The government has failed to address ‘underlying weaknesses’ in the UK tax system, according to a report from the Institute of Fiscal Studies (see www.bit.ly/1BUXYFo) on tax changes introduced by the coalition government says that.
The Market Value of Shares, Securities and Strips Regulations, SI 2015/616, implement the Office of Tax Simplification’s recommendation to replace the ‘quarter up’ method of determining the market value of listed shares with the closing price on the relevant day, with effect from 6 April 2015.
The Corporation Tax (Northern Ireland) Bill completed its Parliamentary stages on Tuesday, and awaits approval from the Northern Ireland Assembly.
HM Treasury has extended its consultation (see www.bit.ly/1CuWuUj) on the rules underlying the taxation of travel and subsistence expenses.
The Tax Treatment of Financing Costs and Income (Change of Accounting Standards: Investment Entities) Regulations, SI 2015/662, amend the worldwide debt cap provisions with effect from 2 April 2015, to increase the ‘available amount’ of a worldwide group’s financing expenses for investment entiti
The Value Added Tax (Refund of Tax to the London Legacy Development Corporation) Order, SI 2015/449, comes into force on 1 April 2015.
Failed challenge of a PAYE determination
OUR PICK OF THIS WEEK'S CASES
The reduced rate of VAT and complex supplies
HMRC has carried out some spring cleaning on its GAAR guidance. This and other recent developments affecting the City are reviewed by Mark Middleditch (Allen & Overy).
In Eclipse Film Partners No. 35 LLP, the Court of Appeal ruled that the film partnership’s activities did not constitute trading. Chris Bates and Judy Harrison (Norton Rose Fulbright) examine the judgment and consider the consequences