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A Henry Stewart Briefing
Tax Planning after the New Disclosure Rules

How is it to be done?
A ‘Guide for the Perplexed’

Chair
Giles Goodfellow QC – Pump Court Tax Chambers

Speakers
Patrick Cannon – Barrister at Law, 24 Old Buildings Tax Chambers
Aidan O’Carroll – National Head of Tax, Ernst & Young
Christopher Cox – Partner, Beachcroft Wansbroughs
Lorraine Parkin – Tax Partner, RSM Robson Rhodes
Toby Price – Senior Manager: Stamp Tax Team, Deloitte
Michael Thomas – Barrister at Law, Gray’s Inn Tax Chambers
John Watson – Head of Tax Practice, Ashurst


The New Rules Explained – Who is affected? How are they affected? What are they required to do?

  • Why the Inland Revenue have introduced the new rules
  • Who are the promoters?
  • What needs to be disclosed?
  • When does it need to be disclosed?
  • What needs to be included in the disclosure?
  • The transitional rules

 

Areas of particular doubt and uncertainty

  • What is a tax advantage and how do you pick the comparator?
  • What is a main benefit?
  • When is a tax planning idea “available for implementation”?
  • How will we live with the 5 day deadline?
  • How will taxpayers react to the new regime?
  • How will tax planning change?
  • How will the regime evolve over the next few years?

 

Legal Professional Privilege and the New Disclosure Regime: How will it work?

  • Scope of legal professional privilege
  • Three Rivers District Council v Bank of England - has anything changed?
  • The draft Inland Revenue Guidance - right or wrong?
  • Legal Professional Privilege in VAT Disclosure
  • Who can claim Legal Professional Privilege?

 

What we need to do now:
Personal Tax Planning

  • Personal tax planning following the new disclosure rules: the latest Ramsay case-law in Arrowtown and Carreras
  • Capital Gains Tax planning following the Finance Act 2004: what has changed?
  • Inheritance tax and the new income tax charge on pre-owned assets: what scope for planning?
  • Anti-avoidance measures introduced in the finance act 2004
  • National insurance mitigation and private companies: IR 35 and s. 660A IVTA 1988 – where are we now?
  • The practical effect of the new system for trusts

 

Corporate Tax Planning

  • Employment related securities
  • Debt and derivative products
  • Getting profits out of the EU
  • Transfer pricing
  • Thin capitalisation

 

Stamp Duty Land Tax Planning

  • Reducing the lease duty charge
  • Use of reliefs to transfer property into companies and unit trusts
  • Asset acquisition planning: what can be done?
  • The planning challenge for house builders and other developers

 

VAT Planning

  • Commercial drivers
  • What has changed?
  • Scheme registration: will this work in practice?
  • Scheme notification: what are the new rules?
  • Property specific considerations