This note provides an overview of the law and practice relating to the execution of simple contracts and deeds under the laws of England and Wales. It includes a summary of when a written contract may be necessary, the main differences between simple contracts and deeds, those transactions for which a deed is required, the legal formalities for creating a valid deed and the procedure to follow when exchanging executed documents by virtual means.
This practice note is a basic summary of the tax issues that frequently arise in respect of commercial lending transactions carried on by banks. Among other things, it considers distribution treatment for interest, withholding tax, stamp duty and VAT. NOTE: This resource is being reviewed in light of the 2015 Autumn Statement and Spending Review. For more information, see Legal Update, 2015 Autumn Statement and Spending Review: key business tax announcements.
This practice note is a summary of the UK withholding tax rules on payments of interest and certain other payments (such as annual payments, guarantee payments, patent royalties and other royalties). It considers when withholding arises (including when interest has a UK source and when it is "yearly interest" rather than "short interest"). It also considers exemptions, such as the Quoted eurobond exemption and exemption under double tax treaties, and outlines the effect of the EU savings tax directive. Further, it discusses documenting for withholding tax, including gross-up clauses, and accounting for tax withheld. NOTE: This resource is being reviewed in light of the 2015 Autumn Statement and Spending Review. For more information, see Legal Update, 2015 Autumn Statement and Spending Review: key business tax announcements.