Graham Airs on foreign branch profits
Ashley Greenbank on capital distributions
Mark Middleditch on the bank levy
Chris Morgan provides a global update
Anneli Collins looks at how corporate tax policy could evolve in the next few months
Radical reforms to the PAYE system, saving employers an estimated £500 million, are among proposals set out in nine tax policy documents released ‘for discussion and consultation’ as Parliament rose for the summer recess.
The Qualifying Oil Fields Order, SI 2010/1899, extends the definition of an ultra high pressure/high temperature oil field and sets the amount of the total field allowance available for such fields.
The UK’s top rate of personal income tax is ‘substantially above the OECD average and likely to adversely affect work incentives and entrepreneurship’, according to an OECD report. Consideration should be given to reducing the rate to close to 40%, it said.
‘It is not appropriate for the Government to comment on the confidential tax affairs of individual businesses’, David Gauke said in a response to a request for an estimate of ‘the effects on tax revenues to the exchequer of liabilities of companies involved in the oil spill in the Gulf of Mexico’
‘BP is forecast to pay about $10bn (£6.7bn) less tax over the next four years as it meets the costs of its huge oil spill in