UK: Amendments to Securitisation Tax Regime
On 30 November 2021 the UK government published a summary of responses to the consultation on the securitisation tax regime. The consultation paper issued on 23 March 2021 contained suggestions on the reform of the taxation of securitisation
See MoreUK: Compliance Experience of Large Business
On 30 November 2021 the UK government published its response to the review of large businesses’ experiences of UK tax administration, taking into account the feedback received from stakeholders. The review, first announced in the Spring Budget
See MoreUK: How Businesses Understand and Claim R&D Tax Relief
Research commissioned by HMRC looked at how businesses understand and claim research and development (R&D) tax relief, and the results of the research were published on the UK government website on 30 November 2021. The research looked at
See MoreUK: Responses to Consultation on Transfer Pricing Documentation
On 30 November 2021 the UK government published a summary of responses to the consultation on transfer pricing documentation held earlier in 2021. The original consultation invited comments from interested parties on whether there should be a
See MoreUK: Small Business Attitudes to Tax Compliance and Administration
On 11 November 2021 HMRC published on its website a research report entitled Qualitative research with small businesses to explore their perceptions of tax administration burden. The paper is based on research conducted by telephone conversations
See MoreUK: New Tax Regime for Asset Holding Companies
The UK budget announcements on 27 October 2021 proposed that legislation would be included in the Finance Bill 2021/22 to set up a new tax regime for qualifying asset holding companies (QAHCs). This change is part of a broader review of the UK
See MoreUK: Further Penalties for Promoters of Tax Avoidance
The UK budget announcements on 27 October 2021 included measures targeting persistent promoters and enablers of tax avoidance schemes. The proposals aim to facilitate the process for taxpayers to identify and exit avoidance schemes. This follows
See MoreUK: Notification of Uncertain Tax Treatment for Large Businesses
The UK budget announcements on 27 October 2021 included a new requirement for large businesses to notify HMRC when they take a tax position in their returns that is uncertain. Legislation would be included in the Finance Bill defining a large
See MoreUK: Consultation on Corporate Redomiciliation
The UK budget announcements on 27 October 2021 included a proposed consultation on introducing a UK corporate re-domiciliation regime, to allow companies to re-domicile and therefore facilitate relocation to the UK. The consultation document was
See MoreUK Budget announcements for 2022/23
The latest UK budget announcements were made on 27 October 2021 including the following measures: Consultation on corporate re-domiciliation This consultation seeks views on the introduction of a UK re-domiciliation regime, which would make
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2021 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. The statistics on tax relief schemes allow the government to monitor the level of use of the incentive schemes and make an
See MoreUK: Soft Drinks Industry Levy Statistics
On 30 September 2021 the UK government published the latest statistics on revenue collected from the soft drinks industry levy (SDIL). The UK introduced the SDIL in April 2018 after public consultation with the industry and other interested
See MoreUK: Patent Box Relief Statistics Updated
Under the patent box legislation in the UK companies can enjoy a lower rate of UK corporation tax on their profits earned from qualifying patented inventions and some other equivalent types of intellectual property. The patent box relief was
See MoreUK: Making Tax Digital for Self Employed and Landlords
On 23 September 2021 HMRC issued a policy paper on the extension of Making Tax Digital (MTD) to the self-employed and landlords with income more than GBP 10,000 in a tax year, with effect from April 2024. The MTD programme requires businesses to
See MoreUK: OTS report reviews change of tax year end
On 15 September 2021 the Office for Tax Simplification (OTS) issued a report outlining its views on the advantages and potential costs of moving the tax year end for individuals in the UK. The review looks in detail at the possibility of moving
See MoreUK: Tax Gap Statistics Published
On 16 September 2021 the UK government released the latest edition of Measuring Tax Gaps, estimating the tax gap for 2019/20 to be 5.3% of total theoretical tax liabilities, or GBP 35 billion. The tax gap is the difference between the tax that
See MoreUK: Survey Indicates Businesses are Unprepared for Plastic Packaging Tax
A study conducted by the waste management company Veolia on preparation for the plastic packaging tax has found that more than 80% of the businesses taking part in the survey were not aware that the tax is being introduced. The plastic packaging
See MoreUK: Professional Bodies Request a Delay to Introduction of Tax Changes
Professional bodies in the UK have criticised the speed of proposed reforms to the tax system and have written to the government advising a slower timetable for the next phase of tax administration changes known as Making Tax Digital, and for the
See More