Taxation Law

Stamp Duty Land Tax is now accompanied with an Autumn Statement 2014 Bulletin. On 4th December 2014 the Autumn Statement reformed the stamp duty rates on residential properties. This Bulletin will explain the recasting of these rates and the implications.

Stamp Duty Land Tax is an increasingly complex tax on which tax and property practitioners, lawyers and accountants frequently need guidance. It is becoming more important in light of the Finance Act 2014 changes, with new rules emerging on penal rates on purchase of houses or flats, GAAR, sub-sales, lease renewals and joint purchases.

This new publication will provide tax practitioners with a comprehensive consideration of SDLT provisions, the rules, the rates, the various reliefs and special rules.

  • Explains stamp duty land tax rules, the rates, the various reliefs and the special rules for residential property
  • Sets out numerous practical examples to clarify how the law works and what needs to be done in a wide range of situations
  • Explains rules for leases, sub-sales, linkage, uncertain prices and options
  • Discusses the special rules for residential property including the 15% rate, the six-or more rule, purchases of more than one dwelling, right-to-buy, and leasehold enfranchisement transactions
  • Examines how commercial and residential developers can carry out projects SDLT efficiently
  • Provides practical examples relating to compliance including returns, payment, interaction with land registration, Stamp Office enquiries, interest and penalties
  • Considers anti-avoidance provisions, including Ramsay, the GAAR and Sections 75A-75C Explains how SDLT interacts with other taxes including VAT and capital gains tax

Helping tax practitioners and advisors comply with a multitude of SDLT scenarios, Christopher Cox and Richard Woolwich provide practical examples, including relating to returns, payment, interaction with land registration HMRC enquiries, interest and penalties.

This book provides tax practitioners of all levels with a comprehensive consideration of the new Statutory Residence Test, its application and the potential difficulties that may be encountered in moving through the transitional phase.

Effective 6 April 2013 a complete new set of rules apply to determine the residence status of an individual for income tax and capital gains tax purposes (and also with respect to inheritance tax and corporation tax where relevant).

The elusive concept of “ordinary residence” is abolished, effective 6 April 2013.

These new rules (unlike those which applied pre 6 April 2013 the “old rules”) are statutory in nature and contained in the Finance Act 2013.

The Statutory Residence Test: A Practical Guide:

• Provides comprehensive consideration of the new Statutory Residence Test
• Sets out how the changes are going to affect the landscape in determining the status of those subject to the old definition of residence in the UK
• Offers in depth analysis of the new rules including their practical application and the difficulties encountered in doing so
• Shows how the new regime will affect tax management relating not only to income tax, but also capital gains tax, inheritance tax and corporation tax
• Examines key concepts such as days spent in the UK, home, work, location of work; full-time work; UK ties; family tie; accommodation tie; 90-day tie; and country tie are discussed
• Identifies problematic areas supported by practical examples
• Pulls the different threads of the legislation together into a harmonious whole

This leading work – now in looseleaf format – clearly and thoroughly presents the principle of double taxation agreements made between countries. Many of these treaties are based on the Model Tax Convention of the Organisation for Economic Co-operation and Development (OECD) which, accompanied by the official commentary and the author’s annotations, forms the framework for this work. The text takes into account the two major changes made to the model convention since the book’s last edition in 1993, and includes nearly 100 new international cases.

  • Includes text of and commentary on the Model Tax Convention of the OECD
  • Clearly explains how to interpret treaty provisions
  • Covers other developments, such as Internet deals, transfer pricing and EU law
  • New looseleaf format ensures the work is always up to date with developments

Whiteman & Sherry on Income Tax 4th Edition is the definitive work on this subject, providing comprehensive analysis of the law relating to income tax. This title will enable you to pin-point aspects of tax that directly relate to your clients offering analyses of the cases and the legislation. Along with a host of updated information, the 4th edition will be published in looseleaf format. With two updating releases a year, you can remain confident of being fully informed of the latest legislative developments as they happen.

HOW WHITEMAN & SHERRY ON INCOME TAX CAN HELP YOU

  • Provides the expert authors’ discussion and opinion on all key aspects of the law on income tax
  • Offers clear and precise treatment of those aspects of tax law which cause problems, providing practical, experienced solutions
  • Shows how the legislation has been applied by the courts through in-depth analysis of case law
  • Offers complete coverage of business income, employment income, investment income and foreign income
  • Fully updated to incorporate all the latest legislation, such as the 2009 Finance Act
  • Discusses the background issues relating to income tax, such as the Ramsey Principle
  • Analyses the business income in terms of computation for profits on trade, profession and ventures
  • Covers employment income and the effects of recent legislation
  • Goes through the administration of income tax, including returns, self-assessment, machinery of assessment, appeals and collection
  • Covers specific taxpayers such as trustees, charities and partnerships
  • Outlines the principles of remittance of tax on individual bases
  • Outlines the elements of taxation on income from Land in the United Kingdom
  • Updating releases published twice a year to keep you fully up-to-date

Exploring every aspect of the law that impacts on capital gains tax, Whiteman on Capital Gains Tax:

NEW DEVELOPMENTS COVERED

  • Gives you analysis, discussion and opinion on the law relating to capital gains tax
  • Looks at the case law analysing the major decisions of the courts and the implications
  • Examines statutory provisions identifying issues and offering the authors’ views
  • Analyses the general rules applying to assets, disposal and computation
  • Considers the rules on particular classes of assets
  • Covers particular taxpayers such as trustees, personal representatives, charities and partnerships
  • Examines the jurisdictional limits and outlines the new remittance basis
  • Covers the origins and development of capital gains tax, analyses the tax avoidance case law and looks at the possible impact of EU law

Trust Taxation continues to guide the reader through the complexities of trusts. It covers the taxation of UK resident and non-resident trusts, explaining in detail the income tax, capital gains tax and inheritance tax treatment of the different types of trusts. The book explains the tax consequences of creating and ending a trust, as well as the tax issues to consider during the lifetime of each type of trust and on distributions to beneficiaries.

Includes:

  • Uses specific and common scenarios to explain how the taxes are applied
  • Explains how past and present schemes worked and what legislation has been introduced to counteract them
  • Covers specialist areas such as Bare Trusts, Reverter to Settlor Trusts and Trusts for minors and older children
  • Includes illustrations for Inheritance Tax calculations
  • The statutory residence test  – this is considered in detail including pre-and post-emigration tax planning matters.  One of the authors was closely involved in the design of this test.
  • The new inheritance tax restrictions on debts and liabilities are analysed and HMRC’s change of approach on the situs of specialty debts is considered. Practical points in structuring debt are highlighted
  • Annual tax on enveloped dwellings and capital gains tax on non-resident companies.  An entire section is devoted to these new taxes and to the options in terms of holding high value residential property generally.
  • The new spouse exemption for foreign domiciliaries
  • Consideration of foreign entities including partnerships and usufructs
  • GAAR and tax avoidance generally: this is considered at length in the context of private client planning – one of the authors was on the interim GAAR committee that approved the first Revenue GAAR guidance
  • Recent inheritance tax cases in the context of business property relief and carve outs
  • Update on disabled trusts following FA 2013 changes
  • New inheritance tax and capital gains tax planning techniques for the family home including use of trusts.  The original chapter has now been split into three new chapters with separate discussion of past schemes, what to do with home loan schemes where clients have died, how foreign domiciliaries and non-UK residents should hold UK property and the pros and cons of different structures.

This important title is not limited to a simple discussion of taxation of trusts, but covers all aspects of estate planning generally for individuals with a particular focus on use of trusts. The taxation of beneficiaries and settlors as well as trustees of UK resident and non-resident trusts is considered.

Taxation of Companies and Company Reconstructions covers key aspects of corporate taxation law, showing you exactly how tax provisions apply in practice. Although the text is being continually modernised, the carefully structured style that has long been the hallmark of this book is retained. Each subject is examined from first principles before moving into finer points of detailed explanation.

  • Hear what the experts have to say on the re-write of corporation tax law
  • Incorporates commentary on the Corporation Tax Act 2009
  • The information has been revised and re-presented to give you quicker access to what you need
  • Includes commentary on cases, statutes and statutory instruments and European legislation

THE ESSENTIAL COVERAGE YOU NEED:

  • Covers key aspects of company taxation law
  • Shows exactly how tax provisions apply in practice
  • Illustrates how best to arrange asset transfers for company reconstructions
  • Gives you guidance on distributions, overseas matters, groups and reconstructions
  • Explains the rules of loan relationships and withholding tax, derivatives contracts legislation and intangible fixed assets legislation
  • Outlines the relief in Corporate Reconstruction
  • Contains in-depth technical analysis with authoritative discussion of points of statutory interpretation
  • Provides helpful guidance and analysis of case law and legislation on company taxation
  • Gives practical, problem-solving advice to show exactly how provisions apply in practice
  • Uses cases, commentary and worked examples

STAY FULLY INFORMED

  • Offers commentary on relevant passages in the HMRC Manuals
  • Updated three times a year, so you remain fully abreast of developments in taxation law

McCutcheon on Inheritance Tax provides clear explanations of effective tax planning solutions for UK and international clients, and helps solve even the most complex IHT problems.

 

  • Covers the practical aspects of inheritance tax within conceptual framework that includes planning considerations
  • Identifies issues and problems and provides possible solutions
  • Provides worked examples to illustrate points
  • Analyses key cases and applies them to the principles of IHT
  • Makes inheritance planning suggestions that are of specific use to practitioners
  • Takes into account other tax implications such as capital gains and income
  • Includes inheritance tax planning within context of international estate planning
  • Sets out the contents of each chapters to aid navigation

This work provides a definitive analysis of the system of taxation in the UK as it affects land and buildings. Gammie & de Souza: Land Taxation:

  • Covers the whole range of transactions in land, and how the tax applies in each one
  • Incorporates other indirect taxes
  • Features analysis of court decisions, VAT tribunal explaining what these mean
  • Covers the whole range of transactions in land – showing how land taxes apply in each one
  • Sets out how the law applies to different classes of taxpayer
  • Takes into account tax planning considerations
  • Features regular updates that cover new legislation and judgments

All the guidance you need for selecting, setting up and administrating employee share schemes, this looseleaf:

  • Covers the merits of the different types of schemes, the complex laws and regulations to which they must adhere and the tax considerations
  • Clarifies the grey areas of the law, provide guidance on the procedures to be followed in establishing, administering and varying a scheme and identifying worthwhile tax planning opportunities
  • Analyses the different schemes and related packages and their value to employers and employees
  • Examines the legal, regulatory, tax and National Insurance issues
  • Identifies the tax planning opportunities
  • Considers the commercial implications
  • Explains the relevant company law and financial services regulations
  • Advises about the best strategies are adopted
  • Includes precedents for the necessary documentation, including CSOP and SAYE Share Option Schemes, EMIs and Share Incentive Plans
  • Includes comprehensive source material