Law and regulation

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

Tax / Ireland flies into trouble over €16m air travel tax state aid

Irish airlines Ryanair and Aer Lingus face paying back millions of euros in air travel taxes after the European Court of Justice (ECJ) ruled that they had benefited from unlawful state aid and said the money must be recovered regardless of whether they had actually been able to exercise an unfair economic advantage

Tax / FATCA: tax compliance for US citizens based overseas

KPMG senior manager Joseph Selby examines what US citizens worldwide are required to file with the IRS in order to remain compliant with the Foreign Account Tax Compliance Act (FATCA)

Tax / UK tax havens should be covered in Criminal Finances Bill, say MPs

A cross-party group of MPs is pushing the government to force the UK’s overseas territories to publish public registers of beneficial ownership, in a bid to tackle the abuse of tax havens in countries including the British Virgin Islands (BVI) and Cayman Islands

Tax / UK opposes planned US dividend tax for offshore investors

The US government is facing calls to delay the introduction of a new tax on foreign investors in US equity-linked derivative transactions, after the G5 group of countries signalled their opposition and the US Securities Industry and Financial Markets Association (SIFMA) indicated its members would not be ready for the planned 1 January 2017 implementation

Tax / Retired actress loses backdated NICs pensions fight

An actress turned journalist who has been fighting HMRC’s refusal to allow her to make backdated National Insurance contributions (NICs) has lost her appeal to a First Tier Tribunal (FTT), and is now unable to increase her pension entitlement

Tax / HMRC head supports review of image rights tax rules

The head of the HMRC has called on the government to review the ‘rather convoluted’ way in which some top-flight football players pay tax on image rights, after a specialist HMRC team dedicated to footballers’ tax affairs recovered £158m in additional yield over the past two years

Tax / Tribunals to have partial closure notice powers

First Tier Tribunals (FTTs) are to be given powers to issue partial closure notices (PCNs) once the Finance Bill 2017 gains royal assent

Tax / Office of Tax Simplification given permanent status

The Office of Tax Simplification (OTS) has confirmed it is now placed on a permanent footing, with the triggering of legislation in Finance Act 2016

Tax / Government publishes draft legislation for Finance Bill 2017

The government has published nearly 400 pages of new tax legislation setting out the draft provisions for Finance Bill 2017 for technical consultation, including changes to National Insurance contributions, clampdown on salary sacrifice contracts for new car schemes and simplification of PAYE Settlement Agreements

Tax / AS2016: key tax changes and implementation dates

Our essential snapshot of the key measures announced in Autumn Statement 2016 and Finance Bill 2017, including salary sacrifice, disguised remuneration, NIC for self employed, reduction in MPAA limit and flat rate VAT scheme

Tax / Tax updates: December 2016

Revised code of conduct to curb excessive tax planning, confidentiality breach over Ingenious, Trump tax plan, Lifetime ISA rules fleshed out, application for tax postponement allowed

Tax / Boeing flying into $9bn state aid tax storm

There are reports that Boeing is about to be hit with a claim for up to $9bn (£7.23bn) in the latest stage of a long-running battle over claims of illegal tax breaks, with indications that the World Trade Organisation (WTO) is set to find in favour of the EU which brought the latest complaint that the US aerospace manufacturer has broken state aid rules
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