Euroclear on its agreement with the US’s DTCC to develop a joint collateral processing service.
Upcoming nationwide transfer pricing investigation against outbound service-fee and royalty payments download
On 29 July 2014, the China State Administration of Taxation released an internal notice to the China tax authorities at the provincial levels.
There has been a flurry of recent scrutiny and activity in the areas of foreign and domestic charities.
SAT has released a short bulletin named ‘The Announcement on Issues Related to Special Tax Adjustment Monitoring and Administration’.
BWB Briefing for Charities and Social Enterprises — report on state of health and care services in England; and more download
Bates Wells Braithwaite has released the latest issue of its BWB Briefing for Charities and Social Enterprises.
Industry Canada has published a Q&A on the next steps for those entities that have not yet continued under the Canada Not-For-Profit Corporations Act.
Don’t give VAT the silent treatment download
A recent case has highlighted the risks of not expressly dealing with VAT in a commercial property transaction.
The following regions are discussed in this article: Azerbaijan; Kazakhstan; the Russian Federation; Uzbekistan; and Kyrgyzstan.
Khaitan & Co has advised Omidyar Network on the India leg of the transaction in relation to its investment in Scroll Media USA.
In 0742443 BC Ltd v The Queen, the Tax Court considered whether the taxpayer’s business of providing mini-storage and associated services was a ‘specified investment business’.
Fried Frank Harris Shriver & Jacobson has made its second major hire in a week, appointing Orrick Herrington & Sutcliffe’s London tax chief Nick Thornton.
In the last two months, Shoosmiths has advised developer Court Collaboration on two Chinese-backed real-estate deals in Birmingham.
Trusts and Trustees Journal has published an article by Outer Temple Chambers’ David Russell QC.
Changes to real-estate legislation download
In this article, Dentons looks at the changes at the federal level and those at the St Petersburg and Leningrad Oblast level.
Developing a multilateral instrument to modify bilateral tax treaties: OECD issues its paper on BEPS Action 15 download
Minter Ellison considers the main issues and options for taxation reform raised in the OECD’s new paper.
Minter Ellison outlines the hybrid recommendations made by the OECD, discusses their implications and provides some comment and insight.
Pensions News — September 2014: budget reforms; legislation; public service pension schemes; and more download
This edition of Pensions News summarises the key developments from September 2014.
John Swinney, the Scottish government’s finance secretary, has announced the proposed rates and bands for the new Scottish property transaction tax.
An increase in the inheritance tax threshold could be on the horizon, after David Cameron dropped a hint in the Commons that he might favour such a move.
Archroma has agreed to acquire the global textile chemical business of German company BASF. Bär & Karrer acted as legal adviser to Archroma.
Doing Business in the United States download
Doing Business in the United States is an introductory guide for non-US businesses that may be interested in doing business in the US.
The Romanian real-estate market shows signs of recovery, especially due to the increased number of office projects and transactions with agricultural lands.
Ben Jones has commented on news that AbbVie is reconsidering its $54bn takeover of UK drug maker Shire in light of the recent crackdown on tax inversion deals.
The BCSC has considered whether rescission should be granted in respect of two real-estate transactions in which the applicant corporations had transferred land to a partnership.
Wragge Lawrence Graham & Co has helped Primrose Solar to significantly expand its portfolio through the acquisition of a further five solar farms in the UK.
US & The Americas: Court of Appeal holds transfer tax applies to legal entity changes in ownership download
The 2nd District Court of Appeal has held that Proposition 13 changes in ownership prompted by transfers of legal entity interests should also be characterised as ‘realty sold’.
Wragge Lawrence Graham & Co’s energy specialists have helped RGE Energy UK secure the sale of a 6.4MW solar PV project.
Kyiv Tax Newsletter — improvement of the investment activity taxation; and creation of the free economic zone Crimea download
Dentons has released the 14 October 2014 issue of its Kyiv Tax Newsletter.
Beware of tax phishing scams download
Fake emails purporting to emanate from the CRA are informing the recipient that he/she has received an Interac email money transfer (i.e. a surprise refund).
The Scottish government has announced the proposed tax rates for its land and buildings transaction tax.
Employee benefit trusts — why they continue to be a useful tool for companies looking to deliver benefits to their employees download
A well-structured employee incentive arrangement operated through an employee benefit trust can still deliver real value to a company and its employees.
The UK Patent Box download
The Patent Box is a new preferential tax regime that came into force on 1 April 2013.
Fiscal aid — a potential time bomb download
The European Commission has launched a new crusade against ‘aggressive tax planning’. This time it is about ‘fiscal state aid’, i.e. subsidies in the form of national tax advantages.
Arendt & Medernach has announced the appointment of a new counsel and six new senior associates.
Amanda Melton, family lawyer and partner at IBB Solicitors, has discussed the inheritance tax liability of an estate where cohabitees are not married.
Wildgen has released its 10 October 2014 update on the Luxembourg double tax treaties network.
The land and buildings transaction tax will replace stamp-duty land tax in Scotland from 1 April 2015.
Preventing the granting of treaty benefits in inappropriate circumstances: OECD issues final paper on BEPS Action 6 download
In this alert, Minter Ellison considers the main issues and options for taxation reform raised in the OECD paper.
John Swinney has announced the proposed rates and bands for the land and buildings transaction tax as part of the Scottish Draft Budget for 2015–16.
The law of 14 December 2005 provided in the obligation to convert the bearer securities into dematerialised securities or registered securities by no later than 31 December 2013.
George Osborne has revealed the government’s policy proposals on the taxation of ‘unused’ defined-contribution (DC) pension pots on death.
The Regulations seek to provide a specialised regulatory framework for the establishment and operation of REITs and InVITs in India.
Investment funds in Guernsey download
This briefing provides a concise outline of the regulation of investment funds in Guernsey and an overview of the structures available and their tax treatment.
Wragge Lawrence Graham & Co’s French tax experts address some of the main issues that individuals owning French residential property should consider.
On 16 September 2014, the OECD issued its report titled ‘Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance’.
Doing Business in Australia download
This guide provides sound, practical advice on the relevant laws and regulations for foreign companies looking to invest in Australia.
DLA Piper has expanded its international arbitration practice in France with the hire of Alexander Brabant and Alice Pezard to the litigation and regulatory team in the firm’s Paris office.
Following the insolvency of Comet and recent tribunal litigation, the potential repercussions are now even more serious for insolvency practitioners who get it wrong.
Joe Hockey MP has reportedly stated that the federal government is determined to address the problems arising from the 2009 employee share schemes tax changes.
In certain situations, the taxpayer and the CRA may take a different view on the interpretation and effect of a document, which could lead to an unintended tax result.
The 4 October 2014 Canada Gazette contained amendments to the Income Tax Act regulations which govern the ‘Canadian content’ tax credits for audio-visual productions.
Wildgen has released its 7 October 2014 update on the Luxembourg double tax treaties network.
Gateley has advised Wiggle, an online cycling and tri-sports retailer, on its commitment to a long-term lease of the Citadel Logistics Centre in Wolverhampton.
According to The Legal 500, following the merger of Wragge & Co and Lawrence Graham in May 2014, the firm has ‘more strength and depth as well as wider international coverage’.
The Swiss federal government has published draft legislation for the third corporate tax reform and invited the cantons and interested parties to submit comments.
B P Collins has been named as a ‘regional heavyweight’ for the first time in the 27th annual Legal 500 league tables and achieved top-tier status in five practice areas.
DLA Piper has advised Abengoa Greenfield, a subsidiary of Abengoa, on the private placement of its inaugural green bonds that were issued on 30 September 2014.
Ogier Legal in Cayman has advised Goldman Sachs International as arranger and lead manager on the issue of its first ever sukuk.
Mexico’s oil production has been in decline for the last nine years. All this could be about to change, though, as a result of new energy reforms currently being implemented.
A new weapon in the government’s armoury in the international fight against corruption in the oil and gas industry was unveiled last month.
At the heart of tax integration in Canada is the refundable tax and dividend refund mechanism in subsection 129(1) of the Income Tax Act.
Accountability — don’t forget causation; no need to follow earlier erroneous accounting policies; and more download
Accountability highlights the legal and industry news affecting accountants and other professionals on a range of liability risk management issues.
Wragge Lawrence Graham & Co has advised longstanding client Euroclear on its agreement with the US’s DTCC to develop a joint collateral processing service.
Inheritance tax is generally paid on the value of a person’s estate when they die, although rather confusingly it can also be payable during someone’s lifetime against trusts or gifts.
Addressing the Tax Challenges of the Digital Economy: OECD issues final paper on BEPS Action 1 download
On 16 September 2014, the OECD issued Addressing the Tax Challenges of the Digital Economy. This article considers the main issues and options for taxation reform.
Khaitan & Co has advised SBS Holdings on its acquisition of a 66 per cent stake in Transpole Logistics. The deal will see Fidelity and Everstone exit the company.
The Law Commission has called on the government to create new rules giving trustees of charities the explicit, statutory power to make social investments.
Khaitan & Co has advised Elder in relation to the completion of the transfer of some of its branded domestic formulations business in India and Nepal to Torrent Pharma.
DLA Piper has advised Oakley Capital on the acquisition of Tomasoni Topsail by its portfolio company North Technology Group and on the related structuring and equity arrangements.
Sports, Media and Entertainment Intelligence — French legislation on evening advertising on public channels; and more
The October issue of Sports, Media and Entertainment Intelligence discusses evening advertising on public channels, gambling, paid television and more.
The new release of The Legal 500 UK has ranked Carey Olsen in tier one across all of its 16 practice categories in the Channel Islands.
It is common in the US for an employer to obtain from a terminating employee a waiver and release of all claims against the employer.
Global Employment Lawyer — crafting a non-compete clause under English law; hidden US tax issues; and more download
Dentons has released the first issue of its Global Employment Lawyer publication.
The VAT payable on IBR advice provided by PricewaterhouseCoopers on the restructure of Airtours Holiday Transport was not recoverable.
Gateley has advised on a deal that saw investment vehicle Ensco 1070 invest in Oxford United Football Club.
The BEPS Action Plan sets out 15 actions and further work required to counteract the methods of base erosion and profit shifting used by multinational companies.
Khaitan & Co has advised Inox Leisure in relation to its acquisition of a 100 per cent stake of Satyam Cineplexes.
A study released by Investec Wealth & Investment Management earlier this year found that almost two thirds of UK adults have not written a will.
DLA Piper has advised the global alternative asset investment firm Carlyle Group on its acquisition of a majority stake in Expereo Holding.
Considerable pressure has been applied to offshore jurisdictions by onshore governments to be more transparent about any relevant assets that may be held by onshore residents in offshore jurisdictions.
KPMG has become the latest ‘Big Four’ professional services firm to be granted an alternative business structure (ABS) licence by the Solicitors Regulation Authority (SRA).
Those administering offshore structures are increasingly exposed to the consequences of moves to increase the level of cross-border tax assistance.
The US Treasury Department takes its ‘initial step in addressing inversions’ by issuing Notice 2014-52.
Barnea & Co offers a full range of legal services for those engaged in the technology industry.
Tim’s top tax tips download
Partner Tim Crosley gives his seven key employment tax tips that businesses should bear in mind.
BWB Briefing for Charities and Social Enterprises — Charity Commission’s website migrates to ‘.gov.uk’ address; and more download
Bates Wells Braithwaite has released the latest issue of its BWB Briefing for Charities and Social Enterprises.
Barnea & Co is among Israel’s leading law firms in all aspects of the law relating to the internet, e-commerce, gaming and online financial trading.
Scotland has voted against independence. However, it is clear that changes will be made to grant further taxation powers to Scotland.
As of 20 August 2014, businesses in Hungary are required to pay tax in connection with their advertising activities.
Khaitan & Co has advised CD&R on the Indian leg of the transaction involving the acquisition of the entire water technology business of Ashland for $1.8bn.
Wildgen has released a 25 September 2014 update on the Luxembourg double tax treaties network.
The tax department specialises in providing comprehensive tax consulting in all areas of taxation related to commercial activity in Israel.
Barnea & Co offers unique expertise in consulting, managing and representing companies, lenders and creditors in all corporate insolvency proceedings.
Barnea & Co has extensive experience in providing bespoke legal counsel to kibbutz industries of all types, addressing their unique needs.
The Cayman Islands Companies Law sets out a non-exhaustive list of what constitutes ‘establishing a place of business’ or ‘carrying on business’ in Cayman.
DLA Piper has received two Americas Tax Awards from International Tax Review, a publication dedicated to international tax strategy.
DLA Piper highlights four key challenges and related ‘cures’ for dealing with one particularly perplexing group — distributors.
Khaitan & Co has advised Apax Partners in relation to its subscription to compulsory convertible preference shares of CIFCL.
Establishing a subsidiary in US download
A corporation offers limited liability protection, simplifies accounting and makes tax compliance less costly.
Memery Crystal has advised Lancashire County Cricket Club on the issue of its first-ever retail bond to support development of its Emirates Old Trafford ground.
The English High Court has ruled that the increase provisions of two DB schemes did not prevent a switch between RPI and CPI for revaluation and indexation purposes.
Cook County adopts new Class 7c property tax incentive: key points for commercial developers download
The Cook County Board of Commissioners has adopted a new commercial real-estate tax incentive aiming to encourage real-estate development in the Chicago region.
The US Treasury Department has issued a notice of proposed rulemaking with a number of measures designed to reduce the tax advantages of inversion.
Ben Jones of Eversheds has commented on moves by the US government to make it harder for companies to use foreign mergers to reduce their US tax bills.
Anthony Korn reports on the recent judgment of First Tier Tribunal Tax Chamber in Moorthy v The Commissioners for Her Majesty’s Revenue and Customs.
The Swiss government intends to address concerns expressed by the EU and the OECD while strengthening the future competitiveness of the Swiss tax system.
France, Luxembourg amend treaty, affecting investment structures of Luxembourg vehicles holding French real estate download
France and Luxembourg have signed a new amendment to the tax treaty that will affect the investment structures involving Luxembourg vehicles holding French real-estate assets.
Ilyashev & Partners is an official partner of the 2nd Annual Forum of In-House Counsel, which will be held on 23 October 2014.
Memery Crystal has advised foreign exchange company Caxton FX on the development and issue of its Caxton FX Bond:2 offer.
At International Tax Review’s annual Americas Awards, Dentons’ tax controversy practice has been named North America Tax Disputes Firm of the Year.
Beware FATCA and undercover agents download
DQ is continuing to see an increased use of undercover agents by the IRS and other tax authorities in offshore jurisdictions.
If you currently occupy premises under a lease and received an incentive for entering into that lease, you may gain cashflow advantages from adopting FRS 102 early.
Reflections on LLP tax changes download
With 6 April 2014 now behind us, the new regime for taxing members of LLPs is in force.
HMRC has published draft legislation dealing with ‘disguised salary’ of LLP members, partnerships with individual and company members and further anti-avoidance measures.
HMRC has published an important review of two aspects of the tax rules affecting partnerships and limited liability partnerships (LLPs).
LLP — Lords’ message to HMRC download
The House of Lords Economic Affairs Committee’s Finance Bill Sub-Committee has published its report on its review of the draft legislation on partnership and LLP taxation.
The following commentary provides a brief overview of the short to medium term changes expected in the post-referendum environment.
Shoosmiths has advised McKay Securities on the purchase of Station Plaza, Theale, a major office development in the heart of the Thames Valley town.
GRATA Law Firm managing partner Rashid Gaissin has attended the InvestPro — Kazakhstan 2014 conference, which was held in Almaty.
Base erosion profit shifting project recommendations to combat tax avoidance by multinationals download
The OECD has been considering 15 key elements to be addressed by 2015 for a co-ordinated international approach to combat tax avoidance by multinational enterprises.
Kathryn Keneally is joining DLA Piper’s global tax practice as chair of its civil and criminal tax litigation group. She arrives in October as partner in the New York office.
Eprivateclient’s ‘Top 35 Under 35’ list recognises Wragge Lawrence Graham & Co private capital associates Alistair Robertson and Katie Coles.
Hot topics in UK LLP tax changes download
Discussions with HMRC are already revealing areas where the new tax rules may benefit from modest relaxations before they come into force from 6 April 2014.
Following consultation with Baker Tilly and other concerned groups, HMRC has published revised guidance on the new tax rules for salaried members of LLPs.
Paul Christopher, managing partner of Mourant Ozannes’ Hong Kong office, has appeared as a panellist at Business BVI’s Annual Asia conference in Hong Kong.
In this briefing, Baker Tilly takes a look at the funding issues for firms in all the professions.
On 16 September, Tax Law360 published an article quoting Todd Welty regarding the case Schaeffler et al v United States No. 14-1965 (2d Cir.).
Tax Newsletter — July/August 2014: SAT strengthens reporting request under China CFC rules; and more download
DLA Piper has released the July/August edition of its Tax Newsletter, which provides a review of PRC and Hong Kong tax developments.
King & Capital’s Edward Huang has attended ‘Tanzania Theme Day’, which was held by the Tanzanian embassy in China.
‘Inversion’ transactions are nothing new, and the current proceedings appear to be just another replay of earlier games of tag between the government and US multinationals.
In Devon Canada Corporation v The Queen, the issue is whether the taxpayer may deduct $20,884,041 paid to cancel issued stock options.
Planned amendments to income taxes — introduction of taxation of income of CFCs and modification of thin capitalisation rules download
On 16 September 2014, the Polish president signed the Act of 29 August 2014 amending the Corporate Income Tax Act, the Personal Income Tax Act and certain other laws.
BWB Briefing for Charities and Social Enterprises — Electoral Commission publishes update for non-party campaigners; and more download
Bates Wells Braithwaite has released the latest issue of its BWB Briefing for Charities and Social Enterprises.
Ogier has announced that Caroline Bormans joined the Luxembourg office as a partner on 15 September 2014.
The government has accepted almost £125m worth of works of art and other heritage objects in lieu of inheritance tax, according to official figures.
UK: Lawbite — dilapidations and VAT download
The Court of Appeal decision in CLP Holding Company Ltd v Singh (1) Kaur (2) prompts consideration of a common oversight in dealing with dilapidations claims.
NZ-listed Infratil has agreed to sell its Australian businesses to Snowy Hydro for AUD605m. Minter Ellison advised Infratil on the strategic review.
Minter Ellison SA/NT has announced another strategic lateral partner appointment — the third in three months. Jeremy Rees joins the firm’s corporate team.
Guernsey has published regulations to enable the administration and enforcement under Guernsey law of the intergovernmental agreements entered into with the UK and the US.
Danaher has announced an all-cash public tender offer for publicly held shares of Nobel Biocare Holding. Bär & Karrer acted as legal adviser to Nobel Biocare.
DLA Piper’s Darryl Steinhause has been named one of the ‘Top 100 Lawyers in California’ by the Daily Journal.
On 10 September 2014, the Council of Ministers announced a draft amendment to the Tax Ordinance regarding the ‘general anti-tax-avoidance clause’.
French giant Fidal has chosen to formalise its ‘best friends’ arrangement with Mills & Reeve through an exclusive affiliation just months after setting out its ambitions to build its cross-border profile.
On 16 July 2014, Luxembourg adopted the law concerning the compulsory deposit and immobilisation of shares and units in bearer form.
On 5 September 2014, the French and Luxembourg finance ministers signed a protocol amending article 3 of the France-Luxembourg double tax treaty.
In Gariepy v the Queen, the Tax Court considered whether two directors had effectively resigned from their positions.
Our employment team has an excellent reputation for providing high-quality, commercially relevant legal solutions to our clients’ employment and human resources issues.
Our tax team is integral to the way the firm serves its clients and has particularly close working relationships with all the firm’s departments involved in a transaction.
In McKesson v The Queen, Justice Patrick Boyle recused himself from the two remaining issues with which he was seized in the transfer pricing case.
Hungary’s new advertising tax may affect regular manufacturing and trading companies active in various industry segments.
DLA Piper has advised Acturis, a portfolio company of Summit Partners, on the acquisition of software company NAFI.
Partner — Manchester
Partner — Birmingham
Partner — Manchester
Khaitan & Co has advised Wolters Kluwer USA on the Indian leg of the transaction in relation to its acquisition of the remaining 62 per cent in Third Coast Holding.
On 1 August 2014, the ‘Provisional Measures on the Collection of Tax on Non-Resident Taxpayers Engaged in International Transportation Business’ came into force.
Shepherd and Wedderburn has announced the first in its series of wealth management briefings, which will run in both Edinburgh and Glasgow.
On 5 September 2014, the Luxembourg and French finance ministers signed a fourth amendment to the Luxembourg-France Double Tax Treaty dated 1 April 1958.
The globalisation of labour, capital and know-how has brought about new challenges for domestic and conventional tax laws.
Shoosmiths has worked with longstanding client Chord Investments to complete work on the sale, lease-back and refinancing of St Paul’s Place.
Africa InBrief — August 2014: the use of evidence obtained from social media; immigration lockdown; and more download
Eversheds has published the August 2014 issue of its Africa InBrief publication.
The US Foreign Account Tax Compliance Act (FATCA) Regulations came into effect on 1 July 2014.
The theatre tax relief came into effect on 1 September 2014, giving theatre and other live performances similar tax breaks to those enjoyed by the film industry.
Landlords ‘need more tax incentives’ download
Housing experts are calling on the government to introduce new tax allowances to encourage landlords to lift the standards of their properties above basic levels.
HMRC released its preliminary views of the CGT consultation exercise and it seems there has been an outbreak of generosity towards taxpayers, or some of you anyway.
Welcome to the latest edition of Addleshaw Goddard’s Employee Incentives Update, which contains a round-up of key developments in this area during August 2014.
This team provides comprehensive and clear advice on what is often a challenging and complex area of law to clients around the world.
This is an experienced, commercially focused team with a network of international offices.
Employment update — September 2014: tax simplification review; whistleblowing; and shared parental leave download
Wragge Lawrence Graham & Co’s employment specialists discuss the implications of the latest employment law issues and provide action points to help you and your organisation.
Wildgen has released a September 2014 update on the Luxembourg double tax treaties network.
The firm has consistently been praised as a market leader in the corporate and compliance field, especially in mergers and acquisitions and in company law.
Robin Johnson, head of diversified industrials at Eversheds, has commented on the latest projections for UK manufacturing growth.
Boyanov & Co has the most extensive experience in aircraft finance in Bulgaria. Our lawyers are recognised for their expertise, pragmatism and efficiency.
The Office of Tax Simplification published its final report on the taxation of employee benefits and expenses and termination payments on 31 July 2014.
Boyanov & Co provides advice in connection with wealth management, tax planning, business and personal relocation, family law matters and employment law advice.
Boyanov & Co is well known for its excellent and experienced litigators with exceptional expertise in litigation and alternative dispute resolution matters.
Director, Forensic Services
Partner, Forensic Services
A recent case involving two Arcadia pension schemes shows the court allowing a switch from RPI to CPI, for both past and future service.
Budget 2014: legislation published download
Hot on the heels of the government’s response to consultation in July, we now have a draft Taxation of Pensions Bill.
Welcome to PwC Legal LLP, a member of the PwC international network of firms.
PwC’s head of investigations looks at the results of the seventh Global Economic Crime Survey and assesses how fraud in the UK has changed over the last few years.
PwC looks at the results of its seventh Global Economic Crime Survey and assesses how fraud in the UK has changed over the last few years.
Khaitan & Co has acted as Indian legal adviser to Hay Group USA in relation to the acquisition of the Talent Q International group.
Leading trade organisations have criticised plans outlined by George Osborne to allow HMRC to take taxes directly from taxpayers’ bank accounts.
Earlier this year, McKesson Canada Corporation appealed the decision of the Tax Court of Canada in McKesson Canada Corporation v The Queen.
This update discusses various Cayman Islands laws, including the Directors Registration and Licensing Law 2014 and the Exempted Limited Partnership Law 2014.
The Canada Revenue Agency has introduced a new tool for tax compliance with the release of the first CRA app for businesses.
Taxation in Russia: resolution number 50 entitled ‘Regarding conciliation of the parties in the arbitration proceedings’ download
The Supreme Arbitration Court of Russia has permitted the settling of tax disputes by the conclusion of amicable agreements with tax authorities.
Simon Newsham, partner in Winckworth Sherwood’s tax team, has been quoted in the Daily Mail in relation to inheritance tax.
Eversheds’ Robin Johnson has commented following news from the CBI that British factory orders grew faster than expected in August due to a rise in overseas demand.
While the use of crypto-currencies such as bitcoin have increased in popularity in Australia, there has been little clarification in relation to its legal status.
With a diverse client base and varied work load, the property team has an unusual breadth of vision and understanding.
We are widely recognised as the leading immigration practice in the UK. Our immigration team is led by Philip Trott.
Our team operates predominantly in the small to mid-cap market, where we have extensive experience and a client-focused approach.
Our charity and social enterprise team works with more charities than any other law firm in the country.
The ATO has released its long-awaited public guidance on the Australian tax and GST treatment of bitcoin and other crypto-currencies.
Stewarts Law will launch a tax litigation group in 10 weeks’ time to hone in on the swathe of tax-related cases hitting the courts.
Khaitan & Co has advised Lightbox Management, which has acquired interest in a variety of portfolio companies for approximately $19.2m.
Simon Hunka of No5 Chambers prosecuted in the case of Dawn Huckerby, 45, who has been jailed for 12 months.
The Verkhovna Rada of Ukraine has adopted a new law that stipulates the creation of a free economic zone in Crimea for 10 full calendar years.
SMEs are being urged to seek information about tax breaks that could benefit them in terms of growth, innovation and research and development.
A new Luxembourg act on the immobilisation of bearer shares and units was published in the Luxembourg Official Gazette on 14 August 2014.
Mishcon de Reya is to vote next month on converting to an LLP and bringing all of its salaried partners into the equity.
Corporate lawyers from Walker Morris have advised Straight on its sale to a subsidiary of Irish outfit One Fifty One for approximately £10.7m.
Shoosmiths has announced the appointment of two partners who will be based at the firm’s Birmingham office: Karen Featherstone and David Adams.
This briefing outlines the general procedure for repatriating funds from a subsidiary in China.
Bär & Karrer has advised Bank of China International, global co-ordinator, on Swiss law in the initial public offering of Ernest Borel Holdings.
Oman’s newly signed treaty with Spain reduces withholding tax rates and includes a new limitation on benefits clause to prevent treaty shopping.
We have a depth of experience across local and central government.
The former Glasgow Rangers Football Club sought to pay bonuses to its players through loaning money to them from a trust, avoiding the need to pay income tax or National Insurance contributions on the payments.
DLA Piper has advised long-term client Linc Energy Ltd on the successful offering of $125m (£74.8m) 9.625 per cent due-2017 first-lien senior secured notes.
Get an accurate overview of the Luxembourg Double Tax Treaties Network with this list updated in real time if any relevant changes occur…
Wragge Lawrence Graham & Co’s real-estate experts bring you the latest property law issues and provide action points to help you and your organisation.
German Federal Fiscal Court ruling potentially provides reduced withholding rates to certain US entities download
The German Federal Fiscal Court was tasked with determining whether an ‘S’ corporation is considered a US resident under the 2006 protocol of the German-US income tax treaty.
Should I employ a family member? download
Asking relatives to lend a helping hand with your business is quite different from recruiting somebody from the outside. What additional considerations are needed before hiring kith and kin and is it wise to choose family?
The Finance Act 2014 will change the economics of using tax avoidance schemes by requiring payment of disputed tax upfront in cases involving numerous marketed tax management schemes,
Minter Ellison partner Karen Payne has been named Best in Tax in Australasia at the Euromoney Australasia Women in Business Law Awards.
Gateley has announced a total of 28 promotions across its English offices. Seven of Gateley’s Manchester team have been promoted, with tax specialist Richard Clitherow being made legal director.
With a flurry of reading material and a hailstorm of new acronyms, the draft Taxation of Pensions Bill has been published for consultation.
A seller’s appeal that VAT on the purchase price of a commercial property was payable by the buyer, despite the inclusion of wording to this effect in the standard conditions, has been dismissed
Last week the bound version of the Finance Act 2014 thudded onto my desk. Not an exciting publication and, for the uninitiated, about as satisfying to read as the London telephone directory (and perhaps a little less useful).
The GST Act has been amended to introduce new restrictions on Australian Taxation Office refunds for goods and services tax (GST) overpayments.
Khaitan & Co has advised EnerNOC, a provider of energy intelligence software, in relation to its acquisition of EnTech.
If you are regarded as a non-UK resident, you will not have to pay UK income tax on non-UK source income or capital gains tax on both UK and non-UK assets.
Austria: rules for voluntary disclosure in criminal tax matters are expected to be tightened download
Austrian tax law enables taxpayers to avoid criminal tax sanctions or penalties in case of fiscal offences by submitting a voluntary disclosure.
Shoosmiths has advised Palatine Private Equity and Bridgepoint Development Capital on the successful exit of their investment in Hallmark Hotels Group.
Our tax team advises and represents our Swiss and international clients on all matters related to direct and indirect taxes, customs duties, and other levies.
Included in the Queen’s Speech on 4 June were announcements of two new pension bills: the Private Pensions Bill and the Pensions Tax Bill.
Richard Gibbs’ client has been acquitted in a case where the defendant and two others where charged with a £1.7m conspiracy to evade tax on the importation of tobacco.
There is building momentum for the federal government to change laws that currently apply to employee share schemes.
Inheritance tax hits record level download
ONS statistics have revealed that households paid more in inheritance tax last year than at any other point since the beginning of the recession in 2008.
Verkhovna Rada has approved Law #4309a ‘On amendments to Tax Code of Ukraine and other legislative acts (on improvement of certain provisions)’.
From April 2015, individuals will have total freedom over how they use their pension savings.
The draft law ‘On Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine’ provides major changes to the taxation laws.
DLA Piper has advised long-term client Rolta India on a high-yield bond offering. The company issued 8.875 per cent senior notes through its wholly owned subsidiary.
Transfer pricing court cases download
A series of tax disputes involving Russian automotive market distributors is currently before the commercial courts.
NCTM has represented BD Group Industries — a worldwide energy solutions provider — in the acquisition of a majority stake in Sagemis International.
The Finance Act 2014 received royal assent earlier this month. Here is a brief summary of the relevant provisions.
The ATO has issued a new goods and services tax (GST) determination, GSTD 2014/3, relating to GST and rental guarantee arrangements.
HMRC in VAT surrender download
HMRC has finally confirmed that the surrender of a lease subject to tenancies can constitute a ‘transfer of a going concern’ with the result that no VAT is payable.
Khaitan & Co has advised E2open on all Indian-law-related aspects in relation to its acquisition of Serus Corporation USA for up to $26m.
The government has published its response to the ‘Freedom and choice in pensions’ consultation. Individuals aged 55 or over will be able to access their entire DC pension flexibly.
Walker Morris’s little green ibook explains the ins and outs of the most popular schemes.
On 29 May 2014, the Tax Court decided another transferee liability case in favour of the taxpayers. See Swords Trust v Commissioner.
The government has published a response to its consultation on the radical changes to the pensions system announced as part of the Budget 2014.
Kyiv Tax Newsletter — limitation of interference in activities of business entities; taxation of income from capital; and more download
Dentons has released the latest issue of its Kyiv Tax Newsletter.
The government has launched a consultation on stamp duty land tax rules for property authorised investment funds and co-ownership authorised contractual schemes.
The draft ‘Law on Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine’ was registered by the Verkhovna Rada of Ukraine on 22 July 2014.
The government has issued its response to the consultation on the Budget proposals to introduce pension flexibility for DC pension savings from April 2015.
This briefing deals with a repeal of the provisions of the Income Tax Law regarding the retroactive taxation of receipt from dividends and profit sharing.
One of the most attractive features of doing business in the Netherlands is the possibility of obtaining an advance tax ruling (ATR) and/or advance pricing agreement (APA).
In an effort to jump-start a weak economy, the Indian government’s Union Budget adopts several new measures while taking a balanced approach.
Tax Update — July 2014: new rules for exit tax on capital gains upon migration; the tax treaty network; and more download
Arendt & Medernach has released the July edition of its Tax Update.
FATCA requires financial institutions globally to report on their US taxable account holders or suffer a 30 per cent withholding tax on US source income.
Stephenson Harwood’s Alexander Rush has commented on what trustees need to be aware of following HM Treasury’s consultation response on pension changes.
Wragge Lawrence Graham & Co’s energy team has advised Carron Energy on its disposal of three power response businesses.
Richard Gibbs from No5 Chambers is defending one of three defendants charged as part of a £1.6m conspiracy to evade tax on the importation of tobacco.
Eversheds has commented on the UK chancellor’s statement summarising the key elements of the Treasury’s response to its consultation on the changes to tax rules for DC pensions.
Allen & Overy has advised Imperial Tobacco on its acquisition of the US Winston, Kool, Salem and Maverick tobacco cigarette brands and the US/UK blu e-cigarette brand.
In Halbig v Burwell, the US court invalidated an IRS regulation that provides premium tax credit subsidies for individuals obtaining health insurance coverage through the federal exchange.
On 1 July 2014, the US Supreme Court agreed to review the 10th Circuit Court of Appeals decision in Direct Marketing Association v Brohl.
Partner and head of tax and estate planning
In this video, pensions, benefits and executive compensation partner Pamela Baker reviews the ups and downs of golden parachute cap provisions.
Serbia: seconding Austrian nationals to work in Serbia and applying the Double Taxation Treaty between the two countries download
It is commonplace for foreign companies active in Serbia, including Austrian firms, to second their employees to the country via their affiliates or business partners.
Getting it right: how to make a successful application for the appointment of provisional liquidators download
The main job of a judge is to determine and uphold rights of property ownership, so applications to appoint provisional liquidators tend to go against the judicial grain.
GRATA Law Firm’s Eldar Ziatdinov has spoken at a seminar entitled ‘Ways to effectively conduct business with Kazakhstan: secrets of success’.
DLA Piper’s May/June 2014 edition of its Tax Newsletter provides a review of People’s Republic of China and Hong Kong tax developments.
International retail businesses that have businesses or subsidiaries with banking facilities in Italy should be aware of recent tax changes within the country.
Stephenson Harwood has advised Cofely on its purchase of Lend Lease’s UK facilities management business.
Dentons Warsaw lawyers have co-authored the ‘BNP Paribas Real Estate Guide to Investing in Poland 2014’.
KKR has agreed to acquire a 49 per cent stake in Ringier’s subsidiaries Scout24 Schweiz and Omnimedia. Bär & Karrer is acting as legal adviser to KKR.
New figures from the Office for National Statistics (ONS) have found that house prices rose by 10.5 per cent year on year for the 12 months to May 2014.
Shoosmiths looks at what it could mean for UK businesses if Scotland decides to become an independent country.
International industrial and manufacturing businesses that have Italian businesses or subsidiaries with banking facilities in Italy should be aware of recent Italian tax changes.
After launching the Shanghai pilot free-trade zone nine months ago, the Shanghai government has released the 2014 Negative List.
This article describes in general terms when such Australian tax could arise and, if an assessment does arise to a foreign investor, how to deal with it.
Bär & Karrer has acted as legal transaction counsel to Banque Cantonale de Genève and the joint lead managers on the bond issuance and placement.
Many landlords hold their properties personally. This means that income received on rental properties is charged at income tax rates of up to 45 per cent.
The IRS has issued final regulations that permit employers and IRA providers to offer ‘qualified longevity annuity contracts’ or ‘QLACs’ under defined-contribution plans and IRAs.
Food and drink businesses that have headquarters in Switzerland or commissionaire arrangements are likely to be affected by the changes.
Gateley has advised on the sale of retail development site Albion Place in Skipton town centre to independent fund management business Mayfair Capital.
The recovery in global M&A markets is developing a broader base, according to Allen & Overy’s latest M&A Index.
Perspectives — Supreme Court rejects presumption of prudence for ESOP fiduciaries; and more download
This issue of Perspectives focuses on recent ERISA fiduciary and tax decisions, which have special importance to plan sponsors and plan fiduciaries.
Simon Concannon, international tax adviser at Walker Morris, has warned anyone who receives an accelerated payment of tax notice to act fast.
Collyer Bristow can assist you in ensuring that your assets are preserved for future generations, taking into account issues such as taxation.
Collyer Bristow’s real-estate group continues to maintain its position as a leading full-service team.
In Moore v Getahun, the plaintiff suffered a wrist injury in a motorcycle accident and claimed medical negligence against the treating doctor.
DLA Piper outlines the income tax, goods and services tax, fuel tax and other implications that will stem from the repeal of the carbon tax.
Real-estate investment in Australia download
Australia offers a platform that allows new foreign investors to embrace the globalisation of real-estate capital with confidence.
15 July 2014: Law of 12 July 2014 implementing new tax treaty with Taïwan was published in the Official Journal. Entry into force date will be precised in forthcoming publication.
The high number of companies eyeing acquisitions or ventures that will allow them to redomicile their business in the UK and Ireland is a major theme of this report.
Allen & Overy has acted for the lenders on a $1.3bn prepayment facility in favour of Glencore Energy UK for advance payments for crude oil purchases from SHT.
Wragge Lawrence Graham & Co has advised Empiric Student Property on its admission to the UKLA Official List and trading on the London Stock Exchange.
Major changes ahead as Congress takes on the highway trust fund crisis — and looks to comprehensive tax reform download
Over the next two weeks, major decisions will be made affecting the legislative tax agenda for the rest of this session of Congress and, in the case of tax reform, for 2015.
Procurement Pulse — in-house award to non-profit organisation; challenging a procurement process; and more
DLA Piper has released its Procurement Pulse publication for June 2014.
Starting on 1 April 2014, the New York estate tax exemption (in addition to amounts passing to, or to a qualifying trust for, a surviving spouse or a charity) was increased from $1m to $2m.
HMRC’s crackdown on anti-avoidance schemes is set to intensify over the summer months.
The UK has a flexible, secure and transparent property market offering a wide range of investment structures.
On 5 December 2013, chancellor of the exchequer George Osborne stated that the government would ‘end the abuse of… offshore oil and gas contracting’.
Thouron v US: Third Circuit holds reliance on counsel may relieve penalties for late payment of taxes download
In Thouron v United States, the Court of Appeals for the Third Circuit held that reliance on tax advice may establish a reasonable cause defence to failure to pay penalties.
Revision of corporate exit tax rules download
The Luxembourg Parliament has adopted the law amending some tax provisions concerning the area of ‘exit tax’ in order to make the exit taxation compliant with EU law.
The CRA has provided some guidance on how it will administer the Income Tax Act (Canada) in respect of the income and losses arising from Ponzi schemes.
Fieldfisher has added a trio of partners to its Parisian office, bulking up its competition, corporate and tax practices.
Investment in US real estate by non-US investors is increasing.
Dentons’ restructuring, insolvency and bankruptcy group considers the legal, commercial and practical issues when buying from an insolvent company.
What is the result of the Crown’s failure to properly plead its assumptions in the reply? This issue was considered by the Tax Court in Health Quest v The Queen.
DLA Piper has announced that Hervé Israël has joined the firm’s tax practice as a partner in Paris.
This briefing focuses on the case of Taylor Fladgate & Yeatman Ltd v Comptroller of Taxes.
Bates Wells Braithwaite’s charity and social enterprise team provides highlights of this week’s charity website announcements.
Khaitan & Co has advised Foliage Software Systems Business Trust in relation to its acquisition by Altran Solutions Corp.
The Ministry of Revenues and Levies of Ukraine has issued Order #368 ‘On amendment of generalised tax consultation on transfer pricing related issues, adopted by Order #699’.
Bär & Karrer has acted as legal transaction counsel to Von Roll Holding and Privatbank IHAG Zürich on the issuance and placement of CHF61m bonds.
This memorandum has been prepared for the assistance of those who are considering registration of a foreign limited partnership in the Cayman Islands.
This memorandum has been prepared for the assistance of those who are considering the operation of exempted limited partnerships in the Cayman Islands.
Pillsbury has announced the appointment of 10 partners to firm-wide practice and industry leadership posts.
A Charity Commission intervention and a recent VAT tribunal case highlight the need for local authorities to consider their legal position carefully when giving funding to charities.
Loan Market Association update download
The Loan Market Association has made several announcements recently.
Robin Johnson, co-chair of cross-border M&A at Eversheds, has commented on news that the value of global M&A has hit $1.75tn in the first half 2014.
Japan’s prime minister Shinzo Abe is considering reducing the corporate income tax rate to a ‘competitive rate in the global market’ in the near future.
Hogan Lovells has made its second South African lateral hire since its launch in the jurisdiction, picking up ENSafrica China group head Ernie Lai King.
The biggest changes to the capital allowances rules since July 1996 have been introduced for buyers and sellers of commercial property.
The deadline for employers to report share-based awards is approaching. The ATO is increasing its focus on ESS reporting compliance so employers should be aware of some of the traps.
HMRC has ruled that around 3,000 home care staff should receive a share of £600,000 in unpaid wages after their employer had not paid them for time spent travelling between care visits.
The topics considered in this update have, by accident rather than design, an anti-money laundering flavour to them.
Finding a solution to the crisis is both a high economic and political priority, especially with congressional elections just four-and-a-half months away.
Video: how to administer an estate when a loved one has passed away — key probate, wills and inheritance tax issues explained download
In this video, solicitor Susan McCulloch from IBB’s wills, trusts and probate team discusses key probate, wills and inheritance tax issues.
Tax Review — June 2014: scope of succession to protection rights under tax rulings issued for legal predecessor; and more download
Dentons Poland has released the June 2014 issue of its Tax Review, which contains a selection of rulings and interpretations issued or published in May 2014.
The mansion tax proposals from Labour and the Liberal Democrats will hit double the number of homes than previously expected, according to new research.
In Bolton Steel Tube, the TCC allowed the taxpayer’s motion requesting an order that would require the CRA to reassess the taxpayer in accordance with the terms of a settlement agreement.
Tax-efficient borrowing download
Businesses should aim to pay the lowest rate of interest when borrowing from banks, as well as ensuring any financing is structured tax efficiently.
Under new HMRC plans, settlements of property made during the settlor’s lifetime would be subject to only one nil-rate band.
Global VAT Guide: Cross Border Supplies of Intangible Services, Rights and Digital Content — June 2014 download
As business grows more global, the challenge for in-house counsel and in-house VAT specialists is intensifying. This guide is intended to meet this challenge head on.
Sweden proposes new system for corporate taxation: a redistribution of tax payments in the business sector download
A Swedish government committee mandated to analyse the Swedish corporate tax system has proposed new corporate tax rules.
DLA Piper has published the June 2014 edition of its Austrian Tax Newsletter.
The California Court of Appeal for the Second Appellate District has affirmed the Superior Court ruling in Ocean Avenue LLC v County of Los Angeles.
McKesson: appellant’s factum filed download
On 10 January 2014, McKesson Canada Corporation appealed the decision of the Tax Court of Canada in McKesson Canada Corporation v The Queen.
In this video interview, tax partner John Harrington, former international tax counsel for the Department of Treasury, provides an overview of FATCA.
The coming year will see further changes to the taxation of UK residential property affecting all non-UK residents and all UK residents who use more than one residential property.
Multistate Tax Commission’s state transfer pricing group meets to discuss design for joint transfer pricing service download
The MTC has created an advisory group consisting of representatives from several states to design a joint transfer pricing audit programme for the states.
The penalty under subsection 163(1) has been described as ‘harsh’ due to the 10 per cent federal penalty.
DLA Piper has appointed Catherine Pogorzelski as a corporate partner in its Luxembourg office. She joins from Arendt & Medernach.
Since the advent of ‘say-on-pay’, the plaintiffs’ securities bar has attempted to rustle up claims relating to executive compensation matters discussed in proxy statements.
Memery Crystal has acted for mobile payment provider MPayMe on its acquisition by UK-based Powa Technologies for an undisclosed sum.
The Society of Trust and Estate Practitioners (STEP Canada) held its 16th annual national conference on 16–17 June 2014 in Toronto.
The South African National Treasury has published proposals for a carbon offset scheme.
DLA Piper has produced a pack of free legal guidance aimed at high-growth start-ups that have ambitions for high-growth and international expansion.
Those who practice before the IRS and are governed by Circular 230 are required to be familiar with it and its requirements.
Full Federal Court confirms a ‘public benevolent institution’ does not need to provide direct relief download
A ‘public benevolent institution’ is a subtype of charitable body. Endorsement by the Australian Taxation Office is required before an entity can be one.
Business start-up pack — UK download
The purpose of this start-up pack is to provide assistance and support to early stage start-ups who are looking to establish their business on a more formal basis.
Tax Newsletter: June 2014 — tax relief and rates for social security contributions in Serbia download
The Serbian Parliament adopted amendments to the Law on Personal Income Tax and the Law on Mandatory Social Security Contributions on 30 May 2014.
Changes to the NSW stamp-duty regime are expected following the introduction of the State Revenue Legislation Further Amendment Bill 2014 into Parliament.
New provisions for determining the tax base for Austrian real-estate transfer tax purposes entered into force as of 1 June 2014.
The IRS has made a number of welcome adjustments to its streamlined procedures for non-residents of the US.
The RF SAC Presidium has made a number of determinations that may be significant for the application of transfer pricing rules.
Shoosmiths is growing its wealth protection team with the strategic hire of Jane Whitfield, who joins from Wellers Law Group.
The number of UK football clubs mired in financial difficulty has reached a two-year high, according to the Begbies Traynor Red Flag Football Distress Report.
A ruling allowing McLaren to claim tax back on a £32m fine for spying on rival Ferrari has been overturned by the UK’s Upper Tax Tribunal.
In this video interview Dentons tax partner John Harrington provides an overview of the Foreign Account Tax Compliance Act (FATCA).
In Marzen Artistic Aluminum Ltd v The Queen, the Tax Court upheld all but a fraction of the CRA’s reassessment of the taxpayer.
Under subsection 118.5(1) of the Income Tax Act, an individual taxpayer may claim a tax credit in respect of certain qualifying tuition fees.
Dean Fealk has been named as a trade adviser in a joint appointment by US trade representative Michael Froman and US secretary of commerce Penny Pritzker.
HMRC has issued a third consultation document entitled ‘Inheritance tax: a fairer way of calculating trust charges’ on the inheritance tax regime for trusts.
Khaitan & Co has advised Leighton International Ltd (LIL), a 60 per cent shareholder of Leighton Welspun Contractors Pvt Ltd (LWIN), in relation to an acquisition of a 40 per cent stake of LWIN.
IFLR1000 Energy and Infrastructure 2014 has recommended Ilyashev & Partners on its energy and infrastructure and financial and corporate work.
By now, any ‘financial institution’ would need to have had its head in the sand in order not to be aware of the impact of FATCA and its need to comply with this new regime.
In recent years, the Tax Court of Canada has strictly applied the requirements for adjournments and timetable amendments as described in the court’s Practice Note No. 14.
Our employment team is renowned for its impressive technical expertise, proactive approach and ability to deliver practical and commercial solutions.
As experienced corporate tax specialists, we appreciate the need to communicate complex issues in a straightforward, accessible way.
CRA update: aggressive tax planning download
The Canada Revenue Agency (CRA) has provided an update on selected CRA compliance measures in the aggressive tax planning division.
HMRC’s policy on reclaiming VAT on investment management and other costs remains under review in the light of two recent decisions from the CJEU.
Binder Grösswang has advised Software AG on the sale of its Austrian SAP consulting business to the Scheer Group.
Pensions snapSHot — June 2014: Pensions Act 2014; limited liability partnerships and auto-enrolment; and more
This edition of snapSHot provides you with a need-to-know digest of a range of legal and regulatory developments affecting the pensions world during May 2014.
In Morris Meadows Country Holidays and Seminars v MNR, the Tax Court considered whether certain workers were employees or independent contractors.
Vicky Stokes, partner and commercial property solicitor in IBB’s real-estate team, discusses stamp duty land tax and the key considerations for developers.
Collyer Bristow has promoted six lawyers as part of its 2014–15 review. The changes see Janine Alexander and Peter Daniel both promoted to partnership.
Collyer Bristow’s James Badcock, who has been a partner with the firm since 2011, has been appointed as head of the tax and estate planning team.
Concerns have been raised about the risks of investing in ‘coco’ bonds (contingent convertible bonds).
In Roitelman, the Tax Court considered whether a director could establish that he had been duly diligent in his attempts to prevent his company’s failure to remit source deductions.
Queen’s Speech 2014 download
There are significant proposals this year on areas such as infrastructure, pensions, zero-hours contracts, ‘modern slavery’ and recall of MPs.
Early April 2014 saw the publication by the Department for Transport of its proposed compensation schemes for those affected by Phase 1 of HS2.
A jury in Miami has issued a verdict against a taxpayer for $2.2m in fees, interest and civil penalties for failing to file FBARs for his Swiss bank accounts.
Tax seems to spawn acronyms and we may, at least in a mainland European (if not the UK) context, soon have to get used to a new one: FTT, or financial transaction tax.
The DWP has outlined in its ‘Command Paper: Better workplace pensions: Further measures for savers’ new quality standards and charge-capping measures.
Before purchasing real estate in the Cayman Islands, very careful consideration should be given as to how to take title to the real estate to be purchased.
FATCA — FAQs download
This briefing from Macfarlanes presents answers to some of the more frequently asked questions about FATCA.
The Spanish government has asked an experts committee to prepare a report with proposals for the tax reform that the Spanish government is currently drafting.
New draft partnership tax manual download
HMRC has published a new draft partnership tax manual following the recommendations of the Office of Tax Simplification for a consolidated version of the guidance on partnerships.
Khaitan & Co has advised Elder Pharmaceuticals in relation to the sale of some of Elder’s branded domestic formulations business in India and Nepal to Torrent Pharmaceuticals.
Wildgen has released an April 2014 update on the Luxembourg double tax treaties network.
Portuguese firm PLMJ has picked up tax partner Miguel C. Reis from the Porto office of Iberian giant Garrigues.
The State Revenue Legislation Further Amendment Bill 2014 proposes to insert new provisions into the Duties Act 1997 (NSW).
The future of vouchers download
After two years of public consultations, as well as various rounds of discussions between member states, new rules on the VAT treatment of vouchers are just about to be born.
This case concerned an application by the representors, in S and his mother WS to set aside the E Trust on the grounds of mistake.
Financial Regulatory Developments (FReD): ESMA consults on MiFID 2 implementation; FCA fines Barclays and former trader for gold fixing failures; and more download
Dentons has released its Financial Regulatory Developments (FReD) publication for May 2014.
Budget 2014 limits the scope for obtaining tax relief on investments in renewables projects, but it also opens up a new relief, of which some renewables investors may be able to take advantage.
Quarterly client update: Cayman Islands — May 2014: the Contracts (Rights Of Third Parties) Law 2014; the Exempted Limited Partnership Law 2014; and more download
Carey Olsen has released its quarterly client update regarding the Cayman Islands for the period of May 2014.
In our first in-depth look at our awards shortlisters, the private wealth contenders show how they have shined in the face of globalisation and tougher legislation
Richard Gibbs has represented Paul Hackney, who pleaded guilty to five counts of fraud totalling £2.3m, which made his conviction one of the top five secured by HMRC in 2013.
Mehjoo v Harben Barker: duty of an accountant confined to the terms and limits of its retainer download
This judgment considered whether an accountant was under a duty to advise its client about possible tax-saving schemes or of the need to take specialist tax advice.
Residential property and capital gains tax: changes afoot for non-UK residents and multiple-home owners download
Capital gains tax has found itself in the spotlight in recent weeks, owing to two significant changes to the CGT and residential property landscape.
The OECD Global Forum on VAT held meetings in Tokyo on 17–18 April 2014. These meetings follow the Global Forum’s first meeting in Paris in November 2012.
The judgment in ATP PensionService A/S v Skatteministeriet (Case C-464/12) was delivered by the European Court of Justice on 13 March 2014.
In this edition, DLA Piper focuses on infrastructure and its importance to the real-estate industry and real-estate development around the world.
European Court of Justice judgment on the exemption of foreign investment funds from CIT in Poland download
The ECJ has issued a judgment concerning the authority of Poland to grant a corporate income tax exemption to investment funds depending on where their registered offices are located.
Nabarro has advised Primary Health Properties on the launch of a £82.5m convertible bond due to mature in 2019.
A powerful combination of factors has led to an explosion in tax-related disputes.
Tax authorities around the world continue to wrestle with issues arising from the use and sale of bitcoin currency.
Opportunity to claim refund on WHT overpayment on dividends received by non-EU investment funds from Europe download
The European Court of Justice has confirmed that investment funds based outside EU should benefit from the free movement of capital rule regarding investments in Europe.
NCTM has appointed three new equity partners, Sergio Fulco, Guido Martinelli and Lukas Plattner, who were all previously salary partners.
Pillsbury has announced that for 2014, Chambers USA has ranked 86 individual Pillsbury lawyers, with 12 partners recognised in two or more categories for a total of 98 individual lawyer rankings.
DLA Piper has been named European Tax Disputes Team of the Year and US Tax Firm of the Year in Europe at the International Tax Review Awards 2014.
Eversheds has advised Worcestershire County Council and Herefordshire Council on the variation of their £926m waste PPP.
Food and Beverage News and Trends — senator Harkin advocates tougher rules on e-cigarettes; and more download
This regular publication by DLA Piper lawyers focuses on helping clients navigate the ever-changing business, legal and regulatory landscape.
Assuming that the older generation can afford it, the ‘children’ will always welcome some financial help, for example for investing in a house.
John Hayes summarises the changes made and provides advice on the best approach to accommodate those changes.
The Federal Supreme Court has rendered an important ruling on the tax-neutral step-up of hidden reserves of a Geneva-based holding company.
Foresight is an easy-to-use legal calendar that outlines major cases, government policy and forthcoming legislation right through to 2017.
Keeping track of the rapid and inter-related changes and developments in the BEPS Action Plan can be a real challenge for business.
DLA Piper has advised shareholders on the equity investment by Equistone to establish a new company, Performance Interactive Alliance for Digital Marketing.
Governments and tax authorities continue to develop their fiscal and tax positions relating bitcoins.
Law 106-FZ has changed the procedure for accreditation of branches and representative offices of foreign legal entities in the Russian Federation.
Court fees cost how much? download
On 22 April 2014, court fees payable in civil proceedings (that’s all construction claims too) increased.
Eversheds has advised Deutsche Asset & Wealth Management on the financing for the £43m acquisition of 1 Queen Anne’s Gate Buildings in London.
No5 Chambers has hosted a double celebration to mark Rhona Campbell’s appointment as a tribunal judge and the elevation of John Butterfield to queen’s counsel.
Anthony Thompson reviews the Budget measures and outlines the proposals for the taxation of gains made by non-residents disposing of UK residential property.
The government has made a number of changes to enforcement via High Court enforcement officers. The major changes are covered within this article.
The Taxation (Exchange of Information with Third Countries) (Amendment No. 7) (Jersey) Regulations 2013 came into force on 6 November 2013.
Update on Maryland estate tax download
Maryland governor Martin O’Malley has signed into law HB 739, which contains revisions to the Maryland estate tax law.
One minute with Tim Crosley download
Tim Crosley, head of tax and employee incentives at Memery Crystal, talks about recent developments in tax and the tax profession as a whole.
The notion of a corporate ‘seal’ — the physical symbol of a corporate ‘person’, evoking images of dripping wax in a bygone colonial setting — is dated.
Khaitan & Co has advised Piramal Enterprises Ltd (India) and IndiaReit Fund Advisors Pvt Ltd in relation to formation of a debt fund platform.
The recent decision in Leroux v Canada Revenue Agency provides guidance on the application of common law torts to CRA conduct.
Winckworth Sherwood has announced that tax partner Simon Newsham has been elected to the London branch of the Chartered Institute of Taxation (CIOT).
If your company has a CSOP, SAYE or SIP share scheme approved by HMRC, you must take action now to notify HMRC even though it is already approved by HMRC.
DLA Piper’s Kristin Franceschi has been named as one of ‘Maryland’s Top 100 Women’ by The Daily Record.
The Australian government released its 2014–15 Budget on 13 May. Karen Payne and Adrian Varrasso highlight a number of issues that will affect corporate Australia.
In this issue of Vox Tax, Dentons analyses the recent wave of information sharing among national tax authorities.
Nabarro has advised long-standing client Oriel Securities on its proposed sale to Stifel Financial Corp, a US listed financial services group.
Walker Morris has launched the latest in its series of ‘little green books’. The latest edition is a comprehensive guide to employee share schemes.
New HMRC powers to recover tax debts download
The government plans to introduce new powers allowing HMRC to directly raid the bank accounts of tax debtors,focusing on those who owe at least £1,000.
In July 2013, the Organisation for Economic Co-operation and Development released its Action Plan on Base Erosion and Profit Shifting (BEPS).
The UK’s Upper Tribunal has upheld the First-tier Tribunal’s decision in Greene King.
On 31 March 2014, the New York State legislature passed and governor Andrew Cuomo signed into law the New York State 2014–15 Budget Bill.
VAT recovery and pension schemes download
The judgment in ATP Pension Service A/S v Skatteministeriet (Case C-464/12) was delivered by the European Court of Justice on 13 March 2014.
Australian Budget 2014–15 download
The Australian coalition government has presented the 2014–15 Federal Budget, which includes changes to personal tax rates and the fuel excise rules.
Where a taxpayer receives an inflated donation receipt, may the taxpayer claim a charitable donation credit for the cash amount of the gift? In David, the answer is yes.
HMRC’s consultation on implementing a capital gains tax charge on non-residents disposing of UK residential property download
The Chancellor announced in the 2013 Autumn Statement that capital gains tax on the disposal of UK residential property would be extended to non-UK residents.
Penningtons Manches has won the Citywealth Magic Circle Award for ‘Law Firm of the Year’ at the annual awards dinner.
Khaitan & Co has advised information services and solutions provider Wolters Kluwer on its acquisition of the remaining 62 per cent in Third Coast Holding.
The Luxembourg Council of State has issued its opinion dated 29 April 2014 on the bill of law to introduce in Luxembourg the private foundation.
The Indian government is in the process of revising, simplifying and consolidating the structure of direct tax laws in India by proposing the Direct Taxes Code.
Investment Management Update: FCA expectations for investment managers on dealing commission; and more download
The Financial Conduct Authority has published Policy Statement PS 14/7 on changes to the rules on use of dealing commission.
Khaitan & Co’s taxation practice is split into two teams: the direct tax team and the indirect tax team.
The Audit Commission has claimed that fraud in the care system has almost doubled in a year as middle-class families attempt to hide their assets from HMRC.
Where the conditions are satisfied, the house builder can sell housing developments to RSLs that have progressed beyond the golden brick stage.
Ben Jones, a tax expert at Eversheds, has commented on news that a EU-wide financial transaction tax (FTT) is set to be effective from 2016.
National chair of professional practices group
The Court of Justice of the European Union has decided that the UK’s legal claim in relation to the financial transaction tax was admissible, but premature.
For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
Regional head of professional practices group, north
There are certain pension arrangements that are not set up with the same tax status as registered pension schemes, and so contributions to them do not attract tax relief.
Confirmation that money purchase pension arrangement can be VAT exempt may put further pressure on the UK government download
On 13 March 2014, the CJEU confirmed its decision in the case of ATP Pension Services A/S v Skatteministeriet.
Milan equity capital markets (ECM) of-counsel Roberto Culicchi has won Best Italian ECM Lawyer at the Legalcommunity Finance and Tax Awards 2014.
Every month, Stephenson Harwood will bring you news of developments in tax and private client law that will be of interest to high-net-worth individuals and their advisers.
Circuit split in summons procedures download
As part of the examination process, the IRS has wide latitude to obtain documents, records or other information from a taxpayer.
The result in Bakorp is a reminder to large corporations and their advisers of the need for careful consideration of the issues and relief sought in objections and appeals.
In July 2013, the Organisation for Economic Cooperation and Development (OECD) released the Action Plan on Base Erosion and Profit Shifting.
What exactly do death, taxes and deactivated online accounts have in common? Put simply: the apparent inability to escape them.
Several legal measures have recently entered into force, or will do so in the following few weeks.
Chambers & Partners has published the latest Chambers Europe 2014 guide. Wierzbowski Eversheds has been recommended in numerous fields of law.
Australia’s answer to FATCA is here download
Australia has entered into an agreement with the US to improve international tax compliance and implement the US Foreign Account Tax Compliance Act.
A call for common sense: there are some fundamental concerns about the operation of new tax regime for LLPs download
The new regime for taxing members of LLPs is now in force. LLP members are now taxed as employees unless they can establish that they are ‘true partners’.
FDI Intelligence has ranked two Serbian free zones, Pirot and Zrenjanin, 41st and 48th on the list of 50 most attractive zones for foreign direct investments in the world.
DLA Piper has announced that 45 lawyers have been promoted to the partnership. The promotions were made across various practice areas throughout 12 countries.
Allen & Overy has promoted 26 lawyers to counsel and PSL counsel.
First Mistake Case Post Trust Law Amendment No: 6 — In the matter of Strathmullan Trust  JRC 056 download
This decision is the most recent Jersey decision to consider setting aside a trust on the ground of mistake.
Can a Royal Court blessing be given to a momentous decision by directors of an underlying company to a trust? download
It is helpful for trustees to know that where they provide directors to a company underlying a trust, they can still get the protection of the court where a momentous decision is to be made.
Ben Jones from Eversheds has commented on the rejection of the UK’s challenge to the proposed Financial Transaction Tax (FTT).
This DLA Piper update reports on significant new developments and suggests actions to take when planning a California real-estate transaction.
Hogan Lovells has advised on a series of transactions in the student accommodation sector, completing three acquisitions for LaSalle Investment Management.
New figures have revealed that average house prices in 18 of 32 council areas have topped £325,000, making them susceptible to inheritance tax.
New amendments to Part II RF TC: simplification of tax accounting and harmonisation with bookkeeping download
The law is intended to simplify tax accounting and harmonise it with bookkeeping.
A day out with the Charity Tax Group download
Withers’ Graham Elliott discusses the points he found most interesting from this year’s Charity Tax Group annual meeting.
The first instalment payment for the new San Francisco gross receipts tax is due on 30 April 2014.
Assembly Bill 561, which stalled in the California Legislature last year, is back for reconsideration, with amendments.
Ben Jones has commented on the anticipated release of the decision of the ECJ in respect of the legal challenge raised by the UK to the proposed EU FTT.
DLA Piper has represented Avalara in its acquisition of the line of Zytax energy-related tax automation solutions.
Quality tax advice is an integral part of the service Baker Tilly provides to its clients.
In Prince v ACE Aviation Holdings Inc, the Ontario Court of Appeal declined to exercise its jurisdiction and stayed the class action.
Allen & Overy has advised Vivendi on the sale of SFR. Vivendi’s supervisory board decided to enter into exclusive negotiations with Altice for a period of three weeks.
Ben Jones, tax expert at Eversheds, has commented on news concerning tax affairs of Bernie Ecclestone’s family.
The South African government has announced it will delay introducing a carbon tax until 2016.
NCTM has been awarded the Law Firm of the Year — Equity Capital Markets, while Piermauro Carabellese won Professional of the Year — Transfer Pricing.
Arendt and Medernach’s quarterly tax update is dedicated to the main changes that have occurred over the last three months with regard to Luxembourg and international tax law.
Following the 2014 Budget, the Department of Finance published a review of the research and development tax credit regime in Ireland.
Recent changes in tax legislation download
The law of Ukraine ?1166-VII ‘On Prevention of the Financial Disaster and Creation of the Grounds for Economic Growth in Ukraine’ was adopted by the parliament on 27 March 2014.
The Luxembourg tax authorities are currently carrying out transfer pricing audits, particularly for financing companies.
France’s tax authorities have released draft guidance on the way they intend to apply new restrictions under the 2014 French finance act to the deduction of interest on related party loans.
Update on legislative developments in Russia: governmental de-offshoring initiatives and proposed new CFC and tax residency rules download
When Putin revealed the offshore-backed modus operandi for the Russian economy could no longer be tolerated, few could have predicted that the government would be making a serious legislative effort to fight the offshore structures.
Belgium: new ‘fairness tax’ download
As from assessment year 2014, dividend distributions made by Belgian companies that do not qualify as SMEs may trigger a new tax, dubbed the ‘fairness tax’.
On 20 November 2013, Russian taxpayers should have filed with controlling authorities notifications on controlled transactions in accordance with the new transfer pricing rules.
Tax newsletter: Austria — April 2014 download
The most recent draft of the Austrian Budget Accompanying Act of 2014 provides for a calculation basis for the RETT in compliance with the Austrian federal constitution.
The Canada Revenue Agency (CRA) has issued further guidance on the Canadian tax issues arising in respect of the bitcoin virtual currency.
The private equity team at Shoosmiths has advised funds managed by Palatine Private Equity on the management buyout of Gusto Restaurants and Bars.
Hogan Lovells’ tax team has been shortlisted in 11 categories of the International Tax Review (ITR) European Tax Awards.
The Manchester office of Addleshaw Goddard has advised Investec Asset Finance on its acquisition of Mann Island Finance. The purchase price was not disclosed.
On 4 April, Birmingham Citizens Advice Bureau held a fundraising Golf Day at North Worcestershire Golf Club, which was sponsored by No5 Chambers.
The 2014 edition of The Legal 500: Europe, Middle East & Africa has recommended DLA Piper in Ukraine across a number of practice areas.
Business as usual will not be enough to secure a productive future for Australians, according to Minter Ellison’s financial services experts.
Gateley has advised on LDC’s investment to support the acquisition of Prism UK Medical from Prism Medical.
In Legalease’s latest Legal 500 EMEA directory, Wierzbowski Eversheds has earned a number of recommendations.
The ECJ has confirmed that investment funds based outside the EU should benefit from the EU free movement of capital rule regarding investments in Europe
Minter Ellison partner David Pratley and special counsel Michael Ward have advised Permira on the tax aspects of an agreement to sell Renaissance Learning.
DLA Piper has advised client TowerJazz Japan on the completion of a joint venture with Panasonic Corporation.
There are a few developments in this year’s Budget that are of particular interest for those operating in the life sciences sector.
On 24 March, the Organisation for Economic Co-operation and Development issued BEPS Action 1: Address the Tax Challenges of the Digital Economy.
A Federal Court decision made the headlines recently, raising concerns as to how student accommodation should be treated for GST purposes.
Asset managers continue to face significant regulatory challenges and 2014 marks the first full year of operation for many new regulations.
Proposed changes to the ‘in Australia’ condition for tax concessions — what do they mean for the higher education sector? download
The federal government has proposed changes that will alter the requirements placed on higher education bodies, potentially affecting their tax status.
The AVCA conference was held in Lagos, Nigeria, at the beginning of this month. Here are Dentons’ top five takeaways from the conference.
In this video interview, Washington DC public policy and regulation partner Mike Zolandz discusses how the 2014 mid-term election will affect US policy.
The chancellor has proposed changes to tax reliefs for television programmes and video games that were introduced by the Finance Act 2013.
Withers has announced that it has been shortlisted as the leading tax team in a law firm at the annual Lexis Nexis Taxation Awards.
Deadlines coming for multinationals’ retirement plans and US taxpayers with foreign financial interests download
In 2010, the US enacted a sweeping change in enforcement of its tax laws on foreign financial interests, the Foreign Account Tax Compliance Act.
In this video, Greg Laughlin discusses the legislative steps being taken to prevent future large-scale government bailouts of distressed financial institutions.
Minter Ellison has created a quarterly update to discuss the tax issues that you may wish to raise with your board during each reporting period, starting with Q3.
We welcome the Financial System Inquiry (FSI) and the opportunity to offer detailed insights and recommendations to the inquiry via this written submission.
The new ‘salaried member’ rules, which will treat members of an LLP as employees for tax purposes in certain circumstances, came into force on 6 April 2014.
As more companies look to expand their business into new markets, one of the issues they are very likely to face is bribery and corruption risk.
According to an independent survey held by The Legal 500 — EMEA 2014, Ilyashev & Partners is a top-tier firm in dispute resolution and intellectual property.
Shoosmiths has advised the sellers on the £40m sale of digital marketing agency Realise to St Ives.
For many people, their home is their most valuable asset and can give rise to a significant inheritance tax liability on their death (or the death of the surviving spouse).
The range and depth of capabilities of Minter Ellison’s team across Australia has been recognised by the 2014–15 list of Best Lawyers.
If you are planning to purchase a foreign property, there are some legal issues you should consider first, including how you will own the property, taxation and inheritance.
If a married couple (or civil partners) jointly own an asset, then the income from the asset is automatically assessed on them 50:50 for tax purposes.
From 2015, companies selling electronic services such as music downloads, books, apps and games will have to charge VAT on the basis of where the customer is resident.
Travel expenses and agency workers download
Employment agency Reed has lost its appeal against a tax assessment for £158m in respect of its expenses scheme for ‘employed temps’.
IRS issues guidance regarding the Windsor decision’s application to qualified retirement plans download
The US IRS has issued Notice 2014-19 addressing how qualified retirement plans must treat the marriages of same-sex couples in light of United States v Windsor.
From next year, you could face tax penalties under the rules of the ACA if you fail to offer healthcare coverage to your full-time employees and their dependents.
The law of Ukraine ?1166-VII introduces some notable changes to the Ukrainian tax code and other laws.
Taxation of cloud services in Serbia download
This text analyses the tax position of foreign cloud companies providing cloud services in or from Serbia.
For many businesses around the world, franchising is the most efficient, profitable path to growth. Whether you are a start-up company or a mature establishment, Dentons understands the franchise industry and its diverse legal needs.
Wildgen has released an April 2014 update on the Luxembourg double tax treaties network.
Australian businesses supplying electronic, telecoms and broadcasting services need to be aware of changes to EU VAT rules download
These changes will apply in relation to a number of e-commerce services, to the extent the services are supplied to a non-VAT registered consumer
Bitcoin is property, not currency, IRS says — notice leaves many open questions about convertible virtual currencies download
The IRS has joined several other jurisdictions in publishing guidance regarding the income tax consequences of certain convertible virtual currency transactions.
In a set of comprehensive regulations affecting non-agricultural leasing on Indian land, the Department of the Interior, BIA, has made sweeping changes.
NCTM has been reorganising the leadership positions for its departments, resulting in new co-ordinators for its 12 departments, with Vittorio Noseda as the overall leader.
Nabarro has advised Hermes Real Estate on a joint venture with The Co-operative Group to deliver the £800m NOMA scheme in Manchester City Centre.
Our corporate tax team provides full transactional support and standalone tax advice to a wide variety of business clients, based both in the UK and overseas.
We provide clear, pragmatic and practical advice to businesses large and small from around the globe on the corporate transactions and the legal issues they face.
We work hard to minimise your stress levels by being easy to reach and talk to throughout the sale or purchase of your home or property investment.
The Penningtons Manches private client team provides innovative, clear and tailored solutions.
Our family law department offers the highest quality of service to our clients, stemming from the experience and talent of outstanding family lawyers.
The High Court awarded Littlewoods Retail compound interest on sums of overpaid VAT that had originally been reimbursed to it by HMRC with simple interest.
House Ways and Means chairman tax reform discussion draft — proposals that have impact on colleges and universities download
The building blocks for what could eventually form the base of US tax reform include dramatic proposals that will impact universities and colleges.
The Ministry of Finance adopted amendments to the Rulebook aimed at easing certain transfer pricing requirements and rectifying certain ambiguities and technical errors.
Luxembourg newsflash: Luxembourg concludes intergovernmental agreement with the US on FATCA download
The governments of Luxembourg and the US have signed an intergovernmental agreement on the implementation of the Foreign Account Tax Compliance Act in Luxembourg.
We advise on all aspects of property, tax, corporate, commercial and dispute resolution law for the full spectrum of real-estate transactions.
A senior criminal judge has been criticised over his handling of a trial last year, which led to the conviction of former 39 Essex Street barrister Rohan Pershad QC.
The government has removed what has been a significant capital gains tax downside that applied on the death of the vulnerable beneficiary of certain types of disabled person’s trust.
UK real-estate tax update: extension of the ATED and capital gains tax for non-UK residents download
Withers has published its latest UK real-estate tax update.
Families passing significant assets to the next generation want expert advice so they can feel confident about the security and ultimate disposition of their assets. Financial institutions handling estates of clients need expert, confidential legal advice as to avoiding, or handling, disputes. These are among the situations in which Dentons’ trusts, estates and wealth preservation group excels.
Partner — Guernsey
In the complex world of tax, our role is simple: to serve as an extension of your business. At Dentons, our value comes from seeing your business as you do and collaborating with you every step of the way.
The Full Federal Court has issued its judgment in Commissioner of Taxation v Resource Capital Fund III LP  FCAFC 37, overturning the Federal Court’s judgment.
Accountants can draw some comfort following the recent Court of Appeal decision in Mehjoo v Harben Barker.
HMRC is introducing new registration and self-certification requirements for both new and existing share plans effective from 6 April 2014.
The Cayman Islands is one of the world’s leading offshore jurisdictions for the establishment of investment funds.
Partner — Jersey
Eversheds has become the latest to issue a cash call to its 164 fixed-share partners following HMRC’s crackdown on partnership tax.
The Liechtenstein Disclosure Facility is a tax disclosure facility for UK taxpayers. It is open to those with unpaid UK tax liabilities who had assets outside the UK as at 1 September 2009.
HMRC has published its first in a series of Countdown Bulletins to assist employees, trustees and their advisers.
Anthony Collins Solicitors has announced that its Personal Planning Management Team adheres to the STEP Code for Will Preparation in England and Wales.
Richard Clayton QC of Kings Chambers is currently instructed by Kingston LBC to recover £600,000 of business rates from the charity Emergency Aid.
This paper explains the attractions of the Cayman Islands as a destination for managers wanting to establish offshore hedge funds.
A winding-up petition founded on a tax assessment, which is the subject of an appeal to the Tax Tribunal, should be dismissed or stayed pending the appeal.
We work with our clients to help them solve problems and ensure they comply with the law and charity best practice.
At IBB Solicitors, our wills, trusts and probate solicitors are here to help you plan for your family’s future.
GRATA Law Firm provides legal consultancy services to companies that carry out activities in the area of telecommunications and transport.
GRATA Law Firm provides legal consultancy services to companies that carry out activities in the area of construction and infrastructure.
Dr Hermann Schneeweiss LLM (Harvard) will be added to the list of attorneys at law practising in Austria on 1 April 2014.
The Statutory Sick Pay Percentage Threshold (Revocations, Transitional and Saving Provisions) Order 2014 has been laid before Parliament.
GRATA Law Firm has wealth of experience in the area of tax planning of dealings, analysis and minimisation of tax risks, as well as participation in and successful solution of tax disputes.
The Tax Agent Services Act 2009 has been amended, heralding significant changes to the way financial planners are regulated.
From April 2015 the government will extend capital gains tax (CGT) to gains made by non-resident individuals disposing of UK residential property.
The tax rollercoaster download
This year commenced with contradictory new provisions in the tax field. Popovici Ni?u & Asocia?ii will briefly address only the high and the low of the ride.
In the case of Mehjoo v Harben Barker, the Court of Appeal overturned the earlier decision of the High Court.
Whatever stage of the employment relationship in which you require advice, our employment, pensions and incentive team can assist you.
Whether you’re planning an acquisition or a sale, entering into a joint venture or considering a corporate restructure our M&A lawyers can help.
Our established private client team offers clients confidence that their legal advisers are pure specialists in their fields.
Hogan Lovells has called on its non-equity partner to inject between £60,000 and £100,000 in response to the HM Revenue & Custom’s partnership tax crackdown.
The two ways for a solvent company to voluntarily dissolve is to do so by MVL or by applying to the Registrar of Companies to have the company struck off the register.
Allen & Overy has advised Old Mutual on the sale of Skandia Germany and Skandia Austria, part of Old Mutual Wealth, to a Cinven and Hannover Re acquisition vehicle.
Fifteen per cent higher stamp duty rate for companies buying residential properties now kicks in at £500,000 download
The chancellor’s 2014 Budget, announced on 19 March 2014, set out a number of changes and extensions to the post-2012 stamp duty land tax regime.
London’s equity capital markets will benefit from a further boost this month as the new stamp duty exemption for securities trading on growth markets comes into effect.
Real-estate tax update download
The ATED is an annual tax charge of up to £143,750 on residential property situated in the UK worth £2m or more that is held by certain non-natural persons.
The government’s proposed changes to the tax treatment of certain members of limited liability partnerships will be implemented next month.
Pension law changes from 6 April: new disclosure regulations, auto-enrolment, TUPE transfers and tax limits download
The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 come into force on 6 April 2014.
Eversheds has successfully appealed a High Court decision that had serious implications in relation to the scope of the duty of care owed by accountants to their clients.
Eversheds has commented on Littlewoods’ High Court victory over a VAT claim worth more than £1.2bn.
Associations often forget how SDLT works when their leaseholder or, in cases of repossession, their lender wants to buy the home outright, or ‘staircase’.
The judge has found that a variation to the general retainer meant Harben Barker was under a duty to recognise Mr Mehjoo’s non-domicile status and the tax advantages that might bring.
Game on: video-games tax relief download
The European Commission has given state aid approval to the UK’s video-games tax relief, which was announced in the 2012 Budget.
The IRS has issued its first major ruling on the US federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies.
The ECJ has ruled that the management and administration charges of DC pension schemes may be exempted from VAT.
Taylor Wessing’s private equity group has advised Electra Partners on the acquisition of audio mixing console manufacturer Calrec from D&M Holdings.
The Dutch Supreme Court has given its judgment in two landmark cases regarding the classification of hybrid finance instruments.
The Court of Appeal has handed down its judgment in Mehjoo v Harben Barker. Its decision will come as a relief to tax practitioners and professional advisers.
On 19 March, there were some rather significant announcements affecting the tax and personal finance landscape.
DLA Piper sets out a summary of key items of interest announced in the Budget relating to businesses, corporate and finance taxation and real-estate taxation.
Starting 1 January 2014, the tax treatment of debt restructuring modifies both Spain’s Corporate Income Tax Law and its stamp-duty regulations.
Singapore aims to promote business by enhancing corporate tax incentives: key points in one chart download
Singapore’s government has proposed enhanced incentives intended to support business transformation and upgrading, in particular for SMEs.
Head of the tax practice
NCTM has assisted with the the closing of the complex restructuring of Edilmonte Roma, a company owned by the Ferro family.
Allen & Overy has advised the Flemish Region and PMV/Via-Invest Vlaanderen NV on the development of the A11 highway in Belgium.
‘Deoffshorisation’ of Russian economy: draft law on controlled foreign company legislation and other measures download
In this briefing, Withers sets out the key provisions of the draft law on anti-offshore measures and summary comments.
Budget Summary: spring edition 2014 download
Winckworth Sherwood has released the 2014 spring edition of its Budget Summary.
Charities and the 2014 budget download
As announced in the 2013 Budget, the Finance Bill 2014 will provide for 30 per cent tax relief on investments in qualifying social enterprises.
Jersey has approximately 30 tax information exchange agreements currently in force, with more in various stages of negotiation and agreement.
The headline policy from this week’s Budget is that individuals will, from April 2015, have full flexibility in what they do with their DC pension pots.
The US Foreign Account Tax Compliance Act (FATCA) creates a new tax information reporting and withholding regime for payments made to certain Foreign Financial Institutions (FFIs) and other ‘foreign’ persons.
Financial Services Regulatory Update — FCA’s fourth quarterly consultation; FCA thematic review; and approval of final text of UCITS V download
The Financial Conduct Authority has published its fourth quarterly consultation (CP14/4) in which it proposes amendments to certain parts of the FCA Handbook.
London’s equity capital markets will benefit from a further boost next month as the new stamp duty exemption for securities trading on growth markets comes into effect.
Budget update 2014 download
George Osborne has delivered his fifth Budget speech to the House of Commons, but despite speaking for nearly an hour the result was somewhat underwhelming.
Those following the recent developments relating to the national minimum wage could not be blamed if they thought to themselves this month — ‘bad news comes in threes’.
In Osborne’s Budget, there was very little excitement for the real-estate sector, with no news building on the Autumn Statement 2013 to address business rates.
Oh my — the Commissioners of HM Revenue & Customs v Executors of Lord Howard of Henderskelfe (deceased) download
The Court of Appeal has confirmed that the owners of the famous painting of Omai by Sir Joshua Reynolds were exempt from CGT on its sale in 2001 for £9.4m.
Go-Biz announces California competes tax credit application period — and it ends in less than one month download
Go-Biz has notified the public that it will only accept California Competes Credit applications for the current fiscal year between 19 March 2014 and 14 April 2014.
Faye Jarvis of Hogan Lovells has commented on the ‘radical’ changes to the way in which members of DC pension schemes can access their benefits in the future.
The biggest surprises in the chancellor’s budget statement on 19 March 2014 related to pensions.
Budget 2014 download
Following the 2014 Budget, Taylor Wessing has set out a summary of some of the main announcements.
Budget summary 2014: tax highlights download
The chancellor has delivered the Budget for 2014. This briefing provides a summary of the main tax points of interest.
Eversheds tax expert Ben Jones has commented on the taxation measures announced in the 2014 UK Budget.
Budget announcement — 19 March 2014: income tax and NICs, capital gains tax, employee incentives and pensions download
Employees are likely to welcome the changes to the way in which they can access their pension savings in a defined-contribution scheme.
Relief will be available for new properties completed after 1 October 2013 and before 30 September 2016 that are unoccupied for the first 18 months after completion.
From April 2015, anyone over 55 will be able to take their entire DC pension pot without any requirement to purchase an annuity or be subject to income drawdown.
The Polish government has adopted a draft bill to amend the Geological and Mining Law and a draft Bill on Special Hydrocarbon Tax.
Switzerland-UK Budget 2014 analysis download
Despite the usual rumours, the UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years.
National minimum wage update download
Employers would be well advised to review their pay rates to ensure all applicable workers are receiving at least the national minimum wage.
Eversheds partner Richard New has commented on potential announcements to be made on business rates in the 2014 UK Budget.
Collyer Bristow has recruited experienced international private client tax specialist William Hancock from Speechly Bircham.
NCTM has announced the internal promotion of four professionals who have excelled in their various areas of the law in the last few years.
Austria: abolishment of GmbH ‘light’ download
The amendments to Austria’s federal tax law were published on 28 February 2014 and came into force on 1 March 2014.
The proposed Exploration Development Incentive is intended to provide an incentive for investment in junior mineral exploration companies.
The Canadian government has ratified a tax information exchange agreement with the British Virgin Islands (BVI).
This alert summarises the draft legislation and the key issues for affected entities.
Withers has been recognised as a leading law firm in the recently published edition of Chambers Global.
The costs to the NHS of outsourced pathology services will increase following a (reluctant) decision of the First-Tier Tax Tribunal.
The Canada-BVI tax information exchange agreement (TIEA) came into force on 11 March 2014. The TIEA was signed in May 2013.
FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities.
Financial institutions in Bermuda will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of US and UK resident clients.
As different rules apply for volunteers and voluntary workers in some contexts, charities are often left uncertain what their obligations are to people who they believe to be volunteers.
BDK’s tax group offers advice on a full range of tax issues in local and cross-border contexts and is accustomed to questions that require new solutions.
Withers provides a reminder of the nasty but often overlooked traps that it regularly comes across on UK domicile.
It is time for long-term UK residents to think about whether they are coming up to their deemed domicile date for UK inheritance tax purposes.
Grantor-retained annuity trusts download
A GRAT provides an alternative means to transfer property to selected beneficiaries, with minimal US federal gift tax owed, and results in substantial tax savings.
FATCA update for UK trustees download
FATCA will apply to all financial institutions in the UK and will require all financial institutions to file reports.
Expatriation of minors download
Recent coverage has failed to highlight the increasing number of minor US citizens and green-card holders relinquishing their US citizenship.
In its 2013 Annual Report, the Luxembourg Direct Tax Authorities reported on new tax treaties with Hungary, New Zealand, the UK and Uruguay.
Hogan Lovells has advised long-standing client Shaftesbury on the placing of 25,250,000 new ordinary shares, announced on 6 March 2014.
The anonymous nature of Bitcoin payments has caught the attention of tax authorities and other regulators, both in Australia and overseas.
The US Department of the Treasury and the Internal Revenue Service have released the ‘last substantial package of regulations’ necessary to implement FATCA.
BDK has announced that Dragan Demirovic has joined the firm as head of the tax practice. He joins from Deloitte.
Shoosmiths has advised the sellers on the £40m sale of digital marketing agency Realise to St Ives, a UK provider of marketing solutions and publishing services.
DLA Piper has advised Oakley Capital Private Equity and its fund OCPE II Master LP on the acquisition of a majority stake in NTG.
Move towards a Chinese FATCA? Enhanced reporting requirements for PRC residents on foreign assets and transactions download
The PRC State Council has released the revised reporting requirements for ‘PRC residents’ in relation to their cross-border receipts and payments.
Winckworth Sherwood has created a dedicated tax team following the appointment of tax partner Simon Newsham.
Hogan Lovells has advised long-standing client Hawksford International on the acquisition of Janus Corporate Solutions, a Singapore-based corporate services business.
Claire van Overdijk of No5 Chambers has been appointed to the attorney-general’s London C panel of junior counsel to the Crown.
US tax reform update: House Ways and Means chairman tax reform discussion draft and new building blocks for eventual US tax reform download
The last two weeks have seen significant developments in building the blocks for what could eventually form the base of US tax reform.
Ilyashev & Partners has been successful in numerous litigations with the tax authorities and the Main Control and Revision Office of Ukraine.
Schoenherr’s tax practice group advises domestic and international clients on their most sophisticated and challenging tax matters.
The real-estate practice group is highly regarded across CEE/SEE. It enjoys high visibility in the region’s largest and most important transactions and projects.
Schoenherr’s insurance practice group advises many of Austria’s and Europe’s leading insurers on transactions in the insurance sector, as well as distribution structures, product design and all related regulatory and tax matters for life, non-life, and reinsurance business.
DLA Piper has advised Australian real-estate owner and manager Investa Property Group on its acquisition of a 50 per cent stake in Piccadilly Centre in Sydney’s CBD.
As of 1 October 2012, transfers of majority shares in a private limited liability company in Slovakia have become more complicated.
Individuals wishing to protect their pension savings between £1.25m and £1.5m must apply for Fixed Protection 2014 by 5 April 2014.
Tax Newsletter — Serbia: rulebooks on tax balance and tax returns for corporate taxpayers and entrepreneurs download
Karanovic & Nikolic has published the March 2014 edition of its Tax Newsletter.
From 6 April 2014, LLP members will be taxed as employed if less than 20 per cent of their remuneration is linked to the overall profitability of the LLP.
DLA Piper has advised Tilad, a multi-family office based in the Gulf region, on the acquisition of the BMW Logistics Centre in Niederaichbach near Munich.
Supplies of goods to customers fraudulently using a bank card are subject to VAT where the card provider pays for those goods download
The CJEU has ruled that a supplier must account for output VAT on payments received from third party card providers for supplies made to customers who bought goods using a fraudulent card.
Ben Jones, tax expert at Eversheds, has commented on news that the UK is set to scrap VAT on Bitcoin.
On 24 February 2014, deferred prosecution agreements legislation was finally brought into force in respect of a wide range of criminal conduct.
New York’s highest court narrows class of statutory residents — good news for some out-of-state owners of residential property download
The New York Court of Appeals has made an important ruling on what qualifies a person to be classed as a statutory resident of New York.
Winckworth Sherwood is set to attend MIPIM 2014 on 11–14 March in France. MIPIM is described as the leading real-estate event for property professionals.
DLA Piper has appointed Richard Hopkinson-Woolley, Laurence Rogers and Neville Wright to its real-estate team. The three partners join the firm from BLP.
HMRC has published updated guidance on the new ‘salaried member’ rules, the rules that will treat members of an LLP as employees for tax purposes in certain circumstances.
House Ways and Means Committee chairman Dave Camp this week introduced a draft of the most comprehensive reform of the Internal Revenue Code in decades.
Svitlana Musienko, partner and head of tax at DLA Piper in Ukraine, has been re-elected as a board member of the IFA in Ukraine for the third time in a row.
While companies own assets with millions of dollars of embedded software, few companies are maximising their property tax savings through the embedded software exemption.
A Bermuda court has ruled that the target of an intergovernmental request for information under a TIEA may require the attorney-general to produce the terms of the request.
The overlap of Australia’s new transfer pricing laws with the thin capitalisation rules is causing challenges and likely duplication of analysis for taxpayers.
An important message to all tax planners: the European Commission’s directorate-general for competition has declared war on ‘fiscal optimisation’.
The US Internal Revenue Service has released its Transfer Pricing Audit Roadmap, a 26-page outline of the two-year transfer pricing audit process.
Spain’s Basque Country extends participation exemption regime to capital gains on transfer of shares in Spanish companies download
Spain’s autonomous Basque Country region has extended its participation exemption regime to capital gains derived from the transfer of shares in Spanish companies
A Brazilian newspaper has reported that the Internal Revenue Service is preparing regulations to require foreign web-based companies to invoice locally and pay local taxes.
Tax Guide 2014–15 — South Africa download
This guide details the thresholds for a variety of taxes, both personal and business, in South Africa from 1 March 2014 onwards.
The Court of Appeal has allowed an appeal by a firm of financial advisers, In Focus Asset Management & Tax Solutions Ltd, against its former clients Mr and Mrs Clark.
VAT — zero per cent on new-builds? download
If you are building a new home, the rate of VAT on the cost of labour and materials can be reduced to zero per cent (‘zero rated’).
Two years on from DLA Piper’s report The Trust Deficit: Views from the Boardroom, the firm returns to the theme and asks how companies can foster a culture of trust in a post-crash economy.
Camp unveils major tax reform plan download
House Ways and Means committee chairman Dave Camp has unveiled his tax reform proposal, which calls for the most fundamental reform of the tax code in 27 years.
A Court of Appeal decisionhas ended the legal uncertainty as to whether claimants who had accepted the maximum amount the Ombudsman can award could then sue in court for the balance of their losses.
On 10 February 2014, the IRS published long-awaited regulations on the employer shared responsibility provisions under the Patient Protection and Affordable Care Act.
The private equity team at Wragge & Co has advised Mobeus Equity Partners on a £6m investment in the management buyout of Entanet International.
New LLP tax rules download
HMRC has published updated guidance on the new ‘salaried member’ rules — the rules that will treat members of an LLP as an employee for tax purposes in certain circumstances.
Dacheng attorneys have been retained as standing legal counsel by the Large Business Division of Guangzhou Local Taxation Bureau.
Decision on whether receivers and liquidators must withhold tax in absence of an assessment download
Justice Logan of the Federal Court has handed down the much anticipated decision in Australian Building Systems Pty Ltd v Commissioner of Taxation.
Paul Marshall from No5 Chambers was instructed against the decision of HH Judge Pelling QC in Hone and Ors v Abbey Forwarding.
This guide is a summary of the law and procedures relating to limited partnerships in Guernsey.
In his state-of-the-nation address in December 2013, the Russian president stressed the need for urgent measures to ‘de-offshorise’ the economy.
It is not unusual for a settlor to impose confidentiality conditions upon trustees by the terms of the trust. However, there are limits to the extent to which information may be withheld from beneficiaries.
Following the Wheels case and the PPG case we now await a further decision on the VAT charges on pension schemes, relating to the case of ATP Pension Service A/S v Skatteministeriet.
Hogan Lovells has advised Kuwait Petroleum International on the Italian Shell acquisition.
HMRC has issued a keenly awaited announcement in response to the CJEU’s ruling in PPG Holdings BV (C-26/12).
Karanovic & Nikolic has announced the launch of the BECTELLA (benefits, executive compensation, tax, employment and labour law) alliance.
Chevalier & Sciales has created a treaty table to provide you with a view of the Luxembourg double tax treaties in force or currently pending.
In the Danish case of ATP Pension Service, the AG has stated his opinion that management services provided to DC pension schemes are VAT exempt.
HMRC amends policy to allow DB employers to recover VAT on certain investment activity costs download
HMRC has published a briefing stating its revised policy on the ability of sponsor employers to recover input VAT incurred in the management of DB pension schemes.
House Committee on Ways and Means chairman Dave Camp is on the verge of releasing a detailed proposal for comprehensive tax reform.
Ben Jones, tax expert at Eversheds, has commented on concerns that the introduction of an EU-wide financial transactions tax could hit UK savers.
Accounting firm Ernst & Young (EY) is in the process of launching a legal services unit in China through the acquisition of Shanghai-based Chen & Co.
Minerals Matters — winter 2014 download
This issue contains articles relating to human rights in the mining industry, data protection issues, the ability to remove squatters and the crackdown on bribery and corruption.
Capital allowances download
The way in which purchasers can claim capital allowance on an acquired property will soon be affected by new legislation coming into force from April 2014.
Fundraisings of early-stage life science companies can be complicated affairs from the point of view of actually securing the funds from investors in the first place.
Eversheds’ James Batham has said that the British Retail Consortium’s recommendations for overhauling business rates will be welcomed by retailers.
Taylor Wessing has acted on behalf of Lord and Lady Tanlaw and their family trusts in relation to the sale of Fandstan Electric Group to New York-listed Wabtec.
Minter Ellison has provided advice to Antofagasta, a copper company that has restructured two Australian companies via two schemes of arrangement under the Corporations Act.
Giles Salmond has said that countries such as Luxembourg are likely to lose out when EU rules on VAT on e-commerce transactions come into force in 2015.
Registering as a financial institution via IRS FATCA portal and the role of the responsible officer download
Ogier has compiled the most frequently asked questions regarding the Foreign Account Tax Compliance Act (FATCA) regulations.
California has replaced the Enterprise Zone Hiring Credit with the New Employment Credit and the California Competes Credit.
The Ninth Circuit has held that state and local governments lack the power to tax permanent improvements built on non-reservation land that is held in trust by the federal government.
If you have paid duty on the extension of a deferred note purchase financing arrangement, you may be entitled to a refund of the duty.
A further tranche of tax legislation to exempt ‘IMR foreign funds’ from Australian income tax has been released for public comment.
Mills & Reeve has advised Trinity College on its acquisition of Dunsfold Park near Cranleigh in Surrey at a total cost of just more than £50m.
Taylor Wessing has been named one of eprivateclient’s Top 25 Most Admired Companies.
Withers partner Kristin Konschnik and associate Jaime McLemore have authored a guide for charities targeting the US fundraising market.
On 10 December 2013, HMRC published the 2014 Draft Finance Bill. The new rules will come into effect from 6 April 2014.
InVest — February 2014: banking download
The European Commission published its plans for structural reform of the banking sector on 29 January 2014.
More than 700 employers have been fined for breaching national minimum wage laws, with £4m being paid out to workers who have missed out in their pay packets.
NCTM’s latest Shipping and Transport Bulletin includes comment on the Italian law relating to the granting of financial aid to Italian stevedoring companies.
This article explores profit and loss allocations by partnerships, the special rules for AIFMs and the disposal of assets through partnerships that lead to a tax advantage.
On 31 January 2014, the Governor’s Office of Business and Economic Development (GO-Biz) released final proposed regulations on the California Competes tax credit.
In the past, vessels owned by foreign shipping companies and registered under non-Greek flags but managed through companies established in Greece used to enjoy tax immunity.
Partner and founder
Ben Jones, tax expert at Eversheds, said that state aid rules will be an attractive route to tackling certain tax structures.
Anthony Collins has acted for Rooftop Housing Group and its subsidiaries in forming a VAT cost-sharing group with Festival Housing and its subsidiary Festival Property Care.
The IRS has provided administrative guidance to the federal historic tax credit industry in the aftermath of the Third Circuit’s decision in Historic Boardwalk Hall LLC v Commissioner.
Hogan Lovells has advised Héroux-Devtek on the $128m acquisition of APPH and APPH Wichita (together APPH), subsidiaries of BBA Aviation.
Tax newsletter — February 2014 download
The tax authorities in the region have been intensely active towards the end of 2013 and the beginning of 2014 and have implemented several legislative changes.
TLT is expected to be amongst the first group of firms to issue a cash call to fixed-share partners (FSP) in response to HM Revenue & Customs’ (HMRC) changes to partnership taxation.
Trowers & Hamlins is planning to issue a cash call to participating partners in response to new HM Revenue & Customs changes to the partnership tax regime.
District court finds that insurance premium excise tax does not apply to retrocession transactions download
The federal excise tax on insurance and reinsurance premiums does not apply to retrocession insurance transactions.
Zero-hours contracts have been the subject of considerable political and social debate in recent times.
Withers has been named ‘Law Firm of the Year — Hong Kong’ at the Citywealth International Financial Centre Awards.
This briefing provides an update on the Court of Appeal judgment in BAA Ltd v HMRC  EWCA Civ 112.
No5 Chambers has released the first edition of its Commercial & Chancery Bulletin for 2014.
New rules that will apply to most businesses have been laid before parliament. These rules will apply to relevant consumer contracts entered into on or after 13 June 2014.
Stamp duty land tax is to be replaced in Scotland by a new tax known as the Land and Buildings Transaction Tax.
Addleshaw Goddard has released the January 2014 edition of its European Employment Law Update. This section focuses on the UK.
A tax reform proposal released by the Senate Finance Committee would have a major impact on the real estate industry, according to comments by a number of industry groups.
Ben Jones of Eversheds has commented following the announcement of a major consultation on the future of international tax reporting by the OECD.
Eversheds believes VAT recovery changes offer an opportunity for employers and pension funds to review arrangements.
Outer Temple Chambers has announced that David Russell QC, together with Javier Canosa, will be speaking at the Private Client Forum this month.
Popovici Nitu & Asociatii is acting as special adviser to the number-one-ranked Romanian professional tennis player, Simona Halep.
The Committee of Fiscal Affairs of the OECD has released its proposed updated guidelines on transfer pricing documentation.
The government has released further exposure draft legislation for the long-awaited final ‘third’ element in the investment manager regime (IMR).
Luxembourg has entered into 68 comprehensive double tax treaties based on the OECD model tax convention on income and capital.
Attention being paid by senior management to money laundering challenges is at an all-time high, according to findings from a new KPMG International report.
Eversheds has commented on the recent cut in UK business rates by communities secretary Eric Pickles.
DLA Piper has advised Leroy Merlin on the construction and opening of its second hypermarket in Brovarskyi prospect 3V in Kyiv.
New tax rules for LLP members download
The government has issued draft anti-avoidance legislation that overrides the current presumption that a member of an LLP is self-employed for tax purposes and is not an employee.
From January to December 2013, the ATO/Commonwealth achieved an approximately 75 per cent success rate in tax litigation.
Further education colleges — VAT download
The First-tier Tribunal has decided that certain students of further education colleges are treated as receiving their tuition ‘free of charge’, and thus not giving rise to a business activity.
Following the introduction of the disguised remuneration rules in 2011, HMRC has promised to vigorously pursue existing employee benefit trusts.
In a recent KPMG International poll, more than 75 per cent of respondents said they were involved in a tax examination or dispute with a revenue authority, with 43 per cent reporting that they feel the process takes too long and is too expensive.
As from April 2014, new legislation will take effect to change the rules for partnership taxation with a view to shutting down certain perceived abuses.
It took a while for activity to pick up on AIM last year, but there is no doubt that there has been an uptick in activity in recent months.
Tax Update — January 2014 download
In this Tax Update, Arendt & Medernach focuses on both Luxembourg and international news.
Arendt & Medernach has launched The Arendter magazine. Topics covered in this first issue include tax, regulatory, international, art, training and innovation.
Taylor Wessing has advised HSH Nordbank in connection with the financing of three wind parks located in Burgundy, France, consisting of 13 wind turbines.
Wragge & Co’s real-estate team has advised a consortium of developers on a major land purchase earmarked for the development of a new market town.
The CJEU has ruled in the case of Bridport and West Dorset Golf Club (C-495/12) that green fees paid by non-members are VAT exempt.
InCredit — January 2014: and also... download
This section of InCredit includes information on the Financial Services (Banking Reform) Bill, the OFT letter to banks and more.
The old saw about the best-laid plans of mice and men also goes for international tax planning and transactions with significant tax consequences.
Domestic double taxation relief applicable to capital gains derived by EU resident entities on disposal of shares in Spanish entities download
The Supreme Court has stated that, under EU regulations, the denial of the deduction for non-resident entities is contrary to the principle of free movement of capitals.
The Royal Court has, for the first time, allowed an appeal against the issuing by the Comptroller of a notice to disclose documents under the TIEA regulations.
Claire Jackson of Kings Chambers has acted for Manchester City Council in an appeal relating to the non-payment of council tax.
This briefing highlights the benefits of trust-based share plans and shows how schemes can be tailored to meet employer or country specific requirements.
Executive share plans: guide to executive share plans to motivate a broad range of employees download
This guide highlights the variety of share plans in the market and illustrates the way in which these can be tailored to meet specific requirements as needed.
VAT planning lives on: restructuring of contracts to avoid VAT held not to be abusive in DPAS Ltd v HMRC download
In DPAS Ltd v HMRC, the FTT held that DPAS’s supply of payment services to patients directly could not be a taxable supply of debt collection services.
Assets bequeathed or the manner in which they are bequeathed can lead to unnecessary costs and complications for the beneficiaries.
Ben Jones, tax expert at Eversheds, has commented following the news of HMRC’s investigation of the tax treatment of Bitcoins.
Tax support for the UK onshore shale gas industry: an innovative approach to an unconventional fuel reserve download
The government is ambitious to support industry in its exploitation of shale gas as a new source of energy supply.
DLA Piper’s Africa group has expanded in northern, southern and eastern Africa with the addition of three new member firms.
It’s important to think about how your assets will be managed after death — and that’s where having an estate planning strategy can prove beneficial.
Inward investment to Ireland is rising, just the tonic for its law firms
DLA Piper’s head of global equity, Dean Fealk, has been appointed to the Northern California DEC.
Eversheds Bianchini and Tremonti Vitali Romagnoli Piccardi e Associati advise PEP on the legal and tax aspects of its agreement with Keyhaven Capital.
The passenger of a hot air balloon that is losing altitude is advised to throw out as much luggage as possible. This appears to have been the thought of HMRC in the litigation against Skyview Ballooning.
Allen & Overy has advised Link Market Services in connection with the acquisition of Registrar Services, based in Frankfurt, from Deutsche Bank.
Hogan Lovells summarises Spanish tax issues to be considered both in the purchase of distressed debt and in connection with any restructuring of such debt.
The draft Finance Bill 2014 proposes a number of changes to the approval process for employee share schemes.
Wragge & Co’s public companies team has completed the reverse takeover of AIM-quoted cloud service provider Nasstar.
The government will double the amount of tax that local councils in England can retain which is raised from shale gas sites.
HM Revenue & Customs has proposed to tighten up the rules allowing members of a limited liability partnership to be treated as self employed.
Law à la Mode — 2013–14 download
DLA Piper has published the winter edition of Law à la Mode, which includes a review of the potential pitfalls and opportunities when franchising in the UAE.
CSSF issues press release on the enforcement of the 2013 financial information prepared by issuers of securities download
The CSSF has issued press release 14/02 concerning the enforcement of the 2013 financial information prepared by issuers of securities, subject to the Transparency Law.
King & Wood Mallesons has appointed four new special counsel and 28 new senior associates across its Melbourne, Sydney, Brisbane and Perth centres.
KPMG International has appointed Brian Daly as global insurance tax lead. He also sits on the company’s Global Financial Services leadership team.
We advise and appear regularly in appeals before the First-tier Tax Tribunal and the Upper-tier Tribunal for both appellants and HMRC.
Back to 2013 — Luxembourg newsflash download
Arendt and Medernach has released a short flashback intended to enable you to keep track of the main legal trends that marked 2013.
The crucial point about these proposed changes is that they will apply to all EMI options, not just those granted from the dates that the changes have effect.
DLA Piper has announced that Wayne P Bunch Jr has joined the law firm’s franchise and distribution practice as a partner in the Houston office.
Hogan Lovells has announced the promotion of 29 new partners, effective 1 January 2014.
The UK government announced two main anti-avoidance provisions in its Autumn Statement last month.
New legislation presents challenges to investors as the Hungarian government advances its ‘unorthodox’ political agenda download
Since its election in 2010, the Hungarian government has used its parliamentary majority to pass much legislation — 223 new laws in 2012.
Private equity funds (and their managers/advisers) are subject to various types of regulation under US federal law, in particular under the Dodd-Frank Act, and non-US law.
DLA Piper has been recommended as a leading law firm in various practice areas by ‘50 Leading Law Firms in Ukraine 2013’.
DLA Piper has been ranked as a tier-two law firm in the first edition of World Transfer Pricing 2014, a directory of leading transfer pricing advisory firms.
President Barack Obama has signed into law the Bipartisan Budget Act of 2013.
UK amnesty for UK taxpayers download
The UK government has announced an amnesty for UK taxpayers, giving them an opportunity to check that their affairs are up to date and make a disclosure of any potential unpaid tax liabilities.
Senate finance committee chairman Max Baucus has issued a sweeping energy tax reform proposal.
Get an accurate overview of the Luxembourg double tax treaties network with this list updated in real time if any relevant changes occur.
VAT: stuck in a bunker download
HMRC’s attempt to defend its doomed interpretation of the EU VAT rules for non-profit sporting bodies has reached a point where even it must think that further resistance is futile.
The application of ETS to commercial aviation activities has been beset with controversy from the outset and had threatened to bring about all-out international trade war.
Taylor Wessing has advised PA Group on the sale of its full-service weather business, MeteoGroup, to General Atlantic.
With the Autumn Statement confirming plans that could make the UK tax regime for shale gas the most competitive in Europe, the spotlight is again on this hotly debated topic.
Hogan Lovells has advised Advent International on the sale of Oxea, a global manufacturer of Oxo chemicals.
The NAO has issued a report examining how HMRC monitors and evaluates the effectiveness of Gift Aid reliefs, and how it tries to deal with tax avoidance, fraud and error in relation to tax reliefs on donations.
Allen & Overy has advised Tank & Rast Group on the successful placement of €460m senior second-lien high-yield bonds and on the placement of a €240m PIK facility.
This alert considers what developments we can expect to see in the year ahead and how this growing movement towards global tax information exchange will affect financial institutions.
Australian tax reforms for debt deductions — thin capitalisation rules and arm’s-length debt test download
The Board of Taxation has released a discussion paper as part of its review and consultation on the arm’s-length debt test in the thin capitalisation rules.
Update: SDLT charities’ relief download
Legislation has been introduced in the Finance Bill 2014 regarding the SDLT relief available to a charity where it purchases a property jointly with a non-charity purchaser.
HMRC salaried partner changes send shockwaves through LLPs
Hogan Lovells has advised MOL Group on its agreement to acquire the entire issued share capital of Wintershall (UK North Sea) for a base consideration of $375m.
DLA Piper has advised NASDAQ-listed HomeAway on its purchase of Stayz Pty, a wholly owned subsidiary of Fairfax Media, for AUD220m.
The Enterprise Investment Scheme and Seed Enterprise Investment Scheme offer a number of tax incentives to individuals investing in certain qualifying trading companies.
The Enterprise Investment Scheme and the Seed Enterprise Investment Scheme offer a number of tax incentives to individuals investing in certain qualifying trading companies.
The government has announced ‘reverse-charge’ rules for the sale of businesses and farm land.
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
Global Insight is a digital publication bringing you news, views and analysis from DLA Piper’s global restructuring group.
Chancellor George Osborne has delivered a fiscally neutral Autumn Statement, which was a ‘long-term plan for a grown-up country’.
Weil Gotshal & Manges has been left with one tax partner in London after Ropes & Gray hired its star tax partner Brenda Coleman.
UK FATCA update — Bermuda download
The UK government announced late last year that it would seek to make arrangements for the automatic exchange of information with its overseas territories.
IRS proposes changes to Competent Authority and APA procedures: comments requested by 20 March 2014 download
The IRS has published for comment two draft revenue procedures that change the existing process for US taxpayers requesting Competent Authority relief.
The Dutch Ministry of Finance has released a new transfer pricing decree that is already in effect.
Ben Jones, a principal associate in Eversheds’ tax team, has been interviewed on Bloomberg Television.
On 29 November, the US and the Cayman Islands signed a ‘Model 1’ intergovernmental agreement on FATCA.
The National Audit Office’s report provided a detailed review of the Gift Aid system, as well as estimates of the amount of tax lost through abuse.
Cup Trust appeal fails download
Mountstar had appealed to the High Court over the European Commission’s decision to open a statutory inquiry into the Cup Trust.
Autumn Statement 2013: tax summary download
This briefing contains a summary of the main tax points of interest with draft legislation enacting the proposed changes to be published on 10 December 2013.
HMRC has updated Notice 700/56 (the Notice), sections 2 and 17 of which refer to LPA receivers.
The relief is available at the discretion of the relevant local authority under the powers granted to it at section 47 of the Local Government Finance Act 1988.
DLA Piper has acted for Knightsbridge Student Housing on its acquisition of additional student accommodation comprising of 224 beds in Lincoln.
Eversheds has appointed Giles Salmond, an indirect tax litigation director at Deloitte, as a partner in its London tax team, where he will lead the VAT disputes and indirect taxes practice.
Autumn Statement: charities download
The chancellor said that he wished to put beyond doubt that entities established for the purposes of tax avoidance would not have any entitlement to charitable tax reliefs.
Autumn Statement 2013 download
Chancellor George Osborne delivered his Autumn Statement on 5 December 2013. While some of the policies had already been widely predicted, there were some surprises in the package announced.
Autumn Statement 2013 download
Following the release of the Autumn Statement, Taylor Wessing has summarised some of the main announcements.
Allen & Overy tax partner Lydia Challen has written an article for British Tax Review as part of its analysis of the Finance Act 2013 provisions.
In this briefing, DLA Piper sets out a summary of key items of interest announced by the chancellor in the UK Autumn Statement.
A corporate team from Wragge & Co has advised a syndicate of venture capital investors, led by NVM, on its exit from Alaric Systems.
The government has approved the repeal of the Social Security (Categorisation of Earners) Regulations 1978 to the extent that they relate to entertainers.
The European Commission approved with its resolution as of 16 July 2008 the Hungarian film support schemes until 31 December 2013.
Sylvia Kierszenbaum and Willem Van de Wiele have authored an article in The International Capital Markets Review.
The tax deduction for advertising expenses has clearly become a target for Congressional tax reformers.
On 27 November 2013, the Governor’s Office of Business and Economic Development released draft proposed regulations on the recently enacted California Competes Tax Credit.
Autumn Statement 2013 predictions download
Withers predicts what will feature in the Autumn Statement 2013.
The VAT pilot programme (initially launched in Shanghai on 1 January 2012) provides for VAT exemption for certain qualified cross-border services that are rendered by a service provider in China to an overseas service recipient.
FATCA’s implementation is now on a tight timeline, and there are steps that must be taken by each CLO Issuer and its Board of Directors in short order.
Dentons has added two new partners to its Paris energy team to focus the firm on growing its Francophone Africa energy strategy.
This is the second of two looks at new measures being introduced by the Revenue to crack down on what it perceives as the use of partnerships for tax avoidance purposes.
The Cayman Islands and US governments have entered into an agreement paving the way for the automatic exchange of tax information under FATCA.
Allen & Overy has advised Nationwide Building Society on the creation and inaugural issuance of £500m core capital deferred shares.
The Cayman Islands and the US have signed the long-anticipated FATCA Model 1 inter-governmental agreement.
This guide provides readers with an overview of Australia’s business rules, from foreign investment guidelines to taxation, consumer protection, intellectual property and the employment law system.
King & Wood Mallesons has announced three internal promotions within its Australian partnership.
The Revenue has announced a number of measures to crack down on what it perceives as the use of partnerships for tax avoidance purposes.
James Klein provides an overview of the programme-level reporting issues that multinational corporations must manage with regard to their non-US long-term benefits plans.
HMRC EBT settlement opportunity download
It is clear from HMRC’s highly publicised recent settlement with JP Morgan Chase that settlements can be made on extremely advantageous terms.
More than 50 participants have attended an event hosted by Karanovic & Nikolic on the implementation of transfer pricing in Serbia.
With the recent demise of Manches, we examine the auditors and the complex task of determining a firm’s health
US-Swiss voluntary disclosure programme: deadlines are looming — Swiss banks need not panic, but must act swiftly and thoughtfully download
The voluntary bank disclosure programme between Switzerland and the US offers worried Swiss banks the possibility of peace of mind from future prosecution.
The IRS has concluded that a US individual was entitled to treat dividends received from a Cypriot holding company with no Cypriot ownership as QDI.
Glen Meyer, partner at Arendt & Medernach, identifies three strategic trends that will characterise part of the financial services industry next year.
DLA Piper has represented northern Virginia-based CustomInk, an online T-shirt company, in a $40m (£25m) investment by private equity fund Revolution Growth.
Senate Finance Committee chairman Max Baucus (D-Montana) has released the first of a coming series of detailed tax-reform proposals, this one on international tax.
The November issue of the DLA Piper Italy Real-Estate Update covers some critical comments to the new tax framework applicable as from 1 January 2014 to real-estate transactions.
The place of supply rules determine where businesses are obliged to register, collect and remit VAT due on their supplies and in which member state.
Conyers Dill & Pearman is co-sponsoring the American Bar Association Section of International Law’s upcoming seminar, The Pros and Cons of Offshore Centres.
Guy Flynn, chair of DLA Piper’s Maryland real-estate practice, has been honoured with a 2013 Leadership in Law award by The Daily Record.
King & Wood Mallesons has advised the Merivale Group on a refinancing of its syndicated debt facilities.
US persons who want the tax break in both the US and the UK need to take action before 31 December.
FATCA and charities download
If you run a charitable foundation in the UK, you may have read about the additional tax reporting and regulations imposed by the US FATCA rules on accounts held by charities.
Owning a house as joint tenants is rarely simple, particularly if there is a diversity of citizenship and/or fiscal status amongst the spouses.
Tax planning for Christmas? download
End-of-year gifting can move assets out of one estate into one taxed at lower rates and/or channel assets to the next generation.
ATED applies an annual sliding scale of stamp duty land tax on the ownership of any home over £2m held through a corporate structure as well as tax on certain gains.
Recent developments suggest that the bulk of the tax reform debate will have to wait until the second session of this Congress in 2014.
The Upper Tribunal has held that the holding of balls by a students’ union, was not an exempt supply under the exemption for cultural services.
Ince & Co has advised the majority shareholders of Interactive Ideas, an enterprise software distributor, on the sale of its business to Storit
Nabarro has released the November issue of its financial sector update.
On 7 November, the Luxembourg VAT authorities published a circular on the VAT treatment applicable to risk management for investment funds.
The ATO has outlined its policy on the collection of group tax liabilities from head companies of consolidated groups, subsidiary members and entities that have left the consolidated group.
DLA Piper has been advising Equinix, a supplier of data centre services, on the acquisition of the Kleyer 90 Carrier Hotel in Frankfurt.
DLA Piper has been ranked as a leading firm in the 2014 edition of World Tax, a directory of the leading tax advisory firms.
Hogan Lovells has advised Astronics in relation to the acquisition of French company PGA Electronic.
HM Revenue & Customs (HMRC) has appointed a new general counsel to replace the retiring Anthony Inglese.
UK FATCA update download
The Cayman Islands government has announced that it has now signed a FATCA-type intergovernmental agreement with the UK.
Taxing digital content download
Neil McKnight, a senior associate in Taylor Wessing’s tax group, summarises some of the tax issues faced by businesses distributing content across borders.
Joe Hockey and Arthur Sinodinos have announced that the federal government will not proceed with a number of the 92 unlegislated tax and superannuation initiatives.
Over the past 12 years, 96 tax-related measures have been announced by former governments that have not been legislated.
The curious case of Manches’ suicidal cashflow management and its eleventh-hour rescue by Penningtons
Hogan Lovells has recruited Spanish tax partner Javier Gazulla Ascoz into its Madrid tax team. Gazulla Ascoz joined the firm on 1 November.
The Leeds office of law firm Addleshaw Goddard has advised John Laing on a deal that will see a major onshore wind farm delivered.
Hogan Lovells has advised Healthcare of Ontario Pension Plan (HOOPP) on a joint venture with Verdion Properties to establish a logistics platform across Europe.
On 6 November 2013, the government’s position was announced in relation to 92 previously announced but unlegislated tax and superannuation measures.
Poland’s Supreme Administrative Court has referred an issue concerning the taxation of ‘benefits in kind’ to the Constitutional Tribunal.
The IRS has released Notice 2013-69, including a draft FFI agreement and several intended updates to the existing Treasury Regulations implementing FATCA.
Taylor Wessing has advised Inflexion Private Equity Partners on the secondary buyout of Cablecom Network Holdings.
It is reported that George Osborne is considering imposing capital gains tax on foreign property owners in an attempt to curb soaring house prices in and around the capital.
The ATED tax, effective from April 2013, applies to companies (and similar kinds of structures) that own dwellings with an individual value of £2m upwards.
Allen & Overy has advised the syndicate of banks led by Credit Suisse on the successful initial public offering (IPO) by Cembra Money Bank.
In this update from Stephenson Harwood’s Piraeus office we take a look at recent changes to the tonnage tax regime in Greece applying to foreign-flagged vessels enacted in January this year by the Greek government.
Gillian Harkess, food and drink regulation expert at Eversheds, has commented on calls to introduce a tax on soft drinks in the UK.
The CJEU has ruled in the case of PPG Holdings BV (PPG) (C-266/12) that an employer is entitled to recover VAT on services procured by the employer for the management and operation of its pension fund.
A briefing on the changes to Ogier’s annual billing cycle and the changes its customers will notice on their annual invoices, the potential impact of FATCA and the work which they have done to date to prepare to assist you with its introduction next year.
VAT recovery: the economic link download
As is often the case with buses, a second important case on input tax recovery has come along shortly after another.
Changes to legislation aimed at providing incentives for hydrocarbon production at offshore deposits download
On 30 September 2013, Russia’s President signed into law Law No. 268-FZ, which amends the Tax Code, the Customs Duties Law and the Continental Shelf Law, with the aim of providing incentives for hydrocarbon production at subsoil sites.
Manches went into administration two weeks after HM Revenue & Customs (HMRC) issued a notice of action after the firm paid just £90,000 of a £715,000 tax bill, The Lawyer can reveal.
The German system for taxing dividends paid to minority shareholders that are subject to limited tax liability in Germany and have their seat in another EU/EEA member state constitutes a violation of European law.
Employee shareholder status download
As from 1 September 2013, companies are now able to enter into employee shareholder agreements with employees.
GAAR: the general anti-abuse rule download
On 17 July 2013, the UK introduced a new general anti-abuse rule (GAAR).
Real-estate transactions and VAT download
The sale and transfer of real property in Germany is either not taxable or exempt from VAT due to a specific exemption rule.
RETT blocker avoidance regulation download
According to the German Real Estate Transfer Tax Act (RETT Act), the transfer of at least 95 per cent of the interests in a partnership holding domestic real estate triggers RETT tax.
A new annual tax on enveloped dwellings (ATED) was introduced on 1 April 2013. It applies to residential properties in the UK valued over £2m, if they are held by a ‘non-natural person’.
This article considers the future of the Australian Charities and Not-for-Profits Commission under the new government and outlines the reasons why it may remain broadly in place.
India: more certainty for investors, or less? Actions to take regarding the latest on GAAR, TP safe harbours and subsidiary PE download
Recent legislative and case law developments have clarified India’s position on a number of tax and transfer pricing issues. While many of these developments are intended to increase certainty for foreign investors, a number of open questions remain.
Spain’s modified ‘patent box’ regime is now in effect. The most important developments — which became effective on 29 September — are described here.
King & Wood Mallesons has announced the lateral partner appointment of Michael Perez to its tax team.
The Full Court of the Federal Court has allowed the commissioner of taxation’s appeal in FCT v Resource Capital Fund IV LP  FCAFC 118.
Colombia has issued its list of tax havens — an act that will negatively affect the tax effects of doing business in Colombia from or through any of these tax haven jurisdictions.
The free-trade zone initiative is intended to be a pilot programme to provide a blueprint of how China will reform its economic structure.
On 15 October 2013, the recently elected federal government released a consultation paper and exposure draft legislation to repeal the carbon pricing mechanism.
Individuals who fund a connected company with debt will no longer be entitled to a reduction in their taxable earnings where the company suffers a transfer pricing charge relating to the interest on that debt.
The Cup Trust raised £176m from donations during its first two years but distributed just £55,000 to charity and claimed approximately £46m in Gift Aid.
This guide addresses the issues that arise when an exempted company seeks to establish a physical office in Bermuda.
On 18 October, the Full Federal Court handed down the latest decision in the long-running GST saga associated with the South Steyne Development at Manly Beach.
This booklet addresses employees’ many commonly asked questions regarding international assignments.
NCTM has advised Venice Holdings, a company controlled by the Rhone Capital fund and owned by the Silvestrini family, on an investment agreement with Dixons.
Under this new policy, in force since April 2013 but amplified by a new iteration in July 2013, bidders for government contracts valued at more than £5m must self-certify their tax compliance.
The CJEU has ruled that an employer is entitled to recover VAT on services procured by the employer for the management and operation of its pension fund.
DLA Piper has advised SNF Floerger, a producer of flocculants for water treatment, oil and gas applications and mineral extraction, on the refinancing by its holding company SPCM SA.
Dacheng Tax Newsletter: Issue No. 1 download
Dacheng has published the first issue of its Tax Newsletter, edited by David Yu, Lily Fan, Fidel Liu and Shen Liming.
The Full Federal Court recently handed down its decision in MBI Properties Pty Ltd v Commissioner of Taxation (MBI Case).
DLA Piper has advised mi-Technology Group on its acquisition by CSA Group, a provider of product certification and testing services.
On 11 October 2013, the government confirmed plans to strengthen the Code of Practice on Taxation for Banks in the Finance Bill 2014.
Section 409A applies to nonqualified deferred compensation that an employee or other service provider earns or has a legally binding right to receive in one tax year, but is not payable until a later tax year
Taxes will be a major part of the budget discussions now under way in Washington. Is this an opening for comprehensive reform?
For many emerging companies, the road to a global workforce is paved with potholes.
Aggressive tax management by multinationals, however legal, is in the public and political spotlight like never before, presenting clear reputational risks for M&A dealmakers.
On 25 September 2013, the French government released the key measures of the draft Finance Bill for 2014 that would notably affect French companies.
Note on the decision in Ben Nevis and Anor v Commissioners for HM Revenue & Customs — Court of Appeal download
It is a well-established and almost universal principle that courts of one country will not enforce the revenue laws of another country.
Eversheds’ Ben Jones has commented on the announcement from Frey & Co that it will close due to costs arising from the country’s dispute with the US over alleged tax evasion.
In this alert we highlight some of the key messages for business arising from the government’s proposals.
Nabarro’s annual legal seminar highlighted new legal topics affecting the funds and real-estate sectors. This is part one of a two-part series dealing with the topics covered in the seminar.
Since 1 September 2013, employers may offer employees a new form of employment relationship — that of ‘employee shareholder’.
National Bank of Ukraine toughens requirements for mandatory sale of foreign currency proceeds download
Amendments to Ukrainian banking legislation stipulating additional requirements for the sale of proceeds by residents and non-residents in foreign currency have come into force.
Ben Jones, tax expert at Eversheds, commented after the EU launched a probe into Gibraltar’s corporate tax regime.
A cross-practice team from Shoosmiths has helped Allied London acquire ITV Granada studios.
The next two days in Congress will be characterised by fast-moving developments on the government shutdown/debt ceiling issues.
Changes have been brought in under the Finance Act 2013 to arm HMRC with a new set of powers to stamp out abuse of the SDLT system.
Taylor Wessing has announced the hire of Matthew Jones to its construction and engineering group.
FATCA update — October download
The US Foreign Account Tax Compliance Act (FATCA) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on 18 March 2010.
Devereux Chambers has elected Timothy Brennan QC as its new head of chambers to replace Ingrid Simler QC, who is joining the High Court bench.
Allen & Overy has advised Deutsche Annington Immobilien on the launch of its EMTN programme with a total volume of €4bn and the first successful €500m bond issue under this programme.
Head of tax division
Hogan Lovells has appointed Fabrizio Lolliri as European director of transfer pricing.
Congressional sources indicate that a deal might not come together politically until very close to the 17–18 October deadline.
Hogan Lovells has advised the trustees of KPP on the implementation and completion of a settlement of its claims against EKC.
Mills & Reeve publishes third edition of Farm Tenancies book.
There have been some interesting Stamp Duty Land Tax (SDLT) cases in the last few months.
Changes to the VAT treatment of self-storage facilities make it very important for landlords to know what use their tenants are actually putting their property.
Eversheds has produced a guide for businesses on the different ways of resolving tax disputes, wherever they may arise.
DLA Piper is named 2013 International Law Firm of the Americas and Los Angeles Transfer Pricing Firm of the Year.
The federal government shutdown, now in its fourth day, appears likely to continue a while longer as the list of issues under discussion becomes longer and more complex.
In recent years, the US Department of Justice has been aggressively investigating the use of bank accounts outside the US to evade tax.
Maravela & Asociatii’s tax practice has strengthened as our clients’ businesses have grown, expanded and diversified.
Minter Ellison’s national tax team provides clients with innovative tax structuring and advisory services that are independent and cost effective.
The Eversheds infrastructure group comprises in excess of 150 lawyers across our international offices.
Eversheds’ international tax group is able to chart a way through the maze of differing tax legislation in different countries to provide integrated tax advice.
Arendt & Medernach has announced the appointment of 11 new senior associates with effect from 1 July 2013.
Allen & Overy has advised MAX Automation in Düsseldorf on the acquisition of the AIM Group from Günther Holding in Hamburg.
Allen & Overy has advised Saudi Arabian solar company Sun & Life on the acquisition of the insolvent solar division of the Flabeg Group.
The chancellor’s decision to cut beer tax in this year’s budget, while at the same time increasing duty on wine, has been met with strong complaints from the wine industry.
This article summarises some of the key considerations for a Russian company in planning a eurobond issue.
Following a short consultation, HMRC has decided to abolish the compensating adjustment for service companies with immediate effect.
The CISX commenced operations on 27 October 1998 with the intention of providing recognised facilities for the listing and trading of a broad range of debt securities.
Ogier has improved its Guernsey rankings and maintained top positions in Jersey in Legal 500 2013.
The chairmen of the tax-writing committees in the US Senate and the House of Representatives continue their efforts to build a consensus among their members for tax reform.
Under English law, all individuals have what is called a ‘domicile’, and not more than one domicile, at any one time.
Ukraine’s major transfer pricing reforms took effect on 1 September 2013. Generally, the new rules are OECD based, although some exceptions exist.
Walker Morris has appointed residential development specialist James Lawson as a director in its real-estate group.
Wildgen newsletter — September 2013 download
Luxembourg law firm Wildgen, Partners in Law, has released the September 2013 issue of its newsletter.
Tax experts in Switzerland now predict that certain Swiss tax regimes will ultimately need to be repealed.
France’s draft budget law for 2014 was presented to parliament on 25 September 2013 and is now under discussion in the National Assembly and Senate.
Cityrose Trading Pty Ltd v Booth highlights the need for suppliers to ensure that all of their transaction documents include adequately drafted pricing provisions and GST clauses.
The court’s decision focused on how a GST clause can be void for uncertainty.
Truro-headquartered Follett Stock has been served with a winding-up petition by HM Revenue & Customs (HMRC) after failing to pay an outstanding tax bill, The Lawyer has learned.
Tax reform, at least in concept, has entered the larger fiscal debate.
The so-called ’rule in Hastings Bass’ has been considered in Jersey for the first time since the Supreme Court’s judgment in Pitt v Holt and Futter v Futter.
Employee shareholder status download
As from 1 September 2013, companies are now able to enter into employee shareholder agreements with employees.
The University of Cambridge has won its appeal in the First-tier Tribunal to recover a proportion of the VAT costs it incurred on the management of its endowment fund.
Shearman & Sterling has formed a cooperation agreement with Italian tax boutique Tremonti Vitali Romagnoli Piccardi e Associati in a bid to offer clients a more integrated service on tax advice.
No turnover of foreign branch in local VAT pro rata deduction: outcome of Crédit Lyonnais case download
The Court of Justice of the European Union released its judgment today in the Crédit Lyonnais case.
Stamp Duty Land Tax and group relief download
HMRC recently clarified how it applies the anti-avoidance rule in the context of intra-group asset transfers following corporate acquisitions.
Pension savers should ensure they have the correct protections in place in order to safeguard their savings.
Outer Temple Chambers’ David Russell QC will deliver a presentation on the impact of GAARs in Asia.
No duty to avoid tax. No kidding download
The Tax Justice Network has received a legal opinion from Farrer & Co. It basically concludes that there is no positive duty on directors to avoid tax.
Andrew Hine, a partner in Taylor Wessing’s private client practice, has been listed in Spear’s magazine’s ‘Top Ten Tax and Trust Lawyers’.
Mexico’s president, Enrique Peña Nieto, has submitted to the Mexican Congress a proposed bill for the comprehensive overhaul of Mexico’s federal tax system.
Andrew Goodman, a partner in Taylor Wessing’s Private Client team, has been confirmed as part of the line-up for WealthBriefing’s upcoming Breakfast Briefing.
On 26 June 2013, the Supreme Court of the United States issued two rulings that significantly advanced same-sex marriage rights in America.
HMRC has published its view of the Court of Appeal’s decision in the joint cases of The Pollen Estate Trustee Company Limited and Kings College London v HMRC.
Hogan Lovells has announced that Cameron Cosby has joined the firm as a partner in its tax practice.
King & Wood Mallesons has provided a snapshot of the key tax measures that have been announced by the coalition.
Hogan Lovells has announced that Gérard Neiens will join its new Luxembourg office as a tax partner.
NCTM Studio Legale Associato has appointed Luigi Merola as of-counsel in its Milan office.
HMRC has published a consultation document that it claims marks a ‘significant new development’ in its approach to tax avoidance.
Treasury and IRS adopt ‘state of celebration’ rule for same-sex marriages — implications for employee benefit plans download
Guidance has been issued to treat a same-sex couple as ‘married’ for all federal tax purposes as long as the couple was legally married in a state or country that recognises same-sex marriage.
China’s new regulation on VAT, which went into effect on 1 August 2013, may increase charges on exports originating from China by up to six per cent.
Hogan Lovells has advised the trustees of KPP on the settlement of its claims against EKC and Kodak Ltd.
Berwin Leighton Paisner (BLP) contentious tax head Liesl Fichardt has become the latest partner exit the firm after being hired by Clifford Chance.
Chevalier & Sciales has created this treaty table to provide an accurate and updated view of Luxembourg double tax treaties in force or currently pending.
From 1 September it will be possible for companies to engage staff as employee shareholders, a new type of employment status with tax benefits.
Pinsent Masons is celebrating its one-year anniversary in Paris by launching a tax practice with the hire of partner Eugénie Berthet from Marccus Partners.
The German Federal Court of Justice, in a decision on 6 June 2013, has held a tax consultant liable for the consulted company filing late for insolvency.
DLA Piper has prepared a series of frequently asked questions to explain the basics of the FATCA registration website.
Allen & Overy has advised BNP Paribas, Citigroup, Crédit Agricole CIB and HSBC as joint lead managers in connection with the issue by AXA of $850m undated subordinated notes.
Euromoney corporate tax handbook 2013: mergers and acquisitions in Ukraine — tax issues on the radar download
Despite the financial crises and turmoil lately, there has been some pick up in M&A activity on the Ukrainian market.
FATCA implementation download
As part of the Hiring Incentives to Restore Employment Act, the US government enacted the Foreign Account Tax Compliance Act (FATCA) in 2010.
As foreshadowed in Notice 2013-43, the IRS has opened the FATCA Registration Website.
Addleshaw Goddard has released the July 2013 edition of its Employee Incentives Update. The update contains a round-up of developments in this area during July.
Roberta Chang discusses the guidance issued by the Chinese State Administration of Taxation on when a foreign company’s secondment arrangement into China will be deemed to have created a taxable presence.
The Cayman Islands government announced last week that negotiations with the US on a Model I intergovernmental agreement and a new tax information exchange agreement have now been concluded.
It has been common practice for a multinational company to dispatch expatriate employees to its affiliated enterprise in China to hold technical positions.
Representative offices of foreign companies in Ukraine have historically been a favourite target of the Ukrainian tax authorities.
Since the Wheels case, the Court of Justice of the European Union has been considering further issues to do with VAT and pension schemes.
In HMRC v DV3 RS Limited Partnership  EWCA Civ 907, the Court of Appeal has allowed HMRC’s appeal against the Upper Tribunal’s decision.
Taylor Wessing has relaunched its shipping practice.
Finance Bill 2013 now in force download
The Finance Bill 2013 received Royal Assent on 17 July 2013, triggering a number of private client measures to come into force.
The government has published a consultation entitled ‘Supporting the employee-ownership sector’.
The OECD has released a revised version on the use of safe harbours in its Transfer Pricing Guidelines. This is welcome news for taxpayers.
New Luxembourg limited partnerships download
In July 2013, Luxembourg legislation came into force specifically tailored to the needs of private-equity/real-estate investment managers.
DLA Piper has welcomed the recently introduced Direct Investment Promotion Law in the State of Kuwait (Decree Law No. 116 for 2013).
The General Anti-Abuse Rule (GAAR) was introduced in the Finance Act 2013 to counteract ‘tax advantages arising from tax arrangements that are abusive’.
On 16 July 2013, the States of Jersey (the island’s parliament) passed an amendment to the Trusts (Jersey) Law 1984.
Chevalier & Sciales has created a treaty table to provide you with an accurate and updated view of Luxembourg double tax treaties in force or currently pending.
The introduction in the present tax year 2013–14 of a new comprehensive statutory test for residence is an enormously significant step for HMRC to take.
Winckworth Sherwood Partner Nikki Lynds-Xavier has been quoted in an article on bedroom tax in Residential Property Investor magazine.
King & Wood Mallesons has advised Molybdenum Co Ltd (CMOC) on its acquisition of Rio Tinto’s 80 per cent interest in the Northparkes underground copper mine.
The new Brussels Air, Climate and Energy Code (the COBRACE) was published in the Belgian State Gazette on 21 May 2013.
On 19 July 2013, HM Treasury published a consultation on a new fiscal regime for shale gas.
Baker & McKenzie has named intellectual property partner Andy Leck as its new Singapore managing partner, following the appointment of incumbent Edmund Leow as a Judicial Commissioner in the Supreme Court of Singapore.
The IRS has released Private Letter Ruling 201322009, which responds to a request for clarification on the proper application of certain ‘look-through’ rules.
OECD releases BEPS Action Plan — a sweeping international tax effort to combat base erosion and profit shifting download
The OECD’s Committee on Fiscal Affairs has published its Action Plan to address Base Erosion and Profit Shifting (BEPS).
The NYSBA has highlighted that the application of existing subpart F rules can frequently lead to tax results that are inconsistent with the CFC’s economic position.
DLA Piper Weiss-Tessbach has advised Columbus McKinnon on the acquisition of Hebetechnik Gesellschaft.
The latest amendments to the Tax Code represent another step towards developing pragmatic, professional and commercially oriented market relations in Russia.
Tax newsletter: Serbia — July 2013 download
Following the last amendments to the tax laws, the Ministry of Finance has prepared several rulebooks to help implement the amended legal provisions.
DLA Piper has signed a letter of intent with Hines Interests to relocate its Chicago office from 203N LaSalle to River Point.
Tax deduction for regulatory capital download
HMRC has issued long-awaited draft regulations aimed at providing a new tax regime for regulatory capital.
Hogan Lovells has advised Bilfinger Berger Global Infrastructure SICAV on its successful placing, open offer and offer for subscription raising £85m.
A public directory of beneficial ownership would be an attack on the freedom of privacy to achieve nothing
US announces six-month postponement to the implementation dates for FATCA — the impact on UK FIs download
The US IRS has announced a six-month delay to the implementation of FATCA.
In April of this year, we witnessed the biggest change to the PAYE system since 1944. The new system is designed to improve the efficiency by which HMRC collects PAYE and National Insurance contributions, through the use of real-time information or RTI. Although most employers ‘went live’ in April, RTI will be compulsory for all companies by October 2013.
Over the past 10 months, Grant Thornton and DLA Piper have launched a successful life sciences boardroom lunch series.
Hogan Lovells will be opening an office in Luxembourg on 1 August as part of its strategy to continue to grow its funds and tax practices.
In Project Blue Limited v HMRC the First-Tier Tribunal considered for the first time the application of section 75A to a complex and high-profile property transaction.
Australian firm Minter Ellison has added two tax advisers to its Hong Kong office to spearhead the development of its tax practice in the region.
Tax update — July 2013 download
In this issue, the firm discusses the adoption of the law on administrative co-operation in the field of direct taxation, the introduction of the bill regarding deferred taxation of unrealised capital gains upon migration, new VAT provisions and more.
DLA Piper’s Spotlight on Belgium publication provides an overview of current legal developments that may have an impact on business activities.
Binder Grösswang gives advice on all issues of Austrian and international tax law. The experts of the Binder Grösswang tax team have many years of experience, both with national and cross-border tax matters.
DLA Piper has advised an infrastructure investment fund managed by BTG Pactual on the central ‘take or pay’ contract that is part of the acquisition of the Globenet submarine cable network.
Partners from Shoosmiths were among the guests invited to the opening of the UK’s largest biorefinery.
Internationally, the US FATCA, Basel III, and anti-money laundering legislation remain of central concern to financial institutions in Asia.
In early June 2013, HMRC launched a consultation on modernising the way in which the UK taxes corporate debt and derivatives.
The US government has postponed the commencement of 30 per cent withholding on payments of US source income under the FATCA until 1 July 2014.
The tax reform effort in the US Congress has accelerated this month, with a Dear Colleague letter being sent to senators asking for their help in crafting a tax reform bill.
Tax newsletter: Serbia — June 2013 download
The Ministry of Finance and Economy continues its intensive work on amendments to the tax laws in Serbia.
The US Treasury and IRS have announced a six-month extension to the start of FATCA.
The Tax Authority recently audited the Turkish subsidiaries of several multinational pharmaceutical companies to review five years’ worth of their accounts.
The Court of Appeal has clarified that if on a joint purchase one of the buyers is a charity but the other is not, relief is available to the charity on the acquisition of their interest.
Governor Rick Perry has signed into law Texas HB 500, which provides for certain changes to the Texas franchise tax provisions.
DLA Piper has advised Lloyds Development Capital on its MBO of Angus Fire.
Chevalier & Sciales corporate and tax practice offers a full range of services for our clients’ transactional and business needs.
On 25 June 2013, the French tax authority published an official notice to confirm that VAT must be applied to yacht charters commencing in French waters.
On 18 June, the government published an action plan to prevent the misuse of companies and legal arrangements.
Legislation includes measures aimed at clarifying the taxation treatment of payments and benefits provided under native title agreements.
At Popovici Nitu & Asociatii, we offer comprehensive tax advice, covering fiscal, legal and financial aspects.
The ECJ has made a preliminary ruling that a sale of shares on their own cannot be a transfer of a going concern.
Hogan Lovells has advised Saft in relation to the sale of its SNB activity to Active’Invest.
Pillsbury’s tax practice brings a full-service, interdisciplinary approach to the resolution of diverse tax-related issues.
The tax position should be agreed up front to avoid a (costly) dispute later.
On 9 May 2013, the Supreme Court published its judgment in the combined cases of Pitt v HMRC and Futter v HMRC.
Case law update: Wheels Common Investment Fund Trustees Ltd and Ors v Commissioners for Her Majesty's Revenue and Customs download
As ordinary consumers, we expect to pay value-added tax (VAT) on goods and services as part of our day-to-day life, but do you expect it on pensions?
Tim Crosley reviews the recent failure of the ’Project Blue’ SDLT mitigation scheme and its implications for both taxpayers and their advisers.
Italian tax authorities challenge the adequacy of the Italian permanent establishments of foreign banks free capital download
Italian tax authorities have stated that the amount of the free capital assigned to the PE should be ‘appropriate’ under the arm’s-length principle…
In a recent position tax authorities dealt again with the amendments made by law decree n. 179/2012 with reference to the international transports taxation.
Germany: Mutual Assistance Directive — Implementation Act consent by Conciliation Committee abolition of so-called RETT blocker for real-estate transfer tax download
The Conciliation Committee has proposed a wide-ranging compromise pertaining to the Act on implementing the Mutual Assistance Directive and the amendment of tax provisions.
Slapdown for Treasury shows court subtly shifting the ground on accountability of public bodies
Aleksandra Raach, a Croatian attorney in co-operation with Karanovic & Nikolic, has spoken at a recent waste management conference.
A bill allowing the Scottish government to set and collect stamp duty from the sale of properties has been approved by MSPs.
Taylor Wessing has advised Electra Partners on the acquisition of mixing console manufacturer Allen & Heath from D&M Holdings.
The CJEU has rendered a judgment in the case C-259/12 on the appropriateness of the collection of a VAT fine.
The Community Infrastructure Levy (CIL) has not always had a certain future, and a succession of reforms has made planning for CIL difficult.
The Netherlands and China signed a new Tax Treaty for the Avoidance of Double Taxation and Prevention of Fiscal Evasion on 31 May.
Customer due diligence is a high priority for both global and national regulators.
This article considers the nature and implications of the BVI’s commitment to FATCA.
Hogan Lovells advises in tax case.
The Netherlands Supreme Court has ruled that the partitioning doctrine is inapplicable in case of a change in law.
On 24 April the Turkish government submitted a bill to the Grand National Assembly proposing a tax amnesty that would allow taxpayers to declare offshore assets and pay a two per cent tax.
Walker Morris has advised Cott Developments on its acquisition of Calypso Soft Drinks.
Law decree n. 179 dated 18 October 2012: recent clarifications given by the tax authorities download
In a recent position (n. 12/E dated 3 May 2013) tax authorities dealt again with the amendments made by Law Decree n. 179/2012 with reference to the international transports taxation.
The Tax Tribunal has concluded that the transaction between the Royal College of Paediatricians and Child Health and Coleridge was a TOGC.
A new draft of the proposed income tax law has been submitted for review to the Legislation and Opinion Bureau in Jordan.
Hogan Lovells has announced that tax disputes partner Rupert Shiers is to join its London tax team on 24 June.
LPA receivers collect rents, together with any VAT payable on those rents, and incur input VAT on costs associated with their appointment, such as development costs.
Taxing multinationals, and the public accounts committee: is there a place for common sense? download
Many commentators remain uncomfortable that US multinationals with significant UK operations can legitimately claim not to be taxable in the UK.
King & Wood Mallesons has appointed corporate partner Tim Bednall as managing partner.
Hogan Lovells has advised ID Logistics on its acquisition of CEPL.
Herbert Smith Freehills (HSF) tax litigation partner Rupert Shiers has quit the firm to join Hogan Lovells as head of its direct tax disputes practice.
Tax newsletter: June 2013 — Serbia download
Serbia’s Ministry of Finance and Economy continues its intensive work on amendments to the tax laws.
HMRC is consulting on a new form of tax protection: Individual Protection 2014 (IP14).
In a recent case involving the efficacy of a tax scheme, the First-tier Tribunal found a series of unregistered trademark assignments were ineffective.
Hogan Lovells has been recommended by the Legal 500 US 2013 edition in 35 practice areas, including seven rankings in the Tier-1 category.
Companies offering UK-based employees rights in the company’s stock should be aware that these employees may have reporting obligations to the UK tax authorities.
The long awaited draft Finance Bill for 2013 has finally been published, providing further information as to the way UK residential properties valued at over £2 million will be taxed from April 2013.
What multinationals should know about the Cyprus crisis and its international tax regime.
DLA Piper and NCTM are legal advisers in the acquisition of Inver Group, from the Domenichini family, by the Valspar Corporation, a manufacturer of paints and coatings.
The May 2013 issue of DLA Piper’s International Tax News publication is available now.
DLA Piper received two awards at the ninth annual International Tax Review European Tax Awards.
DLA Piper has advised the former owners of German plant and machinery manufacturer Kuhnke on the sale of all shares in Kuhnke to Kendrion.
Landlords with empty premises are exploiting a tax break intended for charities to avoid paying business rates.
The Charity Commission has announced a statutory inquiry into the Cup Trust but it could be argued that HMRC as much to blame.
Companies carrying out R&D-related activities and incurring general day-to-day running costs may be able to reduce their corporation tax liability by claiming relief under the R&D tax relief scheme.
On 20 May HMRC released a consultation regarding the taxation status of some LLP members and the manipulation of profits and losses by partnerships.
Limited liability partnerships in Jersey are a statutory form of vehicle, established under the Limited Liability Partnerships (Jersey) Law 1997, that have a number of special characteristics.
On 21 May 2013, the government of the British Virgin Islands (BVI) signed a tax information exchange agreement (TIEA) with the Canadian government.
French firm Darrois Villey Maillot Brochier has picked up a three-strong tax team from Jones Day in Paris, including the US firm’s European tax head Vincent Agulhon.
If it is implemented as proposed, the financial transaction tax is likely to cause distortion to the financial sector and will almost certainly change the way we do business.
Nabarro has announced that eight associates have been promoted to the partnership.
The government has launched a consultation on how it can provide support to the visual effects industry.
Interpretative decision will have implications for all entities that buy or sell tenanted commercial premises.
DLA Piper has received 177 individual lawyer and 64 practice rankings in the latest annual Chambers USA.
Bring Your Own Device Guidance issued by ICO. Walker Morris continues to invest in specialist expertise with partner and director promotions
Annual update on the latest tax developments related to inbound acquisitions.
A total of 17 EU nations have announced their intention to engage in the development of a global standard for automatic exchange of information.
Allen & Overy’s Belgian tax practice has won the Belgium Tax Firm of the Year award at the International Tax Review European Awards.
There is continuing concern about the introduction of FATCA.
Taxation is one of Dacheng’s traditional fields of expertise and one that the law firm is particularly adept at handling in today’s ever-changing and complex commercial environment.
Blackstone Chambers’ James Eadie QC has defeated a judicial review bid by lobbying group UK Uncut over HM Revenue & Customs’ multi-million pound “sweetheart” deal with Goldman Sachs.
The 2013–14 Budget contains significant changes to the Australian taxation system to address revenue shortfalls and to seek to fund spending promises.
Chadbourne & Parke’s John Marciano looks at the high-level tax considerations surrounding investment in non-US projects.
Taylor Wessing has added a fresh batch of data-protection-focused content to its Global Data Hub site.
The Dutch Supreme Court has ruled that uncollected dividend tax liability is part of taxable profits.
US Senate Finance Committee white paper — signal of international corporate tax reforms to come? download
The US Senate Finance Committee has released its white paper on international competitiveness.
If the proposals for a financial transaction tax (FTT) are implemented as proposed by the European Commission, the FTT is likely to cause distortion in the financial sector.
With more than 100 tax specialists across our international network, we are able to offer both domestic and cross-border advice wherever our clients need it.
Linklaters Washington DC tax partner Joseph Pari has left for KPMG, roughly a year after moving to the magic circle firm ahead of the collapse of Dewey & LeBoeuf.
Recently, the Federal Court of Australia handed down its decision in Resource Capital Fund III LP v Commissioner of Taxation  FCA 363 (RCF).
Linklaters has added two partners to its nascent Washington DC office with the hire of Bingham McCutchen tax duo David Brockway and Jasper Howard.
Australia’s federal government has released for consultation exposure draft legislation that proposes to introduce tax loss incentives for designated infrastructure projects.
The May 2013 issue of DLA Piper’s Sports, Media and Entertainment Intelligence briefing is available now.
The government has announced an annual tax on enveloped dwellings.
DLA Piper has announced that 34 lawyers have been promoted to its partnership. The promotions are effective from 1 January 2013 in the US and 1 May 2013 for the EMEA and Asia-Pacific regions.
Swiss firm Niederer Kraft & Frey (NKF) has lost two partners after the duo were caught up in allegations of tax evasion between the US and Switzerland.
The spring 2013 issue of Walker Morris’s Procurement Update covers topics such as the EU procurement reforms, the Utilities Directive and NHS healthcare services.
The Italian Revenue Agency has clarified that to be excluded from the scope of ‘abuse of rights’ are the agreements relating to mid- to long-term bank financing transactions entered into abroad and designed to have legal effect in Italy.
Winckworth Sherwood has expressed concerns over the UK benefit system changes.
Approval of the introduction of the employee shareholder status has finally been given by Parliament, but only after a number of amendments to the relevant legislation were agreed by the government.
Tax Update — April 2013 download
Arendt & Medernach has released the April 2013 edition of its Tax Update.
Have you bought an investment property in the last four years? Was the transaction effected by the grant of a long lease for a premium?
Binder Grösswang has advised Austrian Stock Exchange-listed Lenzing on the auction sale of its plastics business unit.
The IRS has had a flood of calls about a suggestion that turbine supply agreements should not have liquidated damages provisions.
Management services provided to a fund in which the assets of defined-benefit pension schemes are pooled for investment purposes are not exempt from VAT.
Legal advice privilege does not apply to advice given by a professional other than a lawyer download
The Supreme Court has confirmed the Court of Appeal’s decision that legal advice privilege does not apply to legal advice given by a professional other than a lawyer
In Edward Allchin v HMRC, the First-tier Tribunal has confirmed that the novation of a contract does not fall within the SDLT sub-sale relief provisions.
The Budget 2013 contained a number of measures to extend the capital gains tax relief for re-investing gains in Seed Enterprise Investment Scheme shares.
Procurement and tax — update download
The government has revised the scope of its procurement and tax proposals in response to extensive concerns raised by stakeholders.
Former Freshfields Bruckhaus Deringer senior partner Konstantin Mettenheimer is set to join asset manager Edmond de Rothschild Group this summer as its Germany chairman.
Loyalty Management has won its long-running battle to deduct input tax incurred during the ordinary course of its business.
The CJEU has confirmed that investment advice provided to certain investment funds by a third party constitutes an activity of ‘management’ and therefore benefits from VAT exemption.
As first announced in the 2011 Waste Policy Review, the Landfill Allowance Trading Scheme came to an end on 31 March 2013.
Tax — recent news highlights download
The Serbian government has decided to further amend the law on personal income tax and the law on property tax.
Convention against double taxation between Italy and Hong Kong.
Following the decision of the ECJ in the case of National Grid Indus BV v Inspecteur van de Belastingdienst Rijnmond C-371/10, several EU member states have amended their exit tax regimes.
This analysis of French transfer pricing issues addresses a range of topics.
KWM has appointed Tim Sherman as a partner in the tax team at the firm’s Sydney office.
Taylor Wessing has set out a summary of some of the main announcements of the 2013 Budget.
Cayman Islands, Guernsey and Jersey announce intention to enter into FATCA agreements with the US and UK download
Cayman Islands, Guernsey and Jersey looks set to enter into US and UK FATCA agreements.
DLA Piper has released the March 2013 edition of International Tax News.
DLA Piper has released a summary of all of the firm’s rankings and editorial commentary in Chambers Global 2013.
Budget 2013: tax summary download
This briefing from Shoosmiths provides a summary of the main tax points of interest with the draft Finance Bill to be published on 28 March.
A new bill before Parliament would require trustees of superannuation funds to merge multiple superannuation accounts held by the same member.
The cross-border transfer of a cash pooling activity within a multinational group constitutes an indirect transfer of profits.
In March 2012, the French customs authorities published an updated version of their guidelines applicable to customs value containing an amendment with respect to transfer pricing.
On 4 January 2011, the French tax authorities published guidelines on new requirements that had been introduced relating to specific transfer pricing documentation.
In its tax blog, law firm Olswang discusses the 2013 Budget. The interactive blog features the latest news, views and analysis of Chancellor George Osborne’s announcements.
The Supreme Court has confirmed that legal advice privilege extends only to the legal profession.
Congress finally got around to extending the production tax credits and investment tax credits for wind, geothemal, biomass, marine, landfill gas and hydro projects.
Real Estate newsletter — March 2013 download
This month’s Real Estate newsletter from Nabarro discusses residential tenancies, explains how to avoid stopping up and explores the various types of tenant security.
Olswang has been recognised by Chambers & Partners in its 2013 Global edition.
Olswang has announced that 28 of its attorneys have been recognised by Thomson Reuters in its 2013 London Super Lawyers and Rising Stars lists. Partner Eleni Skordaki has also been listed in the Top 50 Women in London.
The Manx Disclosure Facility download
The Manx Disclosure Facility is a facility by which taxpayers can regularise their tax affairs in the UK by making voluntary disclosure and a limited payment in respect of their outstanding liabilities.
Taylor Wessing has released the latest edition of its International Tax Update.
Tax changes are intended to make owning high-value residential property through companies less attractive.
The Court of Appeal has rejected BAA’s claim for recovery of input tax incurred on professional fees invoiced to a company that acquired it and that subsequently became a member of its VAT group.
With effect from 1 April 2013, suppliers tendering for government contracts above the threshold will be required to declare their tax compliance history as part of the public procurement process.
Over the years, NCTM’s team of tax experts has gained a strong reputation with audit firms and the corporate sector.
In the Budget, the Chancellor stuck to his promise to come down like a “tonne of bricks” on wealthy individuals who are seen as not paying their fair share of SDLT by buying valuable residential property in corporate vehicles and eventually selling the shares in those corporate vehicles free of SDLT.
An overview of developments in tax law in Montenegro and Serbia.
An overview of developments in tax law in Serbia.
BAA’s plight serves as a warning to prospective buyers where a purchase is to be structured through a SPV.
Recovery of VAT on transaction costs download
It is important that transactions are structured so that VAT on transaction costs may be recovered where possible by the Bidco.
According to the Pensions Regulator, pension liberation fraud is on the increase.
Since the start of 2013, there have been three major developments on the US tax treaty front: a new protocol with Spain, a new protocol with Japan and a revised treaty with Poland.
The IRS has issued proposed regulations regarding the implications of the failure to file or comply with documentation requirements to qualify for non-recognition of gain in ‘outbound’ transfers of certain property to foreign corporations.
Europe’s leaders are striving to demonstrate their commitment to defend the euro on the markets, but the eurozone’s outlook for 2013 is still grim.
Belgium has been revising a number of tax statutes in order to combat tax abuses.
Inheritance tax update download
The Treasury has announced that the Nil Rate Band of £325,000 — the current amount of an estate that can be inherited tax free — is to remain the same until 2019 and will not increase in line with inflation.
Karanovic & Nikolic has published its latest tax newsletter for Serbia and Montenegro.
UK tax relief for television is set to be introduced from 1 April 2013.
The Bowman Gilfillan tax practice provides thoroughly considered and legally sound transactional tax advice to local and international financial institutions, corporates and individuals.
Our Tax Law practice assists national and multinational corporations, industrialists and financial institutions, fund promoters, sponsors and investors in private equity and real-estate transactions.
The main tax and fiscal consultancy services we render consist of informing clients about the up-to-date Turkish tax legislation.
In this briefing, Kelly Kogan, a senior attorney with Chadbourne & Parke, explains why expansion into new markets must be planned, with a focus on identifying and managing the potential costs of such an initiative.
MOLITOR’s Aurélie Budzin-Dang focuses on tax on inbound investment in Luxembourg.
Cyprus, being one of the most reputable low-tax jurisdictions in the European Union, gave the initiative for the creation of a specialised tax planning department in Nicosia with a strong presence in Athens.
MOLITOR has extensive experience in counselling and assisting a broad range of companies in all areas of corporate law.
Our lawyers provide tax services both as an integral part of our full-service offering and on a standalone basis. We are regularly involved in the development of innovative and tax-efficient structures.
Two former tax partners from Berwin Leighton Paisner (BLP) have joined forces with a consultant from CMS Cameron McKenna to launch tax boutique Rosetta Tax.
The Curtis tax group offers clients vast experience in providing advice on the tax aspects of US and international transactions.
Mayer Brown’s tax practice is globally recognised as a top-tier practice by Chambers USA, Legal 500 United States and International Tax Review.
Clients call upon King & Wood Mallesons for all aspects of their tax and superannuation requirements.
New UK property taxation rules download
The UK government announced proposals in its 2012 Budget to introduce new tax charges for high-value residential properties and for properties owned by ‘non-natural persons’.
HM Revenue & Customs on 14 January published new guidelines (INTM120085) on non-standard treaty tiebreakers that could have an impact on the UK’s tax treaties with the United States, Canada, and the Netherlands.
Our tax group advises clients across various industry sectors.
The publication last month of the draft clauses to be included in the Finance Bill 2013 due to come into force this April confirmed the measures proposed for the taxation of high value residential property in the 2012 Budget.
Olswang’s tax group advises across the full range of direct tax, VAT and duty issues.
Tax is an essential focal point for any business. It has the potential to impact on all aspects of day-to-day operations, from meeting compliance obligations to undertaking bespoke planning for a complex capital reorganisation.
Our lawyers are skilled at looking for commercial solutions, whether dealing with general tax planning, tax-efficient employee and remuneration packages, investing and exit tax structuring, or negotiating with HMRC.
The firm’s expertise in all aspects of corporate and commercial law gives it a unique ability to understand both the key legal and tax-related issues when providing taxation advice.
Global markets give rise to many complicated tax issues that require both expert knowledge of national legislation, including tax treaties, and an international perspective.
The draft Finance Bill 2013, published on 11 December, includes a cap on the amount of income tax relief that tax payers can receive, where the relief itself is not already capped.
Tax is money. Whether for your business, for your employees, for your shareholders or for you, our Tax Team understands that managing your tax position is of critical importance.
Our international tax team comprises over 40 tax advisers based throughout our European offices.
Residential property taxation: Introducing the new Annual Residential Property Tax and extended Capital Gains Tax rules for ‘non-natural persons’ download
The Finance Bill 2013 was published on 11 December, along with the Government’s much awaited response to their consultation on “Ensuring the fair taxation of residential property transactions”.
The draft Finance Bill published last week includes a number of provisions and changes in respect of the taxation of residential properties valued over £2 million (so called “high value” residential properties) which are acquired and owned by companies and certain other nonnatural persons.
Following the consultation process carried out over the summer months, the Government has confirmed that new tax reliefs for the creative sector – intended to be “the most generous available in the world” - are due to be introduced as part of the Finance Act 2013.
SEIS and EIS: Time for reflection download
From 6 April 2012, the Seed Enterprise Investment Scheme (SEIS) was introduced enabling certain individual investors to benefit from generous tax reliefs for investing into start up companies.
Community Infrastructure Levy (“CIL”) is a form of tax levied by a local planning authority or public body e.g. the Mayor of London, (a “charging authority”) on commencement of development of land.
Gifts out of surplus income download
Most people will know that they are entitled to give £3,000 in any one year (or £6,000 if they have not made a gift in the previous year) without there being any inheritance tax implications.
Former 39 Essex Street silk Rohan Pershad QC, who is facing allegations of VAT fraud, thought his chambers paid his VAT bill for him, a jury has heard.
Tax is always, well, taxing and no more so than when you are Anthony Inglese, general counsel of HM Revenue & Customs.
Not many barristers can claim to have saved the taxpayer £20bn in the past year, but that is exactly what Monckton Chambers’ Melanie Hall QC (scroll down for video interview) did in 2012.
Sara Luder (scroll down for video interview) is one of three female practice chiefs at Slaughter and May - four when Deborah Finkler becomes head of disputes next year after Richard Clark steps up to executive partner - and one of the City’s top tax lawyers.
Momentum is building to reform the US tax system and address the nation’s fiscal challenges.
In a landmark case, the Supreme Court has confirmed that legal advice privilege does not apply to other professions.
From 1 April 2013, UK companies will be able to elect into a new regime that applies a lower rate of corporation tax to profits from qualifying intellectual property rights.
A number of foreign residents living in Switzerland benefit from an advantageous tax regime called régime du forfait, an attractive alternative to the tax based on the real income of the taxpayer.
Macfarlanes has made a rare lateral partner hire by re-recruiting Speechly Bircham international tax and wealth structuring head Charles Gothard.
Pump Court Tax Chambers has secured a major victory for the former owners of Rangers Football Club in a legal battle with HMRC.
A company that specialises in tax relief scheme litigation for investors has hired its first general counsel to head up legal action.
Mr Justice Arnold has thrown out an appeal bid by a franchisee of sandwich chain Subway to challenge HM Revenue & Customs’ VAT policy on hot food.
Skadden Arps Slate Meagher & Flom has hired a third partner from Shearman & Sterling in Germany as it bulks up its German offering.
French draft budget for 2013 download
On 28 September 2012, the French government released its much-awaited draft budget for 2013, which, unsurprisingly, contains significant tax increases, targeting wealthy individuals and large businesses.
Recommendations of the expert committee on the Indian General Anti-Avoidance Rule: a welcome step download
On 1 September 2012, the Shome Committee, which was constituted by Indian Prime Minister Manmohan Singh to review the General Anti-Avoidance Rule, submitted its 108-page Expert Committee Report to the Indian Government.
Belgian firm Liedekerke Wolters Waelbroeck Kirkpatrick has boosted its tax expertise with the hire of Laurence Pinte, formerly head of tax for Franco-Belgian bank Dexia.
The US and the UK announced on 14 September that they have signed a bilateral agreement to improve international tax compliance and implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA).
HM Revenue and Customs (HMRC) has launched a task force to crack down on tax dodgers in the legal profession as another barrister faces VAT fraud charges.
The world of international taxation becomes more transparent with every passing year.
Morgan Lewis & Brockius has hired Christian Nouel, a tax partner at Paris-based STC Partners and former tax head at Latham & Watkins’ Paris office.
The UK government Budget announced on 21 March 2012 made substantial changes to the structure of stamp duty land tax in the UK with immediate effect.
Former go-to adviser takes a back seat as rivals overtake in car race
The US Treasury Department recently issued proposed regulations interpreting sections of the Internal Revenue Code (the Code) commonly referred to as the Foreign Account Tax Compliance Act (FATCA).
Two CMS Cameron McKenna partners have left the firm to launch a West End tax boutique.
Austrian firm Wolf Theiss has hired an experienced Canadian tax lawyer to head its tax practice.
The maker of sports energy drink Lucozade has lost an attempt to prove that it is a functional food rather than a beverage, with the Tax and Chancery Upper Tribunal ruling that Lucozade Sport is mainly drunk for hydration and pleasure.
Former Slaughter and May tax partner Richard Carson is poised to resurface at Taylor Wessing after retiring from the magic circle firm in April.
With a raft of new legislation and a strict attitude towards tax evaders, Switzerland is shrugging off its secretive image, argues Paul Douglas
SJ Berwin Germany has re-hired a partner who left the firm three years ago to establish his own tax boutique.
French business law firm Foucaud Tchekhoff Pochet et Associés (FTPA)has launched a tax department following the arrival of a former Sullivan & Cromwell partner.
Benelux firm Nauta Dutilh has hired Van Bael & Bellis partner Pascal Faes to boost its Brussels tax expertise.
Baker & McKenzie has bulked up its global tax practice with the hire of two prominent tax lawyers from the Organisation for Economic Co-operation and Development (OECD).
The former head of Charles Russell’s corporate tax group Tarlochan Lall has taken up a seat at Monckton Chambers.
Clifford Chance has named Chris Davies as head of its City tax, pensions and employment (TPE).
Devereux Chambers has expanded its tax practice with the arrival of Jonathan Fisher QC from 23 Essex Street.
Freshfields Bruckhaus Deringer has named London-based partner Colin Hargreaves as head of its global tax group.
McGrigors has bolstered the Manchester team it hired from Hammonds earlier this year with the addition of seven lawyers at the same time as bulking up its Aberdeen and City practices.
Benjamin Franklin was famously quoted as saying: “The only things certain in life are death and taxes.”
Dewey & LeBoeuf has lost two of its biggest hitting German partners with its Frankfurt managing partner leaving to launch a tax boutique.
Cleary Gottlieb Steen & Hamilton tax partner Nikhil Mehta has quit the firm to join Gray’s Inn Tax Chambers.
Berwin Leighton Paisner (BLP) has expanded its tax capability with the hire of Lloyds Banking Group’s head of VAT Linda Adelson as a partner.
The forthcoming tax regime will certainly have a lightening effect on partners’ pockets. David Furst examines the various ways to mitigate the impact
CMS Cameron McKenna has become the latest UK law firm to hire a prominent transfer pricing specialist, as firms continue to compete with the big four accountants to provide high-margin tax and economics advice.
Reynolds Porter Chamberlain (RPC) has hired a new head of tax disputes from Berwin Leighton Paisner (BLP).
Baker & McKenzie has hired a former Ernst & Young (E&Y) economist in London for its transfer pricing practice.
Mayfair firm Forsters has bolstered its tax team with the hire of Halliwells partner Elizabeth Small.
Revenue’s tough stance on transfer pricing sparks lucrative new practice area for City leaders
Berwin Leighton Paisner (BLP) is continuing to build its tax and trusts department with another recruit from Clifford Chance in the shape of private client partner Murray North.
Weil Gotshal & Manges has hired an Allen & Overy tax partner to bulk up its London office.
Berwin Leighton Paisner (BLP) has continued with its strategy of bulking up its tax practice by picking former Freshfields Bruckhaus Deringer director Alan Sinyor to join its strategic tax team.
Clifford Chance taps Linklaters for NY hire" /Clifford Chance has turned to magic circle rival Linklaters for its latest New York partner hire, signing up tax lawyer Robert Thornton Smith.
Clifford Chance has boosted its Paris tax team with the hire of French judge Laurent Vallée as of counsel.
DLA PIPER is looking to fill the final gap in its global coverage with the hire of a McDermott Will & Emery partner to spearhead the firm's push into the Latin American market.
Ashurst has raided Freshfields in Frankfurt, scooping tax partner Matthias Kuhn as it continues to build its German operation.
O’Melveny & Myers is continuing its attack on the UK private equity market with the hire of Linklaters corporate tax partner Jan Birtwell.
Partners at UK law firms in France are expected to suffer under the burden of rigorous new tax laws designed to close loopholes for international firms.
The big casino players will be clamouring to invest once the Gambling Bill has been ironed out
Lovells has launched a standalone tax practice in Spain with the appointments of the former Spanish director general of taxation Miguel Ángel Sánchez (left) and former deputy director general of tax policy Alfonso Padilla. Sánchez, who will be based in Madrid from 2 November, joins as a partner with former colleague Padilla. The hires are in line ...
SJ Berwin has bolstered its tax practice with the appointment of a special commissioner who was recently involved in a landmark hearing regarding the taxation of family-run businesses.
Manby & Steward has hired a new partner for its dispute resolution division. Brian Aikman, a recently-appointed deputy district judge, joins the firm from Birmingham’s Martineau Johnson, where he was a partner in the litigation department.
Customs & Excise has instituted a wave of internal reform in a bid to avert any further damage to future prosecution cases.
The trust arm of Jersey law firm Bedell Cristin has deepened its penetration of the onshore sector with the launch of a business in Switzerland.
Moving from London to Ireland might seem to be a strange move for a shipping lawyer. Not so, says Helen Noble, citing the attractions of the Irish tonnage tax
Coudert Brothers is working to rebuild its embattled Paris office with the hire of two new partners.
Robert Schon, the Simmons & Simmons partner suing his own firm for racial discrimination, is one of a tiny number of partners Simmons cannot remove from the equity, The Lawyer can reveal.
The tax avoidance disclosure regime introduced in this year’s budget raised a fresh challenge to legal professional privilege. Peter Nias reports
With the leading tax teams taking on a more strategic role, it’s no longer only Brad Pitt who can win a battle with a Trojan Horse. Kate Schmit reports
UK tax law is nearing a showdown with European legislation. Richard Palmer reports
City firm hit by unprecedented discrimination claim as senior equity partner alleges anti-Semitism
Langleys Solicitors has appointed a new partner to bolster its commercial team. Andrew Argyle has joined the firm’s Lincoln office, where he will specialise in commercial litigation. Argyle arrives from Birmingham firm Shakespeares, where he was a partner in the commercial litigation department.
REITs are not a magic bullet, but the markets in the US and Australia, where REITs have been around the longest, are notably more dynamic than in the UK
Hammonds property partner Michael Cassidy is among the lawyers celebrating after being awarded the Commander of the Order of the British Empire (CBE) in Saturday’s Queen’s Birthday Honours List. Cassidy joined Hammonds last year after a brief stint at DJ Freeman and then Olswang. He spent more than 30 years as a property partner at Maxwell Batley. He is also a director on the boards of British Land and UBS ...
In Putin’s battle with the oligarchs, the rule of law is looking increasingly fragile. By Joanne O’Connor
“Commercially active high-net-worth individuals demand expert legal advice,” says Julian Whately, senior partner of Westminster firm Lee & Pembertons. Whately claims that his firm provides that advice, and not just in the traditional private client sectors of, for example, trusts and personal tax planning. “What we aim to be is a one-stop shop for all our clients’ needs,” he says.
South East firm Thomas Eggar has appointed Alan Parsons as a chartered tax adviser and Carl O’Shea as an assistant solicitor in its tax solutions group. Parsons was formerly advising on the management of offshore structures for wealthy individuals with both Deloitte & Touche and PricewaterhouseCoopers.
Latham & Watkins has replaced the managing partner of its Los Angeles office after a six-year tenure.
Dewey Ballantine has poached Norton Rose corporate partner Markus Federle, who will restart its private equity push following the departure of the founder of the firm’s German practice Geza Toth.
Editor of Taxation magazine Malcolm Gunn joined the London tax team at Haarmann Hemmelrath as a tax consultant on 25 May. Gunn will focus on personal income and capital taxation.
Fears among lawyers of tax increases caused by an accounting change that values work in progress (WIP) at selling price rather than cost are unfounded, according to Trevor Johnson of the Association of Taxation Technicians.
Cleary Gottlieb makes fourth raid on Linklaters" /Cleary Gottlieb Steen & Hamilton has plucked a fourth Linklaters lateral, this time from its London derivatives and structured products group.
Haarmann Hemmelrath is to split its legal and tax division from audit to comply with the Sarbanes-Oxley Act and German legislation. The policy will be implemented at the end of the firm’s financial year.
Watson Farley & Williams’ New York office has raided Shearman & Sterling for a new partner for the second time in 12 months.
Watson Farley & Williams’ New York office has raided Shearman & Sterling for a new partner for the second time in 12 months.
Dundas & Wilson has recruited its sixth new partner in as many months with a former Tite & Lewis partner.
Milbank Tweed Hadley & McCloy has scored a huge coup by recruiting Freshfields Bruckhaus Deringer’s global co-head of private equity to open its Munich office.
Leading Italian firm Gianni Origoni Grippo & Partners has signed an alliance with tax boutique Vitali Romagnoli Piccardi e Associati, a former ally of Clifford Chance.
Dawsons has appointed a lateral hire of 18 months to senior partner in a bid to drive forward its private client practice.
Leading Italian firm Gianni Origoni Grippo & Partners has signed an alliance with tax boutique Vitali Romagnoli Piccardi e Associati, the former ally of Clifford Chance.
Clifford Chance has signed an exclusive alliance with Italian tax boutique Maisto e Associati, after news that its former tie-up with tax firm Vitali Romagnoli Piccardi will end this month.
Dewey Ballantine has poached Shearman & Sterling tax star Hanno Berger for its Frankfurt office.
Clifford Chance’s associated Italian tax boutique Vitali Romagnoli Piccardi e Associati has dumped the magic circle firm in favour of a deal with flourishing Italian firm Gianni Origoni Grippo & Partners.
Helen Power finds that MOP tax supremo Liam Quirke is a key driver
Lawrence Graham is facing a claim of around £100,000 after being accused of professional negligence over advice it gave to a private client in 1997. The claim is brought by businessman Roberto Rivera and RR Bearer Ltd as a second claimant. Rivera is suing the firm over advice given in relation to tax, trust and company matters – in particular the establishment of the company RR Bearer – and two settlements ...
Given his vast wealth and love of football, Slaughter and May’s tax department is the last place you would expect to find Russian billionaire Roman Abramovich. After all, if he was to make the somewhat bizarre career change to become a lawyer, then surely he would have been better placed to work under the tutelage of
Hands up anyone who remembers development land tax (DLT)? Older readers may recall that DLT was more than just an hirsute radio DJ of long ago. Indeed, the Barker Report, ‘Delivering Stability: Securiing our Future Housing Needs’, published on Budget Day just gone, may have given them a frisson of recollection with its discussion on the possibility of taxing increases in land values ...
Gibraltar has always made itself an attractive place for the wealthy to live. Ben Marrache says it’s becoming even more irresistible
Withers LLP has moved to boost its New York and London offering with a double-raid on US giant Bryan Cave.
Jersey law firm Sinel Group has followed the latest trend of Channel Islands firms setting up in the Caribbean by launching a practice in Anguilla.
Clifford Chance Moscow co-managing partner Hermann Schmitt and tax partner Irinia Dmitrieva have moved to White & Case.
Osborne Clarke’s Belgian ally De Wolf & Partners has launched a tax department, snatching a partner from KPMG correspondent firm Lontings & Partners.
De Brauw partners to vote on recruitment of Freshfields tax heavyweight
Clifford Chance and Freshfields Bruckhaus Deringer are among a number of City firms pitching to advise the Hong Kong government on its first ever securitisation.
Dutch heavyweight De Brauw Blackstone Westbroek is poised to raid the Amsterdam tax team of Freshfields Bruckhaus Deringer.
Recent changes in accounting standards are likely to hit the cashflows of many law firms. Unless they take action, some practices could face severe financial difficulties. The problem is that many partners are going to face a one-off additional tax charge and will have to find ways to fund this. At the very least, these developments will affect the way firms do business and the relationships ...
An imminent tax increase facing law firms may have less of an effect than had first been believed. The tax changes were introduced by a clarification statement on accounting standards which have the effect of valuing work in progress (WIP) at selling price rather than cost.
Boodle Hatfield has completed a major overhaul of its senior management after reorganising the firm to return to its core practice areas in real estate, tax and financial planning. Property head Richard Maughan will replace managing partner Chris Putt, who will continue to head corporate. The 280-year-old practice has also appointed a new chief executive in Nick Temple, formerly a senior partner with Andersen, where he was worldwide managing partner for technology risk consulting. The ...
US firm Kirkpatrick & Lockhart has written a sensational report that paves the way for WorldCom to sue its auditors KPMG.
Boodle Hatfield has completed a major overhaul of its senior management after reorganising the firm to return to its core practice areas in property, tax and financial planning.
A “bombshell” that is about to radically change the way professional services firms account for work in progress (WIP) could put a significant number of firms out of business and will certainly provide all with a significant hike in their tax bill.
A beefed-up tax bill is landing on a doormat near you soon. What are you going to do about it? The answer depends largely on what kind of firm you are, and ultimately how well you manage your finances.
Slaughter and May head of tax Steve Edge has stood down and will be replaced by Tony Beare. Head of finance Richard Slater also intends to stand down, and head of corporate Nigel Boardman recently announced that he would give up his position because “eight years of counting paperclips is enough”. Slaughters’ annual appointments to the management board will proceed as usual this year. Of the 10 ...
Weil Gotshal & Manges has continued its European expansion with the launch of a Munich office. The firm, which already has an office in Frankfurt, will open its Munich branch at the beginning of next month.
Last November, Kent firm Whitehead Monckton underwent a complete rebranding in a bid to raise its profile, not only in Kent but also across the South East. Its aim was to signal that the firm was no longer just a high street practice.
IT project lawyers at Bird & Bird, CMS Cameron McKenna and Wragge & Co had a momentous week celebrating with their respective clients BT, Accenture and Cap Gemini Ernst & Young.
SJ Berwin and Clifford Chance have finally overcome a battle with the Law Society to have German tax advisers, Steuerberater, recognised as foreign lawyers within UK partnerships.
Top-tier Italian firm Bonelli Erede Pappalardo has stolen a march on many of its Italian and Anglo-Saxon competitors by launching its own in-house tax department.
Jersey’s response to the EU and OECD initiatives covering structured finance has ensured it continued success. Alan Stevens and Siobhan Riley report
The Jersey tax treatment of limited partnerships bears close scrutiny. Emily Haithwaite gives the lowdown
TLT has hired its second lateral partner in two months, with the arrival of Martineau Johnson's former head of corporate tax Richard Pincher (right). Pincher has also worked at Wragge & Co and PricewaterhouseCoopers. His recruitment follows that of social housing specialist Paul Butterworth, who joined from Manches in August.
Lovells is gearing up for the implementation of Italy's corporate law reform in January 2004 by hiring two chartered accountants.Domenico Borzumato and Serena Pietrosanti, were previously with Deloitte & Touche in Rome and before that were with Studio di Consulenza Legale e Tributaria, part of Andersen Worldwide.To comply with Law Society rules, both accountants will qualify as lawyers in Italy so that they can join the Lovells partnership.The hires are a significant ...
Field Fisher Waterhouse's intellectual property (IP) practice is teaming up with its tax group to launch a direct attack on the big four accountancy firms.By combining the firm's IP expertise with its transfer pricing knowledge, Field Fisher hopes to offer what it terms "the most comprehensive asset management service in the City".Brands, technology, me-dia and telecommunications ...
McDermott Will & Emery’s London office has been left without a recognised telecoms expert after partner Stephanie Liston resigned to join the London office of Wilmer Cutler & Pickering. Tax partner Jonathan Ivinson is also leaving for the London office of US firm Hogan & Hartson to launch its tax team. Liston’s exit is a serious blow: since joining from
The £220m sale and leaseback of the Inland Revenue and Customs & Excise property portfolio, known as the Steps deal, used to be a matter of pride for Lovells. The deal with Mapeley, on which it advised the Government, confirmed Lovells’ place at the cutting edge of the property outsourcing market. Three years on, it has turned into a tale of tax havens, misinformation and poor project management.
Lovells’ fledgling Italian office has interrupted a 35-year relationship by replacing Carnelutti as Italian brewer Peroni’s main corporate adviser, while Freshfields’ relationship with platinum Linklaters client Scottish & Newcastle, as first revealed in The Lawyer (5 May), has received another boost.
If anyone can make a child cry 'I want to be a tax adviser', it's Theodore Goddard senior partner Paddy Grafton Green, the 'it boy' of the tax world
Clifford Chance is launching a tax practice from its Brussels office with the hire of a partner and team from PricewaterhouseCoopers (PwC) in Belgium.
Plans by the Belgian government to make all non-Belgian EU law firms VAT-exempt have been temporarily abandoned following a successful lobbying campaign. The ruling would have meant that while the law firms did not have to charge their clients VAT on their services, they would have to absorb any VAT costs on overheads.`The Belgian tax authorities issued an administrative circular, which came into effect on 1 January, deregistering all non-Belgian EC law firms for VAT.`The move was designed ...
Addleshaw Booth & Co has appointed a high-profile tax consultant in its Leeds office as a precursor to setting up a private client practice in London.
German firm Haarmann Hemmelrath & Partner has hired a second tax partner for its growing London office.
True, not too many lawyers choose to go into taxation, and those who do get a certain...reputation. Some tax lawyers, though, have hidden depths. Fiona Callister reports
Osborne Clarke has recruited two new partners to its corporate tax team, bolstering its service to new economy clients and establishing a permanent corporate tax function in the City.
Managing partner- who needs it? That's the attitude of Stephen Fiamma, who's calling time on ground hog day at the office and retuning to practice. Dearbail Jordan meets the man who has had enough of committees
With official opposition to the formation of MDPs dissolving in the UK and the US, PricewaterhouseCoopers' global head of corporate development Paul Downing sets out the accountancy giant's plan to dominate the world, says Sean Farrell.
After spending just eight months as head of tax at Eversheds, the man who seems unable to keep his feet in one place meets Dearbail Jordan