United Kingdom and Iceland sign a DTA
The United Kingdom and Iceland signed a double taxation agreement (DTA) on December 17,
See MoreJoining of Six More Countries with the Tax Information Exchange Pilot of G5
UK, France, Germany, Spain, and Italy (the G5) planed for a multilateral program in April which was based on the automatic exchange of tax information. Participants of 37 jurisdictions have expressed their intention to join. Luxembourg,
See MoreJapan – Signing of the Protocol Amending Tax Convention with the United Kingdom
Japan and the United Kingdom Signing of the Protocol Amending Tax Convention with the United Kingdom on 17 December 2013 which amending the current income tax treaty between the two countries. Before it enters into force the Protocol must be
See MoreTax treaty between India and United Kingdom – Indian decision on taxability of fees for technical services
The Indian Income Tax Appellate Tribunal (ITAT) issued its decision on 31 May 2013 in the case of Veeda Clinical Research Private Limited (ITA 1406/Ahd/2009) that the provision of market awareness and development in-house training services to an
See MoreUnited Kingdom – Changes of tax refund-procedure not compatible with EU law
The Court of Justice for the European Union (CJEU) issued a judgment on 12 December 2013 concluding that EU law precludes UK measures effect of which is to deprive taxpayers and that happened without notice and retroactively. It was focused on
See MoreUK: Shares issued under interest free loan agreement are taxable income
On 15 November 2013, it was reported that the United Kingdom First Tier Tribunal found that the receipt of shares from a borrower in an interest free loan agreement between United Kingdom companies was taxable income. The case in which this decision
See MoreUnited Kingdom: UK High Court decision on portfolio dividend tax
UK High Court decision concerns the portfolio dividend tax (holdings of less than 10%) under the previous tax law which provided double tax relief for foreign withholding taxes paid on the dividends and no relief for any underlying tax. UK has moved
See MoreTax Devolution process for Wales has been confirmed by the UK Government
The UK Prime Minister has confirmed in a press release on 7 November 2013 that the Government intends to devolve the power to set Landfill Tax and Stamp Duty rates in Wales, and to hold a referendum on devolving the income tax rate. It was announced
See MoreA ‘FATCA’-type Agreement has been signed by Cayman and the UK
A bilateral governmental agreement has been signed by The Cayman Islands with the United Kingdom on November 05, 2013 which set the foundation for the automatic exchange of financial information about UK taxpayers who hold accounts in the Cayman
See MoreUK Considering Tax For Foreign Property-Buyers
The UK Chancellor of the Exchequer refused to confirm reports that the Government is considering moves to impose Capital Gain tax on foreign investors for property sales in Britain, as a measure to control property prices in London. At present,
See MoreUK Energy Firms Allegedly Using a Loophole To Cut Tax Bills
Several UK energy companies were accused on 30 October 2013 for abusing a legal loophole with a view to cut their tax bills. It was revealed by The Independent newspaper and Corporate Watch research that more than 30 UK businesses have been
See MoreUK: Exchange of Letters signed to update tax information agreements
The UK government has recently been updating the arrangements for the exchange of tax information with some of its territories. An Exchange of Letters with the Isle of Man updated the 1955 agreement between the UK and the Isle of Man. An Exchange of
See MoreECJ: Advocate General opines on consortium relief issue
The advocate general has issued an opinion on a consortium relief issue referred to the European Court of Justice (ECJ) by the First Tier Tribunal (Tax Chamber) in the UK. The issue concerned a residence requirement imposed on the link company as
See MoreThe United Kingdom and South Africa set to work together to tackle offshore tax avoidance
The Ministry of Finance of South Africa issued a media statement on 12 October 2013, stating that United Kingdom and South Africa have agreed to work together to tackle offshore tax avoidance including through pressing for better international
See MoreThe United Kingdom and Isle of Man sign automatic exchange of information agreement
The United Kingdom and Isle of Man signed an automatic exchange of information agreement on 10 October 2013. In the agreement, that follows the accord signed between the United Kingdom and the United States to execute reporting of information
See MoreThe Exchange of information agreement between United Kingdom and Uruguay was signed in London
The Exchange of Information Agreement between United Kingdom and Uruguay was signed in London on 14 October 2013. The exchange of tax information between the two countries will now be up to international standards. Uruguay is now categorized by the
See MoreUK: Tax relief for married couples
The UK has declared a new tax relief for married couples. From April 2015 one spouse will be able to transfer up to GBP 1,000 of the unused personal tax allowance to the other spouse. This relief will be open to married couples and civil
See MoreSpanish Government Approves DTA with United Kingdom
On 20 September 2013, the Ministry of Finance of Spain announced that the Council of Ministers has approved the agreement with the UK for the avoidance of double taxation and prevention of fiscal evasion with respect to income and equity. The new
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