Budget 2016 included a tax information and impact note (TIIN) on state aid modernisation (see para 1.75 page 181 of the Overview of Tax Legislation and Rates (OOTLAR)). This proposal set out a measure designed to provide HMRC with additional powers to collect information on specified state aids and to share the information with the European Commission through a legal gateway. The TIIN referred to the European Commission’s state aid modernisation programme of 2012 (COM/2012/0209 final) (‘SAM’).
What’s proposed:
The TIIN notes that HMRC’s current information powers are ‘generally restricted for the purpose of checking a tax position for example checking the amount of the claim is correct or checking a tax position in a tax return’. The proposal therefore is to allow HMRC to require information from beneficiaries of specifically named state aids as a condition for entitlement for tax relief to require information for...
Budget 2016 included a tax information and impact note (TIIN) on state aid modernisation (see para 1.75 page 181 of the Overview of Tax Legislation and Rates (OOTLAR)). This proposal set out a measure designed to provide HMRC with additional powers to collect information on specified state aids and to share the information with the European Commission through a legal gateway. The TIIN referred to the European Commission’s state aid modernisation programme of 2012 (COM/2012/0209 final) (‘SAM’).
What’s proposed:
The TIIN notes that HMRC’s current information powers are ‘generally restricted for the purpose of checking a tax position for example checking the amount of the claim is correct or checking a tax position in a tax return’. The proposal therefore is to allow HMRC to require information from beneficiaries of specifically named state aids as a condition for entitlement for tax relief to require information for...