UK: Gaining Clarity – The VAT Position Of Financial Advisers Is Becoming Clearer

After many months of debate, and two important decisions by the courts (Bloomsbury Wealth Management at the Tax Tribunal and Deutsche Bank at the CJEU), it seems that HMRC and the financial sector have moved a little closer to understanding one another. At least, the position of a financial adviser post-retail distribution review (RDR) is becoming somewhat clearer.

The guidance notes produced by HMRC, and more recently the Personal Finance Society, don’t cover every possible action by an […]

By |January 20th, 2013|

Australia: Proposed Reforms to Part IVA

On Friday 16 November, the Assistant Treasurer released the much-anticipated draft of legislation to amend Part IVA. These changes follow a number of defeats for the ATO which, the ATO said, demonstrated fundamental flaws in the existing design. Assuming they are enacted in their proposed form, the amendments will change several features of Part IVA but it remains to be seen whether the Courts will agree that they have the effects the government seeks. […]

By |January 14th, 2013|

United States: Key Energy Tax Provisions Included In ‘Fiscal Cliff’ Legislation

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012 to address the tax rate hikes and expiring tax incentives to avert the “fiscal cliff.”  President Obama signed the legislation into law on January 2, 2013.  The legislation included important provisions to businesses, including extending the production tax credit for wind energy facilities through 2013 and requiring that a qualified facility begin construction (rather than be placed in service) before January […]

By |January 11th, 2013|