Tax

HMRC

Tax | Government rules out full fiscal autonomy in Scotland Bill

The Scotland Bill, which provides wider devolved tax powers for Scotland, is set to begin the committee stage of it reading today, with the Scottish Secretary ruling out any changes to introduce full fiscal autonomy (FFA), as proposed by the SNP

15 Jun 2015

Image for abbey national loses repo case over ps16m disputed tax bill

Tax | Abbey National loses repo case over £16m disputed tax bill

HMRC has won the first stage of a tax avoidance case over the Ariel 1 avoidance scheme used by Abbey National Treasury Services PLC (ANTS) and Cater Allen International Ltd (CAIL) at the First Tier Tribunal involving disputed tax of more than £16m after the courts ruled against its attempt to avoid paying corporation tax on the interest on floating loan rate notes

12 Jun 2015

Tax | Scaffolder builds case for reduction in £400K VAT penalty

A scaffolder who faced nearly £400,000 in penalties for under-declared VAT has had the sums considerably reduced after a First Tier Tribunal (FTT) found fault with HMRC’s calculations, although the tribunal agreed with the tax authorities that his behaviour had been dishonest

12 Jun 2015

Case Reports

Image for scottish rate income tax srit draft guidance out consultation

Tax | Scottish rate of income tax (SRIT): draft guidance out for consultation

With less than a year until Scotland takes responsibility for setting income tax rates for Scottish residents, HMRC has released draft technical guidance on how Scottish taxpayer status should be decided, highlighting complications over residency issues with the proposed Scottish Rate of Income Tax (SRIT), particularly for taxpayers who work in both Edinburgh and London, armed forces personnel and for highly mobile employees

12 Jun 2015

Tax | VAT MOSS guidance updated to clarify amendment process

HMRC has updated the guidance on registering and using the VAT mini one stop shop (MOSS) service to incorporate information about correcting VAT MOSS returns when submitting data for digital sales across EU member states

11 Jun 2015

Tax | KPMG Pendragon VAT scheme ruled abusive in Supreme Court

The Supreme Court has ruled that a scheme KPMG devised for the Pendragon Group designed to reduce the car sales company’s VAT liability was abusive, marking a victory for HMRC which will now reclaim VAT due and bringing to an end years of legal wrangling over the issue

11 Jun 2015

Case Reports

Image for case report littlewoods vat win court appeal setback hmrc

Tax | Case report: Littlewoods VAT win at Court of Appeal setback for HMRC

In a long-running dispute between catalogue company Littlewoods and HMRC about overpaid VAT and whether capital sums overpaid by a taxpayer should carry simple or compound interest, HMRC has lost the latest round at the Court of Appeal, reports Michael Steed

11 Jun 2015

Case Reports

Image for hmrc clarifies vat rules charity bulk mailings

Tax | HMRC clarifies VAT rules for charity bulk mailings

HMRC has published updated versions of its guidance on the VAT treatment of direct mail and further extended the deadline for charities to comply with new regulations regarding bulk mailings handled under a single contract combining both printing and posting

11 Jun 2015

Tax | US senators warning on impact of BEPS

The chairs of two influential US congressional committees have written to the US Treasury secretary expressing concerns over the potential impact of the Base Erosion and Profit Shifting (BEPS) project ‘on US workers and their multinational employers ’, and suggesting the US government should not agree to some of the proposals

11 Jun 2015

Tax | Select committee nominations close

Nominations closed last night for the election of the chairs of all the Parliamentary select committees, including the influential Public Accounts Committee (PAC) and the Treasury committee, which were disbanded when the general election was first called and are now being re-launched

11 Jun 2015

Politics

Image for hsbc prioritises tax treatment relocation review

Tax | HSBC prioritises tax treatment in relocation review

Tax issues and the UK government’s attitude towards the financial services sector are among 11 factors currently being evaluated by banking giant HSBC as it reviews whether or not to relocate its headquarters out of the UK, with a final decision due at the end of the year

10 Jun 2015