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UK withholding tax on interest: HMRC abandons proposals to amend quoted Eurobond exemption, short interest exemption and payment of tax by PIK notes

Proskauer Rose LLP
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United Kingdom
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October 11 2012

In March 2012 the UK's taxation authority, HM Revenue & Customs (HMRC), released a consultation on certain aspects of the taxation of interest

UK procedure on unique taxpayer reference numbers (UTRs) for investment partnerships finalised

Proskauer Rose LLP
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United Kingdom
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May 16 2012

In 2009, Her Majesty's Revenue & Customs ("HMRC") in the UK announced that, for partnerships filing UK tax returns, each partner was required to have a unique taxpayer reference number ("UTR"

Are smartphones exempt from income tax?

Proskauer Rose LLP
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United Kingdom
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March 19 2012

In a Revenue & Customs Brief (0212), HMRC has revised its interpretation as to what constitutes a mobile phone to include smartphones and therefore exempt these devices from income tax

Tax treatment of legal fees on termination

Proskauer Rose LLP
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United Kingdom
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March 19 2012

There is currently a tax concession which allows an employee's legal costs on termination of employment to be paid by the employer free of tax if they are either ordered to be paid by a court or tribunal, or paid direct to the employee's lawyer pursuant to a compromise or severance agreement

New tax transparent fund vehicle announced in the UK

Proskauer Rose LLP
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United Kingdom
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February 14 2012

The idea of a new UK tax transparent fund vehicle has been discussed for some time but HM Treasury has now released a consultation document and draft legislation addressing the issue

The Agency Workers Regulations 2010 and their impact in the UK

Proskauer Rose LLP
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United Kingdom
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October 25 2011

The Agency Workers Regulations came into force in the UK on 1 October 2011

UK-controlled foreign companies reform

Proskauer Rose LLP
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United Kingdom
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February 8 2012

The UK's controlled foreign companies rules are designed to ensure that certain UK-controlled companies cannot shelter their profits offshore, in low tax jurisdictions, thereby minimising the actual profits subject to UK tax

Changes to the PAYE treatment of post-P45 termination payments a reminder

Proskauer Rose LLP
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United Kingdom
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March 19 2012

Prior to 6 April 2011, tax on termination payments was deducted at basic rate and the employee's tax code was not taken into account for the purposes of any payments made to an employee after their P45 had been issued

Personal allowance for income tax to increase

Proskauer Rose LLP
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United Kingdom
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March 19 2012

With effect from 6 April 2012, the personal allowance for income tax is to increase to £8,105 and the threshold at which employees pay the higher rate of income tax of 40 is to reduce to £34,371.00

HMRC now empowered to demand a security deposit for PAYE and national insurance contributions

Proskauer Rose LLP
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United Kingdom
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May 2 2012

In circumstances were there is serious risk that income tax and National Insurance contributions withheld by U.K. employers will not be remitted, HMRC is now empowered to require a security deposit be made for such payments

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