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Corporate issues legal updates

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Shoosmiths recruits new corporate team in Manchester
Shoosmiths has added a corporate team to its Manchester office with the recruitment of a partner and two associates from Halliwells.
Date: 2010-07-28

Bribery Act 2010: A joined-up approach to correct documentation
The requirement for ‘adequate procedures’ under the Bribery Act 2010 means businesses will want to ensure they have the appropriate documentation in place before this autumn, when the new, so-called Corporate Offence is expected to come into force.
Date: 2010-07-09

Shoosmiths advises RBS on GCI Telecom Group funding
Shoosmiths has advised Royal Bank of Scotland (RBS) on its financial backing of GCI Telecom Group Ltd’s acquisition of the shares in Netservice UK Ltd and WAN Services Ltd from Netservices plc.
Date: 2010-07-09

Multi-discipline Shoosmiths team helps seal Fortis/Kwik-Fit deal
A cross-discipline Shoosmiths team has helped client Fortis (UK) buy the insurance broking arm of motor repairer Kwik-Fit for around £215m.
Date: 2010-07-08

Charities' cost-sharing arrangements may soon be more attractive
At a time when many charities have seen a decline in their income, cost-sharing arrangements between them may seem appealing.
Date: 2010-07-05

Let your employees watch the World Cup? Don't forget to claim tax relief
Employers who allowed staff to watch England’s World Cup matches should not forget that they may be able to claim tax relief on any expenditure incurred.
Date: 2010-06-30

Directors: Act now to appoint natural persons
The Companies Act 2006 introduced a requirement for all companies to have at least one director who is a ‘natural person’.
Date: 2010-06-29

Emergency Budget 2010: Summary
The Chancellor delivered the 2010 Emergency Budget on 22 June. Here are the main tax points of interest.
Date: 2010-06-23

The new UK Corporate Governance Code: What does it mean for the board?
The new UK Corporate Governance Code was published on 28 May by the Financial Reporting Council (FRC)
Date: 2010-06-15

Spotlight on SDLT sub-sales
HM Revenue & Customs (HMRC) has added certain stamp duty land tax (SDLT) sub-sale schemes to the list of transactions it sees as ineffective due to tax avoidance motives.
Date: 2010-06-15

Corporate governance: New guidance for owner-managed, joint venture and other unlisted companies
In April 2010, the Institute of Directors (IoD) published the first edition of Corporate Governance Guidance and Principles for Unlisted Companies in Europe, an initiative of the European Confederation of Directors’ Associations (ecoDa).
Date: 2010-06-03

Flat conversions: Tax reliefs
On the conversion of commercial properties to flats, there are a number of potential reliefs or incentives that should be considered, although not all of them will be available in every case.
Date: 2010-05-24

2010 Finance Act: Employee share schemes and trusts
The Employee Finance Act 2010 contains a couple of minor amendments to approved share option schemes.
Date: 2010-05-13

Company disposals and share schemes
With the recent upturn in company disposals, it is worth remembering some basic housekeeping points where share schemes are involved.
Date: 2010-05-11

Tax reliefs: There may be more than you think
There are a number of lesser known tax reliefs which can provide businesses with valuable savings. We consider some of them below.
Date: 2010-04-27

Budget 2010: It’s worth retailers reading the small print
The general view from those in the retail sector at the time was that the 2010 Budget was largely an unhelpful non-event for retailers, with many of the key points on which assistance had been hoped for not being addressed.
Date: 2010-04-26

Businesses urged to prepare as Bribery Bill becomes law
The Bribery Bill has finally become law, introducing a completely new regime with which British businesses will need to comply.
Date: 2010-04-08

Venture Capital Schemes: Budget 2010 Update
Legislation to implement previously announced changes to the UK’s venture capital schemes will be introduced in a Finance Bill as soon as possible, in the next Parliament.
Date: 2010-03-25

Share buy-back alternatives
It has long been possible for a private company to buy back its shares from a shareholder. Provided this is properly structured any gain arising on the shareholder is taxed as a capital gain.
Date: 2010-03-18

Preparing for investment - making the most of your ideas
You’ve developed an innovative product. Whether a simple consumer item, a hi-tech solution or a social gaming website, you’ve shown it’s different and exciting.
Date: 2010-03-18

Shoosmiths' key role as bank acquires asset finance arm
Restructuring and insolvency specialists at Shoosmiths have played a key role in a bank's purchase of another's asset finance business.
Date: 2010-03-17

Shoosmiths part of coveted £35m deal success
Shoosmiths corporate specialists have helped ensure the success of the £35m buyout of software producer Amtech.
Date: 2010-03-12

New NI rules affect EU workers and employers
From 1 May 2010, the National Insurance (NI) rules that apply to employees who work in more than one EU Member State will change.
Date: 2010-03-05

Offshore bank accounts: The next step
With the deadline for voluntary disclosure under HM Revenue & Custom's (HMRC) Non-Disclosure Opportunity (NDO) having now passed, any undisclosed offshore bank accounts could now attract greater penalties.
Date: 2010-01-13

EIS, VCTS AND CVS
The Enterprise Investment Scheme (EIS), Venture Capital Trust (VCT), and Corporate Venturing Scheme (CVS) rules provide tax incentives for individuals and corporates investing in unquoted small and medium size enterprises in the UK.
Date: 2010-01-07

Pre-budget report 2009
The Chancellor delivered the 2009 Pre-Budget Report yesterday (9 December). The following is a summary of the main tax points of interest:
Date: 2009-12-10

VAT groups: threat to current grouping rules
The European Commission (EC) argued in a communication earlier this year that current UK VAT group rules allowing non-taxable persons to be VAT group members were not in line with the correct application of the VAT Directive.
Date: 2009-12-04

Beware companies buying back debt
On 14 October 2009 the Government announced new measures would apply to the tax treatment of companies buying back debt. The draft legislation was published on 9 November.
Date: 2009-11-27

VAT rate change: Are you ready?
On 1 January 2010 the rate of VAT will revert to 17.5%.
Date: 2009-11-12

Employer financed retirement benefit schemes: Avoiding pension contribution restrictions
From 6 April 2010 the top rate of income tax will increase to 50% on earnings above £150,000.
Date: 2009-11-06

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Oliver Brookshaw

Partner
T: 03700 86 8499
I: +44 (0)115 906 8499
E: oliver.brookshaw@shoosmiths.co.uk