Norfolk and Montagu on the Taxation of Interest and Debt Finance
Gerald Montagu, Felicity Cullen KC, and E.C.D. Norfolk
Norfolk and Montagu on the Taxation of Interest and Debt Finance
Norfolk and Montagu on the Taxation of Interest and Debt Finance provides an authoritative, pragmatic and accessible guide to the taxation treatment of interest and debt finance for both individuals and companies.
Continually reviewed to ensure that the content is accessible and up to date, the text offers unprecedently broad and deep integrated coverage of both the law and accounting practice and as they stand today and have stood in previous years.
The text has also been expanded, in recent years, to offer thematic commentary on the approach taken by the courts to 'deeming' provisions, 'purpose' tests, ‘beneficial ownership’, ‘ordinary share capital’, and the meaning of 'payment', providing an unique and invaluable resource for solicitors, barristers, accountants and all tax practitioners whether working 'in house' or in private practice.
The wide range of topics covered in this text include:
- what constitutes interest
- whether interest is yearly and payable subject to withholding;
- reporting obligations under FATCA and the CRS;
- income tax, capital gains tax and corporation treatment of financing arrangements (including Shari'a arrangements);
- IFRS GAAP and UK GAAP relevant to the corporation tax treatment of financing arrangements;
- interest restriction and hybrid mismatch rules;
- the taxation of employment-related and close company loans;
- special regimes: e.g. P2P lending, the taxation of securitisation companies and QHACs
- stamp tax, IHT, CGT and VAT treatment of interest and loans;
- interest on underpaid and overpaid tax;
- the taxation of repurchase and stock lending arrangements; and
- HMRC's Code of Practice on Taxation of Banks, the Bank Levy (as rescoped from 1 January 2021) and the Bank Surcharge.