The OECD has said that bank secrecy for tax purposes is coming to an end, as countries and major financial centres commit to automatic exchange of information between jurisdictions.
On 29 April and 1 May, a Public Bill Committee passed the following Finance Bill provisions without amendment: cl 2 (basic rate limit 2015/16 and personal allowances 2015); cl 3 (starting rate for savings and savings rate limit); cl 4 (indexation of limits and allowances under ITA 2007); cl 8 (CG
UK’s action against financial transaction tax fails
The budget deficit is coming down, but more slowly than hoped. The weakness of corporation tax receipts is a prime cause, as David Smith reports
Peter Honeywell and Tania Dimitrovich explain why changes to HMRC’s SAO guidance point towards a more robust approach than was previously apparent
HMRC has published guidance on the new anti-avoidance measure introduced by Finance Bill 2014, which prevents non-trading finance profits of a CFC from being regarded as a qualifying loan relationship where an arrangement to transfer profits out of the UK exists.
Loan relationship scheme fails
Following the decision in Wilkinson, Tony Beare argues for a re-examination of the current rules regarding the surrender of consortium relief in certain circumstances.