UK: 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.
See MoreUK: Finance (No 3) Bill 2018 published
The Finance (No 3) Bill 2018 was published on 7 November 2018. The second reading of the Bill in Parliament took place on 12 November 2018. When it has completed its passage through Parliament the Bill will become the Finance Act 2019 . The Bill
See MoreUK: Summary of responses on consultation on public sector licensing
On 7 November 2018 the UK government published a summary of responses to the consultation entitled Tackling the hidden economy: public sector licensing, launched in December 2017. Consultation document The original consultation document examined
See MoreUK: Responses to consultation on ensuring tax compliance by users of online platforms
On 7 November 2018 the UK government published a summary of responses to a consultation on the role of online platforms in ensuring tax compliance by their users. The government received 41 written responses with comments from online platforms,
See MoreUK: consultation on the taxation of trusts
On 7 November 2018 HMRC issued a consultation document outlining the principles for taxing trusts and asking for comments and evidence on the reform of trust taxation in line with those principles. Comments may be submitted to HMRC by 30 January
See MoreUK: Summary of responses to consultation on tax abuse and insolvency
On 7 November 2018 the UK government published a summary of responses to the consultation on tax abuse and insolvency held earlier in 2018. In April 2018 the government issued a consultation document exploring ways to combat the deliberate abuse of
See MoreUK: Summary of responses to consultation on corporate intangibles regime
On 7 November 2018 the UK government published a summary of responses to the consultation on reforms to the corporate intangibles regime. The corporate intangibles regime was introduced in 2002 and provided companies with relief for the cost of
See MoreUK: Consultation document on digital services tax
On 8 November 2018 the UK government issued a consultation document on the proposed digital services tax. Comments are invited from interested parties before 28 February 2019. As part of the budget proposals the Chancellor of the Exchequer
See MoreJapan: Tax authorities publishes the synthesized text with Israel, New Zealand, Poland, Slovakia, Sweden and the UK
Recently, the Japanese tax authorities published the synthesized text of the Japanese tax treaties with Israel, New Zealand, Poland, Slovakia, Sweden and the United Kingdom (UK) as modified by the MLI. The synthesized text reflects the agreement
See MoreUK: Budget Proposals for 2018
The UK budget proposals for 2019/20 were announced on 29 October 2018. Proposed measures include the following: Digital services tax The digital services tax will apply to large tech companies with global revenues of more than GBP 500 million per
See MoreUK: Digital services tax to be introduced
The UK Budget announcements on 29 October 2018 included a proposed new tax on large digital services companies such as search engines, social media platforms and online marketplaces. The tax would take effect from 1 April 2020. The digital services
See MoreUK: Online VAT pilot for Making Tax Digital
On 16 October HMRC announced that it has begun a new pilot scheme in connection with the Making Tax Digital (MTD) programme. The online value added tax (VAT) pilot will include around half a million businesses in the UK. This follows the first
See MoreUK: Report notes the effects of creative industries tax relief
A report issued on 9 October 2018 commissioned by the British Film Institute and entitled “Screen Business: how tax incentives help power economic growth across the UK” looks at the effect of tax relief on the film, television and video
See MoreOECD: Global Forum publishes more peer review reports
On 15 October 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published a further seven peer review reports. These reports relate to Austria, Aruba, Bahrain, Brazil, St Kitts and Nevis, Singapore and the
See MoreUK: Amendments to tax treaty with Serbia
The UK-Serbia bilateral tax treaty has been updated as a result of changes made under the OECD’s multilateral instrument (MLI) for inclusion into bilateral treaties of tax treaty related provisions from the recommendations on base erosion and
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