UK: HMRC publishes research report on use of offshore disclosure facilities
On 15 July 2015 HMRC published a research report on behavioral factors influencing the use of offshore disclosure facilities. The research was conducted by interviews with agents handling offshore disclosure cases; in this case those involved with
See MoreUK: HMRC publishes report on small business and tax decisions
The UK tax authority HMRC has published a research report entitled Small Business and Choice, reflecting interviews held with small businesses and their views on choice in the tax system. HMRC authorized the research to be done in order to explore
See MoreUK: New budget announcements for 2015/16
On 8 July 2015 the UK government announced a further set of budget proposals for 2015/16. This summer budget 2015 follows the general election and contains revisions and additions to the original budget proposals presented in March
See MoreUK: HMRC allocates more resources to customer service functions
The UK tax administration HMRC has announced the allocation of GBP 45 million to improve aspects of its customer service functions. Three thousand additional staff are enlarging the customer service teams, as well as two thousand staff that are
See MoreUK: HMRC issues PAYE penalty notices
The UK tax authority HMRC announced on 17 June 2015 that it has issued the first in-year PAYE penalty notices to employers of fewer than fifty employees who did not send PAYE details to HMRC on time. HMRC is concentrating on the more serious
See MoreUK extends range of eligible investments for ISAs
With effect from 1 July 2015 the UK has extended the list of investments that can be held in an individual savings account (ISA), Junior ISA or Child Trust Fund (CTF). Savings in an ISA, Junior ISA or CTF are eligible for tax relief including an
See MoreUK: HMRC issues draft guidance on Scottish taxpayer status
The UK tax authority HMRC has issued for consultation draft technical guidance on the definition of a Scottish taxpayer for the application of the Scottish rate of income tax which was introduced by the Scotland Act 2012. The rate will be charged on
See MoreUK: HMRC statement on late filing penalties
The UK tax authority HMRC has issued a statement following press reports that it was not pursuing penalties for late filing of income tax returns in the case of more than 800,000 individuals in the UK. The statement from HMRC indicates that it has
See MoreUK: Double taxation agreement with Kosovo
The UK signed a double taxation agreement with Kosovo on 4 June 2015. The agreement generally follows the provisions of the OECD Model. Under the agreement the withholding tax on cross-border dividends is reduced to zero, except where the dividends
See MoreUK: Penalties for late individual tax returns waived
According to UK media reports the tax authority HMRC has decided to write off the GDP 100 penalty for late filing of the individual tax return for 890,000 people. This decision reportedly relates to the individual income tax returns for the year to
See MoreUK: bad debt relief on peer to peer lending
In the Autumn Statement for 2014 delivered in December 2014 the Chancellor announced a package of measures in support of peer to peer lending and crowdfunding platforms. The reforms are intended to modernize the regulations and tax rules. One of the
See MoreUK: HMRC releases information on non-domiciled individuals
The UK tax authority HMRC has released some statistical information on non-domiciled individuals in response to a request made under the legislation on freedom of information. Individuals who are not domiciled in the UK may elect to pay UK tax on
See MoreUK government proposes legislation to freeze income tax rate
On 27 May 2015 the UK government’s legislative program for 2015/16 was announced in the traditional Queen’s Speech at the opening of parliament. The program includes proposed legislation to prohibit increases in the rates of income tax,
See MoreUK government considers changes to taxation of non-domiciled individuals
The second UK budget for 2015 planned for 8 July 2015 could include changes to the UK tax rules for non-domiciled individuals. Non-domiciled individuals can elect to pay UK income tax on the remittance basis so that UK tax is only paid on foreign
See MoreUK: Government to deliver second budget for 2015
The UK government has indicated that a second set of budget proposals will be announced on 8 July 2015. This follows the recent election of 7 May 2015. The budget would clarify the expected government expenditure reductions and how they are to be
See MoreUK: New share valuation rules for CGT
The UK tax authority HMRC has published new valuation rules in respect of the valuation of shares for capital gains tax (CGT), corporation tax and income tax purposes. The rules which apply from 6 April 2015 are in the Market Value of Shares,
See MoreUK: HMRC explains new VAT refund scheme for charities
The UK tax authority HMRC has issue VAT Notice 1001 giving details of the VAT rules where charities can obtain VAT refunds under legislation effective from 1 April 2015. Charities that qualify under the new rules can claim a refund of VAT on most of
See MoreUK: Main Rate of Corporation Tax Falls to 20% and is Unified
The main rate of Corporation Tax for 2015 is 20% (With the exception of oil and gas companies with ring fence profits) from 1 April 2015. The Corporation Tax will be charged at a single rate known as the main rate. The small profits rate was
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