UK: 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
See MoreUK: £60 million tax reform to improve digital revolution
The United Kingdom’s digital revolution is set to benefit from a multi-million pound boost, under plans announced by Communities Secretary Sajid Javid. On 13 January 2017, a new Local Government Finance Bill published that will make it easier
See MoreUK increases VAT-free threshold to £39
The VAT-free threshold has been increased by the United Kingdom for small packages that imported from outside of the EU as of 1st January 2017. The maximum value of goods is increased from £34 to £39. The EU plans to take away the relief according
See MoreDTA between UK and Turkmenistan enters into force
On 19 December 2016, the double tax agreement (DTA) between Turkmenistan and United Kingdom was entered into force. The treaty was applied from 1 January 2017 and from this date the new treaty was replaced the existing DTA of
See MoreDTA between UAE and UK entered into force
The Income Tax Agreement between the United Arab Emirates (UAE) and the United Kingdom (UK) has been come into force on 25th December 2016 for avoiding double taxation and it was signed on 12th April 2016. In accordance with article 26, the
See MoreUK-Swiss Confederation: Taxation Co-operation Agreement terminated
The UK-Swiss Confederation Taxation Co-operation Agreement ended on 31 December 2016. An agreement terminating the UK-Swiss Taxation Co-operation Agreement was signed on 14 November 2016 by HM Revenue and Customs Permanent Secretary and Executive
See MoreUK, Canada exchange of letters to DTA enters into force
On 21 December 2016, the exchange of letters of double tax treaty (DTA) between United Kingdom and Canada was entered into force and that was signed on 11 August 2015 by the United Kingdom and on 27 July 2015 by Canada. As of 21 December 2016 the
See MoreProtocol and exchange of letters to DTA between UK and Isle of Man enter into force
On 29 November 2016, the exchange of letters and amending protocol of double tax agreement (DTA) between Isle of Man and United Kingdom was entered into force and that was signed on 8 March 2016 by the Isle of Man and on 29 February 2016 by the
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