A recent decision of the First-tier Tribunal provides the first real insight into the Tribunal’s attitude towards the application of the loan relationships unallowable purposes rule in FA 1996 Sch 9 para 13.
The decision of the Court of Appeal in First Nationwide [2012] EWCA Civ 278 represents a welcome return to certainty of the treatment of dividends paid out of share premium and is generally a helpful restatement of the settled line of case law on the treatment of distributions as capital or income.
HMRC has published a consultation document containing changes to some of the rules governing the taxation of interest, including withholding tax. The proposals are relevant to UK corporates and individuals and, if implemented, would affect some commonly used financing techniques.
How is the Banking Code of Practice working and does the Code preclude the need for a GAAR?
Views from David Gauke, Exchequer Secretary to HM Treasury; Owen Smith, Shadow Exchequer Secretary to the Treasury; Philip Stephens, Chief Political Commentator, Financial Times, plus views from representatives of professional bodies and other organisations, namely John Whiting (OTS); Paul Johnson, (IFS); Anthony Thomas (CIOT); Paul Aplin (Tax Faculty of the ICAEW); Robert Maas (IIT); Richard Baron (IoD); Ashley Greenbank (Taw Law Committee of the Law Society); and Robin Williamson (LITRG).
A range of views from practitioners on missed opportunities in the Budget.
The fact that changes have been made is a triumph of the consultation process, says Pete Miller.
A relatively modest change reflects the immense weight HMRC attaches to co-operation with foreign revenue authorities, says Jonathan Levy.
The big increase in the personal allowance and the clampdown on avoidance keep the Coalition together, says David Smith.
Janet Hoskin discusses the options for deferring income without resorting to ‘morally repugnant’ aggressive tax avoidance.