Slaughter and May

This Practice Note explains when companies within a group can match the unused part of the surplus dual inclusion income (DII) arising in one group company (where the DII surplus is the excess of that company’s DII over its counteraction amount) with another group company’s ordinary non-dual inclusion income (non-DII) so that the ordinary income of that other group company can be treated as its DII provided (among other things) that this other company has an unused DII shortfall (where the DII shortfall is the excess of the company’s counteraction amount over its DII). This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the concepts of arrangement and reasonable to suppose for the purposes of the UK rules counteracting hybrid and other mismatches, also referred to as the anti-hybrid rules or the hybrid rules. These concepts are relevant to determining whether the conditions for the hybrid rules to apply have been met. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains when a payer is also a payee and the concepts of control group, related persons and structured arrangements for the purposes of the UK rules counteracting hybrid and other mismatches, also referred to as the anti-hybrid rules or the hybrid rules. These concepts are relevant to determining whether the conditions for the hybrid rules to apply have been met. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the concepts of multinational company and permanent establishment as they are defined for the purposes of the UK rules counteracting hybrid and other mismatches, also referred to as the anti-hybrid rules or the hybrid rules. These concepts are relevant to chapters 6 (deduction/non-inclusion (D/NI) mismatches arising from transfers by a UK permanent establishment of a multinational company), 8 (multinational payee D/NI mismatches) and 10 (dual territory double deduction (DD) cases arising because a company is a dual resident or a relevant multinational company) of the hybrid rules. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the concepts of dual inclusion income (DII) and deemed DII as they are defined for the purposes of the UK rules counteracting hybrid and other mismatches, also referred to as the anti-hybrid rules or the hybrid rules. These concepts are relevant to chapters 5 (hybrid payer deduction/non-inclusion (D/NI) mismatches), 6 (D/NI mismatches relating to internal transfers by permanent establishments), 9 (hybrid entity double deduction (DD) cases) and 10 (dual territory DD cases) of the hybrid rules. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note outlines the exemptions that may be available from some of the UK’s rules counteracting hybrid and other mismatches, referred to as the anti-hybrid rules or the hybrid rules. It also explains the concepts of the financial trader exclusion, a qualifying institutional investor, a relevant investment fund and a transparent fund. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the UK’s hybrid rules counteracting deduction/non-inclusion (D/NI) mismatches arising from payments or quasi-payments made under, or in connection with, hybrid financial instruments (chapter 3) and D/NI mismatches arising from payments or quasi-payments as a consequence of a hybrid transfer arrangement (HTA), ie an arrangement (such as a repo or stock loan) relating to the transfer of financial instruments where the arrangement gives rise to a mismatch because either the arrangement is, for different persons, treated differently for tax purposes (the dual treatment condition) or could involve a substitute payment (chapter 4). This Practice Note also discusses the meaning of financial instrument, HTA and qualifying capital amount and qualifying capital tax. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the UK’s hybrid rules counteracting double deduction (DD) cases arising by reason of a person being a hybrid entity (chapter 9) or because a company is a dual resident or a relevant multinational company (chapter 10). This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the UK’s hybrid rules counteracting deduction/non-inclusion (D/NI) mismatches arising from payments or quasi-payments because the payer is a hybrid entity (chapter 5) or the payee is a hybrid entity (chapter 7). It also discusses the meaning of partnership and relevant transparent entity. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains chapter 11 of the UK’s hybrid rules, which aims to counteract deduction/non-inclusion (D/NI) mismatches or double deduction (DD) cases arising outside the UK (and which are not capable of being counteracted overseas) by denying (all or part of) a tax deduction in respect of a payment or a quasi-payment made by a UK taxable payer under ordinary non-hybrid arrangements to the extent that the payment or quasi-payment is part of a wider over-arching arrangement that results in the non-UK hybrid mismatch. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note provides an introduction to the UK’s rules to counteract hybrid and other mismatches, also referred to as the anti-hybrid rules and some of the key terms used in the legislation. The UK hybrid rules, counteracting deduction/non-inclusion (D/NI) mismatches and double deduction (DD) cases, are found in Part 6A of the Taxation (International and Other Provisions) Act 2010. They replaced the arbitrage rules (also referred to as the anti-arbitrage rules) with effect from 1 January 2017. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the UK’s hybrid rules counteracting deduction/non-inclusion (D/NI) mismatches relating to transfers by UK permanent establishments (PEs) (chapter 6) and D/NI mismatches arising from payments or quasi-payments because a payee is a multinational company (chapter 8). This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the concepts of payments, quasi-payments, payer and payee, payer jurisdiction and payee jurisdiction and payment period as they are defined for the purposes of the UK rules counteracting hybrid and other mismatches, also referred to as the anti-hybrid rules or the hybrid rules. Since most of the hybrid rules include a condition requiring a payment or quasi-payment to be made under or in connection with a financial instrument or an arrangement, these concepts are integral to determining if those rules apply. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

This Practice Note explains the concepts of tax, tax residence, ordinary income and permitted taxable period as they are defined for the purposes of the UK rules counteracting hybrid and other mismatches, also referred to as the anti-hybrid rules or the hybrid rules. These concepts are relevant to determining if, and the extent to which, there is a tax mismatch for the purposes of the hybrid rules. This Practice Note was produced in partnership with Dominic Robertson of Slaughter and May.

Produced in partnership with Chris McGaffin and James Ufland of Slaughter and May. This Practice Note focuses on the key aspects of open offers and the matters that require consideration when an open offer is being carried out by a company admitted to listing on the official list of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (LSE), or admitted to trading on AIM.

Produced in partnership with Chris Mc Gaffin of Slaughter and May. This Practice Note outlines the procedure where a company either admitted to listing on the official list of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange (LSE) (Main Market) or admitted to trading on AIM, a market operated by the LSE, is carrying out a rights issue.

Produced in partnership with Chris Mc Gaffin of Slaughter and May. This Practice Note focuses on the key legal considerations when a rights issue is being carried out by a company either admitted to listing on the official list of the Financial Conduct Authority (FCA) and to trading on the main market for listed securities of the London Stock Exchange (LSE) (Main Market) or admitted to trading on AIM, a market operated by the LSE.

This Practice Note summarises the position on the ‘RIIO-2’ Great Britain energy network company price controls due to apply from 2021. It complements our suite of content on existing energy price control mechanisms and energy network companies and is updated as the RIIO-2 position evolves. It includes coverage of RIIO-2 for National Grid and for GB’s other electricity transmission, gas distribution and electricity distribution companies. It also considers the need for a bespoke price control regime for National Grid Electricity System Operator Limited (NGESO), as the GB electricity system operator (ESO), following National Grid’s split.

This Practice Note provides an introduction to the evolving position on the revenue streams available to energy storage projects in Great Britain. It includes insight on (among other things) the relevance of balancing services, the Capacity Market, electricity market price arbitrage, and revenue stacking in respect of energy storage projects.