About Tax Law
In corporate tax, there’s no hiding. An opinion won’t cut it, unless it’s backed up by authority. And in such a complex, ever-changing area there’s no room for mistakes.
VAT
Content written by the author of the leading textbook in this area and includes several sector specific Practice Notes. It links directly to Tolley’s Orange Tax Handbook, Tax Journal and key text De Voil.
Finance
Excellent practical content for loans, derivatives and debt capital markets. The content links directly to Tolley’s Yellow Tax Handbook, Simon’s Taxes, Tolley annuals, Tax Journal and key text Ghosh Johnson and Miller.
Taxes management and litigation
This is an area where many people find themselves a bit at sea. Our content is practical, detailed and covers the major issues in dealing with a tax enquiry or dispute.
Trusted tax tests
When you need to delve deeper, Lexis+® Tax links you to trusted tax texts, including Tolley’s Yellow and Orange Tax Handbooks, Simon’s Taxes, Sergeant and Sims, De Voil, Tax Journal and Taxation.
Topics We Cover
Latest Tax News
Environment analysis: On 30 October 2024, HM Revenue and Customs (HMRC) issued a consultation on ‘Tackling the hidden economy: expanding tax...
The Supreme Court unanimously dismissed the taxpayers’ argument that the relevant expenditure fell within section 298(1) of the Capital Allowances Act...
Tax analysis: In Sintra Global, the Upper Tribunal (UT) set aside the decision of the First-tier Tax Tribunal (FTT) insofar as it related to a notice...
Tax analysis: In R (oao Refinitiv Ltd and others), the Court of Appeal dismissed the companies' appeal against the decision of the Upper Tribunal (UT)...
Tax analysis: In Generator Power, the First-tier Tax Tribunal (FTT) refused the taxpayer’s application for costs because it was not persuaded that...
Latest Tax Practice Notes
Interest on late paid taxFORTHCOMING CHANGE: Increases to late payment interest rates on unpaid tax liabilities: At Autumn Budget 2024 on 30 October...
Environmental, Social and Governance (ESG)—tax considerationsEnvironmental, Social and Governance (ESG) considerations have rapidly gained prominence...
Oil and gas—corporation tax, supplementary charge and energy profits levyUK resident companies, and non-UK resident companies with a UK permanent...
Assimilated lawIntroductionThe body of domestic law derived originally from EU obligations and established by the European Union (Withdrawal) Act 2018...
Sunsetting retained EU law—essentialsRetained EU Law (Revocation and Reform) Act 2023The Retained EU Law (Revocation and Reform) Act 2023 (REUL(RR)A...
Latest Tax Precedents
Retained EU law—training materials [Archived]ARCHIVED: This Precedent has been archived and is not maintained.These training materials consist of...
Tax warranties—short form1Compliance1.1ReturnsThe Company has duly and properly submitted all [material] computations and returns (including all land...
Share purchase agreement—pro-buyer—corporate seller—conditional—long formThis Agreement is made on [insert day and month] 20[insert...
Salary sacrifice scheme—employee FAQs[For use only where the employee is foregoing salary for the following benefits that retain Tax and/or NICs...
Clearance letter—TCGA 1992, ss 138 and 139(5), ITA 2007, s 701 and CTA 2010, s 748[Team Leader][insert HMRC address][insert date]Application for...
Latest Tax Q&As
Featured Tax content
Direct tax treatment of damages and compensation payments
Direct tax treatment of damages and compensation paymentsWhere a dispute is brought to an end by a payment of damages or compensation, whether under a...
VAT treatment of parking facilities
VAT treatment of parking facilitiesThis Practice Note is about the VAT treatment of parking facilities.This Practice Note contains references to EU...
The double taxation treaty passport scheme (DTTP scheme)
The double taxation treaty passport scheme (DTTP scheme)The double taxation treaty passport scheme (DTTP scheme) enables a borrower to apply for and...
What is an intangible fixed asset?
What is an intangible fixed asset?Part 8 of the Corporation Tax Act 2009 (CTA 2009) is a specific corporation tax regime that applies exclusively to...
What are capital allowances and capital expenditure?
What are capital allowances and capital expenditure?What are capital allowances?Capital allowances are the means by which tax relief is given for some...
Commercial service charges—VAT implications
Commercial service charges—VAT implicationsThis Practice Note is about the VAT treatment of non-residential service charges. General positionService...
Amortisation of intangible fixed assets
Amortisation of intangible fixed assetsWhere a company acquires (or otherwise incurs capitalised expenditure upon) an intangible fixed asset that...
VAT treatment of damages and compensation payments
VAT treatment of damages and compensation paymentsA damages or compensation payment may attract VAT. This depends on exactly what the payment is for....
Taxation of gambling in the UK
Taxation of gambling in the UKCoronavirus (COVID-19): in light of the coronavirus crisis, HMRC has announced a change to the way returns for General...
VAT treatment of intermediaries, agents and disbursements
VAT treatment of intermediaries, agents and disbursementsFor VAT purposes, an intermediary is a person who makes arrangements for, or facilitates, a...
Tax—Finance Act 2022—progress through Parliament [Archived]
Tax—Finance Act 2022—progress through Parliament [Archived]ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note...
Taxation of UK LLPs
Taxation of UK LLPsA UK limited liability partnership (LLP) is a body corporate for company law purposes, but is generally taxed as though it were a...
Transfer pricing and private equity transactions
Transfer pricing and private equity transactionsIP COMPLETION DAY: The Brexit transition period ended at 11pm on 31 December 2020. At this time...
What is a trade for tax purposes?
What is a trade for tax purposes?A company is subject to corporation tax on the profits of its trade or trades in accordance with the rules found in...
Taxation of trading profits—basis, receipts and deductions
Taxation of trading profits—basis, receipts and deductionsOnce a company has established that it has a trade (for which see Practice Note: What is a...
Partnerships and VAT
Partnerships and VATA general partnership is treated, for VAT purposes, as though it were a separate taxable person.This note is about:•the nature of...
Types of lending
Types of lendingOverdrafts, term loans and revolving credit facilitiesThree common types of loan facility are:•overdrafts•term loans, and•revolving...
Ordinary share capital—what it means and why it matters for UK tax purposes
Ordinary share capital—what it means and why it matters for UK tax purposesThe concept of ordinary share capital is important for UK tax purposes....
Associated legal terms
Major interest
A major interest is a freehold or leasehold estate. A major interest for these purposes does not include a lease with a term of seven years or less. At Budget 2018, the government amended the definition of major interest to confirm that a major interest includes an undivided share in a major interest in a dwelling. This has effect from 29 October 2018, although HMRC is of the view that the legislation as drafted before this amendment enabled them to tax all purchases of undivided shares in land.
Margin scheme
This allows a trader to account for VAT by reference to his profit margin rather than by reference to the consideration for the supply.
Qualifying corporate bond
For the purposes of corporation tax, 'qualifying corporate bond' means any asset representing a loan relationship of a company (for purposes other than those of corporation tax references to a qualifying corporate bond is to be construed in accordance with the provisions of the Taxation of Chargeable Gains Act 1992 (TCGA 1992), ss 117, 117(1).
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