Gibson on the Tax Schedule
- GIBSON ON THE TAX SCHEDULE
- PREFACE TO THE THIRD EDITION
- PREFACE TO THE FIRST EDITION
- 1. THE TRANSACTIONAL PROCESS
- 2. DUE DILIGENCE
- 3. WARRANTIES
- 4. SALE AND PURCHASE OF A COMPANY
- 5. SALE AND PURCHASE OF A BUSINESS
- 6. SPECIAL SITUATIONS
- 7. SHARE SCHEME ISSUES
- 8. VENTURE CAPITAL SCHEMES
- 9. GROUP ISSUES
- 10. THE TAX SCHEDULE IN THE SALE AND PURCHASE OF A COMPANY
- APPENDIX 1 – LONG FORM TAX SCHEDULE
- APPENDIX 2 – SHORT FORM TAX SCHEDULE
- APPENDIX 3 – LONG FORM TAX WARRANTIES FOR THE SALE OF A COMPANY
- APPENDIX 4 – TAX WARRANTIES FOR THE SALE OF A BUSINESS
- APPENDIX 5 – HMRC INFORMATION & INSPECTION POWERS
- APPENDIX 6 – TIME LIMITS FOR ASSESSMENTS & CLAIMS AND RELATED MATTERS
- APPENDIX 7 – HMRC CLEARANCES
- APPENDIX 8 – OVERVIEW OF HMRC APPROVED EMPLOYEE INCENTIVE SCHEMES
- APPENDIX 9 – EIS OVERVIEW CHECKLIST
- APPENDIX 10 – SEIS OVERVIEW CHECKLIST
- APPENDIX 11 – VCT CHECKLIST
- APPENDIX 12 – PENALTIES AND ERRORS
- APPENDIX 13 – DOTAS LEGISLATION
- APPENDIX 14 – COMPANIES ACT 2006 – PART 28, CHAPTER 3
- APPENDIX 15 – THE TAKEOVER CODE RULE 15
Gibson on the Tax Schedule explains the underlying rationale of the key provisions of the tax schedule, and provides updated model long-form and short-form warranties and tax indemnities.
Since January 2014 we have witnessed continued erosion of the powers of the tax evasion industry including a new Targeted Anti-Avoidance Rule (TAAR), increased penalties and new HMRC powers, major changes in the taxation of UK property for non-UK residents and non-UK domiciles, and a recently introduced investors’ relief, similar to entrepreneurs’ relief but which is available to non-employees and directors. The service has been updated to reflect these developments.
The purpose of the service is to explain and simplify issues for tax advisors involved in transactions of buying and selling companies and business, enabling negotiations between tax advisors to keep sight of the commercial reality of the transaction (a sale by a willing seller to a willing buyer). The purpose of the tax schedule is to determine where responsibilities and risks will lie following the completion of the transaction, as well as to re-examine a number of so-called ‘market practices’.
This edition contains an extended glossary, details of new investor relief schemes and changes in legislation as announced as at 15 September 2016.
About the author
Before becoming a lawyer Eile Gibson worked as a financial analyst. She qualified as a barrister and then re-qualified as a solicitor working as a tax adviser on corporate transactions. Eile is also a chartered tax advisor with the CIOT and an associate with the Chartered Institute of Secretaries and Administrators (ACIS), and has her own London-based tax advisory practice.