Reclaiming Your VAT
Reclaim the VAT on your Euromoney Training Courses in the UK
Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.
Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.
How can I claim the VAT back paid on a course?
There are two ways in which you can claim back VAT back from the UK.
Option 1 - Directly through HM Revenue and Customs
The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form.
For European clients, please refer to form VAT 65.
All other clients, please refer to form VAT 65A.
Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming.
Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim. VAT IT will review, process and submit your VAT refund on your behalf.
VAT IT will charge a percentage of the VAT refund if/when it is successful.
If you want to find out more about this service, please email your details to: email@example.com
You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.
Legal Issues in International Trade Finance
With the arrival of the new barriers to trade, the course is more than ever a pre-requisite for all involved in the use of guarantees in international trade and project finance structures. The use of international guarantees, bonds and standbys has proliferated in recent years yet documentation errors, fraud and unfair calling have made guarantees a legal minefield and subject to more court proceedings than any other financial instrument.
This course will highlight the areas of potential risk and teach effective documentation techniques. You will analyse the legal issues in bonds and guarantees, explaining the products and their uses.
How this course will help you
You will learn:
- The responsibilities and legal relationships of the various parties
- The comparative merits and drawbacks of standby and demand guarantees
- When courts will intervene to prevent payment of guarantees
- How to avoid operational problems
- How to avoid problems of applicable law
- How big-ticket guarantees are syndicated
- The benefits and drawbacks of using the new uniform rules for demand guarantees (URDG 758)
Day 1Introduction: The Role of Guarantees In International Trade
- The nature of risk in international trade
- Commercial, credit and political risk
- Payment and performance obligations
- The role of guarantees in risk allocation
- Guarantees proper
- Contracts of surety
- Corporate guarantees
- LettIers of comfort
- Participants will be presented with various documents for analysis regarding the nature of the obligations created by them.
- Primary and secondary obligations
- Formal requirements of guarantees
- Consideration and cause
- The origin of ‘bonds’
- Co-extensiveness of obligations
- The rule in Holme v Brunskill
- Participants consider the implications of the courts’ decisions in Associated Japanese Bank v Credit du Nord, Marubeni Hong Kong and South China Ltd v Government of Mongolia and ILG Capital Llc v Van Der Merwe
- The origin of autonomous undertakings
- Autonomy and conditionality
- Indirect guarantees and counter-guarantees
- Mandate and the basis of the guarantor's obligation
- Conditional wording
- Demand compliance with the guarantee’s terms
- Case Study: IE Contractors v. I.A.E.
- Bid and Tender Bonds
- Advance Payment Guarantees
- Retention Money Bonds
- Performance Bonds
- Maintenance and Warranty Bonds
Day 2Morning Demand Guarantees: Obvious and Hidden Risks
- Guarantees and the allocation of risk
- Obvious and ‘hidden’ risks of using demand guarantees
- Political risk: sanctions and embargos
- Case Study: Shanning International Ltd v Rasheed Bank
- 'Unfair calling'
- Extend or pay demands
- Ineffective expiry dates: Where & Why?
- Background and history of the URDG
- Main changes in URDG 758
- Relationships and terminology
- Issue and effectiveness
- Non-documentary conditions
- Variation of guarantee amount
- Presentation of demand
- Time for examination of demand and for payment
- Force majeure closure
- Extend or pay demands
- Relationship between guarantee and counter-guarantee
- Governing law and jurisdiction
- Model Forms
- The origins, nature and use of standby letters of credit
- Comparison of standby and non-standby letters of credit
- Comparison of standby letters of credit and demand guarantees
- Standby letters of credit as payment mechanisms
- Case Study: Development of Standby LCs in Oil Trade
- Standby letters of credit as counter-guarantees
- Participants analyse the use of standby credits in indirect guarantees to beneficiaries who require an on-demand guarantee
- Scope and Application
- Relationships and Terminology
- Fundamental Principles
- Irrevocability and Effectiveness
- Nature of Document(s) Required
- Treatment of Document(s)
- Extend or Pay Demands
Day 3Standby LCs under ISP98 compared to UCP600
- Normal SBLCs
- Automatically amendable SBLCs
- Demand required
- Documentary compliance
- Consistency of documents
- Time limits
- General rules
- Assignment of proceeds
- Autonomy and the fraud exception
- The letter of credit analogy
- The standard of proof of fraud for an injunction
- The ‘balance of convenience’ test
- Absence or illegality of cause
- Abuse of right and manifestly abusive calling
- Fraudulent and abusive calling
- Case Studies: The Russian Steel Case and Olex Focas
- Conflict of laws in international trade transactions
- The EC Convention on the Law Applicable to Contractual Obligations
- Issuer’s Law – an unsafe assumption
- EU Rome 1 Regulation
- Domiciliary jurisdiction
- Special jurisdiction
- Jurisdiction under the EU Brussels Regulation
- Jurisdiction under the 2008 Lugano Convention
Participants consider the decision in Chailease v Credit Agricole Indo-Suez regarding special jurisdiction based on the place of payment
Our Tailored Learning Offering
Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.
If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.
We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.
We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.
We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:
- Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
- Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
- Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
- Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
- Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
BiographyMichael Kenny was a solicitor in private practice working in law firms in the City of London, and also in Bahrain, Hong Kong and New York. For 20 years he was a partner at Watson Farley & Williams, a leading international law firm. He is now a legal consultant focusing on legal training. He specialises in international finance, and advised banks and companies in trade finance, commodity finance and project finance. He was particularly involved in transactions in Africa and the Middle East. He has been a frequent speaker and contributor to legal and business journals.
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