Katten Muchin Rosenman LLP (JD Supra United Kingdom)

Tax avoidance is the process of manipulating tax rules to reduce the amount of tax payable and obtaining a financial advantage that was never the intention of the legislation. A typical example of tax avoidance involves the use of contrived or artificial transactions that serve little purpose other than to reduce the amount of tax due. A person is a promoter if they make a firm approach to...

Securitisation is a widely used method of raising debt finance on capital markets through the issue of asset-backed securities. Typically, income-producing assets are used as collateral backing for the issue of securities by a special purpose vehicle (the note-issuing SPV). The note-issuing SPV will normally only retain a small cash profit over the duration of the transaction. In the government...

The size of the UK's 'legal interpretation tax gap' is a matter of increasing concern to the government, so much so that it has now published its second consultation on the topic. A 'legal interpretation tax gap' arises where a tax authority (in the UK, Her Majesty's Revenue and Customs (HMRC)) and a taxpayer take a different view of the meaning of the tax law as it applies in a particular case....

On 29 April 2021, the UK's National Security and Investment Bill (NSI Bill) gained Royal Assent. The NSI Bill, dubbed by some as CFIUK – a nod to the United States' Committee on Foreign Investments (CFIUS) – has now become law as the National Security and Investment Act 2021 (the NSI Act). Widely seen as the biggest shake up of the UK's investment screening regime in 20 years, the NSI Act will...

The Finance Bill 2021 sets out a more sustainable and environmentally friendly tax system by legislating to implement a plastic packaging tax (the "Tax"). The new Tax will encourage the use of recycled plastic within packaging and provide an economic incentive for businesses to use recycled material when producing plastic packaging. It is estimated that the Tax could lead to the use of recycled...

Notwithstanding the obvious ethical goals, we all know that driving equality and diversity forward is imperative to brand protection, employee retention, recruitment and ultimately revenue generation. As an employer, there also are serious legal consequences in failing to keep up. The law says your training must be up-to-date and effective.

The end of the Brexit transition period is upon us. As of 1 January 2021, the UK is a 'third country' under the EU General Data Protection Regulation (GDPR), though the transition period has been extended for up to six months for EU data protection purposes, during which time the UK will not be treated as a third country (discussed in more detail below). Organisations need to consider the...

On the eve of the UK's exit from the EU on 31 December 2020, the UK Government published the concise but game-changing piece of legislation, 'The International Tax Enforcement (Disclosable Arrangements) (Amendment) (No. 2) (EU Exit) Regulations 2020' (the 'Amendment Regulations'). The Amendment Regulations have the effect of removing the UK from the bulk of the significant new reporting...

The Government is pressing ahead with its proposed UK 'freeports' initiative, described as a 'flagship government programme' by HM Treasury, which aims to increase the attractiveness of the UK as an international trading nation post-Brexit and boost the UK economy. Following a consultation process in 2020, which culminated in the Government publishing a response to the consultation in October 2020

In November 2020, the UK Government introduced the National Security and Investment Bill (the "Bill"). Subject to the passing through UK Parliament, the Bill is expected to become law in early 2021, ushering in a Committee on Foreign Investment in the United States (CFIUS)-style regime for the UK Government to scrutinise foreign investment. The Bill gives the Secretary of State for Business,...

As the Brexit transition period ends at the end of this month, ensuring intellectual property rights remain adequately protected is at the forefront of many of our clients' minds. We have pulled together and answered five of our most frequently asked questions in relation to Brexit, trademarks and registered designs, including... Please see full Advisory below for more information.

HM Revenue and Customs (HMRC) has adopted a new position regarding VAT on contractual termination payments and cancellation fees.

Following on from the announcement in the 2018 Budget, from 1 April 2021 non-UK resident purchasers of residential property in England and Northern Ireland will be subject to a new higher rate of SDLT of 2 percentage points above the rate that applies to purchases made by UK residents. This 2 percent increase will apply to freehold and leasehold purchases. Clients should note that the residency...

The Finance Act 2020 includes provisions (the body of which are in Schedule 16 to the Act) clarifying the tax treatment of payments made by the UK Government to alleviate the effects of COVID-19 on the economy and the workforce. Notably, these provisions govern the tax treatment of payments made under the Coronavirus Job Retention Scheme (CJRS), and the Self-Employment Income Support Scheme (SEISS

Finance Act 2020: This Time It’s Personal (Liability) - The Finance Act 2020 introduces new rules which make certain individuals who have a ‘relevant connection’ to a company that is, or is likely to become, subject to an insolvency procedure (an “insolvent company”) jointly and severally liable for certain tax liabilities of the insolvent company. Under the new rules, HM Revenue and Customs (H

Katten's London affiliate office launched its weekly fireside chat on May 5, 2020 and each week has covered a wide range of interesting UK and EU financial services regulatory topics. We have received some fantastic feedback from clients on the podcast sessions and now present three key trends that firms should continue to consider in Q3 and Q4 of 2020...

Key Points - - COVID-19 has caused a rise in variations of commercial leases; - HMRC has published a briefing paper to help landlords and tenants comply with appropriate tax legislation by providing guidance on VAT and SDLT treatment of common lease variations for commercial properties.

From July, UK employers can bring employees back to work from furlough “flexibly”. This means that employees can agree to return to work on a reduced hours’ basis, and be paid for that work by their employer, and remain on furlough for the remainder of their working time, and be paid for that period at their furlough rate of pay. This is known as “flexible furlough”. Employers can apply for a...

From 6 April 2020, non-UK tax resident corporate landlords (NRLs) are subject to corporation tax rather than income tax on their UK rental profits. Prior to this change, NRLs were subject to income tax (through withholding tax or direct assessment) on UK property rental income, unless they were operating out of a UK permanent establishment.

The United Kingdom (UK) government is relaxing its lockdown restrictions, and our clients are starting to model what a return to the workplace may look like. In this advisory, Katten provides answers to some of the common questions we have been getting, and the employment law considerations, in case of use.

Key considerations for firms - - Updating business as usual (BAU) policies and procedures to consider logistics, supervision and security; - Updating business continuity plans (BCPs); - Compliance with the Senior Managers and Certification Regime (SM&CR); - Notifying regulators after returning to work; - Enhancing cybersecurity of remote-office workplaces and safeguarding...

This advisory discusses the need for developers to address rights of lights before beginning any development to prevent costly litigation following the recent High Court ruling in the case of Beaumont Business Centres Ltd. v. Florala Properties Ltd.

This advisory provides a summary of the Coronavirus Job Retention Scheme’s (CJRS) guidance on flexible furloughing, including the last date that employees can be furloughed for the first time, how long employees can be placed on furlough, reimbursement requirements of furloughed employees’ wages, the amount that can be claimed for an employee on flexible furlough, and what employers need to do in

This advisory outlines the various options available to landlords after service of a statutory demand on a tenant and the tenant does not pay the debt. It also summarises the general processes, costs, advantages and disadvantages of each option. These options include: - Present a winding-up petition (where the tenant is a company) or bankruptcy petition (where the tenant is an individual) in...

Principal private residence relief (PPR) provides an individual disposing of their main or principal place of residence (their ‘dwelling-house’ — such term is not defined in the legislation, but generally includes buildings fit for human habitation and lived in) with relief from all or part of the capital gains tax (CGT) arising on such a disposal.

This advisory outlines temporary changes instituted by Her Majesty’s Revenue and Customs (HMRC), on 14 May, in light of the COVID-19 pandemic, to increase the deadline that companies have to notify HMRC of a decision to opt to tax land and buildings.

This advisory outlines temporary changes introduced by the HM Land Registry in May on how to validly sign documents being executed as deeds for Land Registry purposes through a five step process that satisfies options and restrictions proposed in 2010 by the ‘Mercury Rule.’

The UK Government has published guidance on steps employers are required to take to ensure that they are providing a safe place to work before their employees can return to the workplace. In this advisory, Katten has broken down the risk assessment components to help you achieve compliance.

The UK government is considering relaxing its lockdown restrictions, and our clients are starting to model what a return to the workplace may look like. Katten has set out some of the common questions we have been getting, and the employment law considerations, in case of use. Please do not hesitate to get in touch if you have any questions.

IR35 off payroll rules1 and employee's NICs by supplying their services through an intermediary, such as a personal services company (PSC), and paying themselves in dividends from that company.