HMRC has asked for access to the leaked data – the ‘Panama papers’ – which, it is alleged, reveal large-scale tax evasion and money laundering facilitated by Mossack Fonseca, a law firm based in Panama.
HMRC has published draft guidance on the legislation in Finance Bill 2016 (Sch 19) setting out the new requirement for certain large businesses to draw up and publish details of their tax strategy. See www.bit.ly/1WaKhfj.
HMRC has published guidance on the new ‘special measures’ regime in Finance Bill 2016 (Sch 19) for those large businesses which persistently engage in aggressive tax planning, or refuse to engage constructively with HMRC.
HMRC is consulting until 30 June 2016 on the draft Corporation Tax (Treatment of Unrelieved Surplus ACT) (Amendment) Regulations 2016, which make consequential amendments to the shadow ACT rules, to reflect the abolition of the dividend tax credit and the repeal of the term ‘franked investment in
Steven Bone (The Capital Allowances Partnership Ltd) answers a query on a commercial property investor whose claim was rejected on the basis that the 'fixed value requirement' of CAA 2001 s 187A was not satisfied.
Ashley Greenbank (Macfarlanes) reviews the new Business Tax Roadmap which sets the tax agenda for the current parliament.
Legislation in Finance Bill 2016 (clauses 33–35) amends the transactions in securities rules and introduces a new targeted anti-avoidance rule in connection with company distributions.
Financial secretary David Gauke has written to the Office of Tax Simplification (OTS) amplifying the announcements in the 2016 Budget about the OTS.
Chris Morgan (KPMG) reviews the latest developments in the international tax world.
An even bigger Budget for big business, writes Dominic Robertson (Slaughter and May).