UK: Tax paid by the banking sector
On 24 August 2017 HMRC issued statistics relating to the UK taxes paid by the banking sector. The sector is defined for this purpose as businesses potentially eligible to pay the bank surcharge. These statistics are of interest to government and
See MoreUK: Statistics on non-domiciled taxpayers
On 31 August 2017 HMRC released statistics on non-domiciled taxpayers in the UK from 2007/08 to 2014/15. This is the first time that comprehensive statistics on non-domiciled taxpayers in the UK have been published and this will now become an annual
See MoreUK: Disclosure of offshore income and assets
In the period to 31 August 2017 taxpayers are receiving letters from their financial advisors warning them of their disclosure obligations in respect of offshore accounts and assets. Financial institutions providing offshore advice – referred to
See MoreUK: HMRC confirms CbC reporting format for multinationals
On 15 August 2017, HM Revenue & Customs (HMRC) released guidance confirming the format and method of filing country-by-country (CbC) reports that are due in the UK. The UK follows the CbC reporting requirements of the Organisation for Economic
See MoreUK: HMRC reveals details of employment remuneration tax avoidance schemes
HMRC has published details of tax avoidance schemes that are being used by employers, agencies and other intermediaries to avoid payment of income tax and national insurance contributions. These and other types of tax avoidance scheme are published
See MoreUK: HMRC to continue risk-based approach to PAYE filing penalties
HMRC notes in the August 2017 issue of its Employer Bulletin that it has reviewed the use of the risk-based approach to PAYE penalties for late filing and has decided to continue the same approach in the tax year from 6 April 2017. Late filing
See MoreUK: Changes to non-domiciled rules in Finance Bill (No 2) 2017
Changes to the UK non-domiciled rules that were excluded from the Finance Bill 2017 are to be included in the Finance Bill (No 2) 2017. The Bill is to be published and considered by parliament in September 2017 following the summer recess. Updated
See MoreUK: Draft guidance on corporate tax loss relief rules
On 31 July 2017 HMRC issued for public consultation draft guidance in relation to the reform to corporate tax loss relief rules. An amended draft of the relevant legislation on corporation tax loss relief was published on 13 July 2017 and this is to
See MoreUK: Updated draft guidance on corporate interest restriction
On 4 August 2017 HMRC issued for public consultation updated draft guidance in relation to the corporate interest restriction rules to be included in the Finance Bill (No 2) 2017. The latest draft guidance amends and updates the initial draft
See MoreUK: Online process for tax appeals
Information posted to the UK government website on 3 August 2017 notes that an online service is now available for appeals which can be made directly to the First-tier Tax Tribunal, such as indirect tax appeals or applications for enquiry closure
See MoreUK: HMRC is seeking comments on pending corporate interest restriction rules
On 4 August 2017, UK HM Revenue and Customs (HMRC) published a second draft guidance for public comments on pending corporate interest restriction rules. An initial tranche of draft guidance was published on 31 March 2017. This second tranche of
See MoreUK: 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 More