Legislation for Finance Bill 2016 was tabled in the Public Bill Committee on 5 July 2016 (new clauses 11 to 17) and takes effect from that date. This introduces new rules to tax companies’ trading profits derived from land in the UK, regardless of where a company is resident and whether or not it has a UK permanent establishment. A targeted anti-avoidance rule has effect from 16 March 2016. Changes to double taxation agreements have been agreed with Guernsey, Jersey and the Isle of Man to preserve the UK’s taxing rights over land and these also have effect from 16 March 2016. See http://bit.ly/1Ydsy5a.
Legislation for Finance Bill 2016 was tabled in the Public Bill Committee on 5 July 2016 (new clauses 11 to 17) and takes effect from that date. This introduces new rules to tax companies’ trading profits derived from land in the UK, regardless of where a company is resident and whether or not it has a UK permanent establishment. A targeted anti-avoidance rule has effect from 16 March 2016. Changes to double taxation agreements have been agreed with Guernsey, Jersey and the Isle of Man to preserve the UK’s taxing rights over land and these also have effect from 16 March 2016. See http://bit.ly/1Ydsy5a.
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