Jake Landman
Head of the Tax Disputes and Investigations team, Jake has specialised in tax disputes in our market leading team since qualification and was promoted to Partner in 2021. He impresses clients by citing extensive practical experience of dealing with HMRC and all aspects of the tax litigation process. Clients trust his knowledge of the tax disputes process and he receives consistently great feedback. He has worked on the team’s most high-profile cases involving both direct and indirect tax. He is highly rated by Counsel from the leading tax chambers as a result of their positive experiences in working with him on those cases.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2009
Experience
- Pinsent masons (2007 - Present)
- KPMG (2009 - 2009)
Membership
- Law Society of England and Wales
Qualification
- England and Wales (2009)
Education
- BPP Law School (2007)
- Nottingham Law School (2006)
- University of Nottingham: BA Hons (2005)
1 Contributions by Jake Landman
PRACTICE NOTES
UK corporation tax (CTA 2009 ss 133A–133N): banks’ customer compensation—non-deductibility and 10% notional trade receipt; scope, disclosure condition, exclusions, entities affected and 2015 commencement
This Practice Note sets out the rules that, with effect from 8 July 2015 (or 15 July 2015 for corporate partners):
bar banking companies from deducting specified compensation outgoings for tax purposes, and
require an amount equal to 10% of the non-allowable compensation to be brought into the banking company’s taxable profits
This Practice Note does not address the recipient’s tax position on bank compensation. That question has been examined in cases including O’Neil v HMRC and Hackett v HMRC. For further detail, see Practice Note: Direct tax treatment of damages and compensation payments.
Reasons behind the rules
The government introduced measures denying relief for banks’ compensation payments and treating banks as receiving a notional trade receipt of 10% of the disallowed amount, in order to:
‘protect the Exchequer from banks’ past management failures’, and
‘ensure the [banking] sector makes an appropriate contribution to restoring the public finances’
This was considered necessary due to an ‘unprecedented’ (and rising) volume of compensation paid by banks to customers for the banks’ own misconduct, including mis-selling payment protection insurance (PPI), interest rate hedging and card...
Tax
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