Iceland-United Kingdom: Ratified the tax treaty
The income tax treaty between Iceland and United Kingdom (2013) was ratified, (Double taxation relief and International Tax Enforcement of Iceland) by United Kingdom on 16 July 2014.After sanctioned by United Kingdom this new treaty will replace the
See MoreUK: May move towards a Single Income Tax by merging social security with Income Tax
It was reported by the Tax Payer’s Alliance (TPA) that Chancellor George Osborne aimed to merge the social security with income tax to move towards a single income tax and he is intended to include it in the Conservative Party's next election
See MoreUK: Tax credits renewal warning has been issued by HMRC
HM Revenue and Customs (HMRC) have warned the UK residents those Up to 1.5 million tax payer who receive tax credit to renew their claims as the time available to renew is less than one month.If they don’t go for renewal within time, their payment
See MoreUK :The Retailer’s tax claims has been rejected by the Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreThe Retailer’s tax claims has been rejected by the UK Tribunal
It was welcomed by the HM Revenue and Customs (HMRC) the dismissal of a multi-million pound tax allowance claimed by one of the UK's largest clothing retailers by the higher Tribunal's. The claim of Next Distribution Limited, part of Next Group Plc
See MoreUK: RTI meets tax credits
The Real Time Information (RTI) reporting is showing employed claimants’ earnings of the renewals notices sent to tax credits claimants. The instruction for claimants is given to check whether the details are correct and communicate the matters
See MoreUK – Spain DTA to Enter into Force
The UK’s tax authority has confirmed that the double taxation agreement (DTA) signed with Spain in 14 March 2013 will enter into force on June 12, 2014. The agreement will apply to corporation tax in the UK from 1 April 2015; to
See MoreUK: Tax Reform Has Boosted UK’s Appeal to Business
The UK’s Exchequer Secretary has suggested that there is currently high business confidence in the tax system. One reason for this is that the UK has recently taken measures to improve the attractiveness of its tax system including reductions to
See MoreEU: CJEU dismisses UK’s challenge to EU Financial Transaction Tax
The Court of Justice of the European Union (CJEU) has dismissed an attempt by the UK to challenge the legality of the Council decision of 22 January 2013 in respect of enhanced cooperation by a group of EU member states to introduce a financial
See MoreUK:HMRC challenged on VAT default surcharge
The victory of a newspaper group in a legal action against HMRC in relation to a large VAT penalty shows the importance of the proportionality principle of EU law. The large fine related to a late VAT return and the judgment illustrates that
See MoreEU – UK challenge to financial transaction tax rejected
The Court of Justice of the European Union (CJEU) has rejected a legal action by the UK challenging the legality of the EU Council’s decision to authorize the plan for a financial transaction tax (FTT) through the mechanism of enhanced cooperation
See MoreUK – Tougher Penalties for Offshore Evaders
Offshore tax evaders are likely to face stiffer penalties under measures recently announced in the 2014 UK Budget. The UK government has said that stricter penalties would apply to individuals who hold money in hidden bank accounts in countries that
See MoreUK – Spain DTA to Enter into Force
HM Revenue and Customs (HMRC) has announced that the new convention for the avoidance of double taxation (DTA) signed between the United Kingdom and Spain will enter into force on June 12, 2014. The agreement provides for a 10 percent maximum
See MoreIreland and the UK levy the highest rates of inheritance or estate tax
A recent report published by a firm of accountants has found that Ireland and the UK levy the highest rates of inheritance or estate tax of any major world economies. The report computes that Ireland takes on average 26 percent from the estate of a
See MoreEU Approves UK Video Game Tax Break
The European Commission has approved the new UK tax relief for video game as being in line with EU state aid rules. The videos games tax relief is designed to give an incentive to developers of video game developers to design products that meet
See MoreUS – New York suspends driving licenses of tax evaders
Last year New York passed legislation providing for the suspension of the driving license of any individual owing a sum greater than ten thousand dollars in back tax. This has apparently been a successful policy as thousands of individuals have
See MoreUnited Kingdom and Germany sign DTA Protocol
A protocol has been signed to the double tax agreement between the UK and Germany. This protocol which was signed on 17 March 2014 includes in the agreement the latest version of Article 7 (business profits) of the OECD Model. The taxation rights in
See MoreUnited Kingdom – Belgium sign Protocol
The UK and Belgium have added a second Protocol to their double taxation agreement (DTA). The original protocol amended the article on exchange of information to conform to the latest OECD standard. The second protocol which was signed on 13 March
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