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Investment trusts investing in other funds and SP397

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • April 21 2010

Following concerns that the conditions for approval as an investment trust company ("ITC") under section 842 of the Income and Corporation Taxes Act 1988 ("section 842") (rewritten in section 1159 of the Corporation Tax Act 2010 with effect from 1 April 2010) were not compliant with EU law, HMRC had recently indicated that it would seek to withdraw its Statement of Practice 397 ("SP397"

Government narrows scope of Bank Payroll Tax

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • December 21 2009

This year's Pre-Budget Report announced the Government's intention to introduce a one-off "Bank Payroll Tax", at the rate of 50, to the extent a company falling within the ambit of draft legislation pays a bonus in excess of £25,000

Funds post-2009 tax changes

  • Herbert Smith Freehills LLP
  • -
  • United Kingdom
  • -
  • July 3 2009

The publication of the Finance Bill 2009 marked the latest stage in a period of significant change in the UK tax treatment of investment funds and their investors