Top 10 Tax Headlines from UK The Finance Act 2009 introduced new rules regarding the taxation of foreign profits with the aim of maintaining the UK's competitive position in the global economy. In this article we consider the impact of these changes for investment trust companies and authorised investment funds. In R (on the application of Prudential plc and another) v Special Commissioner of Income Tax and another an English court has held that legal advice privilege does not extend to cover advice about law (e.g. tax law) given by accountants. Carbon credits are licences to emit carbon dioxide or “permits to pollute”- and are seen as a vital weapon in the battle against climate change. The primary tax concerns for property owners include income tax, loss relief, CGT and deductible expenses. The standard rate of VAT will return to 17.5% on 1 January 2010. This increase in VAT will have an immediate bottom-line impact for businesses selling goods or services that cannot immediately increase prices and for businesses that are unable to reclaim VAT in full. Historically, offshore funds have been used as investment vehicles to minimise the impact of UK tax by keeping income profits offshore. As an example of how obscure cases in the European Court of Justice (ECJ) can have unexpected consequences, the decision of the ECJ in Swiss Re Germany Holding GmbH v Finanzamt München für Körperschaften on 22 October 2009 takes some beating. The onshore world still views the world's IFC's with deep suspicion, blaming them in part for the multitude of onshore scandals and fiscal difficulties that have arisen over the years. The majority of IFC's cleaned up their acts many years ago; but old prejudices are hard to dispel, apparently. The legislation, introducing the Senior Accounting Officer (SAO) measures, places personal accountability on senior financial officers in relation to accounting arrangements that support the basis of various UK tax filings. The Government have announced in a Written Ministerial Statement that changes will be made in next year's Finance Bill, with effect from 14 October 2009, to amend the UK tax rules applying where existing debt is purchased at a discount by a company connected to the debtor. | 
