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Practical Law Tax: key resources for those new to Tax
This document contains links to the key standard documents, checklists and practice notes that will help newly-qualified and trainee solicitors get to grips with tax law.
Scope of this note
This note is a practical starting-point for those wishing to gain familiarity with, and quick access to, the practice notes, checklists and standard documents available from Practical Law Tax.
General guides to tax
For an introduction to direct tax, see the following practice notes:
For an introduction to VAT, see Practice note, Value added tax ( www.practicallaw.com/2-107-3725) .
For an introduction to stamp taxes (Stamp duty, Stamp Duty Land Tax and Stamp Duty Reserve Tax) see the following practice notes:
For an introduction to the taxation of partnerships, see the following practice notes:
For an introduction to the taxation of investment vehicles, see the following practice notes:
For a guide to the various structures through which property may be held, see Property holding structures: tax ( www.practicallaw.com/2-529-4987) .
For a list of business tax rates and limits, see Tax rates and limits ( www.practicallaw.com/6-201-2606) .
Introductory guides for more specialist business and environmental taxes can be viewed on the Practical Law Tax home page under Taxes.
Corporate support work forms a significant part of a newly qualified or trainee solicitor's work.
Corporate support at this level typically involves dealing with the tax aspects of share purchases/sales or asset purchases/sales. A good starting point to understand the tax differences between the two is Practice note, Share purchase or asset purchase: tax issues ( www.practicallaw.com/8-369-8025) .
We have a lot of material dealing with the tax aspects of share purchases/sales. This material includes practice notes, standard documents, drafting notes and negotiating guides. These can be viewed on the Tax home page under Share Acquisitions: Private.
For an introduction to the tax aspects of share purchases/sales, see Practice note, Share purchases: tax overview ( www.practicallaw.com/2-372-4999) .
To understand the reasons for the tax documentation, we recommend the following practice notes:
We have a suite of materials designed to guide the tax practitioner through the process of drafting and negotiating tax covenants and warranties. These include:
A checklist of issues to consider when putting together the first draft. See Checklist, Preparing the first draft of the tax covenant and tax warranties ( www.practicallaw.com/3-384-0804) .
A range of model tax covenants and warranties suitable for different situations, including a long form covenant suitable for complex or high value transactions. For the options, see Practice note: overview, Tax covenants and tax warranties ( www.practicallaw.com/6-376-4479) .
A detailed negotiating guide to accompany our long form buyer friendly tax covenant, Tax covenant: negotiating guide ( www.practicallaw.com/6-600-8105) .
A standard letter to a client explaining the tax covenant and tax warranties. See Letter explaining tax covenant and tax warranties ( www.practicallaw.com/8-509-2420) .
For all our materials on asset purchases/sales, see Asset Acquisitions. For an introduction to the tax aspects of asset purchases, we recommend:
For our standard clauses and drafting notes relating to an asset purchase, see Asset purchase agreement: tax provisions with drafting notes ( www.practicallaw.com/9-506-7444) .
For a checklist of tax issues to consider when acting for a buyer on an asset purchase, see Checklist, Asset purchase: tax ( www.practicallaw.com/1-385-0634) .
Corporate debt: restructuring and insolvency
Dealing with corporate debt is currently a very topical issue. For the tax aspects of debt restructuring, see Practice note, Debt restructuring: tax aspects ( www.practicallaw.com/5-385-2914) . All our other materials dealing with the tax aspects of corporate debt, restructuring and insolvency, can be viewed on the Practical Law Tax home page under Restructuring and insolvency: tax.
We have a suite of materials on the tax aspects of private equity transactions. For an overview and links to our other materials, see Private equity: tax overview ( www.practicallaw.com/5-378-7462) .
The tax treatment of financing transactions is highly technical and our practice notes reflect that. However, many firms have specialist finance teams and all tax practitioners need at least a basic understanding of the tax treatment of finance transactions. Accordingly, we recommend the following materials:
For our negotiating guide, which examines the UK tax issues that most commonly arise in loan agreements, see Tax issues in loan agreements: negotiating guide ( www.practicallaw.com/3-368-3955) .
For a general overview of the taxation of employees, see Taxation of employees ( www.practicallaw.com/6-200-2122) .
The taxation of termination payments is a hot topic. For a brief guide, see Quick guide, Taxation of termination payments ( www.practicallaw.com/6-382-8283) and, for a detailed overview of the topic, see Practice note, Taxation of termination payments ( www.practicallaw.com/0-200-2422) .
For a general overview of the tax treatment of property-related transactions, see the following practice notes:
For an introduction to the main anti-avoidance tax cases and the latest weapons in HMRC's armoury to tackle tax avoidance, see the following practice notes:
For a guide to the various business tax notification, record-keeping, filing and payment obligations of companies, partnerships and sole traderships, see Business tax compliance obligations ( www.practicallaw.com/5-616-8142) .
Disputes and investigations
For an introduction to the enquiry process and to the more serious investigations that may follow where HMRC suspects fraud, see the following practice notes:
Budgets, Autumn Statements and Finance Bills
For our materials on Finance Bills, from Budget announcements through to Royal Assent, see Budgets, Autumn Statements and Finance Bills ( www.practicallaw.com/5-376-3630) .
For an explanation of how the Budget is debated, how some Budget measures are given temporary legal effect and how Finance Bills are debated, amended and enacted, see How the Budget becomes law ( www.practicallaw.com/5-383-4557) .
Practical Law Tax also has a series of legislation trackers that allow you to track individual tax measures from their announcement in the Budget or Pre-Budget Report through to enactment in the Finance Act or other legislation. The legislation trackers include links to all related information, such as Budget notices and consultation papers, and details of when the measures come into force. For further detail, see Practical Law Tax legislation trackers ( www.practicallaw.com/4-380-9624) .
Practical Law Tax has a tracker to allow you to track the progress of a case through the tribunals and courts, see Tax case tracker ( www.practicallaw.com/7-523-9272) .
Devolution of revenue-raising powers to Scotland and Wales
For links to developments on devolution of taxes:
Practical Law has a number of resources dealing with the legal implications of Brexit for various sectors, see Brexit: the legal implications.
Keeping up to date
Staying on top of developments is crucial. To keep track of changes in corporate tax law and practice, we publish a weekly e-mail (delivered on Wednesday mornings). The contents of each month's weekly e-mails are also consolidated in a monthly e-mail To sign up for our emails, click on the silhouette icon at the top right-hand corner of the Tax practice area page, select "Email preferences", choose the UK tab and tick the boxes for Tax.
If you would like to receive a daily alert with links to all tax developments we have identified from monitoring a large number of information sources, you can do so here.
Our key dates calendar, which you will find on the right-hand side of our Tax home page, flags up key business tax developments expected for the rest of the year, with links to our coverage. You can add reminders to your own Outlook calendar by clicking on the button at the side of an item to download and then save.
Ask Practical Law Tax
Did you know that you can contact our team with questions about our materials or issues you have encountered? Your question and our answer may be published anonymously on Ask Practical Law Tax and other subscribers can join the discussion.
How to use Practical Law
For more information about the features and scope of Practical Law Tax, see About Practical Law Tax ( www.practicallaw.com/7-536-2766) . For more detail on how to use Practical Law, including search, e-mail sign-up and training, see our User Guide You can find the guide on our Help page (link at the bottom of each webpage), which also contains tutorials, FAQs and a training request form.