Regulation (EU) 2023/1115 of the European Parliament and of the Council on the making available on the Union market and the export from the Union of certain commodities and products associated with deforestation and forest degradation and repealing Regulation (EU) No 995/2010 came into force on 29 June 2023.

Companies are sometimes unsure whether a transaction affecting them qualifies as the transfer of a business as a going concern (TOGC). This is a crucial question in identifying a number of potential risks, including VAT liabilities. If a TOGC has occurred, the transaction is not subject to VAT if the acquirer is registered for VAT and continues a business that does not involve asset stripping or liquidating the company.

The CIT Act requires companies to assess whether they have incurred expenses in acquiring and maintaining a luxury executive vehicle (LEV) for each tax period. This article explores how to determine the value of an LEV and what costs are chargeable to CIT, as well as looking at the new CIT treatment effective from 1 January 2024 of LEVs that are used for a long time.