The income tax treaty between Iceland and United Kingdom (2013) was ratified, (Double taxation relief and International Tax Enforcement of Iceland) by United Kingdom on 16 July 2014.After sanctioned by United Kingdom this new treaty will replace the Iceland – United Kingdom Income Tax Treaty of 1991.
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Her Majesty's Revenue and Customs (HMRC) released a policy note on 30 April, 2024, regarding the extension of tax relief availability for freeport and investment zone special tax sites, extending it from 5 to 10 years. The UK tax authority (HM
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On 16 April 2024, Iceland published the Fiscal Strategy Plan for 2025-2029, in which it determined to implement a global minimum tax pillar under the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022. This includes the
Read More On April 5, 2024, the Scottish government announced reforms to the income tax system, which went into force on 6 April 2024. These reforms include establishing a new "Advanced Rate" tax band, which imposes a 45% tax on incomes exceeding GBP 75,000.
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On 27 March 2024, the UK HM Treasury launched a public consultation regarding additional tax relief for visual effects costs. At the Spring Budget 2024, the government announced that UK visual effects costs in film and high-end programs would
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On 14 March 2024, the UK HM Treasury declared that it had published the Spring Finance Bill (Finance No. 2 Bill). This bill includes various provisions concerning the Spring Budget 2024 and other related measures. The 2024 Spring Finance Bill aims
Read More On 22 February 2024, the UK government officially enacted the Finance Act 2024 after receiving royal assent on the same date. This Act enforces the previously outlined measures in the Autumn Statement 2023. The Autumn Statement was delivered on 22
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