UK: Withholding tax exemption on interest for debt traded on a MTF
At Spring Budget 2017, the government of United Kingdom announced its intention to introduce an exemption from withholding tax on interest for debt traded on Multilateral Trading Facilities (MTF), in order to make UK wholesale debt markets (that
See MoreUK: New tax changes of Finance Bill 2017
On Monday 20 March 2017, the Government of UK published Finance Bill 2016-17. Finance Bill 2017 continues the government’s crackdown on tax avoidance, helps tackle childhood obesity, and improves the fairness of the tax system while modernising
See MoreUK: Penalties Relating to Offshore Matters and Offshore Transfers (Additional Information) Regulations 2017
The Penalties Relating to Offshore Matters and Offshore Transfers (Additional Information) Regulations 2017 (S.I. 2017/345) were made on 9 March 2017 and that stipulate the additional information that is required to be furnished when requesting
See MoreUK: Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017
On 9 March 2017, the Asset-based Penalty for Offshore Inaccuracies and Failures (Reductions for Disclosure and Co-operation) Regulations 2017 (S.I. 2017/334) were made. These Regulations come into force on 1st April 2017. It specify the maximum
See MoreUK: Government Cancels Proposed Increase in Class 4 National Insurance Contributions
Following criticism within Parliament, the government has scrapped the increase in Class 4 national insurance contributions originally announced on 8 March 2017 as part of the budget measures. Class 4 national insurance contributions are payable by
See MoreUK: Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017
The Corporation Tax Act 2010 (Part 8C) (Amendment) Regulations 2017 (S.I. 2017/364) were made on 13 March 2017 and came into force on 14 March 2017. The Regulations amend the Corporation Tax Act 2010 c. 4 provisions regarding the 45% tax on
See MoreUK: Capital Gains Tax (Annual Exempt Amount) Order 2017
On 13 March 2017, the Capital Gains Tax (Annual Exempt Amount) Order 2017 (S.I. 2017/377) was made and for tax year 2017-18, the annual capital gains tax exemption is GBP 11,300 for
See MoreUK: Budget proposals for 2017/18
The UK budget proposals announced on 8 March 2017 contained a number of tax changes including the following: Making tax digital The introduction of the new system of mandatory online tax returns for unincorporated businesses and landlords with
See MoreUK: Finance Act 2016, Schedule 21 (Appointed Days) Regulations 2017
SI 2017/277 sets 1 April 2017 and tax years commencing on or after 6 April 2016 for the coming into force of FA 2016, Sch. 22. The Finance Act 2016, Schedule 22 (Appointed Days) Regulations 2017 appoints the days on which FA 2016, Sch. 22 comes
See MoreUK VAT: Guidance for businesses supplying digital services to private consumers
On 9 February 2017, HM Treasury published a guidance on "VAT: businesses supplying digital services to private consumers". The guidance results from the fact that, since 1 January 2015, the reverse charge mechanism has applied with respect to
See MoreUK: Supporting mid-sized business: maintaining and growing UK plc
HM Revenue and Customs (HMRC) published a corporate report entitled "Supporting mid-sized business: maintaining and growing UK plc", on 10 February 2017 and it provides directors or owners of medium-sized businesses and those that advise them with
See MoreUK: Increasing cash basis thresholds for unincorporated businesses
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreUK: Reforming the cash basis expenditure rules
At Budget 2016, the government announced that it would explore options to simplify the tax rules for businesses, self-employed people and landlords. A consultation covering 4 discrete areas of simplifying tax paid by unincorporated businesses,
See MoreUK, Hong Kong TIEA enters into force
On 31 December 2016, the Tax Information Exchange Agreement (TIEA) between Hong Kong and the United Kingdom was entered into force and that was signed on 19 October 2016. This Agreement provides for the effective exchange of information regarding
See MoreSingapore, UK TIEA enters into force
On 31 January 2017, the Tax Information Exchange Agreement (TIEA) between Singapore and United Kingdom was entered into force. This Agreement provides for the effective exchange of information regarding tax matters between the tax authorities
See MoreUK: Draft legislation for corporation tax loss reform
On 26 January, draft legislation has published by the Government of UK on the reform of the Corporation Tax loss relief rules. This reforms the tax treatment of certain types of carried-forward loss for corporation tax purposes. The legislation
See MoreDTA between UK and Uruguay now in force
The comprehensive Double Taxation Agreement (DTA) between UK and Uruguay has taken effect from 1 January 2017. The UK and Uruguay signed a convention to avoid double taxation and prevent fiscal evasion related to taxes on income and on capital on 24
See MoreUK, Estonia MFN provision: 0% withholding tax on royalty income
Paragraph 7 of the Exchange of Notes to the 1994 Double Taxation Agreement (DTA) contains a “Most Favoured Nation” (MFN) provision relating to royalties (Article 12). It gives UK residents access to any lower rates agreed by Estonia in
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