Government plans to go ahead with a criminal offence of failing to declare offshore taxable income or gains is likely to criminalise careless mistakes by taxpayers rather than create a robust deterrent to offshore tax evaders, warns CIOT

Revenue Scotland has advised that it will start enforcing the rules on registration and payments for newly devolved taxes from this month, ending a six-month amnesty period

HMRC has launched a technical consultation on new draft regulations which aim to ensure that country-by-country reporting will be implemented in the UK as intended, with effect for accounting periods commencing on or after 1 January 2016 

In its final report on the Base Erosion and Profit Shifting (BEPS) project, the OECD has said that there is no ‘one size fits all’ approach to developing rules around Controlled Foreign Companies (CFCs), so it has stopped short of creating a minimum standard in favour of listing the building blocks needed to create an effective approach

The OECD’s BEPS project has rejected the idea of ‘ringfencing’ the digital economy from the rest of the economy for tax purposes, but has stressed that a number of new measures are specifically designed to address growing concerns about  tax planning by multinational enterprises (MNEs) that makes use of gaps in the interaction of different tax systems to artificially reduce taxable income or shift profits to low-tax jurisdictions in which little or no economic activity is performed

HMRC is running a four-week informal consultation on draft legislation for proposed amendments to the taxation of corporate debt and derivative contracts, which will result in changes to existing legislation on loan relationships

The adult rate of the National Minimum Wage (NMW) increases today to £6.70 per hour will apprentices rates are also set to rise effective 1 October

HMRC has issued updated guidance for managers of overseas pension schemes on the different types of overseas pension schemes and what they need to report to the tax authorities