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.
The Financial Reporting Council (FRC) has published its report on a review of certain aspects of tax reporting in company annual reports and accounts, finding evidence of improvements in the transparency of tax disclosures included in strategic reports and effective tax rate reconciliations.