Sean Wright

• Consultation on Energy Profits Levy replacement Blog Post — Tax Blog — By Jenny Doak, Eithne Bloice-Sanders and Sean Wright — March 17, 2025

  On 5 March 2025, the Government launched a consultation regarding the potential form of a new tax mechanism in times of “unusually high” oil and gas prices entitled Oil and Gas Price Mechanism (the “New Mechanism”). This New Mechanism is framed as a replacement for the Energy Profits Levy (“EPL”). The EPL was introduced in

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• Out of the Ordinary: HMRC updates its guidance on the meaning of “ordinary share capital” Blog Post — Tax Blog — By Oliver Walker and Sean Wright — November 06, 2024

  On 29 October 2024, HMRC updated its guidance on the meaning of “ordinary share capital” (OSC) in order to exclude non-cumulative fixed rate shares from the definition. The update follows a request for clarification from the Chartered Institute of Taxation (CIOT). In their response, HMRC confirmed their view that “whether a dividend is cumulative or not

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• First Labour Budget Set for 30th October Blog Post — Tax Blog — By Oliver Walker, Jenny Doak, Sean Wright and Erica Rees — August 01, 2024

  In her address to Parliament on Monday, 29th July, Rachel Reeves, the new Chancellor of the Exchequer, has announced that she will deliver her first Budget on Wednesday, 30th October. Reiterating her commitment not to increase “tax for working people”, the Chancellor has said that her October Budget is intended to “fix the foundations of

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• Tax and the General Election 2024: The Manifestos Blog Post — Tax Blog — By Oliver Walker, Jenny Doak, Aron Joy, Sean Wright and Erica Rees — June 14, 2024

  On 22 May 2024, UK Prime Minister Rishi Sunak announced that the UK would hold a general election on 4 July. In the weeks following that announcement, there has been mounting speculation regarding the tax measures that each party might adopt if successful. During the week commencing 10 June, the incumbent Conservatives, Labour and the

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• “Speedy” use of non-trading deficits leads to “Kwik” decision from the Court of Appeal on the unallowable purpose rule Blog Post — Tax Blog — By Sean Wright, Oliver Walker and Erica Rees — May 22, 2024

  On Friday 3 May 2024, the Court of Appeal upheld the decisions of the First Tier Tribunal (“FTT”) and the Upper Tribunal (“UT”) in the case of Kwik-Fit Group Ltd and others v HMRC [2024] EWCA Civ 434, thereby dismissing the taxpayer’s appeal. The decision – the latest judgment concerning the UK’s “unallowable purpose” rule

  The post “Speedy” use of non-trading deficits leads to “Kwik” decision from the Court of Appeal on the unallowable purpose rule appeared first on Weil Tax BLOG.

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