Tax for retail
Tax law is a major consideration for all retail businesses. Getting the right tax result is a vital part of managing returns and avoiding pitfalls which could lead to increased tax, penalties or enquiries from HM Revenue and Customs.
By applying a practical and tailored approach to tax issues, we can provide our clients with workable commercial solutions and clear guidance on complex and ever-increasing tax legislation. Our advice is fully integrated with our corporate, property and employment teams to advise on tax issues raised by commercial deals.
What we do
- Advise over 100 national and international clients – including major national retailers.
- Real estate – we advise on structuring and transactional tax on a range of property transactions for retailers, investors, developers and local authorities, ranging from day-to-day property tax advice (e.g. freehold disposals, leases, lease renewals etc.) to more bespoke tax advice on particular transactions, especially in relation to VAT and SDLT issues.
- Corporate - we advise on corporate acquisitions and mergers, including trade sales and private equity-backed transactions. We’re comfortable working on a disposal for an owner-managed business through to acquisitions for a large corporate group, and whether backed with W&I insurance or not. We also advise on vendor tax planning on UK share disposals in the SME sector, and work closely with our corporate teams across all our offices.
- Employee share schemes – we provide tax advice and legal drafting and have a depth of experience on Enterprise Management Incentive Schemes, including bespoke and complex legal drafting around performance conditions and vesting arrangements. We also advise on Company Share Option Plans and unapproved share option schemes.
Multinational luxury brands retail group
Advising a multinational luxury brands retail group on its corporate acquisition of an online beauty retail business for an undisclosed sum, working with the client (based in mainland Europe) on the tax aspects of the legal documents, and the scope of tax-related warranty and indemnity insurance which was being sought on the deal.
UK national retailer
Advising a UK national retailer on VAT and SDLT issues on a complex redevelopment project of a flagship London store, involving short-term leases to allow for the redevelopment, and a longer-term lease for the client to take up its new premises at the store.
Delivers comprehensive advice on taxes related to property, national and cross-border M&A. Noteworthy expertise in handling VAT and SDLT matters. Frequently provides tax advice on employee and management share incentives.
The Browne Jacobson team has always been very responsive when we have had UK corporation tax queries in connection with property matters. They explain difficult issues in a clear and concise manner enabling decisions to be made with confidence.
The whole team is responsive – there is always someone there to assist or ensure that the query is passed quickly to the relevant team, and we have been pleased not to have been inundated with compliance paperwork for every instruction given.
You may be interested in...
Browne Jacobson advise B2W Group on BePro Development acquisition
Browne Jacobson advises Care Fertility Group on acquisition of CRGW
How to negotiate better ‘green’ provisions in your leases
The Metaverse's influence on real estate: Implications for commercial retail clients and law firms
How to manage retail sector supply contracts and avoid disputes
Browne Jacobson advise Cubo on investment to support expansion
Pitfalls for retailers to avoid when offering access to ‘buy now, pay later’ products
What are freeports and what benefits could they offer?
Supreme court rules on retail tenant's service charge bill
FAQs - converting to academy status
Consumer duty part 3 - 'The drill-down' into the 'cross-cutting' rules
Browne Jacobson’s retail lawyers advise Wilko on its strategic £48m sale and leaseback of Nottinghamshire distribution centre to DHL
Beauty Industry - Plastic Packaging Tax
The war on plastic is being taken to a new level, and businesses that don’t consider sourcing recycled packaging materials could face costly implications.
Fashion retailers: Is this the end for free returns?
AI generated designs on retail products
Consumer duty part 2 - 'The drill-down' into the 'cross-cutting' rules
Don't look down
An engineering company in Tyne and Wear was fined £20,000 after a worker fractured his pelvis and suffered internal injuries after falling through a petrol station forecourt canopy, whilst he was replacing the guttering.
Luxury brands and sustainability: The challenges and solutions
W (No.3) GP (Nominee A ) Ltd and another v J D Sports Fashion Plc (Nottingham County Court, 22 October 2021)
The County Court refuses the landlord’s request to include a turnover rent in a statutory lease renewal.
Browne Jacobson’s private equity team advise Palatine Private Equity on its buyout of Midlands based developer of affordable homes
Macey v Pizza Express (Restaurants) Ltd  EWHC 2847 (Ch)
A landlord did not demonstrate the requisite intention required to oppose a statutory lease renewal underground (g).
Stonecrest Marble Ltd v Shepherds Bush Housing Association Ltd  EWHC 2621 (Ch)
Where a lease provides a comprehensive scheme of repair and insurance, the court will not imply terms to cover any gaps in that scheme.
Wolverhampton based Slick Stitch secures major contract with high street retail giant
Capitol Park Leeds Plc and another v Global Radio Services Ltd  EWCA Civ 995
A tenant who handed back an empty shell of a building had complied with a condition of its break option to give vacant possession of the property.
Handing back an empty shell of a building did not prevent a tenant from exercising a break clause
Break rights have proved a fertile source of litigation over the last few years. More often than not, tenants have found themselves on the wrong end of the decisions. However, a Court of Appeal decision yesterday has bucked that trend.
Commercial landlord and tenant: Ban on evictions extended
Stephen Barclay the Chief Secretary to the Treasury has today announced that the ban on commercial evictions is to be extended to 25 March 2022.
Once, twice, three times a phoenix
Schedule 13 of the Finance Act 2020 has introduced new provisions empowering HMRC to issue a Joint Liability Notice on individuals for amounts payable by a company (including an LLP) to HMRC.
Extending Covid-19 support – how to avoid the pitfalls
Throughout the pandemic, many businesses have made good use of the HMRC-administered Covid-19 relief schemes. Such support has helped them survive the difficult economic conditions and manage staffing and revenue issues as a result of the strict lockdown rules.
Analysis: Six key aspects of the Budget 2021
Yesterday the Chancellor outlined the much-anticipated budget for 2021 which set out a financial recovery roadmap to coincide with the easing of Lockdown 3.0 over coming months.
Private sector development club - 3 February 2021
Catch up on our Private Sector Development Club on-demand video where we covered a variety of topics including managing construction projects during a global pandemic, tax and planning.
Sara & Hossein Asset Holding Ltd v Blacks Outdoor Retail Ltd  EWCA Civ 1521
A landlord’s service charge certificate was conclusive as to the sums payable by a tenant under a lease.
A landlord’s service charge certificate was conclusive as to the sums payable by a tenant under a lease
The Court of Appeal has ruled that the wording of a service charge clause precluded a tenant from challenging the sums claimed by a landlord.
Temporary VAT cuts and deferrals
The government announced on 24 September 2020 that the temporary 5% reduced rate of VAT for the tourism and hospitality sectors has been extended to the end of March 2021.
Recent changes to HMRC's policy on VAT and contract termination payments
On 2 September HMRC announced a change in its policy on the VAT treatment of compensation and damages payments in the context of early contract termination.
VAT reform proposals for the public sector - government departments, NHS and some other public bodies
The Treasury is looking to simplify and extend VAT recovery for ‘section 41’ organisations, the consultation remains open until 18 November 2020.
Can employees bring a claim when they are in breach of their contract?
Can an employee, who has been in breach of their contract in the past, successfully bring a claim for breach of contract by their employer following their dismissal?
Top 10 Tips for IR35, with Ian Deakin and James Tait
With IR35 changes moving ever closer, this webinar will take you through the changes and give you clear advice on how to get ready.
IR35 Tax update - changes to be implemented in April 2020
IR35: If it walks like a duck...
In the UK, a great number of organisations engage self-employed IR35 contractors to complete work on their behalf
Business ready for no deal Brexit?
On 31 October 2019, the UK could leave the EU without a signed withdrawal agreement. Read here for key points your business should consider.