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UK withholding tax on interest: HMRC abandons proposals to amend quoted Eurobond exemption, short interest exemption and payment of tax by PIK notes
  • Proskauer Rose LLP
  • United Kingdom
  • October 11 2012

In March 2012 the UK's taxation authority, HM Revenue & Customs (HMRC), released a consultation on certain aspects of the taxation of interest


UK procedure on unique taxpayer reference numbers (UTRs) for investment partnerships finalised
  • Proskauer Rose LLP
  • United Kingdom
  • May 16 2012

In 2009, Her Majesty's Revenue & Customs ("HMRC") in the UK announced that, for partnerships filing UK tax returns, each partner was required to have a unique taxpayer reference number ("UTR"


Personal allowance for income tax to increase
  • Proskauer Rose LLP
  • United Kingdom
  • March 19 2012

With effect from 6 April 2012, the personal allowance for income tax is to increase to £8,105 and the threshold at which employees pay the higher rate of income tax of 40 is to reduce to £34,371.00


Tax treatment of legal fees on termination
  • Proskauer Rose LLP
  • United Kingdom
  • March 19 2012

There is currently a tax concession which allows an employee's legal costs on termination of employment to be paid by the employer free of tax if they are either ordered to be paid by a court or tribunal, or paid direct to the employee's lawyer pursuant to a compromise or severance agreement


United Kingdom and United States conclude FATCA intergovernmental agreement
  • Proskauer Rose LLP
  • United Kingdom, USA
  • September 25 2012

On September 12, 2012, the United Kingdom became the first government to enter into an agreement (the "Agreement") with the United States regarding the U.S. withholding tax regime commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"


Are smartphones exempt from income tax?
  • Proskauer Rose LLP
  • United Kingdom
  • March 19 2012

In a Revenue & Customs Brief (0212), HMRC has revised its interpretation as to what constitutes a mobile phone to include smartphones and therefore exempt these devices from income tax


Changes to the PAYE treatment of post-P45 termination payments a reminder
  • Proskauer Rose LLP
  • United Kingdom
  • March 19 2012

Prior to 6 April 2011, tax on termination payments was deducted at basic rate and the employee's tax code was not taken into account for the purposes of any payments made to an employee after their P45 had been issued


New tax transparent fund vehicle announced in the UK
  • Proskauer Rose LLP
  • United Kingdom
  • February 14 2012

The idea of a new UK tax transparent fund vehicle has been discussed for some time but HM Treasury has now released a consultation document and draft legislation addressing the issue


The Agency Workers Regulations 2010 and their impact in the UK
  • Proskauer Rose LLP
  • United Kingdom
  • October 25 2011

The Agency Workers Regulations came into force in the UK on 1 October 2011


UK-controlled foreign companies reform
  • Proskauer Rose LLP
  • United Kingdom
  • February 8 2012

The UK's controlled foreign companies rules are designed to ensure that certain UK-controlled companies cannot shelter their profits offshore, in low tax jurisdictions, thereby minimising the actual profits subject to UK tax