Coronavirus - Government measures in key jurisdictions - Flipbook - Page 85
United Kingdom
7
8
Tax
•
Has any new
legislation been
•
introduced in light
of COVID-19?
Company
law matters
The cash grants being offered under the UK Government’s Coronavirus Job Retention
Scheme mentioned is closely linked to HMRC’s existed pay-as-you-earn (PAYE) tax
withholding system.
Payments of VAT for the period from 20 March 2020 until 30 June 2020 may be
deferred until April 2021, regardless of the type or size of business, although the VAT
returns must still be made. However, VAT refunds and reclaims will be paid by HMRC
as normal to aid businesses’ cashflow. HMRC will also consider extending payment
deadlines for customs duty and import VAT on a case-by-case basis for importers
facing severe financial difficulties as a direct result of COVID-19.
•
Income tax self-assessment payments for the self-employed, including individual
partners in partnerships, that are otherwise due on 31 July 2020 will also be deferred
until 31 January 2021.
•
All businesses in the hospitality and retail sectors irrespective of their rateable value
are exempted from paying business rates this tax year.
•
A £25,000 grant will also be available to businesses with smaller retail, hospitality
and leisure premises that have a rateable value between £15,000 and £51,000.
•
There is also a support package for self-employed individuals who make profits of
up to £50,000 a year and who will be entitled to a taxable grant worth 80% of their
average monthly profits over the last three years, up to £2,500 a month for 3 months.
•
Coronavirus and the UK tax system
•
The UK Government announced on 28 March 2020 that legislation will be
introduced to ensure that those companies required by law to hold annual general
meetings (AGMs) (i.e. public companies and private companies that are traded
companies) will be able to do so safely and in a manner consistent with the Stay at
Home Measures.
Have any measures
been put in place
•
to accommodate
social distancing
(such as remote
general meetings)?
•
While the requirements of a valid general meeting are in part determined by a
company’s articles of association, and will need to be checked on a case-by-case
basis, the majority of companies should still be able to hold a general meeting (if
they do not wish or are unable to postpone the meeting, or to take decisions by
other methods) such as through the use of proxy votes, enabling shareholders to
participate, without needing to attend in person.
Shareholder meetings and decision making during COVID-19 lockdown
Government measures in key jurisdictions
85