Barclays has complained to MPs that it was ‘singled out’ when the government announced retrospective legislation in February to impose a tax liability on what the bank described as a ‘tax-efficient’ repurchase of some of its debt.
The Public Bill Committee on the Finance Bill met on 24 May and the following clauses were agreed without amendment:
Chris Morgan provides your monthly review, including coverage of the decisions in Santander and Philips and Australia's Federal Budget.
Ashley Greenbank and Elizabeth Keeling examine the extent to which the government has implemented recommendations in the Dyson Review. Rex Vevers gives a business view (below) on R&D incentives.
Mark Minihane answers a question on foreign exchange on an unrealised gain on a loan asset.
Tax campaigner Richard Murphy’s estimate of the UK’s tax gap is ‘misleadingly high’, HMRC has said in a submission to the House of Commons Treasury Committee.
The value of the retail prices index for April 2012 is 242.5.
Eight taxes would be abolished and replaced by a ‘single income tax’ under reforms proposed today by the 2020 Tax Commission, a joint project between the TaxPayers’ Alliance and the Institute of Directors.
The Commission has recommended that:
Ian Carnochan and Brin Mazen provide an introduction to the taxation of Islamic finance banking and capital markets structures.