The Autumn Budget measures relevant to financial institutions include a reduction in bank surcharge to 3% from April 2023 and a consultation on re-domiciliation of companies permitting a change in place of incorporation whilst preserving the legal identity of the entity. The Finance Bill 2022 legislation contains just two triggers for uncertain tax treatment notification as the government continues to consider how to make the third trigger workable. Changes are announced to diverted profits tax with immediate effect which prevent HMRC issuing a closure notice until after a DPT review period has ended; extend the period during which corporation tax returns can be amended during a DPT review period; and ensure DPT is a covered tax for MAP. A consultation is promised on the design of rules enabling life insurers to spread the transitional impact of IFRS 17 for tax purposes and removing the requirement to spread acquisition expenses over...
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The Autumn Budget measures relevant to financial institutions include a reduction in bank surcharge to 3% from April 2023 and a consultation on re-domiciliation of companies permitting a change in place of incorporation whilst preserving the legal identity of the entity. The Finance Bill 2022 legislation contains just two triggers for uncertain tax treatment notification as the government continues to consider how to make the third trigger workable. Changes are announced to diverted profits tax with immediate effect which prevent HMRC issuing a closure notice until after a DPT review period has ended; extend the period during which corporation tax returns can be amended during a DPT review period; and ensure DPT is a covered tax for MAP. A consultation is promised on the design of rules enabling life insurers to spread the transitional impact of IFRS 17 for tax purposes and removing the requirement to spread acquisition expenses over...
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