The Inclusive Framework which is collaborating on the implementation of the OECD’s Base Erosion and Profit Shifting (BEPS) action plan has released information on the domestic legal frameworks for country-by-country reporting (CBCR) around the world, providing a high level snapshot for tax administrations and multinational companies as to the outline requirements
The government expects to claw back approximately £3.96bn by 2020/21 through the introduction of restrictions to interest deductibility for corporates in the Finance Bill 2017
HMRC has issued a policy paper outlining a tax allowance for individuals with small amounts of income from providing goods, services, property or other assets, which was originally set out in Budget 2016 as a way of facilitating the ‘sharing’ economy
HMRC has put out a policy paper introducing an income tax exemption to cover the first £500 worth of pensions advice arranged by an employer and provided to an employee in a tax year, which is applicable to advice not only on pensions, but also for the first time on the general financial and tax issues relating to pensions
The financial services sector paid a total tax contribution of £71.4bn in the year to 31 March 2016, a 7.4% rise on the previous year’s figures and the highest since the finance crash, according to analysis by PwC
Ahead of the busiest period for self assessment returns, HMRC has slashed the number of fake emails sent to taxpayers by 300m by introducing a new level of security
An exemption for ultra-low emission vehicles (ULEVs) will be made in the government’s plans to curb the tax and national insurance advantages of salary sacrifice schemes
HMRC is consulting on ways to streamline clearances for companies using the tax-advantaged venture capital schemes and EIS/SEIS, as the number of applications has increased threefold creating problems with service levels at the tax authority
HMRC has announced plans to toughen its stance on businesses, agents, advisers or others who enable tax avoidance schemes, and is to consult on a proposed new legal requirement that intermediaries notify HMRC of the creation of certain complex offshore financial arrangements and provide a list of clients using them
The government has published nearly 400 pages of new tax legislation setting out the draft provisions for Finance Bill 2017 for technical consultation, including changes to National Insurance contributions, clampdown on salary sacrifice contracts for new car schemes and simplification of PAYE Settlement Agreements
Summary and analysis of Autumn Statement 2016 including salary sacrifice clampdown, pensions money purchase annual allowance, flat rate VAT rise, alignment between NICs and income tax
Chancellor Philip Hammond has shown some Christmas goodwill in announced that the VAT on sales of the X Factor winner’s charity single will be donated to two children’s charities
Meg Hillier, chair of the public accounts committee (PAC), has called on HMRC to investigate newspaper claims that José Mourinho, manager of Manchester United Football Club, moved millions of pounds offshore to avoid tax
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