In prior advisories, we have discussed the new withholding tax law commonly known as “FATCA” (standing for “Foreign Account Tax Compliance Act”). (See “FATCA’s July 1 Effective Date Has Arrived; Last-Minute Guidance Has Been Issued” and “Last Substantial Package of FATCA Regulations Released; Deadlines Approaching”.) To help implement FATCA, the Internal Revenue Service (IRS) issued new, updated withholding certificates (i.e., W-9s and W-8s) so that payees of U.S. source income can provide applicable FATCA […]

Last year the UK government launched a Patent Box incentive scheme, enabling companies with granted UK patents to benefit from a reduced rate of corporation tax. Under this scheme, any profits derived from products that incorporate the patented product are subject to a reduced rate of corporation tax: 10% when fully implemented, rather than around 20%. The idea behind the scheme was to encourage companies to profit from patenting, and to boost […]