Hosted on Bloomsbury Professional's easy-to-use online platform, Norfolk and Montagu on the Taxation of Interest and Debt Finance provides an authoritative, pragmatic and accessible guide to the taxation treatment of interest and debt finance for both individuals and companies.
Continually reviewed to ensure that the content is accessible and up to date, the text offers unprecedently broad and deep integrated coverage of both the law and accounting practice and as they stand today and have stood in previous years. The text has also been expanded, in recent years, to offer thematic commentary on the approach taken by the courts to 'deeming' provisions, 'purpose' tests and the meaning of 'payment', providing an unique and invaluable resource for solicitors, barristers, accountants and all tax practitioners.
Which key topics are covered?
The wide range of topics covered in this text include:
- what constitutes interest and whether interest is yearly;
- withholding tax, the CRS, DAC and FATCA;
- the taxation of employment-related and close company loans (including the disguised remuneration rules);
- stamp tax, IHT, CGT and VAT treatment of interest and loans; and
- the taxation of repurchase and stock lending arrangements.
What have recent releases covered?
Recent releases have covered a multitude of topics, including:
- the hybrid mismatch rules;
- the interest restriction;
- the pre, and post, 1 April 2017 loss relief rules;
- the 5 April 2019 loan charge;
- the OECD Multilateral Convention on Double Taxation Agreements;
- the Court of Appeal's decisions on UK source interest in Ardmore Construction v HMRC ( EWCA Civ 1438) and on QCB redenomination in HMRC v Nicholas Trigg ( EWCA Civ 17);
- the Supreme Court's decision on restitutionary interest in Prudential Assurance Company v Commissioners for HMRC ( UKSC 39);
- the April 2018 IHT DOTAS hallmarks relating to debt finance;
- the decisions of the GAAR Advisory Panel relating to loan-based disguised remuneration schemes; and
- implications of the Data Protection Act 2018 and the EU (Withdrawal) Act 2018 for topics covered in this book.
What will forthcoming releases cover?
Future releases will cover the Supreme Court's decisions on short interest in Anthony Lomas v HMRC and the CGT reorganisation provisions in Hancock v HMRC, as well as the Finance Act 2019.
When should you consult this resource?
The expert advice within this text is invaluable in a wide range of day-to-day scenarios, such as:
- advising a private client from an income tax, CGT or IHT perspective in relation to a borrowing or debt investment;
- determining whether interest has a UK source or whether a compensation payment could be subject to withholding tax;
- restructuring the borrowings of a group of companies; and
- consulting commentary on repealed provisions when considering how to respond to a 'follower notice'.