UK: Consultation on making tax digital for unincorporated businesses
On 15 August 2016 HMRC issued a consultation document on Making Tax Digital: Bringing business into the digital age. The UK government announced at Budget 2016 that businesses, the self employed and landlords will be required by 2020 to update a
See MoreUK: Consultation on Soft Drinks Industry Levy
As part of the Budget for 2016 the UK government announced a new levy on soft drinks companies from April 2018. The Soft Drinks Industry Levy is to be charged on producers and importers of soft drinks that contain added sugar where the total sugar
See MoreUK: Strengthening tax avoidance sanctions and deterrents
The UK government issued a discussion document on strengthening tax avoidance sanctions and deterrents on 17 August 2016. In recent years the UK government has taken steps to tackle tax avoidance by introducing tougher measures and structural
See MoreUK: Consultation on tax simplification for unincorporated businesses
On 15 August 2016 HMRC published a consultation document on simplifying tax for unincorporated business. The UK government announced at Budget 2016 that it would be looking at simplifying tax rules for businesses, with a focus on the self employed
See MoreUK: Consultation on tackling disguised remuneration
On 10 August 2016 HMRC issued a consultation document on tackling disguised remuneration. This consultation follows the issue earlier in the year of an overview of the proposed changes and a technical note setting out the background and intended
See MoreUK: Stamp duty land tax changes
On 10 August 2016 the UK launched a consultation on changes to the Stamp Duty Land Tax (SDLT) filing and payment process. The government is inviting comments from interested parties by 7 October 2016. SDLT is charged on the freehold or leasehold
See MoreUK: Consultation on changes to Gift Aid scheme
Under the Gift Aid scheme the UK government effectively supplements a charitable donation by adding basic rate tax to the amount donated. The scheme is very valuable for UK charities as the government has added more than GBP 5 billion to charitable
See MoreUK: Consultation on taxation of benefits in kind under salary sacrifice schemes
On 10 August 2016 the UK issued a consultation document looking at possible effects of changing the way benefits apply when a benefit in kind is provided in relation to a salary sacrifice or flexible benefit scheme. The government is considering a
See MoreUK: Consultation on tax and national insurance on termination payments
Following a consultation earlier this year and consideration of the responses received HMRC has published a further consultation paper containing draft legislation on the taxation of payments received on termination of employment.. The government
See MoreUK: Interest rates for late payments reduced according to base rate of Central Bank
On 4 August 2016, the Bank of England reduced the base rate to 0.25%. As a result, on 5 August 2016, HMRC announced that interest rates for late payment will be reduced with effect on: 15 August 2016 for quarterly installment payments; and 23
See MoreUK: Double tax treaty with Senegal effective in UK
The double taxation agreement between the UK and Senegal that was signed on 26 February 2015 entered into force on 30 March 2016. In the UK the agreement is effective from any year of assessment beginning on or after 6 April 2016 for income tax or
See MoreUK: Statistics for Creative Industries Tax Relief
On 20 July 2016 the UK published updated statistics on claims for creative industry tax relief. The statistics include data for the film tax relief, high end television tax relief, animation tax relief and video games tax relief for periods up to
See MoreUK: Research report on intermediaries legislation
On 12 July 2016 HMRC published the results of research undertaken to understand the implications for employers and engagers if they are given responsibility for operating the intermediaries legislation. The intermediaries legislation combats tax
See MoreUK: Double tax agreement with Algeria enters into force
The double taxation agreement between the UK and Algeria entered into force on 26 June 2016. The agreement was signed on 18 February 2015. The agreement will be effective in the UK from 1 January 2017 for withholding tax; from 1 April 2017 for
See MoreUK: Chancellor announces plan to cut the corporation tax rate
The UK’s Chancellor of the Exchequer has suggested in an interview that he intends to reduce the corporation tax rate to less than 15% in an effort to attract business. This would be part of an effort to build a “super-competitive economy”
See MoreUK publishes text of double tax agreement with the United Arab Emirates
On 28 June 2016 the UK published the text of the double taxation agreement with the United Arab Emirates (UAE) that was signed on 12 April 2016. The agreement generally follows the provisions of the OECD Model Tax Convention but the following points
See MoreUK publishes double taxation agreement with Turkmenistan
On 27 June 2016 the UK published the text of the double tax agreement with Turkmenistan. The agreement was signed on 10 June 2016 and has not yet entered into force. The following aspects of the treaty should be noted: Permanent establishment The
See MoreUK publishes text of double tax agreement with Uruguay
On 28 June 2016 the UK published the text of the double tax convention with Uruguay signed on 24 February 2016. The agreement is not yet in force. The provisions of the agreement generally follow the OECD Model but the following items are of
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