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LLPs and tax transparency Limited liability partnerships are bodies corporate with a legal personality separate from that of their members. But an LLP which carries on a trade or business with a view to profit is treated as a partnership for income and corporation tax purposes. Employment Bulletin - June 2020 Topics covered in this bulletin: European Court of Justice finds that an employment contract could be transferred to more than one transferee  Beneficial transfer-related changes to employees’ contracts prohibited by TUPE Period of garden ... The General Court raises the bar for the European Commission to block mergers in oligopolistic markets This briefing discusses the potentially wide ramifications for future merger cases arising from the General Court’s judgment in CK Telecoms UK Investments Ltd v Commission. The General Court’s judgment in CK Telecoms UK Investments Ltd v Comm... EFIG: European Banking Newsletter - June 2020 Developments covered in this month’s edition include: TARGET2 and TARGET2-Securities - ECB publishes update on consolidation project Single Supervisory Mechanism - ECB amending Regulation on the reporting of supervisory financial inf... No fixed establishment through parent-subsidiary relationship Or at least not automatically. A company established outside the EU does not have a fixed establishment for VAT purposes in an EU Member State merely because it has a subsidiary in that Member State. The Court of Justice confirmed this, and that a supplie... Partnership taxation: still a work in progress? Given the general view of partnership taxation – “they’re just transparent, right?” – it is somewhat surprising that how a partnership interest is accounted for, or whether a pre-sale profit distribution is made, or even poss... Latest decisions relating to breaches of directors’ duties This briefing looks at two recent cases where directors are disqualified, censured and criticised for breaching their duties. On 22 April 2020, the High Court ordered some former directors of Long Success International (Holdings) Limited be disqualified ... Working safely during COVID-19: new guidance for employers On Sunday evening, the Prime Minister called for employees who cannot work from home to be “actively encouraged” to return to the workplace. This marks a shift in messaging from "stay at home" to "stay alert", and provides ... Tax and the City Review for May 2020 Mike Lane and Zoe Andrews examine the decision in Union Castle and whether an accounting debit is a loss for tax purposes; the HMRC consultation on tax changes required as a result of the withdrawal of LIBOR; and the tax implications raised by COVID-19 fo... COVID: Rethinking Dividends As companies listed in Hong Kong enter the annual cycle of results announcements, reporting and annual general meetings, the market has seen a number of companies announcing no dividends or a cancellation of dividends previously declared. The perennial qu...