UK: Finance Act 2019 receives Royal Assent
The UK Finance Act 2019 received the Royal Assent on 12 February 2019. The Act includes some of the measures announced by the Chancellor in the Autumn Budget in October 2018. Annual Investment Allowance The Annual Investment Allowance (AIA) is being
See MoreUK: Consultation on stamp duty land tax surcharge for nonresidents
The UK government issued a consultation document on 11 February 2019 in relation to a Stamp Duty Land Tax (SDLT) surcharge on non-UK residents who purchase residential properties in England and Northern Ireland. This surcharge would apply where
See MoreUK: Date of Spring Statement Announced
The Spring Statement is to be announced on 13 March 2019. The Spring Statement is a response by the UK government to the economic forecast by the Office for Budget Responsibility and gives the government a chance to comment on the direction of the
See MoreUK: Use of new technology in tax administration
On 17 January 2019 the Office of Tax Simplification (OTS) issued a paper entitled “Technology Review: A vision for tax simplicity”. This looks at the role of new technology in improving taxpayer experience and taxpayer interaction with the tax
See MoreEuropean Commission to launch proceedings against UK over VAT treatment of commodity traders
It is reported that the European Commission is planning to take a case to the European Court of Justice (ECJ) in relation to the value added tax (VAT) treatment of commodity traders in the UK. The European Commission argues that although the UK may
See MoreUK: New protocol to double tax agreement with Israel
On 11 January 2019 the UK and Israel signed a protocol to update the double tax agreement between the two countries, incorporating tax treaty related recommendations of the OECD project on base erosion and profit shifting (BEPS). The protocol will
See MoreUK: Double Tax Agreement with Guernsey in force
The comprehensive Double Taxation Agreement and Protocol between the UK and Guernsey was signed on 2 July 2018 entered into force on 7 January 2019. When the agreement is in effect in relation the 1955 Arrangement between Guernsey and the UK for the
See MoreUK revises draft corporate tax loss relief guidance
HMRC have updated their draft guidance on administrative requirements for the deductions allowance in relation to restricted corporation tax loss relief. This draft guidance explains the additional administrative requirements included in Corporation
See MoreUK: HMRC launches Profit Diversion Compliance Facility
On 10 January 2019 HMRC launched the Profit Diversion Compliance Facility targeting multinational companies using arrangements that may result in a liability to the diverted profits tax (DPT). These arrangements generally involve the reduction of
See MoreUK: Double tax treaty with Isle of Man enters into force
The double tax treaty between the UK and the Isle of Man entered into force on 19 December 2018. The treaty replaces the 1955 Arrangement between the UK and the Isle of Man for the avoidance of double taxation which ceases to have effect from the
See MoreUK: Annual Report of Code of Practice on Taxation of Banks
On 19 December 2018 the annual report of the Code of Practice on Taxation for Banks was published. The Code was first introduced in 2009 with the objective of changing the behaviour of the banks in relation to tax avoidance. The banks occupy a
See MoreUK: Double tax treaty with Jersey enters into force
The double tax treaty between the UK and Jersey entered into force on 19 December 2018. The treaty replaces the 1955 Arrangement between the UK and Jersey for the avoidance of double taxation which ceases to have effect from the dates on which the
See MoreUK: Draft guidance on taxation of insurance companies
On 13 December 2018 HMRC issued for consultation draft guidance on the corporation tax treatment of insurance companies writing life insurance and other long term insurance business. The Life Assurance Manual is primarily written for HMRC staff
See MoreUK: HMRC publishes guidance on taxation of cryptoassets
On 19 December 2018 HMRC published a paper on the taxation of cryptoassets for individuals. HMRC defines cryptoassets or cryptocurrencies as cryptographically secured digital representations of value or contractual rights that can be transferred;
See MoreUK: Venture Capital Trust Statistics 2017/18
Statistics on Venture Capital Trusts (VCTS) released by the UK government on 11 December 2018 show that VCTs issued shares valued at GBP 745 million in 2017-18. This represented a 30% increase from 2016/17 (GBP 570 million) and was the highest
See MoreUK: Call for evidence on amendments to tax returns
On 7 November 2018 the UK government issued a call for evidence on the amendment of tax returns. The closing date for receipt of comments is 6 February 2019. An amendment is any change made by a taxpayer to a tax return that has already been
See MoreUK: Consultation on the Corporate Capital Loss Restriction
On 29 October 2018 the government published a consultation document in relation to a restriction on the offset of corporate capital losses. The government is inviting comments from companies likely to be affected by the capital loss restriction and
See MoreUK: Consultation on Consideration Rules for Stamp Taxes on Shares
On 7 November 2018 the UK government published a consultation paper entitled Stamp Taxes on Shares: Consideration Rules requesting comments from interested parties on changes to the Stamp Duty and Stamp Duty Reserve Tax (SDRT) consideration rules.
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