On 6 December, the council of EU finance ministers set out their conclusions on the European Commission’s latest corporate tax reform package, issued on 25 October, which included: a two-step approach to establishing a common consolidated corporate tax base (CCCTB); an improved double taxation di
HMRC has published draft guidance on the application of the hybrid mismatch legislation in Finance Act 2016 Sch 10, which takes effect from 1 January 2017. When finalised, this guidance will be incorporated into HMRC’s international manual.
The Securitisation Companies (Application of Section 83(1) of the Finance Act 2005: Accounting Standards) (Amendment) Regulations, SI 2016/1182, extend for a further 20 years the interim regime which allows securitisation companies to continue basing their corporation tax computations on old UK G
The Companies Act 2006 (Distributions of Insurance Companies) Regulations, SI 2016/1194, set out a new methodology for insurers to segregate life and non-life business, following the implementation of the EU ‘Solvency 2’ directive, to ensure that firms only make distributions out of realised prof
Mark Middleditch (Allen & Overy) examines the themes that have dominated 2016 for the City, including the anti-hybrid rules brought on by the UK’s enthusiasm for BEPS, and looks at 2016’s case law, which shows that HMRC continues its run of success in defeating tax avoidance schemes.
The OTS wants to know what companies and their advisers find difficult or time consuming about corporation tax, says its tax director John Whiting.
The Office of Tax Simplification (OTS) has published a progress report on its current review of the corporation tax computation, for which terms of reference were published in May 2016.