PLC Tax is an innovative web-based know-how service that provides up-to-date and practical guidance on business tax law and practice. It covers the UK tax aspects of a wide range of commercial transactions, including acquisitions, joint ventures, groups and group reorganisations, share and debt finance, collective investment vehicles, property investment and capital allowances, employment, IP and IT, partnerships, OMBs, private equity, venture capital, cross-border transactions, VAT, SDLT and insolvency. We also cover anti-avoidance, DOTAS, tax disputes and investigations and have basic guides to the main taxes.
The service is largely written by the PLC Tax professional support team (www.practicallaw.com/4-376-4140) of ten tax specialists, who have extensive experience of all forms of business tax. Our resources are supplemented by materials written by tax experts at leading firms (www.practicallaw.com/1-376-4679), which are kept up-to-date by the professional support team.
The important benefits of the service include saving fee earners' time, raising the quality of their work and, where a firm has PSLs, freeing them up to focus on client or firm specific tasks, rather than generic current awareness and maintenance of basic know-how materials (see Advantages).
PLC Tax covers business tax. We cover the tax aspects of the following main practice areas:
Corporate: M&A, joint ventures, group reorganisations, insolvency and liquidation, MBOs and private equity, enterprise investment scheme, venture capital trusts.
Finance: corporate debt, bond issues, equipment leasing, securitisation, derivatives, tax issues for lenders, Islamic finance.
Property: property investment, landlord and tenant, property development, capital allowances, construction industry scheme, stamp duty land tax, VAT.
IP&IT: exploiting intellectual property and goodwill, outsourcing.
Disputes and investigations: tax investigations, self-assessment enquiries, appeals and other tax litigation, tax group litigation orders.
Employment: employment income (PAYE and NICs), termination payments, secondments into and out of the UK, individual residence and domicile.
Energy and environment: oil and gas taxation, environmental tax measures.
Financial services: investment funds, insurance premium tax, VAT on financial services.
Cross-border: tax issues affecting multinational groups, UK inbound and outbound investment, impact of EU law, overseas tax issues in corporate and finance transactions, individual residence and domicile.
Owner-managed businesses, self-employed and partnerships: shareholder and partner tax planning, directors, service companies.
VAT and stamp duties. VAT and stamp duties aspects of common commercial and property transactions
Although PLC Tax is organised along transactional lines, we have not forgotten the fundamentals! We also have a series of general notes on corporation tax, income tax, capital gains tax, VAT, stamp duty, SDRT, SDLT, the DOTAS rules and anti-avoidance case law. These notes give the vital background knowledge in each of these areas and will be linked to the transactional materials.
PLC Tax does not cover:
Lifetime planning (inheritance tax and CGT planning for individuals) or the taxation of trusts and charities. These are covered in PLC Private Client.
Tax aspects of employee share schemes and incentives. These are covered in PLC Share Schemes & Incentives.
Pensions tax. This is covered in PLC Pensions.
PLC Tax comprises:
News: weekly summary of tax stories in the news, delivered by RSS or as part of the PLC Tax weekly or monthly e-mail. See News round-up.
Overviews, checklists, quick guides, flowcharts and FAQs to guide you through the key tax issues in the most common commercial transactions. See Overviews, checklists, quick guides, flowcharts and FAQs.
A comprehensive bank of practice notes containing clear and detailed explanations of the tax law and practice relating to a wide range of commercial transactions. These are continually updated to reflect any change in law or practice. See Practice notes.
Standard documents, including a range of tax covenants and tax warranties and precedent clearance letters to HMRC, accompanied by drafting notes. See Standard documents and letters.
Detailed negotiating and drafting guides, which enable tax advisers to comment on and negotiate the tax aspects of key business agreements. See Negotiating guides.
Comprehensive coverage of Budgets, autumn statements and Finance Bills. See Budget, Pre-Budget and Finance Bill.
"Ask the Team": applying tax law and practice to a common or topical scenario. See Ask the Team.
At a glance: monthly high level summary of key tax developments, with links to more detailed analysis. See At a glance.
Key dates for corporate tax practitioners: calendar of upcoming tax developments, including consultations and cases. See Key dates for corporate tax practitioners.
Legislation trackers: follow tax legislation as it develops, from first announcement to enactment. See Legislation trackers.
Articles from PLC Magazine and Cross-border Quarterly that are of particular interest to tax specialists. See PLC Magazine articles.
Multi-jurisdictional country Q&As on tax aspects of corporate and finance transactions and a guide to leading tax lawyers in a number of jurisdictions. See Cross-border resources.
The updates cover:
Significant new cases.
Changes in HMRC practice.
Proposed, draft and new UK and EC legislation and regulations.
Consultation papers from the EC, UK government and other relevant bodies.
They are written by the PLC Tax professional support team (www.practicallaw.com/4-376-4140) who monitor and review all relevant sources daily to identify developments which are of practical significance to the practitioner. Unlike other legal information services, PLC Tax does not simply pass on raw information. We focus on the needs of the busy tax practitioner and only report on developments that are of practical significance.
Our updates include:
Relevant background information.
An analysis of the practical impact of the development.
Each update is complete in itself, but will also include hypertext links to source materials (including transcripts for new cases), other updates and practice notes where appropriate.
You can choose to receive updates by weekly or monthly e-mail. Weekly e-mails are sent on Tuesday night and will be in your inbox on Wednesday morning. Monthly e-mails are sent on the last working day of the month and will be in your inbox the next morning.
The most recent items feature on the PLC Tax homepage, see PLC Tax. Past updates are accessible by searching on the PLC Tax website.
All PLC updates are available via RSS as they are published throughout the week (see details (www.practicallaw.com/9-501-3639) on how to subscribe to our RSS feeds), and you can follow us on Twitter at @PLCTax.
We also send out a special overnight e-mail on Budget day to all recipients of the weekly and monthly e-mails. For more detail on our Budget coverage, see Budget, autumn statement and Finance Bill (www.practicallaw.com/5-376-3630).
The updates can be integrated with subscribers' internal briefings and marketing materials.
Every working day, at around midday, we send an e-mail with links to all tax developments we have identified from monitoring a large number of information sources since we sent the previous daily developments e-mail. This e-mail also indicates which developments will be analysed in an update and included in the weekly or monthly e-mail. This e-mail will be particularly useful to PSLs, information professionals and those who need to monitor developments on a daily basis. To sign up for this e-mail, please contact your PLC account manager or the Practical Law Company helpline (www.practicallaw.com/7-102-1343).
The news round-up keeps subscribers abreast of tax-related news in the UK and abroad from a wide range of sources. The round-up summarises each news item and gives a link to the original source, to provide the most pertinent news in a concise and comprehensive format. The round-up is circulated in the weekly e-mail and by RSS, bringing essential tax news to subscribers' inboxes.
The service also gives access to a number of user-friendly overviews, quick guides, FAQs and checklists. These act as an introduction or aide memoire to ensure that important points of tax law and practice are covered in a transaction. For examples, see PLC Tax: overviews and quick guides (www.practicallaw.com/2-376-6258) and PLC Tax: checklists, flowcharts and FAQs (www.practicallaw.com/6-376-6261).
Practice notes are detailed, practical explanations of the law and practice applying to a particular topic. For experienced tax advisers, they provide up-to-date and reliable statements of law and practice. Junior practitioners will use them to gain an understanding of relevant areas not yet acquired through practice. The notes may also be used as the basis for in-house training sessions.
Practice notes are kept up-to-date by our specialist and experienced professional support team (www.practicallaw.com/4-376-4140) whenever the relevant law and practice changes.
For a list of practice notes on PLC Tax, see PLC Tax: practice notes (www.practicallaw.com/3-376-5343).
The service includes standard documents and letters. They are kept up-to-date by our professional support team (www.practicallaw.com/4-376-4140) as the relevant law and practice change.
The documents and letters are supplemented by drafting notes. These give guidance on the relevant legal and drafting issues, assisting you to adapt the example to your own or your client's specific requirements.
The standard documents and letters provide an easily searchable bank of information to save time for the busy practitioner.
Practical Law Company has developed an application allowing certain documents to be downloaded in a firm's house style, saving substantial time for fee-earners and secretaries. For more information, see PLC Firmstyle.
For a list of standard documents and letters (plus drafting notes) on PLC Tax, see PLC Tax: standard documents, letters and drafting notes (www.practicallaw.com/8-376-6260).
Negotiating guides go beyond the explanation in the drafting notes (see Standard documents and letters). They are detailed guides, which explain to tax advisers how to:
Draft common tax documents.
Tailor the document to their client's situation.
Respond to the other side's comments.
They also help practitioners commenting on a document to:
Identify the key provisions.
Draft and negotiate any necessary changes.
The negotiating guides will cover common tax contractual documents, such as tax covenants, tax warranties, tax opinions and the tax provisions in facility agreements. For examples, see PLC Tax: negotiating guides (www.practicallaw.com/8-376-6830).
Our one-stop shop coverage typically includes:
What can we expect in the Budget/Autumn Statement? A round-up of announcements that we expect, sent about a week before the event.
PLC Tax overnight e-mail. All recipients of the PLC Tax weekly and monthly e-mails will have in their inbox on the morning after the Budget and Autumn Statement an e-mail summarising all the key tax announcements, with links to all relevant press releases and other official materials and to relevant PLC Tax practice notes and updates.
Comment. All recipients of the PLC Tax weekly and monthly e-mails will be e-mailed an article with the comments of leading tax practitioners on what they consider to be most interesting or important in the Budget/Autumn Statement.
Maintaining our materials. We update all PLC maintained resources, such as practice notes, overviews, standard documents and drafting notes, to reflect the Budget, Autumn Statement and the Finance Bill as soon as possible.
Detailed analysis. Where appropriate, we will write more detailed analysis of Budget or Finance Bill measures.
Legislation trackers. The PLC Tax legislation trackers track individual measures from the first press release to enactment and entry into force, see PLC Tax legislation trackers (www.practicallaw.com/4-380-9624). You can also track Finance Bills at Budget, Autumn Statement and Finance Bill (www.practicallaw.com/5-376-3630).
To see our previous Budget, Autumn Statement and Finance Bill coverage, see Budget, Autumn Statement and Finance Bill (www.practicallaw.com/5-376-3630).
Ask PLC Tax is a resource in which PLC Tax editors answer subscribers' general questions on tax law and practice (within the scope of the PLC Tax service). Questions and answers that are of general interest to tax practitioners are published (anonymously if preferred) on the Ask PLC Tax homepage. Subscribers are encouraged to browse queries or to use the search facility to find queries and add comments to share information.
At a glance" is a monthly high level summary of key tax developments, launched in October 2008. Each update summarises the key developments in tax law and practice over the past month, giving practitioners the main points they need to know at a glance. Links to our full legal updates are included for each item.
To view previous issues, see At a glance: archive (www.practicallaw.com/0-384-0594).
Our key dates calendar flags up key tax developments expected for the rest of the year, with links to previous 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.
A series of tables that track the stages in legislating a tax proposal. We include links to press releases, consultation papers, comments from the professional bodies and parliamentary materials. We cover the following areas: compliance, corporate, disputes, employment, energy, environment, finance, intellectual property, investigations, investment structures, owner-managed businesses, property and VAT. To view the legislation trackers, see Tax legislation trackers (www.practicallaw.com/4-380-9624).
The service provides access to tax related content in PLC Magazine. Feature articles can be read on screen in simple text or PDF format, complete with graphics.
PLC Tax subscribers have free access to the Tax on Transactions multi-jurisdictional guide, which consists of concise and practical summaries of tax on corporate and finance transactions in a number of jurisdictions.
We have brought together some key reading for trainees joining the tax department and for newly qualified tax lawyers, see Tax training materials for those new to tax law (www.practicallaw.com/4-503-0924).
The service is delivered through a website using advanced technology specifically developed by Practical Law Company to provide a seamless source of managed know-how to the practitioner in an easy-to-access form. Its features include:
Searching. All text is fully searchable. Searches can be refined by type of material (for example, standard documents only) or within a specified time period.
Index. Alternatively, you will be able to browse topic areas and access information via the PLC Tax homepage.
Links. Frequent hypertext links will take you seamlessly to additional information in other Practical Law Company materials and external sources, if required.
Integration. You can integrate your own know-how materials closely with those of the service while maintaining confidentiality. For further information, please contact your account manager, or call the PLC helpline (www.practicallaw.com/7-102-1343).
The Practical Law Company professional support team comprises over 90 experienced former practitioners covering a wide range of law. To view their profiles, see PLC professional support team.
The PLC Tax service has a consultation board (www.practicallaw.com/1-376-3279). They advise on the direction of the service and are used as a sounding board on points of law and practice.
The service is a cost-effective tool for any practitioner working in the area of business tax.
Save practitioners' time and enhance their productivity.
Improve the quality, speed and accuracy of the service to clients.
Bring trainees and recently qualified advisers up to speed quickly and effectively.
Ensure practitioners are aware of relevant current developments and their practical implications.
Allow firms and legal departments with professional support lawyers to focus their resources and time on firm and client-specific know-how and finding innovative solutions to new transaction problems instead of routine information gathering.
Attract, maintain and motivate good tax practitioners.
For further information, please contact our sales department on the Practical Law Company helpline (www.practicallaw.com/7-102-1343).