Tax and the City: November 2011 briefing

Samarkand represents a surprise loss for the taxpayer in respect of a ‘plain vanilla’ film partnership scheme. The widely framed disguised remuneration rules continue to produce unintended results, including for employees of groups in financial difficulty. The distributions rules are set to be tweaked again. The ECJ arrives at a sensible place on the VAT treatment of sales of distressed debt. HMRC is refused leave to appeal Mayes and the First-tier Tribunal adopts a contorted approach to do down the planning in Land Securities. Further discussion of a GAAR is postponed.