Companies

A trading company is owned 50:50 by a father and his son. Some years ago, the father loaned £200,000 to the company, but it cannot afford to repay this. The father would accept £30,000 in full settlement of the loan and for the balance to be written off, but will the loan relationship rules apply?

Blenheims Estate and Asset Management Ltd (TC2696)

Time for greater transparency by multinationals over their use of tax havens

HMRC have published three consultation documents concerning the direct tax aspects of the UK investment management strategy:

Vocalspruce Ltd v CRC, Upper Tribunal (Tax and Chancery Chamber)

HMRC have published a guide to creative industry tax reliefs, which allow qualifying companies to claim a larger deduction a payable tax credit when calculating their profits for corporation tax, by increasing the amount of allowable expenditure.

A company that makes a loss may be able to surrender the loss and convert some or all of it into a payable tax credit.

International corporation tax was the subject of the 2013 Wyman symposium

P & J McCann (Toomebridge) Ltd (TC2619)

How to obtain entrepreneur’s relief on liquidation

Bristol & West plc (TC2630)

As a result of Croatia entering into the European Union today, annual EU savings directive reports made by UK financial institutions to HMRC must include payments made to Croatian individuals after 1 July. The Revenue will issue reminders to organisations that currently make such returns.

Tune in to the new relief for TV and animation production companies