TAX PLANNING IN THE BREXIT ERA and Post November 23rd Autumn Statement and Finance Act 2016

Delegates may register for the full day or the morning or the afternoon session

Full Day

Delegate Fees

£750 + VAT (£150) = £900 for both sessions

£450 + value added tax (£90) = £540 for either the morning or afternoon session

Early booking fee for bookings received before November 5th

£650 + VAT (£130) = £780 for both sessions

£400 + VAT (£80) = £480 for either the morning or afternoon session

Brexit will have potential positives and negatives for taxpayers.  While its adverse impact on the economy of the UK will depress income and gains, it will remove current restrictions on taxing provisions and ceilings on tax rates.

Four important aspects of tax law are currently the subject of review: the taxation of foreign domiciliaries, so called “disguised remuneration”, the taxation of partnerships and penalties to gag “enablers” of tax avoidance. To what extent can one take preemptive action before April 6th 2017?

Substantial changes have already been introduced and are planned to be introduced concerning the taxation of United Kingdom land.  How can enveloped properties be now de-enveloped?

Variations of trust, judicial and extra-judicial, can be advantageous in tax planning terms. Recent developments in case law make unjust charges on trusts easier to avoid.

The Supreme Court has recently issued a decision on unenforceable trusts overriding law established for hundreds of years.

These topics will be covered by a panel of speakers, all from Old Square Tax Chambers, Lincoln’s Inn, WC2A 3UE, 020 7242 2744, taxchambers@15oldsquare.co.uk.

Speakers

Robert Venables Q.C. (Chairman)

Amanda Hardy Q.C.

Philip Simpson Q.C.

Rory Mullan

Harriet Brown

Oliver Marre

Mary Ashley

TIMETABLE

09.00 Delegate Registration

09.30 Chairman’s Introduction

09.40   The Likely Effect of Brexit on United Kingdom Taxation – Robert Venables Q.C.

Repeal of European Communities Act – Retrospectivity? –  Likely Transitional Provisions – Status of European Court of Justice decisions re charges pre Brexit and post Brexit.

Direct Taxes – effects of EU Law overrides being abolished – Further Likely Changes to United Kingdom  Tax Law.

Indirect Taxes – likely position – interpretation post-Brexit of pre-Brexit legislation.

Proposed New Human Rights Act: likely effect on challenges to United Kingdom tax legislation.

10.10   Developments in the Taxation of Land Transactions – Rory Mullan

New Finance Act 2016 rules on transactions in UK land – Replacement Anti-Avoidance Provisions: changes of substance – extension of charges on non-UK residents – income tax treatment of transactions in UK land – restrictions on interest relief

11.00  Discussion Session with Coffee

11.15 Partnership Taxation Revisited Post August 2016 Consultative Document –  Oliver Marre

Existing Income Tax Treatment of Partnerships and Partners – Existing capital gains tax Position of Partnerships and Partners – Existing inheritance tax treatment of partnerships and partners.

Changes proposed by the Consultative Document

Downsides of Limited Liability Partnerships As Revealed by Ingenious Film Partners 2 LLP v HMRC

11.55  De-Enveloping United Kingdom Residences Owned by Companies Mary Ashley 

Current Advantages and Disadvantages of “Enveloped” Residences – ATED Annual Charges – Capital Gains Tax on ATED-related Gains – Capital Gains Tax Principal Residence Relief – New NRCGT Charge – Stamp Duty Land Tax and Stamp Duty – Current Inheritance Tax Advantages – New Inheritance Tax Charges on Enveloped Properties – Downsides of Shadow Directors – Tax Consequences of De-enveloping –  Inheritance Tax Alternatives to Enveloped Properties?

12.30  Close of Morning Session

13.30 Registration for those Attending Afternoon Session Only

14.00  Chairman’s Introduction to Afternoon Session

14.05 “Disguised Remuneration” Changes Post August 2016 Consultative Document – Robert Venables Q.C.

New Charges to Tax on Non-Existent Income – Finance Act 2016 Changes – Future Changes – Threatened 2019 Retrospective Tax Charge – Contractor Strategies – Close Company Profit Extraction Strategies

14.45 Tax-Efficient Variations of Trusts post Pemberton v Pemberton and Unenforceable Trusts Post – Amanda Hardy Q.C.

Variations under the Variation of Trusts Act – Variations by Trustees and Appointors – Variations by Beneficiaries.

Unenforceable trusts: the Supreme Court decision in Patel v Mirza [2016] UKSC 42  – What remains of theTinsley v Milligan test?

15.20  Penalties for Enablers of Tax Avoidance – Philip Simpson Q.C.

The Consultation Document of August 2016 – The Response of the English Bar – The Way Forward

16.05 Discussion Session with Tea

16.20 Non-UK Domiciliaries – Harriet Brown

Proposed Reforms – August 2016 Consultation Paper – New Deemed Domiciled Rules – Excluded Property Settlements – United Kingdom domiciles of Origin

17.00 Panel Session and Questions to Speakers

17.30 Close of Seminar

 Conferences Terms and Conditions

Cancellations in writing 14 days prior to the seminar qualify for a refund subject to a £50 charge. Cancellations within 14 days prior to the seminar do not qualify for a refund.

Disclaimer: Key Haven Publications Ltd reserves the right to change the speakers or the programme for any reasons beyond its control or on account of changes in the law. Nothing in the talks or discussions or the prepared notes constitute legal advice. They are simply an expression of the speakers’ views, put forward for consideration and discussion. No action should be taken nor omitted in reliance on them but independent professional advice should be taken in every case. Neither the speakers nor Key Haven Publications Ltd accept any legal responsibility for them.

Warning: Neither Key Haven Publications Ltd nor the speakers gives any licence to any person to record and/or reproduce in any format (including sound and/or visual recording) (a) any Notes prepared in conjunction with this seminar; (b) the delivery by any speaker of any talk or any response to any question or discussion, in whole or in part, on any of the above. Any such unlicensed recording or reproduction or the making of any such epitome or transcript is a civil wrong and could well involve the commission of a criminal offence.

[Posted: 24 October 2016]