The Chartered Institute of Taxation has raised with HMRC several concerns regarding draft legislation designed to counter a tax avoidance scheme, disclosed by Barclays, which sought to avoid the charge on ‘deemed releases’ of loan relationships.
It is ‘not possible’, because of taxpayer confidentiality, to estimate the collective losses that banks in which the state has an interest may set against future tax liabilities, Mark Hoban, Financial Secretary to the Treasury, said in a
Should publicly listed companies continue to enjoy full confidentiality in respect of their tax affairs?
Helen Lethaby provides your monthly update, which includes coverage of the government’s action to close down ‘abusive’ debt buyback planning retrospectively and the appointment of the new Assurance Commissioner to oversee large tax settlements.
Sara-Jane Donovan and Jennifer Pearce examine the latest update from the government on the new controlled foreign companies regime. Is the gate now open for multinationals?
Chris Harrison and Ben Brown examine the key corporation tax deductibility and VAT recovery issues on M&A deals.
There is ‘no commercial confidentiality argument’ against publication, says David Davis
A new YouGov poll shows a ‘strong demand for tougher government action’ on corporate tax avoidance, according to ActionAid, the anti-poverty group. The poll of 1,764 adults found that 79% thought the UK government was not doing enough to tackle avoidance by large businesses.