Finance Bill 2012 will amend ITTOIA 2005 s 168 to deny an income tax or corporation tax deduction being given where a payment ‘arises from avoidance arrangements’.
Companies that have elected for the tonnage tax rules to apply to maritime transport activities and start to operate a non-EU/EEA-registered ship during the financial year starting on 1 April 2012 must apply a ‘flagging test’ to determine whether the ship qualifies for tonnage tax, HMRC explained
Chris Morgan provides your update on international tax developments, including the recent update on CFC reform, the EC consultation on double non-taxation, and the Green Paper on the German/French co-operation in the area of business taxation.
Perminder Gainda looks at a recent decision of the First-tier Tribunal on the application of the principle that interest for individuals is generally taxable when received.
Robert Langston provides your refresher guide to the UK tax rules for classifying foreign entities.
The main rate of corporation tax will be reduced to 24% from next month, the Chancellor announced.
The Business Premises Renovation Allowances (Amendment) Regulations, SI 2012/868, extend BPRA to 31 March 2017 for corporation tax purposes and 5 April 2017 for income tax purposes, as announced at Budget 2011.
'British businesses could save billions of pounds if they claimed full tax relief on the commercial properties they own, according to City experts.
The value of the retail prices index for February 2012 is 239.9 and RPI annual inflation stands at 3.7%.
Martin Mann and Vaughn Chown with your refresher guide.