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Results: 1-10 of 47

Autumn Statement 2014 - Autumn leaves its stamp on tax avoidance

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • December 4 2014

The Chancellor of the Exchequer yesterday handed down his 2014 Autumn Statement. He made a number of announcements which will impact the UK tax

HMRC v Philips Electronics UK Limited

  • Herbert Smith Freehills LLP
  • -
  • European Union, United Kingdom
  • -
  • September 7 2012

On 6 September 2012 the CJEU delivered a clear ruling in favour of Philips, confirming that the UK provisions which prevent losses of UK branches of non-UK resident companies from being surrendered for group relief (section 107 CTA 2010 condition C, formerly section 403D(1)(c) ICTA 1988) constitute an unjustified restriction of the freedom of establishment under EU law

ECJ rules that the stamp duty reserve tax charge on entry into a clearance system is illegal under EU law; may have wider implications

  • Herbert Smith Freehills LLP
  • -
  • European Union, United Kingdom
  • -
  • October 5 2009

In a case last week, HSBC Holdings plc and Vidacos Nominees Ltd v HMRC (C-56907), the European Court of Justice (“ECJ”) held that the 1.5 UK stamp duty reserve tax ("SDRT") charge on the issue of shares into EU clearance systems is illegal

Budget 2014 - a budget for makers, doers and savers

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • March 20 2014

The Chancellor of the Exchequer yesterday handed down his 2014 Budget. He described it as a Budget for "makers, doers and savers". Certainly, there

Denial of input VAT deduction for failure to identify a connection with VAT fraud Court of Appeal in Mobilx rejects HMRC test of knowledge but requires traders to consider the circumstances of each trade or transaction

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • October 18 2010

It was reported on 7 September 2010 that HMRC have identified the first cases of attempted VAT fraud in the wholesale gas and power markets

Taxation of non-domiciled individuals

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • September 27 2011

Under current rules, non-UK domiciled individuals are liable to UK tax only on the income and gains which arise in the UK

Controlled foreign companies (CFC)

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • September 27 2011

The CFC rules are a complex set of anti-avoidance rules that broadly seek to attribute the income and profits (but not gains) of certain subsidiaries located in tax havens or low tax jurisdictions where that income has been artificially diverted from the UK to the UK parent or holding company

Securing a tax deduction for the costs of defending a criminal prosecution

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • February 10 2012

The costs of defending a criminal prosecution are capable of being deducted in computing profits of a trade following the House of Lords decision in McKnight v Sheppard but a recent First Tier Tribunal decision in Mr A Raynor (deceased) and Mrs B C Raynor and The Commissioners for Her Majesty's Revenue and Customs (Income Tax) has departed from that decision, by making a contrary determination of the facts

Legal advice privilege: only for lawyers

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • October 13 2010

The Court of Appeal has today handed down judgment confirming that legal advice privilege does not apply to any professional other than a qualified lawyer, i.e. a solicitor or barrister, or an appropriately qualified foreign lawyer: R (on the application of Prudential PLC & Anor) v Special Commissioner of Income Tax & Anor 2010 EWCA Civ 1094

Penalty for failure to notify tax avoidance scheme - reliance on counsel's opinion - nil penalty

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • March 18 2009

The Special Commissioner in the case of HMRC v Mercury Tax Group Ltd considered (obiter) the penalty to be applied to a taxpayer for a failure to notify a tax avoidance scheme under Part 7 of the Finance Act 2004