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Portrait of Philip Reid

Philip Reid

Senior Associate

Contact
CMS Cameron McKenna Nabarro Olswang LLP
Cannon Place
78 Cannon Street
London
EC4N 6AF
United Kingdom
Languages English

Philip is a Senior Associate in the Tax department.

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Education

  • 2013 – LPC, University of Law, London
  • 2012 – GDL, BPP, London
  • 2008 – BA in English Literature, Durham University
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Expertise

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22/12/2022
Elec­tri­city Gen­er­at­or Levy: draft le­gis­la­tion pub­lished
The UK gov­ern­ment has pub­lished fur­ther de­tails of the new elec­tri­city gen­er­at­or levy (or ‘EGL’), to­geth­er with draft le­gis­la­tion to be in­cluded in Fin­ance Bill 2023. The le­gis­la­tion and ac­com­pa­ny­ing...
18/11/2022
New elec­tri­city gen­er­at­or levy in­tro­duced
The UK gov­ern­ment has an­nounced the in­tro­duc­tion of a wind­fall tax on cer­tain elec­tri­city gen­er­at­ors in the form of the ‘elec­tri­city gen­er­at­or levy’, a new 45% tax levied on ‘ex­traordin­ary re­turns’...
17/11/2022
In­crease and ex­ten­sion of En­ergy Profits Levy
The UK gov­ern­ment has today an­nounced a 10% in­crease in the en­ergy profits levy ap­ply­ing to profits from UK oil and gas activ­it­ies, tak­ing it from 25% to 35%. The end date for the levy has also been ex­ten­ded...
26/05/2022
New oil and gas wind­fall tax in­tro­duced
The UK gov­ern­ment has an­nounced today the im­me­di­ate in­tro­duc­tion of a 25% wind­fall tax – de­scribed by the Chan­cel­lor as a “tar­geted, tem­por­ary en­ergy profits levy” – on profits from UK oil and...
13/07/2020
FTT con­siders scope of UK tax charge on be­ne­fits re­lat­ing to oil fields
In the re­cent case of Roy­al Bank of Canada v HM Rev­en­ue & Cus­toms [2020] UKFTT 0267 (TC), the First Tier Tribunal con­sidered wheth­er UK cor­por­a­tion tax could be charged on pay­ments made un­der a sale and...
19/08/2019
Tax cov­en­ant no­tice pro­vi­sions con­sidered in Court of Ap­peal
In Sto­bart Group Ltd & Sto­bart Rail Ltd v Sto­bart & Tink­ler [2019] EW­CA (Civ) 1376, the Court of Ap­peal con­sidered the ex­tent to which val­id no­tice had been giv­en of a tax cov­en­ant claim pri­or to the...
14/08/2019
Up­date: Tax in­dem­nit­ies in In­ter­na­tion­al M&A
Min­era Las Bam­bas SA & An­or v Glen­core Queens­land Ltd & Ors [2019] EW­CA Civ 972 was an ap­peal from a High Court judg­ment of 20 Septem­ber 2018. In that judg­ment, the High Court had held that the sellers...
21/01/2019
En­tre­pren­eurs’ Re­lief: good news at last
In an at­tempt to con­tin­ue the sea­son­al spir­it, we have some good news in re­la­tion to En­tre­pren­eurs’ Re­lief (“ER”). There has been ma­jor con­cern that a lot of man­age­ment and em­ploy­ee share­hold­ers...
30/10/2018
Budget 2018: Changes to En­tre­pren­eurs’ Re­lief
In yes­ter­day’s Budget, the Chan­cel­lor in­tro­duced a num­ber of changes to En­tre­pren­eurs’ Re­lief which may have im­me­di­ate, sig­ni­fic­ant and ex­pens­ive im­plic­a­tions for any­one who is hop­ing to qual­i­fy for...
19/07/2018
Tax in­dem­nit­ies in in­ter­na­tion­al M&A: when does tax be­come pay­able?
In Min­era Las Bam­bas SA & An­or v Glen­core Queens­land Ltd & Ors [2018] EWHC 1658 (Comm), the Com­mer­cial Court de­cided that VAT was not “pay­able” for the pur­poses of a tax in­dem­nity in a share pur­chase...
22/12/2017
Con­tract split­ting in in­ter­na­tion­al con­struc­tion and en­ergy pro­jects
A re­cent de­cision of the Eng­lish High Court has con­sidered a dis­pute re­gard­ing the split­ting of an en­ergy pro­ject in­to off­shore and on­shore con­tracts for tax pur­poses. Such struc­tures rarely come be­fore...
02/12/2015
CMS ad­vises lis­ted Pol­ish house­hold ap­pli­ances com­pany, Am­ica, on the ac­quis­i­tion...
CMS has ad­vised Po­land-based man­u­fac­turer and whole­saler of house­hold ap­pli­ances Am­ica Wronki S.A. on the pur­chase of the en­tire is­sued share cap­it­al of The CDA Group Lim­ited, a UK-based re­tail­er of high...