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Results: 1-10 of 46

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

UK SDRT charge on an issue of ADRs in respect of shares in a UK company breaches EU law

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • April 3 2012

The recent First tier Tribunal decision in HSBC Holdings and Bank of New York Mellon Corporation v The Commissioners for HMRC contains good news for companies located in Europe seeking to raise capital

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

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

Prudential v Special Commissioner of Income Tax: Court of Appeal confirms that legal advice privilege extends only to correspondence with lawyers

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

The Court of Appeal has today confirmed that legal professional privilege ("LPP") can be claimed only by clients of lawyers and not by clients of accountants even where an accountant is engaged to provide tax advice

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

Compound interest, portfolio management services, and dividend taxation

  • Herbert Smith Freehills LLP
  • -
  • European Union, United Kingdom
  • -
  • July 20 2012

On 19 July 2012 the Court of Justice of the European Union ("CJEU") released judgments in Littlewoods Retail Ltd (and others) v HMRC (Case C-59110, "Littlewoods") and Finanzamt Frankfurt am Main V-Hochst v Deutsch Bank AG (Case C-4411, "Deutsche"), and the opinion of Advocate General Jaaskinen in Test Claimants in the FII Group Litigation v HMRC (Case C-3511, "FII"

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

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