Chris Morgan (KPMG) provides a review of recent international tax developments that matter.
Tony Beare (Slaughter and May) examines the recent eagerly anticipated First-tier Tribunal decision of Next Brand Ltd v HMRC on dividend boosters.
Online retailer Amazon has confirmed that, from 1 May, it is now recording retail sales made to customers in the UK through the UK branch. Previously such sales were recorded in Luxembourg.
HMRC has released the tax receipt figures for April 2015. The figures show improvements in corporation tax, with less growth in income tax and VAT, and a fall in stamp duty revenues of 0.17% from last year. Corporation tax receipts of £5.69m have risen 11.34% from last year.
The value of the retail price index for March 2015 is 257.1. See www.bit.ly/1J1S5Jn.
A report from the Cambridge Judge Business School reveals a ‘dramatic’ fall in UK corporation tax paid by British banks despite strong growth.
Australia, like the UK, has announced new measures countering the diversion of profits by multinationals, writes Heather Self (Pinsent Masons). The measures increase the pressure on the US to engage with the OECD’s BEPS project.
HMRC is right to assert that the ‘no possibilities’ test should be applied immediately after the base loss period for losses from 1 April 2006, but wrong to apply it to periods before that date, writes Peter Cussons (PwC).
Taper relief and properties occupied by listed companies
Double tax treaty relief on dividends