France and the USA have amended their tax treaty; amongst the amendments is the removal of withholding of tax on royalties for the use of intangible property. The change will come into force with effect from 1st January in the year in which both countries ratify the amendment – if they get a move on, royalties paid this year could be covered.
The minutes of the HMRC/business R&D consultative commitee meeting in November 2008 have been published (pdf); of particular interest is the discussion on the treatment of expenditure on activity which may be capable of being considered to be production.
The CIOT has published a useful article on the UK tax film reliefs, particularly on qualifying as a British film, by the production accountant for Slumdog Millionaire.
MBL Seminars conference on taxation of intellectual property (disclosure – presented by the editor of this blog!)
May 4/5th in New York – http://www.atlas-sfi.com/TaxIP/schedule.htm
The EU Directive on Interest and Royalty payments between associated companies of different Member States (Council Directive 2003/49/EC) came into force on 1 January 2004 and is implemented as UK law by ss757-767 Income Tax (Trading and Other Income) Act 2005.
HMRC’s Guidance Note has now been brought up to date so that the list of types of companies which can claim under the Directive, and the list of taxes that the company (or permanent establishment) claiming exemption from UK income tax must be subject to in a Member State, take account of the twelve countries that have joined the EU in the last five years.
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New South Wales’ Duties Act treats goodwill (including certain IP rights) as subject to stamp duty in New South Wales if it relates to a business with NSW customers; this was reviewed in Gloria Jean’s Coffees International Pty Ltd v Chief Commissioner of State Revenue [2008] NSWSC 1327.