Law and regulation

Tax / Tyrie quits Parliament and Treasury committee

Andrew Tyrie, longstanding chair of the influential Treasury select committee, has announced he is ending his 20-year political career and will stand down as an MP at the general election, in a move which has taken Westminster by surprise

Tax / Horse betters face gambling crackdown

The European Commission has approved the UK’s plans to reform the existing horserace betting levy scheme to include offshore bookmakers, which have been judged to be in line with EU state aid rules

Tax / Making Tax Digital dropped from Finance Bill

Making Tax Digital has been removed from the Finance Bill 2017, as well as a majority of other tax measures such as corporate loss relief, the money purchase annual allowance for pensions and penalties for enablers of tax avoidance schemes, confirmed by government at the Finance Bill committee stage debate

Tax / HMRC penalties to net self-employed couriers and workers

The Low Incomes Tax Reform Group (LITRG) has raised serious concerns about the impact of new rules on tackling tax avoidance which could have an unexpected impact on ordinary workers, particularly those hired through umbrella companies or outside standard PAYE contracts, for example cab drivers or delivery couriers

Tax / Finance Bill 2017 should not be rushed through without scrutiny

The Chartered Institute of Taxation (CIOT) has written to Chancellor Philip Hammond urging him not to rush through a large number of tax changes, inlcuding Making Tax Digital, without any real parliamentary scrutiny, particularly since complex measures such as interest restriction have already faced repeated amendment

Tax / HMRC collects £943m as large businesses hit by APNs

HMRC has collected £943m from large businesses via accelerated payment notices (APNs) over the last year, according to law firm Pinsent Masons, which says the collection is likely to relate to use of a range of suspected avoidance schemes and arrangements, including those making use of employee benefit trusts (EBTs) to reduce tax paid

Tax / Corporate interest restriction rules: compliance tips and advice

Ben Moseley, partner and Helen Chadwick, director at Deloitte LLP, analyses the impact of the corporate interest restriction rules effective 1 April 2017 providing insight into the complexities for multinational companies and compliance requirements

Tax / HMRC launches fraud hotline

HMRC has launched a new hotline for the public to report fraud and evasion, replacing the existing two separate tax evasion and customs hotlines with one, in a bid to streamline information gathering on tax fraud

Tax / Hybrid mismatch guidance gives priority to national taxes in foreign jurisdictions

HMRC will consider national taxes in other jurisdictions the closest to UK equivalents over provincial levies, guidance released on hybrid mismatches shows

Tax / Corporate interest deductibility draft guidance released

As new rules on corporate interest deductibility come into force on 1 April 2017 for multinational groups with £2m plus in net interest expense, HMRC has issued a consultation on the draft guidance to iron out any final issues before the measures are included in Finance Bill 2017

Tax / US Tax Court sides with Amazon over Luxembourg transfer pricing

The US Tax Court has ruled in favour of Amazon over a costly transfer pricing dispute with the Internal Revenue Service (IRS) that could have seen it hit with a $1.5bn (£1.2bn) bill

Tax / Burke: HMRC deal with footballers over tax and image rights up for renewal

More footballers could soon find image rights claims kicked into touch as HMRC launches a clampdown which could have implications for other groups, warns Brian Burke, director of business restructuring firm Quantuma

Tax / HMRC to crack down on fraud in construction industry

HMRC is consulting on proposals to combat organised fraud in labour provision within the construction sector, which include introducing a VAT reverse charge and changes to the qualifying criteria for gross payment status (GPS) within the construction industry scheme (CIS)

Tax / Tax break on employee costs in legal cases

HMRC has published draft guidance on changes to tax rules where an employer funds costs or pays for legal indemnity insurance for employees for proceedings related to their employment, with the aim of making them simpler to operate

Tax / Government seeks to clarify partnership taxation

Beneficiaries of a nominee or bare trust arrangement will be treated as partners under proposals to clarify the taxation of partnerships, a consultation outcome has revealed
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