UK: report on the role of large accountancy firms in tax avoidance
The UK’s Parliamentary Accounts Committee (PAC) has issued a report entitled “Tax avoidance: the role of large accountancy firms” criticizing the close relationship between accountancy firms and the tax authorities. The practice of seconding
See MoreUK: the European Commission opens an investigation into the tax relief for video games
The UK is introducing tax relief for the animation, high end TV and video games industry from 1 April 2013. The relief would amount to a 25% tax reduction based on 80% of the production budget of a qualifying animation or video game relating to
See MoreUK challenges financial transactions tax
The UK has launched a legal challenge in the European Court of Justice to the planned financial transactions tax. This tax is to be introduced by eleven European countries under the EU provisions for enhanced cooperation and is planned to go into
See MoreUK: HMRC issues revised GAAR guidance
HMRC’s latest guidance on the application of the General Anti-Abuse Rule (GAAR) was approved by the GAAR Advisory Panel on 15 April 2013. This guidance summarizes what the GAAR is intended to achieve and how it operates to arrive at this
See MoreTreaty between Albania and United Kingdom signed
On 26 March 2013, Albania and the United Kingdom signed a Double Taxation Agreement. The agreement generally follows the provisions of the OECD Model, with some modifications. The agreement will enter into force when the appropriate ratification
See MoreUK Finance Bill 2013 published
Following the Budget announcements on 20 March, the UK published the Finance Bill 2013 on 28 March 2013. The Bill includes a reduction in the main rate of corporation tax to 21% in 2014 and to 20% in 2015. Explanatory Notes to the Finance Bill have
See MoreUK-Budget announcements for 2013
The Chancellor of the Exchequer presented the 2013 Budget to Parliament on 20 March, 2013. The draft Finance Bill is to be published on 28 March. As previously announced, the main rate of corporation tax will be reduced from 23% in April 2013 to 21%
See MoreUK: new double tax treaty with Norway
On 14 March 2013 the UK signed a new double taxation treaty with Norway. When the treaty enters into force it will replace the current treaty which was signed in 2000. The treaty generally follows the provisions of the OECD Model and incorporates
See MoreUK: New double tax treaty with Spain
On 14 March 2013 the UK and Spain signed a new double taxation treaty. The treaty will come into force when the ratification procedures have been completed. When it comes into effect the new treaty will replace the treaty currently in force which
See MoreDouble taxation convention between the United Kingdom and Ethiopia entered into force
The Comprehensive Double Taxation Convention between the UK and Ethiopia entered into force as of 21 February 2013. The treaty was signed on 9 June 2011. The convention generally follows the OECD Model Tax Convention. According to the provisions of
See MoreUK: Protocol to the double tax agreement with China
A protocol to the treaty between the UK and China was signed on 27 February 2013. This protocol amends the dividend article of the 2011 tax treaty between the UK and China which is not yet in force. Both the treaty and protocol will enter into force
See MoreTreaty between Liechtenstein and United Kingdom enters into force
The first Double Taxation Convention between the UK and Liechtenstein entered into force on 19 December 2012, which was signed in London on 11 June 2012. The Convention continues the cooperation between the UK and Liechtenstein on tax matters which
See MoreTreaty between Barbados and United Kingdom enters into force
The Double Taxation Agreement between Barbados and the United Kingdom entered into force on 19 December 2012 which was signed in Barbados on 26 April 2012. The Double Taxation Agreement generally follows the provisions of the OECD Model; however
See MoreUK: Corporation Tax Dodge Closed by UK Government
On 27 September 2012 it was reported that the British government has used new Targeted Anti-Avoidance Rules aimed at trade and property businesses to close down a scheme which it says was being marketed as a way to reduce corporation tax by
See MoreUK Announces New Anti-Avoidance Tax Forces
On 22 November 2012 it was reported that the UK tax authority, HM Revenue and Customs (HMRC) has announced specialist task-forces to tackle tax avoidance in the UK clothing trade, alcohol industry and rental property sector, expected to recover
See MoreDTA between India and the UK
The UK tax authority, HM Revenue and Customs, has confirmed that a Protocol to the double taxation agreement (DTA) between India and the UK was signed on October 30,
See MoreUK’s High Earners Face Heavy Tax Burden
It has been suggested that the UK's tax rates penalize its top earners with one of the highest personal tax burdens in the world, according to new research. The UK has the ninth highest tax burden in the world on those earning between USD200,000 and
See MoreUK: Google under Fire for UK Tax liability
It has been published on 14 August 2012 that Google bosses could be hauled before the UK parliament to answer questions on the technology giant's tax affairs, as concerns mount over revelations about the company's low corporate tax bills. According
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