The 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
See MoreUK: Judicial decisions on capital allowances
The Upper Tribunal rejected an appeal from HMRC against a capital allowance claim in a recent decision involving Lloyds TSB Equipment Leasing. The claim related to finance leases in relation to two liquid natural gas (LNG) vessels that were leased
See MoreUK: Alternative Dispute Resolution for Large Taxpayers
An evaluation of the pilot project on alternative dispute resolution (ADR) for large taxpayers has been published by the HMRC. The pilot, run by HMRC’s Dispute Resolution Unit, looked at the effectiveness of using ADR techniques in large and
See MoreUK introduces employee shareholder status
From 1 September 2013 employee shareholder status has been introduced in the UK. This allows an employer to enter into a contract with an employee whereby some employment rights are given up by the employee in exchange for shares in the employer’s
See MoreUK: alternative dispute resolution is now available to SMEs and individuals
From 2 September 2013 alternative dispute resolution (ADR) is now available to small and medium enterprises (SMEs) and individuals. If a taxpayer that is in dispute with HMRC asks for ADR a facilitator will be appointed from within HMRC. The
See MoreUK: Corporation tax statistics
On 30 August 2013 HMRC released the latest corporation tax statistics. The publication shows the statistics for corporation tax receipts for 2012/13 and some revised figures in relation to corporation tax liabilities of previous years. Also shown
See MoreUK: Published draft guidance on DOTAS regime confidentiality hallmark
HM Revenue & Customs (HMRC) the UK tax authority published draft guidance on 21 August 2013 to accompany the present consultation on the confidentiality hallmark about the disclosure of tax avoidance schemes (DOTAS) regime. The guidance will
See MoreUK: Statistics for Research and Development Tax Relief
The HMRC published the statistics on 15 August 2013 for the uptake of the research and development tax relief in the UK. This tax relief allows an enhanced tax deduction for expenditure on research and development. In the case of large companies
See MoreUK has removed the VAT exemption for business supplies of research
With effect from 1 August 2013 the UK has removed the exemption from value added tax (VAT) for business supplies of research between eligible bodies. Business research for this purpose is defined as research that is provided in return for
See MoreUK: HM Revenue and Customs (HMRC) revises SDLT group relief regulations
The UK tax authority HMRC has introduced a clarification confirming that intra-group transactions are eligible for group relief related to Stamp Duty Land Tax (SDLT). The declaration follows a meeting by HMRC with representative bodies concerning
See MoreUK: Consultation on measures to combat artificial tax avoidance
The UK has published a consultation document entitled “Raising the Stakes on Tax Avoidance”. Comments are invited from interested parties on further measures to discourage the propagation of artificial tax avoidance schemes. The closing date
See MoreUK: consultation on tax free childcare
In the 2013 Budget measures the UK announced the introduction of tax free childcare for working families. The objective of the scheme would be to give the equivalent of basic rate tax relief for the costs of childcare. A consultation document has
See MoreUK: exploration of FTT recommended by MPs
It has been recommended by a UK Parliamentary Committee to consider the “feasibility, benefits and risks” of a Financial Transaction Tax (FTT) on High Frequency Trading (HFT), despite the Government’s strong opposition to such a tax within the
See MoreUK: Temporary Non-Residence Regulations 2013
A new statutory instrument SI 2013/1810 has been issued by the UK Government in relation to the temporary Non-Residents (Miscellaneous Amendments). The Government announced its intention to introduce a Statutory Residence Test from 6 April 2013 in
See MoreUK: Regulations for Annual tax on enveloped dwellings
A new statutory instrument named SI 2013/1844 has been issued by HMRC regarding the Annual Tax on Enveloped Dwellings (Returns) 2013. This regulation will come into force on 12 August 2013. Finance Act 2013 introduced an annual tax on enveloped
See More