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Results: 1-10 of 46

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

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

HM Revenue & Customs (HMRC) enquiry windowslimitation periods

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • April 29 2010

From 1 April 2010, changes introduced by Schedule 39 Finance Act 2008 will take effect and reduce the period within which HMRC can bring an assessment to four years from the end of the accounting period in the case of innocent errors, six years for careless errors and 20 years for deliberate mistakes

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

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"

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

Budget 2011 - putting “fuel in the tank of the economy”

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • March 23 2011

The Chancellor of the Exchequer today handed down the 2011 Budget

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