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 and Europe‘s leading insurers on transactions in the insurance sector.
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.
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.
This newsletter sets out in chronological order the main tax news/amendments published in the period of 1–31 January 2014.
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.
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.
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.
Tax prompts — January 2013 download
Government Ordinance no. 8/2013, published in the Official Gazette no. 54 of 23 January 2013, brings several amendments to the Fiscal Code.
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.
Tax Newsletter — November 2013 download
Jinga Maravela has released the November edition of its Tax Newsletter, which sets out in chronological order the main tax news/amendments published in the period 1—30 November 2013.
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.
Tax Newsletter — October 2013 download
Jinga Maravela has released the October issue of its Tax Newsletter, which includes amendments to the content of Form 100 and clarifications on the additional taxation for management severance payments.
Tax Newsletter — September 2013 download
Jinga Maravela has released the September issue of its Tax Newsletter, which includes amendments to the Fiscal Procedural Code and amendments to the contributions due to the Environmental Fund.
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.
Our practice covers the broad range of UK corporate and transactional taxes.
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.
Jinga, 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.
Veronica Cocârlea has a general corporate and commercial practice as well as mergers and acquisitions expertise.
Tax newsletter — 12 August 2013 download
The Government Ordinance no. 16/2013 on amendments and additions to the fiscal code and regulations of various fiscal-budgetary measures was published on 2 August.
This article summarises some of the key considerations for a Russian company in planning a eurobond issue.
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.
It’s essential to plan for the future and Mills & Reeve will ensure you have made the best possible provisions for your family and loved ones.
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.
Mills & Reeve will ensure your tax affairs are handled efficiently and effectively, and work with you to help you put together a personalised tax plan.
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.
We provide a range of corporate and tax compliance services including the setting up of companies, management services, tax compliance and any other corporate services.
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