About Peter Rayney

Peter Rayney practices as an independent tax consultant. His main specialisms are corporate tax, company reorganisations, corporate finance tax (including company sales and acquisitions) and all aspects of owner managed business taxation. Peter worked at BDO LLP for nearly 20 years, acting most recently as their National Tax Technical Partner. He is a widely-recognised tax author and lecturer and regularly contributes to the professional press. He won Taxation's 'Tax Writer of the Year' award in 2002 and was shortlisted for the award in 2008, 2009, and 2011. Also, in 1994, Peter won the Chartered Institute of Taxation Fellowship Thesis prize for his thesis on "Selling companies for a deferred consideration (with particular reference to earn-outs)". Peter currently chairs the ICAEW Tax Faculty's SME Business Tax Committee.

PRTC is very pleased to sponsor RUSH at Beneath The Wood Sanctuary

We were so pleased to sponsor the most lovely adorable pony – called Rush – who recently joined the Beneath The Wood Sanctuary in Wales. He was brought to the Sanctuary as a sad abandoned pony and we just felt it was right to help with his upkeep and well-being.

We absolutely love the great and kind work done by Sasha at the Sanctuary, which looks after dogs with behavioural problems and other animals needing a safe haven.

You can follow this wonderful Sanctuary on Twitter at @BTWsanctuary and any help you can give them would be most appreciated by Sasha.

Of course, Rush could not resist posing for us -what a poser – well done lad!

"I am the handsome one"

“I am the handsome one”

"Is there some for me?"

“Is there some for me?”

"Do you like my new coat?"

“Do you like my new coat?”

 

Third-time winner of ‘Tax Writer of The Year’ at the 2018 Taxation Awards

I was really thrilled to win the ‘Tax Writer of the Year’ award at this year’s Taxation Awards, which was held at the Hilton On Park Lane in London.

It was a great night as my dear friend – Robert Jamieson – also picked up the Lifetime Achievement Award.

Thank you to everyone involved…

Peter and Robert show off their Tax Awards

Peter and Robert show off their Tax Awards

Peter's caricature drawn by Chrissy Marshall at the Tax Awards evening

Peter’s caricature drawn by Chrissy Marshall at the Tax Awards evening

Peter was presented with his award by host comediene Susan Calman

Peter was presented with his award by host comediene Susan Calman

As appearing in the Taxation Awards Winners Brochure

As appearing in the Taxation Awards Winners Brochure

PRTC – Proud sponsors of the West Ham United Player’s Player of the Season Award

We were both thrilled and honoured to sponsor the club’s Player’s Player of the Season award 2018. This is a very special accolade since it is chosen by the team. This year the award was given to Marko Arnautovic (who took two other awards, thus bringing him a well-deserved ‘hat-trick’ on the night!)

The evening was held-together expertly by compere’s Gabby Logan and ex-Hammer centre-half Alvin Martin.

It was wonderful to see Hammer legend Ken Brown receive this years Lifetime Achievement Award. We will always remember his humbling speech  – what a true gentlemen.

We all had a terrific night on our table with great banter and camaraderie amongst our guests, who were
– Alan Janes (Producer – The Buddy Show)
– Barry Jefferd (Chartered accountant and Tax adviser)
– Dave Wright (Publisher – Bloomsbury Professional)
– James Hughes (Recruitment/consultant)
– Joanne Baum (Beauty Therapist)
– Roy Smith (Owner – Roy Smith Building Maintenance)

We were also joined by Marko Arnautovic and Josh Cullen – who were both great fun to talk to.

A big thanks to everyone at the Club for making it a highly memorable evening

Here are some of our photos from the evening…

Peter just about to present Marko with his trophy

Peter just about to present Marko with his trophy

Marko with his Player's Player Award

Marko with his Player’s Player Award

PRTC photo shoot with the team

PRTC photo shoot with the team

Patricia getting her 'cast' signed by Adrian

Patricia getting her ‘cast’ signed by Adrian

Alvin Martin, Mark Noble and Gabby Logan

Alvin Martin, Mark Noble and Gabby Logan

Alan, Marko, and Peter

Alan, Marko, and Peter

Peter & Josh Cullen

Peter & Josh Cullen

Barry and James in conversation

Barry and James in conversation

Alvin Martin quizzes 'The Gaffer'

Alvin Martin quizzes ‘The Gaffer’

Sartorial elegance - our 'player' guests - Marko and Josh

Sartorial elegance – our ‘player’ guests – Marko and Josh

Joey with Marko

Joey with Marko

Glamour girls - Patricia and Joey

Glamour girls – Patricia and Joey

PRTC featured in the Awards brochure

PRTC featured in the Awards brochure

Roy and Dave smile for the camera

Roy and Dave smile for the camera

Joey snatching a 'selfie' with Marko

Joey snatching a ‘selfie’ with Marko

Peter Rayney
Patricia Caputo

TAXATION MAGAZINE – 90th birthday

Tolley’s TAXATION magazine celebrated its 90th Birthday in October 2017. We were proud to make a contribution to the 90th anniversary edition of the magazine, which asked various tax pundits what they would see in the 100th anniversary edition.

We also attended a great TAXATION party at The British Library, where we sampled the tasty 90th birthday cake.

TAXATION's 90th Birthday

TAXATION’s 90th Birthday

PRTC Taxation 90th years Anniversary

“Gone Digital “

'TAXATION' FIRST EDITION

‘TAXATION’ FIRST EDITION

TAXATION 90th BIRTHDAY CAKE

Provider of tax advice to CN on sale of The Bay and Lakeland Radio stations

We were very pleased to assist as tax advisors to CN on the sale of its two radio stations – The Bay and Lakeland Radio.

An extract from Radio News says

“The Bay covers North Lancashire and South Cumbria and reaches 85,000 listeners every week from its broadcast centre in Lancaster. Kendal-based Lakeland Radio transmits across the South Lakes with 16,000 weekly listeners.

Ashley Tabor OBE, founder & executive president of Global, said: “I’m pleased to announce our acquisition of The Bay and Lakeland Radio. This deal will give us coverage in new areas of the UK and means we can take our radio brands to more listeners.”

Robin Burgess OBE, chairman of CN Group, said: “We believe that both The Bay and Lakeland radio stations’ future growth and success is best placed in a focused radio operation. We are delighted Global has seen the success, and future potential, the staff and management team have built thus far. Through Global’s scale and expertise, we believe both stations have a bright future and we wish them the very best for the future.”

The deal is expected to complete at the end of November 2017.”

Proud to be lead tax advisers on sale of 60% of The Flying Music Group Ltd

We are proud to be able to announce that after some months assisting with the tax structuring advice of this deal and advising the two seller shareholders, Paul Walden and Derek Nicol, the sale of 60% of Flying Music Group to Kilimanjaro Live went though on 19 July 2017

See press announcement below.

DEAG acquires 60% of Flying Music Group Ltd

DEAG acquires 60% of Flying Music Group Ltd

PRTC sponsors ‘Best Individual Performance Award’ at West Ham United Player Awards 2016/17

We were very honoured and excited to sponsor the ‘Best Individual Performance Of The Season’ award at the 2016/17 West Ham United Player Awards evening.

It was great to see the winner this year was James Collins (aka ‘Ginger Pele) for his defiant defensive display against Swansea City which gave ‘us’ a much needed three points and a clean sheet.

Presenting James Collins with his award

Presenting James Collins with his   award

It was a fantastic night and our hosts, Tony Cottee and Bianca Westwood, proved an entertaining partnership.  We loved the expanse and setting of the Intercontinental Hotel at the O2.

Our guests loved mingling with the players and they enjoyed their ‘photo shoot’ with the first team squad.

 

Our guests with the first team squad

Our guests with the first team squad

Definitely a night to remember…

Copy of Peter’s blog on Accounting Web re HMRC’s potential challenge to ER on ‘multiple completion’ purchase of own shares transactions

Tax expert Peter Rayney replies to concerns that HMRC may deny entrepreneurs’ relief to shareholders who sell their shares back to the company.

My article, New challenge to entrepreneurs’ relief, was born out of a lecture given by a leading tax barrister based on his experience of entrepreneurs’ relief (ER) claims connected with the purchase of own share (POS) transactions being challenged by HMRC.

The arguments over the validity of these claims haven’t yet reached a tax tribunal, and any revised HMRC guidance is unlikely to be published until after such a tribunal case has been heard.

HMRC’s potential argument is that multiple completion dates used under some POS transactions don’t allow ER to be claimed on the value paid in the second and subsequent tranches.

This is contrary to every learned tax article ever written on this point, as Peter Rayney explains below.

Clearance comfort

When a POS clearance is obtained under CTA 2010, s 1044, this simply confirms that the amount payable to the shareholder under the POS transaction is not treated as a distribution (and is, therefore, subject to capital gains tax). The clearance doesn’t provide any confirmation that ER is available. So the fact that a CTA 2010 s1044 clearance has been obtained is of no real comfort to the taxpayer or his advisers.
Legal points
HMRC’s potential argument goes against the currently accepted technical analysis on multiple completion POS transactions. I see that there is a legal point on the concept of whether there is an ‘acquisition’ in the context of a POS. Indeed, I would rely on this very point when it comes to claiming a capital loss on a POS (since there is no acquisition the ‘connected party’ loss rules should not apply).
Literal approach
What we have here is HMRC taking a very literal approach to the operation of TCGA 1992, s 28 in a way that was probably never even contemplated by the draftsman or indeed by Parliament. I strongly suspect that the reason why this point is being taken has something to do with the denial of 10% CGT entrepreneurs’ relief to some innocent taxpayer.
Established practice
We should be able to rely on a ruling on this issue given back in 1989. In a statement, the Inland Revenue (as it was then) indicated its agreement to a POS being made in instalments, as reported in the ICAEW technical release 745 issued in April 1989. Indeed, para 10 (b) of the release states:
‘‘They [the Inland Revenue] take the view that as the beneficial ownership of the shares is regarded as passed at the date of the contract, a disposal for capital gains tax purposes will have taken place by the vendor at that time notwithstanding payments at later dates.’’
As far as I am aware HMRC has not retracted its agreement of this statement, so there must be a reasonable ‘legitimate expectation’ argument to run in relation to multiple completion POS transactions that have already taken place.
No avoidance
In my view, multiple completion dates used as part of a POS transaction do not involve any form of tax avoidance. The arrangements simply enable the company to ‘defer’ part of the purchase consideration in a ‘Companies Act’ compliant manner. In fact, under conventional analysis, all the CGT is paid up-front on the basis of the contract date per TCGA 1992, s 28, – so where is the mischief in that!
Looking forward
If HMRC’s new argument was ever taken to a tax tribunal, I do hope that the tribunal would take a reasonable balanced – and purposive – view of what is going on here. In my view it is an apparent ‘u-turn’ in HMRC’s tax treatment of entirely legitimate POS transactions just to deny ER.
If HMRC succeed in rewriting the CGT analysis for multiple completions, I suspect that more of us will simply be advising companies to structure their ‘buy-out’ transactions in a way that will deliver the anticipated ER CGT 10% for the ‘exiting’ shareholders. In some cases, it may necessary to use a new company (‘Newco’) as the acquisition vehicle to buy-out the shares of the departing shareholder with the existing shareholders ‘swapping’ their shares under the share exchange rules in TCGA 1992, s 135. But what an unnecessary palaver!

Peter Rayney provides independent tax advice to owner-managed businesses, tax advisers, accountants and lawyers. He also chairs the ICAEW Tax Faculty technical committee and is a CIOT council member

PRTC AT THE WEST HAM UTD PLAYER AWARDS – 2015/16 – 3 May 2016

West Ham Utd Player Awards 2015/16 Brochure

West Ham Utd Player Awards 2015/16 brochure

Best Individual Performance of the Season

PRTC sponsors of Best Individual Performance of the Season Award

Peter Rayney Presenting Michail Antonio with his award

Peter Rayney Presenting Michail Antonio with his award

We were proud to support the West Ham Utd Player Awards again this year, sponsoring the ‘Best Individual Performance of the Season’, which went to Michail Antonio for his great all round performance in the FA Premier League 1-0 win over Spurs (see above).

All our guests said they had a fantastic night at the club’s Player Awards, which was held at the lavish Hilton on Park Lane.  After a brilliant season, there was a vibrant and jubilant atmosphere in the room as we celebrated the team’s and individual player achievements.

The evening was hosted by Sky Sports F1 lead commentator and lifelong hammers fan, David Croft. The irrepressible auctioneer Jonny Gould put in an indefatigable performance playing bidders off against each other to extract the maximum cash for the benefit of the West Ham Academy.

It was great to chat to 1966 World Cup ‘hatrick’ hero Geoff Hurst and see him pick up his 2016 Lifetime Achievement Award

Geoff Hurst with his Lifetime Achievement Award

Geoff Hurst with his Lifetime Achievement Award

The PRTC guests

The PRTC guests

Dimitri ('We've Got') Payet cleaned up by taking five awards

Dimitri (‘We’ve Got’) Payet cleaned up by taking five awards and was named ‘Hammer of the year’

A word from 'happy' captain Mark

A word from ‘happy’ captain Mark

On a personal level, it was great to meet Slaven and many of the players and say ‘THANK YOU!’ for a great season – they all obliged with a selfie…here are a few of them!

...with the gaffer

…with the gaffer

...with Andy Carroll

…with Andy Carroll

.......with James Collins

…….with James Collins