United Kingdom – India DTA protocol
As notified by the Indian Ministry of Finance on February 10, 2014, the Protocol amending the India-UK double taxation agreement (DTA) entered into force in the UK and India on December 27, 2013. The DTA Protocol is immediately effective in India,
See MoreUnited Kingdom – HMRC report on offshore tax evasion
The United Kingdom government is continuing to take action against artificial tax avoidance and tax evasion. In this connection the tax administration (HMRC) has issued a "corporate report," which sets out how HMRC addresses offshore tax evasion and
See MoreUK – Shadow Foreign Secretary calls for maximum tax devolution for Scotland
The UK’s shadow foreign secretary has stated that the further devolution of tax powers could strengthen the accountability of the Scottish Parliament. In April 2015 the devolution of Landfill Tax will be carried out and a new Land and Buildings
See MoreGibraltar offers new pension Schemes to expats
These contributions may exceed the usual UK limit of GBP50,000 per year. This scheme is being offered in addition to Gibraltar's traditional Qualifying Recognized Overseas Pension Schemes (QROPS), which are often used by UK expats to transfer their
See MoreUK: Bitcoin VAT exemption
The UK tax administration HMRC would exempt transactions in Bitcoins from the 20% UK VAT net on each sale or on profit margins, although exchange commissions would remain liable. HMRC originally provided guidance in November 2013 that Bitcoins
See MoreUK: National audit office reports unrecovered tax debt of GBP15.1bn
National audit office of UK has reported that that HM Revenue and Customs (HMRC) is owed at least GBP15.1bn in unpaid debt. The report also adds that the Government should revise this responsibility and thus the recovery of tax credit over payments
See MoreUK: publishes draft legislation to eliminate stamp duty and stamp duty reserve tax on Exchange Traded Funds (ETFs)
HMRC has published for consultation a draft Statutory Instrument and a Tax Information and Impact Note on 17 February 2014. It was intended to abolish of stamp duty and stamp duty reserve tax on transfers of interests in Exchange Traded Funds
See MoreDTA between UK and Albania entered into force
The Double Taxation Agreement (DTA) between UK and Albania has entered into force on December 30, 2013. The agreement follows the OECD Model Convention. It sets out reduced withholding tax rates as follows: 5 percent on dividends for companies
See MoreUK refuses to reduce tourism VAT rate
The UK Government has refused to reduce tourism VAT rate with an argument that there is no connection between tax subsidies and the number of tourist. The Members of Parliament who supported the proposal of reducing VAT on tourism have said that the
See MoreUnited Kingdom and Anguilla sign protocol to TIEA
An exchange of letters and amending protocol to the Anguilla - United Kingdom Exchange of Information Agreement (2009) was signed between Anguilla and the United Kingdom on 13 December 2013 in London and on 20 December 2013 in Anguilla. The
See MoreUK announces termination of DTA with Tajikistan
The United Kingdom has announced that it will terminate its double tax arrangements with Tajikistan for profits arising on or after April 1, 2014, in the case of corporation tax; and for income and gains arising on or after April 6, 2014, in the
See MoreUnited Kingdom – Supreme Court addresses cross-border group losses
The UK Supreme Court on 19 February 2014 issued its judgment relating to three remaining issues in the Marks & Spencer case—i.e., the case addressing a cross-border group relief claims. The Court found that the conditions for the “no
See MoreProtocol between the United Kingdom and the Netherlands is in force
The DTA Protocol signed between the United Kingdom and the Netherlands entered into force on January 31, 2014. The provisions of the Protocol have effect: in the United Kingdom: in respect of income tax and capital gains tax, for any year of
See MoreUK and Zambia sign a DTA
On 4 February 2014 the United Kingdom (UK) and Zambia signed a Double Taxation Agreement. The Agreement will replace the existing Double Taxation Agreement between the UK and Zambia which was signed in 1972. The new agreement generally follows the
See MoreUnited Kingdom – Tax compliance by suppliers under government contracts
The Cabinet Office has published a slightly revised version of the UK government’s procurement policy note, with measures to promote tax compliance. The note provides guidance on the government's policy on the use of the procurement process to
See MoreUnited Kingdom – Proposals related to tax disputes and identifying scheme promoters
HM Revenue and Customs (HMRC) has issued consultation documents which include proposals for taxpayers to make accelerated payment of tax that is in dispute or subject to enquiry and for identifying “promoters” of tax avoidance schemes. The
See MoreUnited Kingdom – Councils to Retain Tax Revenues from Shale Gas Developments
On 13 January 2014, the UK Prime Minister announced that the local councils in the U.K. that approve shale gas developments will be able to retain 100 percent of business rates collected from local shale gas sites, doubling the current 50 percent
See MoreUnited Kingdom: Partnerships, tax policy
To inquire into the draft Finance Bill 2014 as published on 10 December 2013 the House of Lords Economic Affairs Committee has established a Finance Bill sub-committee. The sub-committee will focus on two areas: The draft clauses relating to the
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