UK: Timetable for Finance Bill (No. 2) 2017
According to an announcement of 20 July 2017 in Hansard the Ways and Means Resolutions relating to the Finance Bill (No. 2) 2017 are to be submitted to the House of Commons for approval on 6 September 2017. The Bill is expected to be published
See MoreUK: HMRC updates CIRD manual
HMRC’s Corporate Intangibles and Research and Development manual has been updated to reflect a temporary extension to the available period in which to amend a claim to research and expenditure (R&D) tax relief. The extension applies only to
See MoreUK: Updates on Finance Bill (No. 2) 2017
On 20 July 2017, the UK government tabled resolutions for the Finance Bill (No. 2) 2017. The government has now published explanatory notes on resolutions, which give a brief description of each of the Finance Bill resolutions. The Finance Bill (No.
See MoreUK: HMRC publishes statistics on creative industries tax relief
On 20 July 2017 HMRC published updated statistics on claims for creative industries tax relief. The statistics include data for film tax relief, high end television tax relief, animation tax relief and video games tax relief, children’s television
See MoreUK: Impact of video games tax relief
Research has been conducted on behalf of HMRC to look at the impact of video games tax relief (VGTR) on the production of culturally British and European video games. The survey was conducted by holding qualitative in-depth interviews with 51 video
See MoreUK: Revised timetable for introduction of digital tax system
Following feedback from parliament including the Treasury Select Committee, business and professional bodies the UK government is delaying the introduction of a compulsory digital tax system for certain businesses and landlords. The system called
See MoreThe UK and Bermuda Sign Competent Authority Agreement for Exchange of Financial Information
The UK and Bermuda have signed a competent authority agreement on automatic exchange of information. The agreement was signed on 20 June 2017 by the UK and on 27 June 2017 by Bermuda. This Agreement provides the effective exchange of information
See MoreUK: HMRC wins case on loans from Employee Benefit Trust
On 6 July 2017 the Supreme Court ruled in favour of HMRC in a case involving payments from an employee benefit trust. Rangers Football Club (RFC) made payments to players and officials through an Employee Benefit Trust in the form of loans. This
See MoreUK signs MLI to prevent tax avoidance
On 7 June 2017, United Kingdom has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“Multilateral Instrument” or “MLI”) in Paris. Total 68 countries, including
See MoreUK: Draft legislation – Corporate Interest Restriction
The Corporate Interest Restriction (CIR) legislation was included in Schedule 10 of Finance Bill 2017 but has now been removed. There has been no policy change and the government has announced it will legislate for the provisions at the earliest
See MoreUK: Criminal Finances Act 2017
On 27 April 2017, the Criminal Finances Bill 2017 received Royal Assent. The bill to amend the Proceeds of Crime Act 2002, make provision in connection with terrorist property, create corporate offences for cases where a person associated with a
See MoreUK: Major tax changes coming into effect in April 2017
Millions of businesses across the UK will benefit from new tax measures coming into effect in April 2017, including a £9 billion cut in business rates, a further reduction in corporation tax to 19% and a continued fuel duty freeze. “We’re
See MoreUK: Tax-Free Childcare launches
From 21 April 2017, working parents in UK can start applying for 2 new childcare schemes launching this year – Tax-Free Childcare which begins immediately and 30 hours free childcare which starts in September. Hence working parents of children,
See MoreUK: Economic relationship with GCC through PPP
On 19 April 2017, Dr Liam Fox, the International Trade Secretary of UK opened the UK-GCC Public Private Partnership (PPP) conference to show how UK expertise can maximize the innovation of both public and private sectors to transform their
See MoreUK: New type of limited partnership
On 6 April 2017, new legislation came into force that introduces a new type of limited partnership. The Order introduces private fund limited partnerships (PFLPs) and amends the 1907 Act, which applies to PFLPs and partners in PFLPs. New and
See MoreUK: Amendments to CbC reporting 2017
The United Kingdom was one of the first countries to formally commit to introducing CbC reporting and the detailed implementation was given effect through the 2016 Regulations. Since the UK introduced these regulations in February 2016, the
See MoreUK: VAT registration thresholds
The thresholds for registering for VAT or joining a VAT accounting scheme from 1 April 2017. VAT thresholds Circumstance Threshold VAT registration More than £85,000 Registration for distance selling into the UK More than
See MoreUK drops Double Taxation Treaties (Developing Countries) Bill 2016-17
On 24 March 2017, the second reading debate for the Double Taxation Treaties (Developing Countries) Bill 2016-17 was expected to resume. However, the order was not moved so the bill has effectively been dropped by its sponsoring MP and will not
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