Cadwalader Wickersham & Taft LLP

The DOL adopts Interim Final Regulation under ERISA Section 408(b)(2) relating to service provider fee disclosures
Cadwalader Wickersham & Taft LLP USA - August 31 2010
On July 16, 2010 the DOL published an interim final regulation (the "Interim Final Regulation") (75 FR 41599) clarifying that a certain level of disclosure with respect to compensation and potential conflicts of interest is necessary in order for a plan fiduciary to determine that a contract or arrangement for services by a party in interest to a plan is "reasonable."

The DOL adopts amendment to prohibited transaction Exemption 84-14
Cadwalader Wickersham & Taft LLP USA - August 31 2010
On July 6, 2010 the DOL published in final form an Amendment (the "Amendment") to the QPAM Exemption (as amended, the "Amended Exemption") to permit a QPAM to utilize the relief provided by the exemption with respect to an employee benefit plan sponsored by the QPAM or any of the QPAM's affiliates.

Consultation on exemption for profits of foreign branches
Cadwalader Wickersham & Taft LLP United Kingdom - August 27 2010
On 27 July 2010, the Government launched a consultation on reforming the taxation of profits arising from overseas branches of UK tax-resident companies with a view to introducing an exemption in relation to those profits (and a corresponding restriction of loss relief).

Loan relationships and derivative contracts: derecognition of income
Cadwalader Wickersham & Taft LLP United Kingdom - August 27 2010
The summer has seen a number of examples of HMRC acting to limit tax avoidance involving accounting (and, therefore, tax) derecognition of credits arising on a company's loan relationships and derivative contracts.

UK bank levy consultation document published
Cadwalader Wickersham & Taft LLP USA - August 27 2010
On 13 July 2010, HM Treasury published a consultation document on the scope and detail of the proposed UK bank levy (the "Levy") which was announced in the UK Emergency Budget on 22 June 2010.

The Double Taxation Treaty passport
Cadwalader Wickersham & Taft LLP United Kingdom - August 27 2010
As from 1 June 2010, corporate lenders in jurisdictions with which the UK has a Double Taxation Treaty containing an interest or income from debt claims Article may apply for a Double Taxation Treaty Passport ("Treaty Passport").

Debt buy-back guidance published
Cadwalader Wickersham & Taft LLP United Kingdom - August 27 2010
HMRC has now published guidance in its Corporate Finance Manual on the changes to the connected party loan relationships rules which relate to debt buy-backs.

Reform of the controlled foreign companies (“CFC”) legislation
Cadwalader Wickersham & Taft LLP United Kingdom - August 27 2010
HM Treasury has now produced more details regarding what will and what will not be dealt with as a part of the interim reform to the CFC legislation proposed to be included in Finance Bill 2011 next year.

Group mismatch schemes: proposed legislation and open meeting on 23 July 2010
Cadwalader Wickersham & Taft LLP United Kingdom - August 27 2010
In the Budget held on 24 March 2010, HMRC published a discussion document regarding the proposed introduction of a generic or principles-based rule to respond to certain arrangements termed "group mismatch schemes".

Circular 698: China’s anti-tax avoidance measures for offshore SPVs
Cadwalader Wickersham & Taft LLP China - August 24 2010
In a circular issued on 10 December 2009, the State Administration of Taxation ("SAT") made clear its intention to target offshore transactions involving the indirect transfer of PRC enterprises (Notice on Strengthening the Management of Enterprise Income Tax Collection of Proceeds from Equity Transfers by Non-Resident Enterprises Guoshuihan [2009] No.