Protocol and exchange of letters to DTA between UK and Jersey enter into force
On 2 December 2016, the exchange of letters and amending protocol of double tax agreement (DTA) between Jersey and United Kingdom was entered into force and that was signed on 8 March 2016 by Jersey and on 29 February 2016 by the United Kingdom. The
See MoreUK signs mutual agreement with Netherlands
According to Decree 2016-0000232006, the competent authority agreement between the UK and the Netherlands signed on 22 December 2016 for the dealing of UK pension regulations carried out by insurance companies based on Article 25(3) of the Double
See MoreUK: Double Taxation Treaties (Developing Countries) Bill 2016-17
On 20 January 2017, The Double Taxation Treaties (Developing Countries) Bill 2016-17 is expected to resume its second reading debate. The Bill places a duty on the Chancellor of the Exchequer to align the results of double tax treaties with
See MoreUK: Finance Act 2016, Section 162(1) and Schedule 20 Regulations 2016
On 19 December 2016, the Finance Act 2016, Section 162(1) and Schedule 20 (Appointed Day) Regulations 2016 were made. The Regulations appoint 1st January 2017 as the day on which section 162(1) of and Schedule 20 to the Finance Act 2016 (c. 24)
See MoreUK: Spring Budget 2017 date confirmed
Philip Hammond, the Chancellor of the Exchequer, has announced that the government will publish its next Spring Budget on Wednesday 8 March 2017. The Spring Budget sets out the government’s plans for the economy based on the latest forecasts from
See MoreGuernsey, United Kingdom amending protocol enters into force
On 6 December 2016, the amending protocol and exchange of letters of income tax treaty between Guernsey and United Kingdom entered into force that was signed on 9 March 2016 by Guernsey and on 29 February 2016 by the United
See MoreUK: Draft Budget of Scotland 2017-18
On 15 December 2016, The Scottish Draft Budget 2017-18 was presented to Holyrood by Derek Mackay, the Scottish Finance Secretary, setting out Scotland’s tax and spending plans for the upcoming year. The Scottish Government is committed to
See MoreUK-Draft Finance Bill 2017: RTC for tackling offshore tax evasion
On 5 December 2016, HMRC published the consultation document tackling offshore tax evasion: A Requirement to Correct (RTC), which discussed the proposals to require any person, who has, undeclared UK tax liabilities in respect of an offshore
See MoreUK ratified DTA with Turkmenistan
On 14 December 2016, the United Kingdom ratified the double tax treaty (DTA) with Turkmenistan by way of the Double Taxation Relief and International Tax Enforcement Order 2016, as published in Official Gazette No. 1217 of 14 December 2016. Once in
See MoreIreland/UK DTA, Certification of ‘Form IRL-Individual’ and ‘Form Ireland-Company’
Under the Ireland/UK Double Taxation Agreement (DTA), Irish resident individuals and companies may claim relief at source or repayment of tax from the HM Revenue and Customs (HMRC), in respect of UK tax on certain sources of income. The sources of
See MoreUK: New tax measures announced in autumn statement
The autumn statement delivered by the Chancellor on 23 November 2016 provided for new tax measures, many of which will be included in the Finance Bill 2017. The measures include the following: Restriction on tax deduction for interest The UK has
See MoreHMRC Updated guidance on advance pricing agreements
On 8 November 2016, HM Revenue & Customs (HMRC) updated Statement of Practice 2 (2010) which sets out the process for obtaining advance pricing agreements (APAs). The updated statement of practice: Updates previous guidance on the
See MoreUK: Details of double tax agreement with Colombia
Details are available of the double tax agreement between the UK and Colombia signed on 2 November 2016. The treaty generally conforms to the provisions of the OECD Model Tax Convention but the following should be noted: Permanent establishment A
See MoreUK: Double tax agreement with Lesotho
The UK signed a double tax agreement with Lesotho on 3 November 2016. When it goes into effect it will replace the current agreement signed in 1997. The agreement generally follows the provisions of the OECD Model Tax Convention but the following
See MoreUK: Double tax agreement with Colombia
On 2 November 2016 the UK and Colombia signed a double taxation agreement, during a state visit to the UK by the President of Colombia. The signing of the agreement is based on a shared commitment to increasing trade and investment between the two
See MoreUK: First year allowance for low emission cars extended for three years
The UK government has announced its intention to introduce legislation as part of the Finance Bill 2017 to extend the period of application of the First Year Allowance (FYA) for companies purchasing low emission cars. The 100% FYA was originally
See MoreUK: Revised professional code of conduct to combat tax avoidance
On 1 November 2016 HMRC announced that seven leading tax and accountancy bodies in the UK have revised their Professional Conduct in Relation to Tax (PCRT) to emphasize that members of these professional bodies should not encourage tax avoidance
See MoreUK: Report highlights HMRC tax investigations of high net worth individuals
The UK’s National Audit Office has noted that the tax authority HMRC is currently pursuing around a third of the UK’s wealthiest people for a total of around GBP 1.9 billion in underpaid tax. The National Audit Office (NAO) is a watchdog that
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