UK: Increase in average length of tax investigations of large companies
It was reported on 15 January 2018 that recent figures from HMRC indicated an increase in the length of time taken to conduct tax investigations of large companies in the UK. In the year to 31 March 2017 the average length of time for investigations
See MoreUK: Making Tax Digital – survey of small businesses and landlords
On 11 December 2017 HMRC published a survey of the attitudes of small businesses and landlords towards the requirements of the Making Tax Digital (MTD) changes to be introduced in the UK. This research commissioned by HMRC involved a survey of 2,900
See MoreUK: Statistics on venture capital trusts
On 14 December 2017 the UK published statistics relating to venture capital trusts (VCTs) for tax years up to 2015/16. The data was collected from self-assessment tax returns and does not therefore cover investors claiming income tax relief through
See MoreUK: Draft VAT Notice and Legislation on Making Tax Digital
On 18 December 2017 HMRC published draft VAT regulations, a draft explanatory memorandum and draft VAT Notice, for consultation. The regulations relate to the introduction of Making Tax Digital (MTD). Comments from interested parties are invited by
See MoreIMF report looks at the UK economy
On 20 December 2017 the International Monetary Fund (IMF) published on its website a report following consultations with the UK under Article IV of the IMF’s articles of agreement. The IMF report notes that owing to the aging population in the UK
See MoreUK: Withholding tax on payments for intellectual property used in the UK
On 1 December 2017 the UK published a consultation paper on extending royalty withholding tax in relation to connected persons not resident in the UK. Comments are invited from interested parties with a submission deadline of 23 February 2018. It
See MoreUK: Scotland introduces changes to income tax rates
On 14 December 2017 Scotland’s Finance Secretary announced the draft Scottish budget for 2018-19. The main points relating to taxation are as follows: The basic rate of income tax has been frozen at 20%, but a new intermediate rate of 21% will
See MoreUK: Research on impact of entrepreneurs’ relief
On 4 December 2017 HMRC published the results of a survey carried out in May 2017 into the impact of the availability of capital gains tax (CGT) entrepreneur’s relief on the behavior and motivation of individuals in the UK who could be eligible
See MoreUK: Consultation on conditionality measures to combat hidden economy
On 8 December 2017 HMRC published a consultation document entitled Tackling the hidden economy: public sector licensing. The document looks at measures that make compliance with tax obligations a condition of obtaining certain licenses and introduce
See MoreUK: Research on attitudes to tax in the sharing economy
Research commissioned by HMRC on the sharing economy aimed to understand the extent of the sharing economy in terms of income of those participating for profit (known as providers) and the number and characteristics of the providers. The research
See MoreUK: Finance (No 2) Bill 2017
The UK Finance (No 2) Bill 2017 was introduced into Parliament on 28 November 2017 and published on the government’s website on 1 December 2017. This Bill includes some of the changes announced in the autumn budget and sets the levels of tax rates
See MoreUK: Autumn Budget Announcements 2017
The UK’s autumn budget measures were announced on 22 November 2017. Important measures affecting business are as follows: R & D Tax Relief The Research & Development Expenditure Credit (RDEC) rate available to companies claiming under
See MoreUK: New guidance on amending corporate income tax returns
HMRC have published a new guidance on amending certain corporate income tax return for accounting periods ending between 8 March and 16 November 2017 that were filed before 16 November 2017. This means some Company Tax Returns that included
See MoreUK: New Guidance of installment payments for corporate tax
HMRC has published a policy paper on the new corporation tax installment payment requirements for very large companies for accounting periods that begin on or after 1 April 2019, that is companies with taxable profits of more than £20 million, will
See MoreUK enacts interest restriction rules
On 16 November 2017, the new corporate interest restriction rules were enacted in Finance (No.2) Act 2017 that received Royal Assent to impose an additional potential restriction on UK tax relief for finance costs, after the existing tax rules
See MoreUK: Survey of business attitudes to VAT registration
Research commissioned by HMRC into business behaviour in relation to value added tax (VAT) registration looked into reasons why businesses register for VAT and their awareness of various aspects of VAT. The survey found that VAT registered
See MoreRomania authorizes to sign DTA with UK
On 18 October 2017, the Romanian government authorized to sign a Double Taxation Agreement (DTA) with the United Kingdom. Once in force and effective, the new treaty will replace the existing DTA of
See MoreUkraine and UK sign protocol to amend the agreement on double taxation
On 9 October 2017, Minister of Finance Ukraine Oleksandr Danyliuk and State Secretary of Great Britain for Europe and America Alan Duncan signed the Protocol on amendments to the Agreement on the Avoidance of Double Taxation between Ukraine and the
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