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Choice of business vehicle—tax comparison table

Choice of business vehicle—tax comparison table This table compares the tax treatment of: • sole traders • partnerships (which in this table includes general partnerships, limited liability partnerships and limited partnerships), and • companies This table does not consider any reliefs or exemptions which may be available to particular taxpayers or any anti-avoidance provisions which might apply to particular circumstances. For the rates and thresholds applicable in the current tax year, see Practice Note: Key UK tax rates, thresholds and allowances. For further details about the tax treatment of each type of business vehicle, see Practice Note: Forms of business vehicle—tax summary. For further details on the choice between the types of business vehicle, see Practice Note: Tax influences on choice of business vehicle. Point of comparison Sole trader Partnership Company Tax treatment No separate taxable entity—sole trader taxed as individual with trading activity No separate taxable entity—partner taxed as individual on a notional trade representing his share of the partnership Separate taxable entity—company taxed on all...

What to think about before bringing a private competition action—checklist

What to think about before bringing a private competition action—checklist Is there an actionable claim? Note: private competition actions remain largely regulated by national law and procedural and substantive rules across the EU may vary significantly, therefore assessments in individual jurisdictions will need to be made when planning competition litigation. Possible causes of action • Consider if there is an infringement of UK competition law (or EU competition law prior to the end of the Brexit transition period). ◦ Consider whether the loss suffered can be attributed to an agreement or concerted action between undertakings, especially competing undertakings (see further, The prohibition on restrictive agreements). ◦ Consider whether the loss might have been caused by an entity that is arguably dominant typically with a large share of a relevant market, and could be said to have abused its dominance contrary to Chapter II of the Competition Act 1998 (and/or Article 102 TFEU if prior to the end of the Brexit transition period) (see further, The prohibition on abuse of dominance)....

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Formalising the family business—checklist

Formalising the family business—checklist Many family businesses start out with quite an informal governing structure in place; the family members have an understanding of their roles and relationships with each other, and decisions are made quickly at the kitchen table. The nature of many family businesses is that they are informal and flexible, and their objectives are often driven by doing the best for the family according to the family's values, rather than purely for the profit of the owners. However, as the business grows and more members of the family and other employees start working with them, it becomes more and more difficult to manage the business in this way. The pros and cons of formalising the family business are considered in Practice Note: Family businesses. This checklist sets out a list of questions that an adviser can put to the family (or that the family can consider themselves) to assist with setting up a structure for the family business. These questions will also help determine the matters to...

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CFC rules—assumed taxable total profits and assumed total profits

This Practice Note deals with the controlled foreign company (CFC) rules that apply for accounting periods of CFCs commencing on or after 1 January 2013.For a Practice Note on similar subjects under the rules that applied until then, see Practice Note: Old CFC rules—chargeable profits.The differences between the old and new rules are explained in this Practice Note.The terms:•assumed taxable total profits, and•assumed total profits are used throughout the CFC rules, most importantly feeding into the calculation of the CFC charge itself. Understanding their meaning is, therefore, vital to be able to apply the CFC rules properly.Meaning of assumed taxable total profitsThe assumed taxable total profits of a CFC for an accounting period are the amounts that would be the CFC's 'taxable total profits' for corporation tax purposes, applying the corporation tax assumptions (which are a series of assumptions required to be made in making the calculations, including, most importantly, that the CFC is a UK resident company) to the CFC.Taxable total profits is the measure used in calculating the...

Old CFC rules—chargeable profits [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained.This Practice Note deals with the old CFC rules that apply until the first accounting period of a CFC commencing on or after 1 January 2013. For a practice note on similar subjects under the new rules applying from that date, see: CFC rules—assumed taxable total profits and assumed total profits and CFC rules—the corporation tax assumptions. The differences between the old and new rules for these definitions are explained in those notes.Under the CFC rules, it is necessary to calculate a company's chargeable profits in order to:•apply the lower level of taxation test in determining whether a company is a CFC (for which see: Old CFC rules — lower level of taxation)•determine whether a CFC can take advantage of the exception for de minimis chargeable profits under £50,000, and•determine the amount of any CFC chargeThe assumptions and requirements for calculating a company's chargeable profits are explained in this note. For details on applications to reduce the amount that is...

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Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

Letter of claim—peer-to-peer copyright infringement

Letter of claim—peer-to-peer copyright infringement Letter of claim [Alleged infringer’s name and address] [Date] Dear [insert organisation name] Copyright infringement: [Name and description of copyright works] We are writing on behalf of [name and address of client] (‘our client’). We are writing to you about your activities and actions, which amount to an infringement of our client’s copyright. [Name of client] Our client operates in [describe: eg the computer games industry; what the copyright owner does; who in the company produces the copyright works, if relevant, how they are employed and what the copyright work is. Define or give the name of the copyright work]. Our client is the [owner OR owner-assignee OR non-exclusive licensee OR exclusive licensee] of copyright in the copyright work, a copy of which is available for inspection at our offices on request. [In accordance with section 11(2) of the Copyright Designs and Patents Act 1988 (CDPA 1988), our client owns the copyright subsisting in the copyright work because it is...

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Do contracting authorities need to redraft their standard termination clauses for contracts subject to the Public Contracts Regulations 2015?

Do contracting authorities need to redraft their standard termination clauses for contracts subject to the Public Contracts Regulations 2015? If a contracting authority’s standard form contracts do not already contain provisions which allow for termination in the circumstances specified in regulation 73 of the Public Contracts Regulations 2015 (PCR 2015), SI 2015/102 (PCR 2015, SI 2015/102, reg 73), then they should be changed. PCR 2015, SI 2015/102, reg 73 requires that contracting authorities are able to terminate contracts where: • the contract has been subject to substantial modification • where the contractor was, at the time of the contract award, subject to grounds of mandatory exclusion (meaning that it should never have been awarded the contract), and • where the Court of Justice of the European Union has declared that the contract award involved a serious infringement of the public procurement rules (under Article 258 of the Treaty on the Functioning of the European Union (TFEU)) For public contracts which do not include express provisions

Can a community interest company (CIC) have a standard limited company as a wholly-owned subsidiary? Will the subsidiary be subject to any of the restrictions that a CIC needs to comply with in order to retain its CIC status?

Can a community interest company (CIC) have a standard limited company as a wholly-owned subsidiary? Will the subsidiary be subject to any of the restrictions that a CIC needs to comply with in order to retain its CIC status? The community interest company (CIC) is a limited company which operates in order to use its profit and income for the benefit of the community it serves. The fact that it operates for this particular purpose makes such a company subject to additional restrictions which apply specifically to CICs: the ‘community interest test’ and the asset lock. The community interest test requires CICs to conduct their business in such a way that a reasonable person might consider that its activities are carried out for the benefit of its community. The ‘asset lock’ prevents CICs from transferring assets at less than market value unless the transfer falls within a category of permitted transfers, such as to another asset-locked body. If the constitution allows a CIC to pay dividends, these...

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FCA announces two brothers pleaded guilty to insider dealing

The Financial Conduct Authority (FCA) has announced that two brothers, Matthew and Nikolas West, have pleaded guilty to insider dealing at Southwark Crown Court. Between November 2016 and January 2020, Matthew West obtained confidential information from brokers through the legitimate process known as wall crossing—a standard market practice for sharing non-public, price-sensitive data. He used this information to trade shares in Proactis Holdings Plc, Palace Capital Plc, Concha Plc, and Bushveld Minerals Limited, and subsequently disclosed the details to his brother, who traded shares in Asimilar Group Plc. Their transactions resulted in total profits of £42,948. Both brothers, operating as professional day traders, pleaded guilty to six instances of insider dealing. Sentencing is scheduled for 3 July 2025, and the FCA is set to apply for confiscation orders with regards to the related proceeds.

Share Incentives weekly highlights—8 May 2025

This week's edition of Share Incentives weekly highlights includes a focus on executive remuneration, as the 2025 AGM season continues.