Entity Recognition for UK Tax - The Essentials
This 5 hour virtual classroom session will review and discuss the principal issues relating to entity recognition for a UK taxpayer.
It is aimed at accountants and tax practitioners whose clients have interests in an overseas entity.
What You Will Learn
This live and interactive session will cover the following:
- Why does the type of entity matter for UK income tax, CGT, CT, IHT, SDLT purposes?
- UK tax treatment of transparent and opaque entities
- When is an entity transparent for UK purposes?
- When is an entity opaque UK purposes?
- Importance of foreign legal characterisation and evidence: Rae v Lazard Investment Co Ltd
- How to answer entity recognition issues - refresher on key cases:
- Memec plc v HMRC
- Revenue and Customs Comrs v Anson
- The provisions of non-UK legislation, articles of association, by-laws, agreement or other document governing the entity’s creation, continued existence and management
- HMRC’s entity recognition list
- Nature of interest in foreign entity / ‘shares’ / consequences for UK purposes
- Tax consequences arising from non-UK entities within corporate holding structures
- Tax issues relating to ‘Baker’ trusts, Unit Trusts, Limited Partnerships, Scottish Limited Partnerships
- Tax issues arising on reconstruction and reorganisation of foreign entities by UK taxpayers
- Return of capital by a foreign entity
- Double taxation agreements and non-UK entities: residence, double tax relief
- Stamp duty issues: non-UK situs assets, marketable securities
- US entities and structures: Check the Box, Delaware entities, Living Wills
- Tax consequences for foreign entities carrying on business in the UK
Please let us know if you wish to be notified.