Tax relief for impairments n the credit crunch在信贷紧缩损害税收减免.pptVIP

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2018-06-19 发布于福建
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Tax relief for impairments n the credit crunch在信贷紧缩损害税收减免.ppt

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Tax relief for impairments n the credit crunch在信贷紧缩损害税收减免

Tax relief for impairmentsin the credit crunch David Southern The crisis Willingness to lend Value of collateral Circularity German banking crisis of 1931 No credit Restructuring Tax consequences Creditors – relief for write-downs Debtors – restructuring Equity related losses Debt related losses Six principles Every transaction is debt or equity Substance v form Loan notes QCB v non-QCB Bells and whistles Assigned according to payments rights and obligations Some dilemmas Scylla v Charybdis Accounts consolidation Symmetry Asymmetry Earlier recognition of losses Tax deferral Revaluation of investments CDOs Trading Non-trading Restructurings Novations Tax event Up-front recognition ‘related transactions’ Charges and expenses Recharacterisation Third parties Substitute debtor Transfer of assets Guarantee called Guarantor becomes loan creditor Group substitution rules Connected parties Transfer pricing rules Connected party rules Work in quite different ways Treated as equity loss Restricted rules on connection Transfer pricing ‘Provision’ More extensive than connected party rules Corresponding adjustments If both UK resident Bifurcation Assumption of conversion Redemption is share price falls Investor suffers income loss Treated as capital loss for tax Debt-equity swaps Scheme of arrangement In satisfaction of a debt In consideration of a release No credit in debtor Deemed releases Change in control of debtor Debt waivers Gives rise to tax charge Subject to five exceptions Statutory insolvency arrangement Connection Past connection/insolvent creditor No connection prior to insolvent debtor Debt swapped for ordinary shares Insolvency arrangements Liquidation Administration Administrative receivership Fixed charge receiver Pre-liquidation tax – unsecured claims Post-liquidation tax is an expense ERIP Conclusion Monetising tax losses Greater marginal impact than additional profits Recouping losses suffered elsewhere in the organisation Importance of tax function *