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Bermuda Corporate Income Tax and the Shipping Income Exclusion

These groups are defined as those operating in multiple jurisdictions with consolidated revenues of at least €750 million in two out of the previous four fiscal years.

UK government calls for evidence on carried interest tax ‘loophole’

The government notes that there are a range of circumstances in which carried interest is received, and that the characteristics of the reward will not be the same in all cases.

Shipping and Bermuda’s Corporate Income Tax Act

The clue is in the name but take note of the international nature of the definition.

Managing HMRC IR35 enquiries: tips for UK businesses

There is no uniform approach to how enquiries commence

UK private equity industry faces uncertainty over taxation of carried interest

Carried interest payments are due when a fund reaches a certain level of profitability and an agreed-upon amount of profit has been distributed to investors.

Contractual terms will be crucial to claiming UK tax relief on contracted-out R&D

The terms of the contract in which the R&D is contracted out by a business and undertaken by another party will be important to that business claiming tax relief for the costs of the contracted out R&D.

VAT policy to spur UK private schools M&A deal activity

A new tax risk has also come into focus.

Keir Starmer victory – How will UK taxation change under the new Labour Government?

A final target of Labour's tax plans are private equity managers who receive carried interest.

What the ‘FASTER’ tax reforms could mean for EU investors

Not all member states will be required to implement this measure.

‘Fixed establishment’ concept clarified in EU VAT ruling

It is for the Romanian regional court to apply the CJEU’s case law to the circumstances in the Adient case to determine the outcome of that dispute.

When the tax tribunal can intervene to fix your mistakes

Rectification is usually pursued through an application to the High Court

UK General Election: Voting in UK elections as a non-UK tax resident

To vote in a General Election while resident outside the UK, an individual must be aged 18

The Labour manifesto – key tax policies explained

The manifesto is silent in relation to capital gains tax and we consider that there is scope for the rate of capital gains tax to be increased, but this not mentioned in the manifesto.

Employment tax update - June 2024

Eligible men born after 5 April 1951 and women born after 5 April 1953, have until 5 April 2025 to pay voluntary National Insurance contributions

UK tax authority ‘particularly vigilant’ on transfer pricing, figures show

A total of 153 transfer pricing cases were settled during the year running to 31 March 2023.

Upper Tribunal rules on taxpayer liability for fixed penalty

Due to delays in issuing, HMRC had changed the date of compliance with the tribunal-approved information notice.

Simmons & Simmons: VAT Insights - June 2024

A round up of the Simmons & Simmons insights on VAT developments over the last month.

New Luxembourg tax bill aims to implement several income tax law changes

A provision in the draft bill sets out the obligations for the Luxembourg company reducing its share capital

Experts call for more consistency across tax regimes as UK considers reform

One area of variation suggested is HMRC’s powers for value added tax (VAT) and other indirect taxes.

Irish employers should review worker taxation classifications

This will be particularly relevant for businesses in certain sectors where Irish Revenue is likely to closely scrutinise the relationships with workers going forward.