UK: Consultation on Hybrid Mismatch Arrangements
An issue that is ongoing but will not be included in the UK Finance Bill 2015 is the introduction of measures to combat hybrid mismatch arrangements. A consultation on the subject was announced in October 2014 and in December 2014 a consultation
See MoreUK: draft legislation on country by country reporting
The UK Finance Bill 2015 that will be published soon after the budget announcements of 18 March 2015 is to contain legislation in respect of country by country reporting for purposes of transfer pricing documentation. The UK is committed to being
See MoreUK: Diverted Profits Tax to be introduced in April 2015
The UK budget proposals for 2015 are to be announced on 18 March 2015, following which the Finance Bill 2015 will be published. One of the most important tax provisions to be introduced in 2015 will be the diverted profits tax which is to apply from
See MoreUK issues VAT instructions following the Skandia judgment
On 10 February 2015 the UK tax authority HMRC issued Revenue and Customs Brief 2 (2015) on VAT grouping rules and the Skandia judgment. Skandia was a US corporation with a branch in Sweden. The branch in Sweden became part of a Swedish VAT group
See MoreUK: Online Tax Summaries
More than 8 million taxpayers who filed their 2013 to 2014 tax return electronically by the 31 January deadline can now access their online tax summary. The summaries set out how much tax and National Insurance each person has paid in the tax year,
See MoreECJ Rules in Favor of UK on Cross Border Loss Relief
The European Court of Justice (ECJ) has ruled in favor of the UK on cross border loss relief, rejecting a challenge by the European Commission and generally following the earlier opinion of the Advocate General. The European Commission had suggested
See MoreUK: HMRC Seeks Feedback on Tax Penalties
HM Revenue and Customs (HMRC) is asking for views on how it might strengthen the effectiveness of its penalties regime. A discussion document published today is seeking views by 11 May about potential improvements to how HMRC applies penalties for
See MoreUK: HMRC Receives Biggest Digital Self Assessment Ever
HM Revenue and Customs (HMRC) oversaw the biggest digital Self Assessment event ever this year, receiving 10.24 million tax returns by midnight on 31 January, it revealed today. A record 85.5% of these were sent online, with the busiest days for
See MoreThe United Kingdom and Croatia sign a Double Taxation Agreement (DTA) on January 15, 2015
The United Kingdom and Croatia have signed a Double Taxation Agreement (DTA) on January 15, 2015. The aim of this agreement is to avoidance of double taxation and prevention of fiscal
See MoreUK: Legislation to Implement Country-By-Country Reporting
The Government of UK has published draft legislation to implement country-by-country reporting (CbCR) based on a template developed by the Organization for Economic Co-operation and Development (OECD). The legislation will be included in the Finance
See MoreUK: Stamp Duty Reforms on Residential Property
UK has cut stamp duty for the majority of homebuyers to make it fairer. The new rules have started on 4 December 2014. This change applies to people those who are buying a home in the UK for over £125,000. Under the old rules, it would have been
See MoreCanada & UK: Protocol to DTA entered into force
The amending protocol of the Income Tax Treaty (1978) between Canada and United Kingdom has entered into force on 18th December 2014 that was signed on 21st July 2014. The protocol usually applies from the following dates: Canada 1st January
See MoreUK & Canada: DTA ratified by UK
The United Kingdom has ratified its DTA with Canada on December 10,
See MoreUK: ratification of DTA with Tajikistan
The United Kingdom has ratified its Double Tax Agreement (DTA) with Tajikistan on December 10,
See MoreUK:HMRC gives small businesses additional guidance on Value Added Tax (VAT) for digital service suppliers
HM Revenue and Customs (HMRC) has published additional guidance for UK micro and small businesses who supply digital services to consumers in other EU Member States. The Revenue and Customs brief tells them: how to comply with new VAT rules on
See MoreUK: Government publishes draft tax legislation to implement Budget and Autumn Statement 2014 policies
The government of UK has published draft tax legislation on December 10, 2014 which will implement policies published at Budget 2014 and Autumn Statement 2014. The government has also published responses to related policy consultations which took
See MoreUK-Japan: Protocol to existing treaty enters into force very soon
The existing Income Tax Treaty between Japan and the UK will enter into force on December 12, 2014 followed by an exchange of diplomatic note on November 12, 2014. The protocol was previously signed on December 17, 2013. It includes provisions
See MoreUK: HMRC warns on late tax return penalty
The UK tax authority HMRC has warned that the taxpayers in UK who have not filed their 2013-2014 tax return yet must submit their return online. Otherwise they need to pay a penalty of GBP100 (USD160). The deadline for paper-filing for the tax year
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