UK: Joint initiative with Australia to combat profit shifting
The Australian Treasurer issued a press release following the G20 meeting on 16 and 17 April indicating potential collaboration with the UK to combat profit shifting. The UK government introduced a Diverted Profits Tax with effect from 1 April
See MoreUK: New version of company tax return form introduced
HM Revenue and Customs (HMRC) has introduced a new version of the tax return form for companies. Form CT600 version 3 should be used by companies for accounting periods beginning on or after 1 April 2015. A new computation taxonomy has been
See MoreUK Issues Guidance on the Diverted Profits Tax
The UK included legislation to introduce the Diverted Profits Tax in the Finance Bill for 2015. Guidance on the tax was updated on 30 March 2015 to explain the changes to the provisions since the draft legislation was first published. The guidance
See MoreUK: HMRC Publishes Departmental Improvement Plan
On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of
See MoreUK: Finance Bill 2015 published
The UK Finance Bill (No.2) Bill was introduced into parliament on 24 March 2015. The Bill contains measures announced in the budget proposals for 2015 together with some measures that were announced earlier such as the new rules for banks and the
See MoreSocial security agreement between Chile and United Kingdom entered into force
The Social Security Agreement between Chile and United Kingdom will be entered into force and effective on 1st June
See MoreUK: HMRC to publish new pensions guidance manual
The UK tax authority HM Revenue and Customs (HMRC) announced on 20 March 2015 that it will be publishing a draft Pensions Tax Manual in the early spring of 2015. This will replace the existing Registered Pension Schemes Manual. The new draft Manual
See MoreUK: Announces support for the oil and gas industry
On 20 March 2015 the UK government announced a package of support for the oil and gas industry. A new Oil and Gas Authority is to have the power to promote the economic recovery of the industry. The new body would have the power to issue fines
See MoreUK: Proposes new measures to tackle tax evaders
The UK has announced new measures to deal with tax evasion. The proposed measures are outlined in a policy paper issued on 19 March 2015 entitled “Tackling tax evasion and avoidance”. The UK government is introducing measures including publicly
See MoreUK: Budget Announcements for 2015/16
The UK budget announcements were delivered on 18 March 2015. The detail of the announcements is as follows: Business tax measures As already announced the UK corporation tax rate is 20% from 1 April 2015. The budget announcements include the
See MoreUK: Pension changes for individuals who already have an annuity
The UK has announced that measures announced last year to give more choice to individuals on how to use their pension fund will be extended to people who already have an annuity. With effect from April 2016 the restrictions on buying and selling
See MoreUK: Launches business rates review
The UK government has published a consultation paper on the review of the business rates, the local tax on business based on property values. Responses may be sent in by 12 June 2015. The business rates in the UK are charged on non-domestic
See MoreUK: Draft legislation to be introduced restricting bank loss relief
The UK budget measures are to be announced on 18 March 2015 and after that date the Finance Bill 2015 will be published. Among the measures to be included in the Finance Bill 2015 is a provision to restrict the amount of loss relief that can be
See MoreUK: 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,
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