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International Tax Planning: UK Companies and Partnerships 4th edition

This new edition describes how UK companies and partnerships can be used to generate various kinds of investment and trading income in a tax efficient manner.
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ISBN/ISSN: 9781784730505

Product description

Why you should buy International Tax Planning: UK Companies and Partnerships

This new edition describes how UK companies and partnerships can be used to generate various kinds of investment and trading income in a tax efficient manner. In describing these possibilities, the author considers current law and regulation in the UK as well as the current state of international and European law.

What's new in International Tax Planning UK Companies and Partnerships Fourth edition (Jordan Publishing)?

* A new chapter on double taxation relief issues for UK companies
* A new chapter detailing EU law's moderation of UK anti-avoidance legislation pertaining to UK companies
* A new chapter concerning the UK's proposed 'beneficial owner' register
* New material on BEPS Action Plan 6

Table of contents

Preface 
Acknowledgements
Table of Cases
Table of Statutes
Table of Statutory Instruments
Table of International and Foreign Material
List of Abbreviations

UK Companies and Partnerships: An Introduction to their UK Tax Liabilities, the Limits of UK Tax Liabilities, and Use of UK Double Tax Treaties
•Definitions
•The foreign withholding tax criterion
•The local taxation criterion
•The domestic withholding tax criterion
•The capital gains exemption

•The world’s leading IHC locations
•The United Kingdom as an IHC location

The Impact of EU Law on International Tax Planning Using UK Companies and Partnerships
•Mitigating foreign withholding tax
•Relief under a double tax treaty
•(a) Scope of treaty relief: the issue of residence
•(b) Taxation of dividends in the country of source
•Article 10 and the EC Parent/Subsidiary Directive
•Double tax treaties and conflicting domestic law
•Article 10
•The importance of beneficial ownership
•Nominees and conduit companies
•Foreign withholding taxes
•(c) Comparative table of withholding tax rates

•Relief under Directive 90/435: the EC Parent/Subsidiary Directive
•a) Domestic anti-avoidance provisions
•Beneficial ownership
•Minimum participating requirement and qualification periods
•The Denkavit case
•Post-Denkavit
•(b) Requirements for control of the parent within the EU


•Conclusion
•Unilateral relief

UK International Holding Companies and Foreign Dividend Income: the Exemption Regime
•Introduction
•Small companies
•Medium-sized and large companies
•The UK company controls the dividend-paying company: s 931E of the CTA 2009
•Non-redeemable ordinary shares: s 931F
•Portfolio shareholdings: s 931G
•Dividends paid in respect of relevant profits: s 931I
•Dividends similar to interest

•Election for a foreign dividend not to be exempt
•Debt cap
•Where the exemption does not apply: the foreign tax credit rules
•Corporation tax
•Relief from double taxation
•(a) Unilateral relief
•The mixer cap
•Ownership threshold for credit relief
•Preserving foreign tax credits
•(b) Credit relief under the terms of a double tax treaty
•(c) Credit relief under the terms of the EC Parent/Subsidiary Directive

•Tax-sparing relief

Company Residence
•Residence and treaty protection
•Domestic law considerations
•UK-incorporated parent companies
•Offshore companies and the EC Parent/Subsidiary Directive

•Treaty law and Corporation Tax Act 2009, s 18
•OECD model tie-breaker clause
•The dangers of s 18 for UK IHCs

•Central management and control and place of effective management
•Central management and control
•Wood v Holden
•Company residence
•The taxpayer’s argument
•HMRC’s argument
•First instance decision
•Appeal to the High Court
•Court of Appeal judgment
•Conclusions from Wood v Holden


•Place of effective management
•The Wensleydale case


•Conclusion
The Corporation Tax Exemption for Capital Gains
•Introduction
•Meaning of ‘substantial shareholding
•The qualifying period

•UK IHC status requirements: sole trading company or member of trading group
•Sole trading company
•(a) What is a trading company?
•(b) The concept of a trade
•One-off transactions
•Activities related to trade
•Subject matter
•Modus operandi
•Finance
•Fabrication
•Resale in whole or in lots
•Intention
•Memorandum of company
•Pride of possession
•HMRC interpretation

•Meaning of the word ‘substantial’
•The company’s trading history
•The extensive scope of the meaning of the term ‘trading activities
•Investment activity
•Seeking new acquisitions
•Evaluating potential acquisitions
•Business plans
•Paying dividends

•Member of a trading group
•(a) What is a group?
•(b) What is a trading group?
•(c) Trading activities


•Status requirements of the investee company
•Trading company
•Holding company of a trading group or sub-group
•Trading sub-groups

•The qualifying period and the time immediately after disposal
•Ownership of the UK IHC
•Treatment of holdings in joint venture companies

•Case studies and commentary
•Case Study 1
•Comment
•Scope of the definition of trading activities in Sch 7AC
•Meaning of ‘significant interest’

•Case Study 2
•Comment

•Case Study 3
•Comment

•Case Study 4
•Comment

•Case Study 5
•Comment

•Case Study 6
•Comment
•Investing company unable to fulfil status requirements immediately after disposal


•Case Study 7
•Aggregation of holding
•Group re-organisation
•Background
•Objectives
•Stage 1
•Stage 2

•Substantial shareholder exemption

•Joint venture companies and the subsidiary exemption rule

•Conclusion
Anti-Avoidance Issues
•Introduction
•Anti-avoidance rules pertaining to the substantial shareholdings exemption
•Limitations of TCGA 1992, Sch 7AC, para 5
•Goodwill not to be regarded as untaxed profits
•The ‘sole or main benefit’ rule

•Treaty provisions (anti-avoidance or anti-abuse rules)•Anti-avoidance provisions in double tax treaties
•UK/US treaty


•Controlled foreign companies legislation
•Resident outside the UK
•Controlled by persons resident in the UK
•Lower level of taxation
•The charge to tax

•CFCs resident and established in the EU
•Overseas CFCs resident and established outside the EU
•Conclusion
Beyond UK Holding Companies: Other Uses of UK Companies (and UK Limited Partnerships ) in International Tax Planning
•Tax–efficient trading companies
•UK nominee companies
•Bank accounts
•UK nominee company commission payments
•UK service companies
•VAT
•Triangular trading
•Accounting issues
•Appearance and reality
•Tax issues
•UK trading companies
•UK trading sub-contractors
•UK sub-contractor companies
•Exemption from UK transfer pricing rules
•Aggregation of staff, turnover and balance sheet total
•Accounting and VAT issues

•UK royalty companies
•UK treaty relief for foreign withholding taxes
•Achieving reductions in foreign withholding tax under the double tax treaty
•Avoiding UK withholding tax

•UK corporation tax relief
•UK registered non-resident companies
•UK-registered companies dual-resident in Cyprus
•Residence under Cyprus law
•Residence in Cyprus under treaty law ie under the UK/Cyprus double tax treaty
•UK tax compliance issues affecting UK non-resident companies

•UK limited liability partnerships
•Taxation of an LLP and its non-UK resident members
•Management and control issues
•Trading within or outside the UK
•Non-UK resident trustees as members of an LLP: are the LLP interests owned by such trustees UK-situated assets for UK inheritance tax purposes?
•Potential loss of UK tax transparency
•Double taxation relief
•VAT
•Characterisation of UK LLPs in overseas countries
•Accounts

•Limited partnerships
•Accounts requirements of limited partnerships
•Partnerships and Unlimited Companies (Accounts) Regulations 1993
•Offshore general partners
•Avoiding the requirements of the Partnership and Unlimited Companies (Accounts) Regulations 1993

•Alternative solutions

•UK companies as ‘offshore discretionary trustees’
•Corporate residence of Jersey trustee

•Conclusion
The BEPS Action Plan 6: Treaty Planning in the New Era: Some Observations

UK Companies and Beneficial Ownership Disclosure: the PSC Register

UK Company and Partnership Formation and Statutory Administration

Appendix 1
Corporation Tax Act 2009

Appendix 2
Taxation of Chargeable Gains Act 1992

Appendix 3
Specimen Articles of Association for a UK International Holding Company

Index