Law and regulation

Tax / EU compromises on hybrid mismatch rules with non-EU countries

The European Council has reached a compromise on rules aimed at closing down hybrid mismatches with the tax systems of third countries to reduce risk of double taxation

Tax / HMRC: software vendors will not be ready for Making Tax Digital

Making Tax Digital programme director Theresa Middleton has warned members of the House of Lords Economic Affairs Committee that some software vendors will not be ready to take part in the Making Tax Digital pilot scheme set to commence in April 2017. Calum Fuller reports

Tax / Rangers EBT ‘big tax’ case to kick off in Supreme Court

The high-profile dispute between Rangers football club and HMRC over the use of employee benefit trusts (EBT) to make payments to staff and players reaches the Supreme Court next month, in a bid to resolve the issues of whether such payments amount to earnings, which would be taxable as income, or loans

Tax / Chips may be down 30% for overseas US poker players

UK and overseas poker players competing in the World Series of Poker (WSOP) tournament and other events held in the US risk their winnings becoming subject to a 30% US tax, after an expert in gambling taxation highlighted changes to the way the Internal Revenue Service (IRS) plans to apply the rules

Tax / House of Lords committee calls up HMRC chiefs to defend Making Tax Digital

Making Tax Digital will be back in the spotlight on Wednesday as sneior HMRC officials are called up to give evidence at the House of Lords committee reviewing the draft clauses of the Finance Bill 

Tax / HMRC teams up with National Trading Standards in estate agent crackdown

HMRC and National Trading Standards, the body which protects consumer rights, have agreed to step up their exchange of information in order to crack down on rogue estate agents

Tax / EU to ramp up action on harmful global tax practices

The EU has signalled plans to ramp up its work to tackle harmful tax practices internationally, with the Council working group that oversees implementation of the EU's code of conduct on business taxation finalising a list of jurisdictions that are considered non-cooperative in tax matters to be published shortly

Tax / Roy-Chowdhury: Making Tax Digital timetable could hurt businesses

Making Tax Digital must take account of the needs of small businesses says ACCA head of taxation Chas Roy-Chowdhury 

Tax / Dodwell: tougher code of conduct for tax advisers from March 2017

The introduction of the revised Professional Conduct in relation to Taxation, produced by the leading professional institutes and approved by the Treasury, sets out tough rules on the limits for tax advisers and accountants when providing tax planning advice and professional judgment. Bill Dodwell, head of tax policy at Deloitte, considers the key issues

Tax / Making Tax Digital: cash basis threshold to increase to £150k for buy-to-let landlords

The cash basis threshold is set to almost double from £83,000 to £150,000 to allow more buy-to-let landlords to benefit from being taxed on the cash basis set out in draft legislation released as part of HMRC’s Making Tax Digital plans

Tax / Carried forward losses capped at £5m under revised tax rules

From April 2017, the tax treatment of certain types of carried-forward loss for corporation tax purposes will be tightened, raising an additional £1.3bn for the Exchequer by 2020

Tax / Revised non dom rules set out in draft legislation

Proposed non dom rules will see certain individuals treated as UK domiciles for income tax, capital gains tax and inheritance tax purposes, with revised guidance issued and effective from 6 April 2017

Tax / Better scrutiny of Finance Bill needed, says Tyrie

Finance Bills should be subject to more rigorous scrutiny, particularly tax measures, according to the chairman of the Treasury Select Committee Andrew Tyrie

Tax / Interest deductibility rule change will drive up tax bills

Nearly 4,000 large businesses can expect significantly higher tax bills upon the introduction of interest deductibility for corporation tax, says Alvarez & Marsal Taxand managing director Kevin Hindley

Tax / UK takes tough line on corporate interest deductibility BEPS rules

The OECD has updated its guidance on Action 4 of its Base Erosion and Profit Shifting (BEPS) project relating to interest deductions, with particular reference to the group ratio rule and the risks posed by the banking and insurance sectors