Tax Compliance

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Image for us treasury adopts modified tax inversion rules

Tax | US Treasury adopts modified tax inversion rules

The US Treasury has watered down regulations designed to address corporate tax inversions, adopting a narrower approach after businesses launch a strong protest against its original plans, but says this will still limit the ability of companies to lower their tax bills through transactions involving debt that do not support new investment in the US

14 Oct 2016

International Tax

Image for bill set enact criminal offence corporations failing prevent tax evasion

Tax | Bill set to enact criminal offence for corporations failing to prevent tax evasion

The government is to go ahead with plans for the introduction of a criminal offence for corporations and partnerships who fail to put in place reasonable procedures to prevent their staff from criminally facilitating tax evasion

14 Oct 2016

Law and Regulation

Image for harra replaces troup hmrc tax assurance commissioner

Tax | Harra replaces Troup as HMRC tax assurance commissioner

The head of business tax at HMRC, Jim Harra, has been promoted to tax assurance commissioner filling the vacant role created by Edward Troup’s move to executive chair

13 Oct 2016

Accountancy Firms

Image for hmrc loses ps12bn lehman tax claim case over inconsistent advice

Tax | HMRC loses £1.2bn Lehman tax claim case over ‘inconsistent’ advice

HMRC is set to lose out on £1.2bn in tax after the High Court agreed with PwC, the administrators of Lehman Brothers, that creditors did not have to pay income tax on interest earned while their money was tied up in the collapsed bank, with the judge highly critical of HMRC’s handling of the issue

13 Oct 2016

Image for facebook faces 5bn tax charge over ireland asset transfer

Tax | Facebook faces $5bn tax charge over Ireland asset transfer

Social media giant Facebook could have to pay up to $5bn (£4.1bn) in additional taxes as a result of an Internal Revenue Service (IRS) investigation challenging the way in which it accounted for the transfer of assets to its Irish subsidiary, and describing the approach taken by auditors EY to valuing those assets as ‘problematic’

13 Oct 2016

International Tax

Law and Regulation

Image for partnership taxation hmrc sets sights partners tax proposals

Tax | Partnership taxation: HMRC sets sights on partners with tax proposals

HMRC’s internal issues with the tax treatment of partners could lead to an unwieldy tax framework for partnerships if the proposals in the latest consultation on the tax treatment of partners gets the go-ahead. Mark Cawthron, specialist tax writer at CCH, unpicks the proposals and considers the pros and cons from a partnership perspective

13 Oct 2016

Accountancy Firms

Image for treasury lost ps300m over stamp duty property tax forestalling

Tax | Treasury lost £300m over stamp duty property tax ‘forestalling’

The government’s decision to pre-announce its intention to introduce the 3% stamp duty land tax (SDLT) surcharge on additional residential properties in April resulted in a net tax loss of over £300m according to a report by the Office for Budget Responsibility (OBR), which looked at the ‘forestalling’ effect on changes in property taxes

12 Oct 2016

Image for plan enabling rules puts tax advisers double risk

Tax | Plan for ‘enabling’ rules puts tax advisers at double risk

HMRC’s proposals to introduce fines for accountants and other tax specialists for ‘enabling’ tax avoidance under new rules could result in them being punished simply for giving their opinion on the legality of tax arrangements, City law firm RPC is warning

12 Oct 2016

Image for mali government escalates tax dispute ftse 100 gold miner

Tax | Mali government escalates tax dispute with FTSE 100 gold miner

Jersey-headquartered Randgold Resources has criticised the government of Mali after the latest phase in a $280m (£227m) tax dispute saw the gold mining company’s offices in the capital of the West African country shut down

11 Oct 2016

International Tax

Image for eu has no problem irelands 125 corporation tax

Tax | EU has ‘no problem’ with Ireland’s 12.5% corporation tax

The EU competition commissioner Margrethe Vestager has made it clear that there are no plans for the EU to call for Ireland to review its corporation tax policies, nor to extend its investigations into Google’s tax affairs

11 Oct 2016

International Tax

Image for hmrc adds category penalties offshore matters

Tax | HMRC adds category on penalties for offshore matters

A category has been added to HMRC’s factsheet on higher penalties for offshore matters, with the added section providing information on less extreme penalties given for territories that exchange information with the tax authority automatically

10 Oct 2016

Image for devolved welsh income tax pure folly

Tax | Devolved Welsh income tax ‘pure folly’

Ahead of this afternoon’s second reading of the Wales bill in the House of Lords, Labour peer Peter Hain has launched an attack on proposals to devolve income tax powers to Wales without first holding a referendum

10 Oct 2016

Image for facebook challenged over ps113m tax credit

Tax | Facebook challenged over £11.3m tax credit

There has been fresh outcry over the rate of tax Facebook pays in the UK, after its latest accounts showed the UK business as receiving a £11.3m tax credit only months after the US tech giant promised to increase its corporation tax payments, which totalled just £4,327 in 2014

10 Oct 2016

Image for hmrc considering tax status 100 bbc presenters

Tax | HMRC considering tax status of 100 BBC presenters

HMRC is investigating around 100 BBC presenters over claims they used personal service companies (PSCs) in a bid to reduce the amount of tax they paid when working as staff at the organisation, according to evidence presented to a First Tier Tribunal (FTT)

10 Oct 2016

Image for cjeu rule gibraltaruk 15 offshore gambling tax dispute

Tax | CJEU to rule on Gibraltar/UK 15% offshore gambling tax dispute

The UK’s decision to implement a 15% point of consumption tax (POCT) on offshore-based gambling operators supplying remote services to the UK is to be examined by the Court of Justice for the European Union (CJEU), following last year’s successful legal challenge by the Gibraltar Betting and Gaming Association (GBGA) in the High Court

7 Oct 2016

International Tax

Law and Regulation

Image for buy let landlords lose case bring judicial review interest relief cuts

Tax | Buy-to-let landlords lose case to bring judicial review of interest relief cuts

Landlords campaigning to bring a judicial review hearing of the ‘tenant tax’ legislation, with support from Cherie Blair, have been unsuccessful at the High Court but vow to continue to push the case to government

6 Oct 2016

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