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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

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

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

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

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

United Kingdom and United States conclude FATCA intergovernmental agreement

Proskauer Rose LLP
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United Kingdom, USA
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September 25 2012

On September 12, 2012, the United Kingdom became the first government to enter into an agreement (the "Agreement") with the United States regarding the U.S. withholding tax regime commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"

Dual contracts

Proskauer Rose LLP
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United Kingdom
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May 2 2012

HMRC has published guidance on two aspects of dual-contract arrangements

UK tax law changes may affect fund industry

Proskauer Rose LLP
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United Kingdom
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January 7 2013

Recently proposed changes in UK law could affect private investment funds that operate or have partners, employees or investments in the UK. Many of the

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