A reminder of PLC Tax materials to help those new to tax law. (Free access.)
Do you have newly qualified lawyers joining the tax department? Are you a trainee moving to your firm's tax department and wondering what tax is all about? Have you moved in-house and found yourself having to get to grips with tax law? We have put together a list of tax materials that we hope you will find useful when arranging training for newly qualified and trainee solicitors or looking for material for yourself.
Close speedreadFor an introduction to direct tax, see:
Practice note, Direct taxes (www.practicallaw.com/5-107-3724).
Practice note, Income tax: general principles (www.practicallaw.com/0-385-1243).
Practice note, Tax on chargeable gains: general principles (www.practicallaw.com/1-205-7008).
For an introduction to VAT, see Practice note, Value added tax (www.practicallaw.com/2-107-3725).
For an introduction to stamp taxes (Stamp duty, Stamp Duty Land Tax and Stamp Duty Reserve Tax) see:
Practice note, Stamp duty (www.practicallaw.com/3-368-6968).
Practice note, Stamp duty land tax (www.practicallaw.com/0-107-3726).
Practice note, Stamp duty reserve tax (www.practicallaw.com/5-200-4032).
For an introduction to the taxation of partnerships, see:
Practice note, Partnerships: tax (www.practicallaw.com/2-203-2362).
Practice note, Limited liability partnerships: tax (www.practicallaw.com/3-107-3918).
Practice note, Limited partnerships: tax (www.practicallaw.com/1-382-5442).
For an introduction to the taxation of investment vehicles, see:
Practice note, Investment funds: tax: introduction (www.practicallaw.com/3-382-5441).
Practice note, Investment trusts: tax (www.practicallaw.com/7-382-5458).
Practice note, Offshore funds: tax (www.practicallaw.com/8-382-5472).
For a list of business tax rates and limits, see Practice note, Tax rates and limits (www.practicallaw.com/6-201-2606).
Introductory guides for more specialist business and environmental taxes can be viewed on the Tax home page under Taxes (www.practicallaw.com/9-376-4393).
It is now also possible to access a series of tax books from publisher Bloomsbury Professional through the PLC homepage. Tax lawyers will be particularly interested in:
Lynne Oats and Paul Tuck: Accounting Principles for Tax Purposes, 4th Edition.
Jonathan Schwarz: Booth & Schwarz: Residence, Domicile and UK Taxation, 16th Edition.
Gerald Montagu: Norfolk and Montagu on the Taxation of Interest and Debt Finance.
Angharad Miller and Lynne Oats: Principles of International Taxation, 3rd Edition.
Anthony Davis: Taxation in Corporate Insolvency and Rescue, 6th Edition.
For more information, including a full list of available titles, see books online.
Although deal activity is still relatively diminished, corporate support work will continue to form a significant part of a newly qualified or trainee solicitor's work.
Corporate support at this level typically involves dealing with the tax aspects of share purchases/sales or asset purchases/sales. A good starting point to understand the tax differences between the two is Practice note, Share purchase or asset purchase: tax issues (www.practicallaw.com/8-369-8025).
We have a lot of material dealing with the tax aspects of share purchases/sales. This material includes practice notes, standard documents, drafting notes and negotiating guides. These can be viewed on the Tax home page under Share Acquisitions: Private (www.practicallaw.com/1-103-1081).
For an introduction to the tax aspects of share purchases/sales, see Practice note, Share purchases: tax overview (www.practicallaw.com/2-372-4999).
To understand the reasons for the tax documentation, we recommend:
Practice note, Share sales: reasons for the tax indemnity (www.practicallaw.com/3-367-5007).
Practice note, Share sales: tax covenant (www.practicallaw.com/1-367-5008).
Practice note, Share sales: tax warranties (www.practicallaw.com/9-367-5009).
We have a suite of materials designed to guide the tax practitioner through the process of drafting and negotiating tax covenants and warranties. These include:
A checklist of issues to consider when putting together the first draft. See Checklist, Preparing the first draft of the tax covenant and tax warranties (www.practicallaw.com/3-384-0804).
A range of model tax covenants and warranties suitable for different situations, including a long form covenant suitable for complex or high value transactions. For the options, see Practice note: overview, Tax covenants and tax warranties (www.practicallaw.com/6-376-4479).
A detailed negotiating guide to accompany our long form buyer friendly tax covenant, Practice note, Tax covenant: long form: negotiating guide (www.practicallaw.com/2-376-3603).
A standard letter to a client explaining the tax covenant and tax warranties. See Letter explaining tax covenant and tax warranties (www.practicallaw.com/8-509-2420).
For all our materials on asset purchases/sales, see Asset Acquisitions (www.practicallaw.com/5-103-1079). For an introduction to the tax aspects of asset purchases, we recommend:
Practice note, Asset purchases: tax issues for buyer and seller (www.practicallaw.com/1-367-0973).
Practice note, Asset purchases, tax overview (www.practicallaw.com/6-376-3578).
We have a number of standard clauses and drafting notes and recommend:
PLC Corporate, Standard document, asset purchase agreement, VAT clause (www.practicallaw.com/2-107-3546) and Schedule 13, Part 7 (Tax warranties) (www.practicallaw.com/2-107-3546).
PLC Corporate, Drafting note, asset purchase agreement, VAT clause (www.practicallaw.com/0-107-5018) and Schedule 13, Part 7 (Tax warranties) (www.practicallaw.com/0-107-5018).
For a checklist of tax issues to consider when acting for a buyer on an asset purchase, see Checklist, Asset purchase: tax (www.practicallaw.com/1-385-0634).
Dealing with corporate debt is currently a very topical issue. For our practice note on the tax aspects of debt restructuring, see Practice note, Debt restructuring: tax aspects (www.practicallaw.com/5-385-2914). All our other materials dealing with the tax aspects of corporate debt, restructuring and insolvency, can be viewed on the Tax home page under Restructuring and insolvency: tax (www.practicallaw.com/7-385-2121).
We have a suite of materials on the tax aspects of private equity transactions. For an overview and links to our other materials, see Practice note, Private equity: tax overview (www.practicallaw.com/5-378-7462).
The tax treatment of financing transactions is highly technical and our practice notes reflect that. However, many firms have specialist finance teams and all tax practitioners need at least a basic understanding of the tax treatment of finance transactions. Accordingly, we recommend the following materials:
Practice note, Lending activities: tax (www.practicallaw.com/4-367-4012).
Practice note, Loan relationships (www.practicallaw.com/9-219-4959).
Practice note, Withholding tax (www.practicallaw.com/5-201-9175).
For our negotiating guide, which examines the UK tax issues that most commonly arise in loan agreements, see Practice note, Tax issues in loan agreements: negotiating guide (www.practicallaw.com/3-368-3955).
For a general overview of the taxation of employees, see Practice note, Taxation of employees (www.practicallaw.com/6-200-2122).
The taxation of termination payments is a hot topic. For a brief guide, see Quick guide, Taxation of termination payments (www.practicallaw.com/6-382-8283) and for a detailed overview of the topic, see Practice note, Taxation of termination payments (www.practicallaw.com/0-200-2422).
For a general overview of the tax treatment of property related transactions, see:
Practice note, Buying an interest in property: tax (www.practicallaw.com/7-371-5964).
Practice note, Holding an interest in property: tax (www.practicallaw.com/8-371-5973).
Practice note, Selling an interest in property: tax (www.practicallaw.com/5-371-6969).
For our materials on Finance Bills, from Budget announcements through to Royal Assent, see Practice note, Budgets, Autumn Statements and Finance Bills (www.practicallaw.com/5-376-3630).
For an explanation of how the Budget is debated, how some Budget measures are given temporary legal effect and how Finance Bills are debated, amended and enacted, see Practice note, How the Budget becomes law (www.practicallaw.com/5-383-4557).
PLC Tax also has a series of legislation trackers that allow you to track individual tax measures from their announcement in the Budget or Pre-Budget Report through to enactment in the Finance Bill or other legislation. The legislation trackers include links to all related information, such as Budget notices and consultation papers, and details of when the measures come into force. For further detail, see Practice note, PLC Tax legislation trackers (www.practicallaw.com/4-380-9624).
Staying on top of developments is crucial. To keep track of changes in corporate tax law and practice, we publish a weekly e-mail (delivered on Wednesday mornings). The contents of each month's weekly e-mails are also consolidated in a monthly e-mail. To sign up for the PLC Tax weekly or monthly e-mail, please register here.
If you would like to receive a daily e-mail with links to all tax developments we have identified from monitoring a large number of information sources, please contact your PLC account manager.
Our key dates calendar flags up key business tax developments expected for the rest of the year, with links to PLC coverage, see Key dates for corporate tax practitioners: 2012 (www.practicallaw.com/2-509-5148). At the end of each month, we publish a summary of key developments expected in the following month, which is included in the weekly and monthly e-mails.
Tax podcasts:
For podcasts on other topics, including general commercial and contract law, legal professional privilege and how EU legislation is made, see PLC Podcasts.
For more information about the features and scope of PLC Tax, see About PLC Tax (www.practicallaw.com/9-376-4661). For more detail on how to use PLC Tax, see PLC Tax: user guide (www.practicallaw.com/4-376-3763).
For information on the training which we offer to help you make the best use of PLC, see PLC Product Training. Training can be face to face, live online or by scenario-specific webinar.
