Tax Insights

August is for the important decisions: whether to sit by the pool or the beach, whether to have that extra scoop of ice cream or whether to enjoy that glass of wine in the pub garden on a summer evening. So as to allow sufficient time for life’s weightier matters to be considered properly, we’ve kept the MTN short this month.

With the UK in the grip of its best summer since 1976 (although no greenfly invasion just yet) this month we look at a number of issues that are just right for considering while on the beach or in the garden under a shady tree. Well they are if you, like us, find tax fascinating! First, we consider the ground-breaking U.S. Supreme Court decision in Wayfair that opens up internet businesses to U.S. state taxes. Next is a case study considering the effects of Brexit on a business that provides services rather than goods to the EU…

To honour the World Cup, this month the MTN is about a subject close to FIFA’s heart, transparency. We start with a favourite of several tabloids and politicians, that of entities registered in the last echoes of the British Empire in the Caribbean. We then cover the latest announcements from the Finance Ministers of the EU, one of which we are very interested in! Our third article discusses how funds interact with BEPS Action 6 on preventing inappropriate access to treaty benefits.

Our articles in this edition are an eclectic mix, perfectly matching the weather. We start with a look at a South African provision that shows that what looks like a short cut can end up making your journey longer. Next we consider a few options regarding how UK Fund Managers can trade in the EU as they face Brexit. Finally we finish by commenting on a recent HMRC consultation for yet another anti-avoidance regime.

Our articles this month cover over a century of tax issues from the very recent to tax conundrums that Lord Grantham would recognise. Rozi starts us off with her article on the Cypriot deduction for notional interest. The fact that she is the youngest in the office has no bearing on her writing about the most recent issue.

As we approach the end of March, so we say a brief farewell to our Practice Manager, Jamie, who is getting married later today. We wish him and his beautiful bride, Catherine, nothing but the best. In the grand tradition of weddings, we offer something old, something new, something borrowed and something blue for our newsletter this month.