International tax planning: UK companies and partnerships:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Bristol
Jordan Publ.
2015
|
| Ausgabe: | 4. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Früher u.d.T.: UK international holding companies, 2003 |
| Beschreibung: | XXVI, 230 S. graph. Darst. |
| ISBN: | 9781784730505 1784730505 |
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| 100 | 1 | |a Palmer, Martin |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a International tax planning: UK companies and partnerships |c Martin Palmer ; John Dewhurst |
| 246 | 1 | 3 | |a U.K. companies and partnerships |
| 250 | |a 4. ed. | ||
| 264 | 1 | |a Bristol |b Jordan Publ. |c 2015 | |
| 300 | |a XXVI, 230 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Früher u.d.T.: UK international holding companies, 2003 | ||
| 650 | 4 | |a Holding companies / Great Britain | |
| 650 | 4 | |a International business enterprises / Taxation / Great Britain | |
| 650 | 4 | |a Multinationales Unternehmen | |
| 650 | 4 | |a Steuer | |
| 651 | 4 | |a Großbritannien | |
| 700 | 1 | |a Dewhurst, John H. Ll. |e Sonstige |0 (DE-588)17068749X |4 oth | |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-027776992 | ||
Datensatz im Suchindex
| _version_ | 1804152951188488192 |
|---|---|
| adam_text | CONTENTS
Preface v
Table of Cases xvii
Table of Statutes xxi
Table of Statutory Instruments xxiii
Table of International and Foreign Material xxv
List of Abbreviations xxvii
Chapter 1
UK Companies and Partnerships: An Introduction to UK Tax Liability
and Double Taxation Relief 1
1.1 Introduction 1
Advantages supporting the UK as an international corporate
domicile 1
1.2 Corporate residence in the UK 3
The incorporation rule 3
The exception to the incorporation rule 4
Example 1 4
The importance of s 18(4)(b) 5
Section 18 - hindrance ...? 6
Section 18 - ... or help? 7
Example 2 7
UK incorporation shopping 8
1.3 UK companies: UK taxation of non-UK source income 9
Introduction 9
Foreign trades 9
Foreign tax and double taxation issues 10
The OECD Model Tax Convention’s concept of a
permanent establishment 10
UK companies with overseas permanent establishments:
double taxation relief 12
The significance of the ‘business profits article’ of the
OECD Model Tax Convention 12
Example 3 13
UK companies and the ‘branch profits exemption’ 13
Election for branch profits exemption 14
Exclusions from the branch profits exemption 14
The branch profits exemption and losses 15
Relief for losses 15
viii International Tax Planning: UK Companies and Partnerships
Irrevocability of elections 15
Other considerations 15
1.4 UK companies and foreign dividends 16
Foreign dividends received by UK companies: international
tax issues 16
Diminished importance of the credit relief rules 17
The dividend article of the OECD Model Tax Convention 17
The conditions for treaty benefit 19
UK residence 19
1.5 The OECD double tax treaty concept of ‘beneficial ownership
of income’ 20
Indofood International 21
More recent case-law developments 22
1.6 Interest 23
UK companies paying interest 24
UK source interest 24
Factors pointing to a UK source of interest 24
Planning points for UK debtors 25
Foreign interest income receipts and UK double tax treaty
benefits 25
1.7 Overseas royalties 26
UK source issues relating to royalties 27
Example 4 27
Foreign royalty income and double tax treaty benefits 27
1.8 Royalty or business profits? 29
1.9 Capital gains 29
The substantial shareholder exemption 29
1.10 Limited liability partnerships (LLPs) and limited partnerships 30
Example 5 31
Example 6 31
Chapter 2
The Impact of European Law on International Tax Planning for UK
Companies 33
2.1 The supremacy of EU law 33
2.2 The principle of freedom of establishment within the EU 34
Example from European case-law of host state restriction:
the Avoir Fiscal case 35
Example from European case-law of origin state restriction:
the Baars case 35
Can restrictions on a treaty freedom ever be justified? 36
Is the prevention of a reduction in a Member State’s tax
revenue a justification for restricting a treaty freedom? 37
Overlapping freedoms: when does the freedom of
establishment prevail? 38
Example 1 : The Lasertec case 39
2.3 The free movement of capital guarantee 39
Restrictions on capital movements 40
Contents ix
Restrictions on capital movements involving third countries 40
2.4 Dealing with offending national legislation 43
2.5 Impact of EU law on UK tax legislation applicable to UK
companies 44
The UK’s CFC rules 44
Example 2 45
Genuine economic activity’ under EU law 45
Company migration 46
Loss relief 48
Thin capitalisation (Thin Cap GLO) 49
Dividends (FII GLO) 51
2.6 The EU Directives 51
Parent/Subsidiary directive 52
Anti-abuse rules in the source or host state 52
Branches 53
Double tax treaties 53
Interest and Royalties directive 53
Concept of associated companies 54
Anti-abuse provisions 54
Beneficial ownership 55
2.7 Conclusion 55
Chapter 3
UK International Holding Companies and Foreign Dividend Income:
the Exemption Regime 57
3.1 Introduction 57
3.2 Small companies 58
3.3 Medium-sized and large companies 58
The UK company controls the dividend-paying company:
s 931E of the CTA 2009 59
Non-redeemable ordinary shares: s 93IF 59
Portfolio shareholdings: s 931G 59
Dividends paid in respect of relevant profits: s 9311 60
Dividends similar to interest 60
Broad scope of the exemption rules 60
3.4 Election for a foreign dividend not to be exempt 61
Example 61
3.5 Debt cap 62
3.6 Where the exemption does not apply: the foreign tax credit
rules 62
Chapter 4
Company Residence 63
4.1 Residence and treaty protection 63
4.2 Domestic law considerations 63
UK-incorporated parent companies 64
Offshore companies and the EU directives 64
4.3 Treaty law and Corporation Tax Act 2009, s 18 65
X
international Tax Planning: UK Companies and Partnerships
4.4 Central management and control and place of effective
management 65
Central management and control 65
Wood v Holden 66
Diagram 1 67
Diagram 2 68
Place of effective management 71
The Wensleydale case 72
4.5 Conclusion 74
Chapter 5
The Corporation Tax Exemption for Capital Gains 75
5.1 Introduction 75
5.2 Meaning of substantial shareholding’ 75
The qualifying period 76
Example 1 76
Example 2 77
5.3 UK company status requirements: sole trading company or
member of trading group 77
Sole trading company 77
(a) What is a trading company? 77
(b) The concept of a trade 78
Meaning of the word substantial’ 80
The company’s trading history 80
The extensive scope of the meaning of the term trading
activities’ 81
Investment activity 81
Seeking new acquisitions 82
Evaluating potential acquisitions 82
Business plans 82
Paying dividends 82
Land and property development activities 82
Member of a trading group 83
(a) What is a group? 83
(b) What is a trading group? 83
(c) Trading activities 83
5.4 Status requirements of the investee company 84
Trading company 84
Holding company of a trading group or sub-group 84
Example 3 84
Trading sub-groups 85
Example 4 86
The qualifying period and the time immediately after
disposal 86
Ownership of the UK company 87
Treatment of holdings in joint venture companies 87
5.5 Examples and commentary 87
Example 5 88
Contents xi
Scope of the definition of trading activities in Sch 7AC 88
Meaning of ‘significant interest’ 90
Example 6 91
Example 7 92
Example 8 93
Example 9 94
Example 10 96
Investing company unable to fulfil status requirements
immediately after disposal 97
Example 11 97
Aggregation of holding 98
Group re-organisation 99
Example 12 99
Background 99
Objectives 100
Substantial shareholder exemption 102
Joint venture companies and the subsidiary exemption rule 102
Example 13 102
5.6 Conclusion 104
Chapter 6
Anti-avoidance Issues 105
6.1 Introduction 105
6.2 Anti-avoidance directly applicable to the foreign dividend
exemption rules 105
Section 931J (Controlled company dividends) 106
Section 931K (Non-redeemable ordinary shares) 106
Section 931L (Portfolio holdings) 107
Section 931M (dividends economically equivalent to
interest) 107
Section 93IN (Deductions) 107
Section 9310 (Payments for distributions) 107
Section 93IP (Reduction in profits in return for dividends) 107
Section 93IQ (Artificial diversion of trade receipts) 108
6.3 Anti-avoidance rules pertaining to the substantial
shareholdings exemption 108
Limitations of TCGA 1992, Sch 7AC, para 5 109
Example 1 110
Goodwill not to be regarded as untaxed profits 110
The ‘sole or main benefit’ rule 111
6.4 Transfer Pricing 111
The arm’s length principle 112
Example 2 112
The search for the arm’s length provision 112
Connected party relationships 113
Transfer pricing exemption for small and medium-sized
enterprises
113
xii International Tax Planning: UK Companies and Partnerships
Transfer pricing data thresholds 113
Example 3 114
Aggregation of staff, turnover and balance sheet total 114
Example 4 115
Example 5 115
Thin capitalisation 115
Record-keeping 115
6.5 The UK’s Controlled Foreign Companies (CFC) rules 116
6.5.1 The CFC exemptions 116
Gateway tests 117
6.6 The General Anti-Avoidance Rules (GAAR) 117
Counteracting abuse 118
6.7 The conditions for treaty benefit: considerations for a UK
company 119
Article 1: Persons covered 119
Articles 5 and 7: the permanent establishment and business
profits articles 120
Article 9: Associated Enterprises 120
Articles 10, 11 and 12: the dividend interest and royalty
articles 121
Article 13: the capital gains article 121
Comment 122
Article 24: the non-discrimination article 122
6.8 BEPS Action Plan 6: preventing treaty abuse 124
What is treaty shopping? 124
Comment 124
The three-pronged approach to treaty-shopping: (1)
Preamble to the convention 125
The three-pronged approach: (2) The
Limitation-on-Benefits5 provisions (LOB) 126
Paragraph 2 126
Paragraph 3 127
Paragraph 4 128
Paragraph 5 128
The three-pronged approach: (3) The general anti-abuse
rule: the principal purpose5 test 128
Conclusion 129
Chapter 7
Beyond UK Holding Companies: Other Uses of the UK Company in
International Tax Planning 131
7.1 Tax-efficient trading companies 131
7.2 UK nominee companies 131
Example 1 132
7.3 Bank accounts 133
7.4 UK nominee company commission payments 133
7.5 UK service companies 134
Contents xiii
7.6 VAT 135
Example 2 135
7.7 Triangular trading 136
Example 3 136
7.8 Accounting issues 136
7.9 Appearance and reality 137
7.10 Tax issues 137
7.11 UK trading companies 138
UK trading subcontractors 138
UK sub-contractor companies 138
Example 4 139
Example 5 140
Exemption from UK transfer pricing rules 140
Example 6 141
Aggregation of staff, turnover and balance sheet total 141
Accounting and VAT issues 141
7.12 UK royalty companies 142
UK treaty relief for foreign withholding taxes 142
Example 7 142
7.13 UK-registered non-resident companies 144
UK-registered companies dual-resident in Cyprus 144
Residence under Cyprus law 144
Residence in Cyprus under treaty law, ie under the
UK/Cyprus double tax treaty 145
Example 8 146
UK tax compliance issues affecting UK non-resident
companies 147
7.14 UK limited liability partnerships 149
Taxation of an LLP and its non-UK-resident members 150
Example 9 151
Management and control issues 151
Trading within or outside the United Kingdom 151
Non-UK-resident trustees as members of an LLP: are the
LLP interests owned by such trustees UK-situated
assets for UK inheritance tax purposes? 153
Potential loss of UK tax transparency 154
Double taxation relief 154
VAT 154
Characterisation of UK LLPs in overseas countries 155
Accounts 155
7.15 Limited partnerships 155
Accounts requirements of limited partnerships 156
Partnerships (Accounts) Regulations 2008 156
Offshore general partners 157
Avoiding the requirements of the Partnerships (Accounts)
Regulations 2008 157
Other solutions 158
xiv International Tax Planning: UK Companies and Partnerships
7.16 UK companies as ‘offshore discretionary trustees5 158
Example 10 159
Example 11 159
Example: Italian settlors 160
Example 12 161
Corporate residence of Jersey trustee 162
7.17 Conclusion 162
Chapter 8
UK Companies and Beneficial Ownership Disclosure: The PSC
Register 163
8.1 Introduction 163
8.2 The PSC Register 163
8.3 Duty to keep a register 164
8.4 PSC particulars 164
Example of the ‘transparency5 of PSCs under the
provisions of Sch 3, and terminology 164
8.5 The UK company s duty to investigate 166
8.6 The duty to supply information 167
8.7 Enforcement of disclosure requirements 167
Warning and restrictions notices 167
‘Relevant interests5 168
Effect of restrictions notices 168
Criminal offences 168
Cessation of restrictions 169
8.8 Persons with significant control 169
Condition 1 169
Condition 2 170
Condition 3 170
Condition 4 170
Condition 5 170
Comment 171
Definitions 171
8.9 Register of people with significant control 172
8.10 Inspection and copying of the register 172
8.11 Obligations of searchers of the PSC Register 172
8.12 UK company’s required response to a PSC Register search
request (s 790P) 173
8.13 PSC searcher’s criminal offences (s 790R) 173
8.14 Alternative method of record-keeping (s 790V) 174
8.15 Effect of election 174
8.16 Inspection rights of searchers of the central register 175
8.17 Other rights of persons relating to the central register 175
8.18 Protection from disclosure 176
8.19 Critique 177
Disproportionality 177
Where is the level playing field? 178
Will the PSC Register be a reliable source of information? 178
Contents
xv
Hazards to PSCs 179
Prejudice to the UK Money Laundering Regulations 179
8.20 Observation 180
An elephant in a room is impossible to overlook 182
8.21 Disengaging persons from significant control 182
Trusts 183
Example 183
Fragmenting shareholder control 184
Example 184
Share option agreements 184
Limited partnerships 185
Example 186
8.22 Will the Bill become law? 187
8.23 Conclusion 187
Appendix 1
Corporation Tax Act 2009 189
Appendix 2
Taxation of Chargeable Gains Act 1992 197
Appendix 3
Public Discussion Draft Extract from BEPS Action Plan 6 : Preventing
the Granting of Treaty Benefits in Inappropriate Circumstances 217
Article X Entitlement to Benefits 217
Index
223
|
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| isbn | 9781784730505 1784730505 |
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| spelling | Palmer, Martin Verfasser aut International tax planning: UK companies and partnerships Martin Palmer ; John Dewhurst U.K. companies and partnerships 4. ed. Bristol Jordan Publ. 2015 XXVI, 230 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Früher u.d.T.: UK international holding companies, 2003 Holding companies / Great Britain International business enterprises / Taxation / Great Britain Multinationales Unternehmen Steuer Großbritannien Dewhurst, John H. Ll. Sonstige (DE-588)17068749X oth Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027776992&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Palmer, Martin International tax planning: UK companies and partnerships Holding companies / Great Britain International business enterprises / Taxation / Great Britain Multinationales Unternehmen Steuer |
| title | International tax planning: UK companies and partnerships |
| title_alt | U.K. companies and partnerships |
| title_auth | International tax planning: UK companies and partnerships |
| title_exact_search | International tax planning: UK companies and partnerships |
| title_full | International tax planning: UK companies and partnerships Martin Palmer ; John Dewhurst |
| title_fullStr | International tax planning: UK companies and partnerships Martin Palmer ; John Dewhurst |
| title_full_unstemmed | International tax planning: UK companies and partnerships Martin Palmer ; John Dewhurst |
| title_short | International tax planning: UK companies and partnerships |
| title_sort | international tax planning uk companies and partnerships |
| topic | Holding companies / Great Britain International business enterprises / Taxation / Great Britain Multinationales Unternehmen Steuer |
| topic_facet | Holding companies / Great Britain International business enterprises / Taxation / Great Britain Multinationales Unternehmen Steuer Großbritannien |
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