Five European countries to exchange information on beneficial ownership
On 15 April 2016 it was announced that Britain, France, Germany, Italy and Spain have agreed to exchange information on beneficial ownership of companies and of "trusts with tax consequences". The five European countries will explore the best way to
See MoreUK: Budget for 2016-2017 Updates Transfer Pricing Guidelines as Per Amended OECD Guidelines
The UK budget for 2016-17 includes an update of the transfer pricing guidelines in line with OECD Guidelines. This measure amends from 1 April 2016 the references within the relevant legislation to incorporate the most recent revisions to the OECD
See MoreUK: Final guidance on tax relief for irrecoverable peer to peer loans
Peer to peer (P2P) lending permits individuals and businesses to lend to each other through the intermediary of an internet platform. A traditional financial middleman such as a bank is not required as the platform acts as a conduit to arrange loans
See MoreUK: Responses to consultation on company distributions
On 24 March 2016 the UK published a summary of responses to the consultation on company distributions. This consultation followed the announcement by the government in the summer budget of 2015 that the taxation of dividend income would be reformed
See MoreUK: Responses to call for evidence on cash and noncompliance
On 24 March 2016 HMRC published a summary of responses to the call for evidence on cash, tax evasion and the hidden economy. The call for evidence had asked for views on the relative decline in the use of cash and its impact on tax compliance, the
See MoreUK: Finance Bill 2016 Published
The UK Finance Bill for 2016 was published on 24 March 2016. The Bill contains tax measures announced in the Budget proposals on 16 March. Individual income tax As announced in the Budget the annual exempt amount for individual income tax is to
See MoreUK: HMRC Clarifies Gift Aid Rules
HMRC has clarified aspects of the rules for UK tax relief for individuals under the Gift Aid provisions. Under these provisions tax relief may be claimed when an individual donor who pays tax in the UK makes a donation, even if the donor includes a
See MoreUK budget announcements 2016
The UK budget announcements for 2016/17 were delivered on 16 March 2016. The Chancellor announced a business tax road map that is intended to support investment while continuing to crack down on avoidance and aggressive tax planning. Corporation
See MoreUK: Budget to be announced this week
The UK budget for 2016/17 is to be announced on 16 March 2016. As the UK’s economic outlook is not as favorable as outlined at the time of the Autumn Statement this year’s budget announcements are expected to contain some revenue-raising
See MoreUK: Introduced Country-by-Country (CbC) Reporting Requirement as Final Regulation
UK has introduced Country-by-Country (CbC) reporting requirement for domestic entities with consolidated group revenue of €750 million or more for an accounting period. The Commissioners may give a general or specific direction to a reporting
See MoreUK: Regulations on Country by Country Reporting
The Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016 contain detailed regulation on country by country (CbC) reporting. The regulations provide the detailed procedure for CbC reporting in line with the
See MoreUK: IMF report and selected issues paper look at property taxation
The IMF has published a staff report and a selected issues paper following the conclusion of consultations with the UK under Article IV of the IMF’s articles of agreement. The UK economy has been growing steadily and growth is set to continue at
See MoreUK: Parliamentary Committee launches inquiry into corporate tax system
The UK Parliament’s Treasury Select Committee has launched an inquiry into the UK corporate tax system, covering tax policy and the tax base. Written evidence has been requested by 31 March 2016. The terms of reference include the making of tax
See MoreUK: deemed domicile for income tax and capital gains tax
The UK is currently conducting a consultation on measures changing the rules for non-UK domiciled individuals. The changes are to be included in the Finance Bill 2016 and are to take effect from 6 April 2017. Draft legislation has been introduced to
See MoreUK: Review of VAT Grouping Provisions
A policy paper published on 14 January 2016 announced the launch of a review of VAT grouping provisions in the UK following the Larentia + Minerva and Marenave case and the Skandia case in the European Court of Justice (ECI). Currently the UK
See MoreUK: Guidance on income tax exemption for trivial benefits in kind
Draft legislation on the income tax exemption for trivial benefits in kind is to be included in the UK Finance Bill 2016. Draft regulations have also been published to extend this exemption to benefits in kind provided to former employees and to
See MoreBulgaria: Clarification to DTA with UK
The Revenue Agency of Bulgaria issued a clarification on 5 February 2016 regarding the application of the Bulgaria - United Kingdom Income Tax Treaty (2015). The main clarifications include the following: Several types of income that were exempt
See MoreUK: Reverse charge mechanism for wholesale supplies of telecommunications services
Owing to the threat of intra community missing trader fraud the UK government has drawn up a statutory instrument to introduce the reverse charge mechanism for accounting for value added tax (VAT) on wholesale supplies of telecommunications services
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