Episoder
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Join Tanja Velling, co-host of our Tax News podcast and Tax Partners, Dominic Robertson and Charles Osborne, as they discuss the unallowable purpose rule, one of the UK's restrictions on companies deducting interest when calculating profits subject to corporation tax.
This episode dives into:
How this rule disallows interest deductions where a company’s borrowing is for a main tax avoidance purpose; andrecent Court of Appeal decisions on what constitutes a main tax avoidance purpose and what this means for taxpayers, particularly in an M&A context. -
In this podcast, Zoe Andrews and Tanja Velling share thoughts on the IFS publication “The government’s record on tax 2010-24” and HMRC’s estimate of the tax gap for the tax year 2022/23 in the context of Labour’s general election victory.
They also discuss the Court of Appeal’s decisions in JTI on the unallowable purpose rule in the loan relationships regime and Altrad Services on an attempt to create a “magical” uplift in qualifying expenditure for capital allowances, and the Upper Tribunal’s decision in Watts on a gilt strip scheme.
The podcast further touches on wealth taxes, the US Supreme Court decision in Moore and the Australian Full Federal Court decision in PepsiCo (as a follow-on from our special podcast series on international tax disputes), updates from the OECD and the EU’s FASTER proposal on withholding taxes.
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In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decisions in the remuneration trust case Marlborough DP and the VAT classification case Innovative Bites. In considering the latter, Zoe and Tanja also touch on a recent IMF paper with a design proposal for a progressive VAT system.
The podcast further covers the Court of Appeal’s judgment in Hotel La Tour on input tax recovery in respect of deal fees and the Upper Tribunal’s decision in Burlington Loan Management on the application of the purpose test in the UK/Ireland tax treaty and its impact on the secondary debt market.
The upcoming general election in the UK is mentioned only briefly to explain why it is unlikely that there will be a Budget before the middle of September.
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What does the recent trend of criminalisation of transfer pricing matters in France mean for businesses operating in the country? What tools are tax authorities in France using to obtain information and to enforce the rules? What action can be taken to minimise French transfer pricing risk and what options are available to resolve disputes?
Julien Gayral, Partner at Bredin Prat, joined Charles Osborne and Zoe Andrews to discuss these questions and more.
This is the final episode in a series on tax disputes risks. In addition to France, the series covers Brazil, the USA, Australia, India and Nigeria.
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How do Nigerian tax disputes generally proceed? Should taxpayers continue to comply with the transfer pricing regulations although their validity is in question? How are plans for a tax amnesty likely to develop?
Lolade Ososami, Partner at Udo Udoma & Belo-Osagie, joined Sarah Osprey and Tanja Velling to discuss these questions and more.
This is the fifth of six episodes in a series on tax disputes risks. In addition to Nigeria, the series covers Brazil, the USA, Australia, India and France. Episodes are released weekly. Subscribe to the Tax News show to be notified of new episodes.
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Why is India's tax disputes landscape unique? How should taxpayers best approach dealings with the Indian tax authority? What is the impact on taxpayers of the recent case concerning the most favoured nation clause in Indian tax treaties, including for multinationals taking dividends out of India?
Mukesh Butani, Founder and Managing Partner of BMR Legal Advocates, spoke with Sarah Osprey, Partner in Slaughter and May’s Tax Practice, and Zoe Andrews, Head of Tax Knowledge at Slaughter and May, to answer these questions and more.
This is the fourth of six episodes in a series on tax disputes risks. In addition to India, the series covers Brazil, the USA, Australia, Nigeria and France. Episodes are released weekly. Subscribe to the Tax News show to be notified of new episodes.
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In this podcast, Zoe Andrews and Tanja Velling discuss two Court of Appeal decisions on the loan relationships unallowable purpose rule in section 441 of the Corporation Tax Act 2009: BlackRock and Kwik-Fit. In both cases, the Court of Appeal confirmed the Upper Tribunal’s decision that there was an unallowable tax avoidance purpose. In BlackRock, this led to a complete disallowance of all interest deductions whereas, in Kwik-Fit, the deductions could be partly attributed to the taxpayers’ commercial purpose and consequently allowed. The podcast draws out key lessons.
Zoe and Tanja also discuss the Court of Appeal’s welcome clarification, in Hargreaves Property Holdings, that the exemption from withholding tax for interest to which a UK-resident company is beneficially entitled is not automatically lost merely because the company on-pays the interest. The podcast further covers changes to HMRC guidance, including on the exemption from the 1.5% stamp taxes charge, clearances in respect of the purpose test in the capital gains tax reorganisation rules and the post-Brexit interpretation of VAT and excise law, as well as international tax developments at the OECD and UN.
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What is the Australian Taxation Office’s approach to tax compliance for multinationals? Does the ATO take into account a wider range of factors than HMRC when considering a settlement? What does the PepsiCo decision mean for the ATO’s expansive definition of “royalties”?
Angela Wood, National Practice Group Leader of Clayton Utz Tax Practice, joins Richard Jeens, Co-Head of Slaughter and May’s Tax Disputes Practice, and Tanja Velling, Tax PSL Counsel at Slaughter and May, discuss these questions and more.
This is the third of six episodes in a series on tax disputes risks, their prevention and resolution. In addition to Australia, the series covers Brazil, the USA, India, Nigeria and France. Episodes are released weekly. Subscribe to the Tax News show to be notified of new episodes.
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What are current trends in US tax disputes? How can you reduce litigation risk? What is the Supreme Court likely to make of Moore, a case that could call into question large swathes of the US tax system?
Clark Armitage, Transfer Pricing Advisor and Member at Caplin & Drysdale, joins Dominic Robertson, Co-Head of Slaughter and May’s Tax Disputes Practice, and Tanja Velling, Tax PSL Counsel at Slaughter and May, to delve into these questions and more.
This is the second of six episodes in a series on tax disputes risks, their prevention and resolution. In addition to the USA, the series covers Brazil, Australia, India, Nigeria and France. Episodes are released weekly. Subscribe to the Tax News show to be notified of new episodes.
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Brazil has a highly litigious tax environment; companies rarely have fewer than ten ongoing disputes. To what extent is the environment improving through the introduction of a settlement process, legal reforms undertaken with a view to future OECD membership and the overhaul of Brazil’s complicated indirect tax system?
To find out, listen to this episode with Ricardo Bolan, Co-Head of Lefosse Advogados’ Tax Practice, Dominic Robertson, Co-Head of Slaughter and May’s Tax Disputes Practice, and Zoe Andrews, Slaughter and May’s Head of Tax Knowledge.
This is the first of six episodes in a series on tax disputes risks, their prevention and resolution. In addition to Brazil, the series covers the USA, Australia, India, Nigeria and France. Episodes are released weekly. Subscribe to the Tax News show to be notified of new episodes.
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In this podcast, Zoe Andrews and Tanja Velling discuss the Court of Appeal’s decision in Prudential on the interaction between the VAT grouping and time of supply rules, and the Upper Tribunal’s decisions in Beard (which followed First Nationwide in holding that a distribution by a Jersey company out of share premium was an income dividend) and Sehgal which considered the remittance basis rules in the context of a transaction undertaken in lieu of an indemnity payment under a share purchase agreement.
The podcast also covers certain measures included in the Spring Finance Bill, most notably draft legislation to reverse the Supreme Court’s decision in Fisher (which rejected HMRC’s argument that, where a company makes a transfer, the shareholders could be treated as quasi-transferors for the purpose of the transfer of assets abroad rules). Zoe and Tanja further touch on the UK’s proposed carbon border adjustment mechanism and HMRC’s updated guidance on aspects of the new R&D relief regime. In terms of international tax topics, the podcast features the UK’s planned introduction of an anti-abuse rule to prevent the exploitation of the CbCR transitional safe harbour under Pillar Two and the OECD’s Sixth Peer Review Report on the Prevention of Tax Treaty Abuse.
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In this podcast, Zoe Andrews and Tanja Velling share thoughts on the Spring Budget and the following recent cases: the Court of Appeal’s decision in Clipperton on a dividend replacement scheme, and the First-tier Tribunal’s decisions in Keighley, Stolkin and Mahmood, focussing respectively on the meaning of “control”, the question whether a company was trading following the appropriation to trading stock of land purchased as an investment, and whether a transaction was void because of a mistake as to its tax consequences.
The podcast also covers recent changes to HMRC’s guidance in respect of the salaried members rules and stamp taxes on shares as well as the call for evidence on the tax administration framework. Zoe and Tanja further touch on challenges to DAC6 and FATCA, the UN’s work on a framework convention on tax cooperation and other international tax news.
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In this podcast, Zoe Andrews and Tanja Velling discuss two First-tier Tribunal decisions. One is a fun case and they’ve set this up a mystery to be solved in the first few minutes of the podcast. The other FTT decision is Bolt Services on the VAT treatment of taxi rides booked through a ride-hailing app.
The podcast also covers the Court of Appeal’s decision in Dolphin Drilling considering the meaning of the word “incidental”; the immediate context for the decision is the hire cap under the oil contractors’ regime, but the decision may have implications in other tax contexts, such as for determining whether something is a “main purpose” for the unallowable purpose test in the loan relationships regime.
Zoe and Tanja further discuss new HMRC guidance on transfer pricing, the summary of responses to HMRC’s consultation on reforming transfer pricing, permanent establishments and Diverted Profits Tax legislation and HMRC’s latest transfer pricing and DPT statistics, as well as the OECD’s ICAP statistics and Pillar 2 impact assessment.
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To celebrate the launch of our new Tax News shows, we have released an extra episode so you can find out more about the hosts of our monthly episodes, Zoe Andrews and Tanja Velling.
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In this podcast, Zoe Andrews and Tanja Velling discuss the First-tier Tribunal’s decision in Harber on the dangers of relying on legal research conducted by generative AI, certain points on tiered partnership structures and the Ramsay doctrine from the Court of Appeal’s decision in BCM Cayman, and the CJEU’s decision in the Amazon State aid case. The podcast also covers the summary of responses in respect of HM Treasury’s consultation on the VAT Treatment of Fund Management Services, changes to HMRC’s guidance on foreign entity classification and the latest Pillar Two-related materials published by the OECD and HMRC.
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In this podcast, Zoe Andrews, Tanja Velling and Nele Dhondt discuss the CJEU decision in the Engie State aid case, the Advocate General's opinion in the Apple State aid case, the UK Supreme Court's decisions in Skatteforvaltningen and in Fisher on the transfer of assets abroad regime.
The podcast also covers the UN Resolution on a framework convention on international tax cooperation and the OECD’s Tax Certainty Day and MAP statistics.
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In this podcast, Emma Game and Tanja Velling discuss the Supreme Court’s decision in Vermilion considering whether a particular securities option was employment-related, the Court of Appeal’s decision in Delinian (formerly Euromoney) on the purpose test in the capital gains tax reorganisation rules, and the Upper Tribunal’s decision in Refinitiv, a judicial review case where the taxpayers argued that a diverted profits tax notice was inconsistent with an advance pricing agreement.
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In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decision in ScottishPower on the deductibility of payments made pursuant to an agreement with the regulator at the end of an investigation and the Supreme Court’s decision in Target Group on the scope of the VAT exemption for financial services.
The podcast also covers draft legislation for Finance Bill 2023-24 in respect of the removal of the 1.5% stamp duty and SDRT charge on issues and transfers integral to capital raisings and further changes to the UK’s implementation of the Pillar Two GloBE Rules. Zoe and Tanja discuss the draft legislation for the transitional UTPR safe harbour and the QDMTT safe harbour, and how tax imposed under the Subject-to-Tax Rule fits within the GloBE rules.
They further touch on developments in respect of the Multilateral Convention to Implement Amount A of Pillar One and the European Commission’s proposals for two new corporate tax directives concerning, respectively, the harmonisation of the corporate income tax base under the Business in Europe: Framework for Income Taxation (BEFIT) and the incorporation of the arm’s length principle and OECD Transfer Pricing Guidelines into EU law.
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In this podcast, Zoe Andrews and Tanja Velling discuss the Upper Tribunal’s decisions in JTI Acquisitions Company on the loan relationships unallowable purpose rule, Hotel La Tour on input tax recovery in respect of advisers’ fees on a share sale to raise funds for downstream economic activity, and M Group Holdings on the substantial shareholding exemption. They also discuss the First-tier Tribunal’s decision in Wilkinson on the unallowable purpose rule in the capital gains tax reorganisation rules.
The podcast further covers certain draft legislation for Finance Bill 2023-24 published on 18 July 2023, including the proposal for a single merged regime for tax reliefs for research and development, and provides an update on international tax reform, focussing the UK’s proposed implementation of the UTPR, and the QDMTT safe harbour and transitional UTPR safe harbour in the second tranche of Administrative Guidance published on 17 July 2023 by the Inclusive Framework.
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In this podcast, Zoe Andrews and Tanja Velling are joined by Nele Dhondt to discuss the EU’s Foreign Subsidies Regulation, how it could apply in the tax context and what steps can be taken to prepare for its coming into force. They also discuss the Advocate General’s opinion in the Amazon State aid case, recommending that the Court of Justice upholds the General Court’s decision that had annulled the European Commission’s finding of State aid.
In relation to the UK, the podcast considers HMRC’s draft guidance on the multinational top-up tax (the first tranche of which has been published for consultation until 12 September) and HMRC’s updated guidance on the loan relationships unallowable purpose test.
Zoe and Tanja also discuss the consultation on the reform of the UK’s transfer pricing, permanent establishment and Diverted Profits Tax legislation, the announcement of the “Energy Security Investment Mechanism” which should effectively bring forward the end date of the Energy (Oil and Gas) Profits Levy if oil and gas prices fall below certain thresholds, and the Upper Tribunal’s decision in Hargreaves Property Holdings on interest withholding tax.
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