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Results: 1-10 of 57

Offshore Funds: Is investment via an offshore investment fund objectionable?
  • Herbert Smith Freehills LLP
  • United Kingdom
  • April 14 2016

In this article we compare the different methods of investment following the abolition of exchange control in the early 1980s. We show how offshore


Supreme Court applies purposive construction to defeat bank bonus tax avoidance schemes
  • Herbert Smith Freehills LLP
  • United Kingdom
  • March 10 2016

The decision of the Supreme Court in two appeals concerning the effectiveness of bonus arrangements involving allocations of restricted securities to


"Extreme shopping": HMRC legislation to counter treaty shopping: thoroughly draconian
  • Herbert Smith Freehills LLP
  • United Kingdom
  • August 5 2011

On 1 August, just before the summer break, HM Revenue & Customs (HMRC) published a "Technical Note" and draft legislation (together, the "Note") entitled "Tax Treaties Anti-avoidance"


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


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


Retrospective tax legislation: compatible with the European Convention on Human Rights ("ECHR")
  • Herbert Smith Freehills LLP
  • United Kingdom
  • July 31 2015

Retrospective legislation, seeking to close a tax loophole relating to Stamp Duty Land Tax ("SDLT"), did not engage rights under the ECHR to the


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"


Budget 2015 - no great surprises but a few disappointing features
  • Herbert Smith Freehills LLP
  • United Kingdom
  • March 19 2015

Yesterday, the Chancellor of the Exchequer handed down his final Budget before the UK's general election in May. It was a Budget with no great


Autumn Statement 2012
  • Herbert Smith Freehills LLP
  • United Kingdom
  • December 5 2012

Today, the Chancellor of the Exchequer handed down his Autumn Statement