All articles by Judy Harrison

Judy Harrison

Trends in transport leasing identified

A potential increase in finance use is one of the findings in the Norton Rose Fulbright transport survey

Is a lease a service or a good?

Judy Harrison discusses the latest HMRC briefing on VAT for finance leases.

The impact of the general anti-abuse rule on leasing

Over the years, the UK leasing industry has been affected by changes to the tax rules and judgments handed down by the courts

Eclipse 35 – is your business trading?

In this context it was important for individuals borrowing to invest in the leasing partnership to establish the existence of a trade as they could only claim a deduction for interest costs if the partnership carried on a trade with a view to profit

When is a trade not a trade?

In the second recent case of its kind (see No trading loss relief for partners), HM Revenue & Customs has successfully argued in Eclipse Film Partners No 35 LLP that a film leasing partnership is not trading

No trading loss relief for partners

The question of whether an equipment lessor is trading is important because it allows the lessor to surrender any tax losses it makes (for example, as a result of claiming capital allowances, the tax relief available in the UK for depreciation, on its equipment) and to receive surrenders of losses from other companies in the lessor group to reduce the lessors taxable profits

Lease accounting – getting ready

Norton Roses Judy Harrison explains why its important for lessees and financiers to act in anticipation of the proposed changes to the lease accounting standard The International Accounting Standards Board and the Financial Accounting Standards Board have been consulting for a number of years to try and agree a revised international leasing standard

Changes happen in threes

Norton Roses Judy Harrison comments on the impact of changes to the rules on capital allowances. The UK government is currently consulting on introducing changes to three areas of the rules on capital allowances A capital allowance is a special tax reduction given to companies in order to incentivise them to invest in fixed assets.

New UK legislation explained

The first will seek to preserve the current tax position of companies affected by the International Accounting Standards Boards (IASB) proposed changes to lease accounting.

Opting out of the exit charge

Matthew Hodkin and Judith Harrison of law firm Norton Rose explain the recent changes to tax on the sale of leasing companies, and outline why they have proved popular. In 2006, the UK Government introduced a series of tax changes to combat tax avoidance which resulted from the sale of leasing companies (so-called lease-tail sales)