UK: Consultation on Corporate Redomiciliation
The UK budget announcements on 27 October 2021 included a proposed consultation on introducing a UK corporate re-domiciliation regime, to allow companies to re-domicile and therefore facilitate relocation to the UK. The consultation document was
See MoreUK Budget announcements for 2022/23
The latest UK budget announcements were made on 27 October 2021 including the following measures: Consultation on corporate re-domiciliation This consultation seeks views on the introduction of a UK re-domiciliation regime, which would make
See MoreUK: Statistics on Research and Development Tax Relief
On 30 September 2021 HMRC published the statistics for claims for research and development (R&D) tax relief in the UK. The statistics on tax relief schemes allow the government to monitor the level of use of the incentive schemes and make an
See MoreUK: Soft Drinks Industry Levy Statistics
On 30 September 2021 the UK government published the latest statistics on revenue collected from the soft drinks industry levy (SDIL). The UK introduced the SDIL in April 2018 after public consultation with the industry and other interested
See MoreUK: Patent Box Relief Statistics Updated
Under the patent box legislation in the UK companies can enjoy a lower rate of UK corporation tax on their profits earned from qualifying patented inventions and some other equivalent types of intellectual property. The patent box relief was
See MoreUK: Making Tax Digital for Self Employed and Landlords
On 23 September 2021 HMRC issued a policy paper on the extension of Making Tax Digital (MTD) to the self-employed and landlords with income more than GBP 10,000 in a tax year, with effect from April 2024. The MTD programme requires businesses to
See MoreUK: OTS report reviews change of tax year end
On 15 September 2021 the Office for Tax Simplification (OTS) issued a report outlining its views on the advantages and potential costs of moving the tax year end for individuals in the UK. The review looks in detail at the possibility of moving
See MoreUK: Tax Gap Statistics Published
On 16 September 2021 the UK government released the latest edition of Measuring Tax Gaps, estimating the tax gap for 2019/20 to be 5.3% of total theoretical tax liabilities, or GBP 35 billion. The tax gap is the difference between the tax that
See MoreUK: Survey Indicates Businesses are Unprepared for Plastic Packaging Tax
A study conducted by the waste management company Veolia on preparation for the plastic packaging tax has found that more than 80% of the businesses taking part in the survey were not aware that the tax is being introduced. The plastic packaging
See MoreUK: Professional Bodies Request a Delay to Introduction of Tax Changes
Professional bodies in the UK have criticised the speed of proposed reforms to the tax system and have written to the government advising a slower timetable for the next phase of tax administration changes known as Making Tax Digital, and for the
See MoreUK: Statistics on Creative Industries Tax Relief
On 24 August 2021 HMRC published updated statistics for creative industries tax relief for 2020/21, showing that GBP 1.31 billion was paid out in tax relief for creative industries in 2020/21. Almost half the relief given in the period related to
See MoreUK: Survey Indicates Support for Change of Tax Year End
A recent survey conducted by BDO in the UK revealed that more than 90% of the businesses surveyed were in favour of a change to the tax year end to 31 December. The survey included 500 UK companies whose annual revenue is between GBP 10 million and
See MoreUK: Annual capital gains tax statistics
On 5 August 2021 the UK released the latest annual statistics for capital gains tax (CGT). The statistics are based on self-assessment tax returns that report a CGT liability. In the 2019/20 tax year, the total UK CGT liability was GBP 9.9
See MoreUK: Modernisation of Stamp Taxes on Shares
On 20 July 2021 the UK government published a summary of the responses to the consultation document on the modernisation of stamp taxes on shares. The government had issued a call for evidence on the principles and design of a new stamp duty and
See MoreUK: Attitudes of online sellers in China to UK tax compliance
On 20 July 2021 HMRC published research that was commissioned to gain a better understanding of the knowledge, attitudes and behaviours of Chinese online sellers in relation to their tax obligations from the sale of goods to the UK. The research
See MoreUK: New proposals to combat the promotion of tax avoidance schemes
On 20 July 2021 the UK government published for consultation new proposals aiming to restrict the activities of promoters of tax avoidance schemes, together with draft legislation. The consultation will close on 14 September 2021. The government
See MoreUK: Consultation on basis periods for income tax
HMRC has issued a consultation document setting out a proposed simplification of the income tax system in relation to basis periods for computing income tax. This would be intended to simplify compliance procedures for small unincorporated
See MoreUK: OTS to Consider Changing the Tax Year End
On 8 June 2021 it was reported that the UK’s Office for Tax Simplification (OTS) is to begin a review of the costs and benefits of moving the UK’s tax year end from 5 April to either 31 March or 31 December. The OTS has issued a review
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