CORPORATE TAXES

The CJEU issued its judgment following third preliminary reference in the franked investment income group litigation order (FII GLO) on 12 December 2013.

The Financial Times has reported (15 December) Vodafone as saying that businesses must open up their affairs to more public scrutiny.

By Kate Alexander

FII GLO and FA 2004 s 320

The Financial Times reported on 11 December 2013 that Finnish mobile phone giant Nokia may be hit with a tax bill totalling $1.1bn, with the Indian revenue authorities threatening to levy further charges.

The government has decided not to proceed with the broad reform of the close company loans to participators rules proposed in its consultation, although HMRC will continue to engage with interested parties with a view to making smaller, more targeted, adjustments to the regime.

Jonathon Egerton-Peters provides an overview of the code of practice for banks following last week’s Autumn Statement and this week’s draft Finance Bill legislation.

Loan to employee

CGT: negligible value claim

Practitioner views on the impact of the Autumn Statement:

• James Bullock examines the enforcement and compliance issues;
• Tony Beare considers the impact on multinational corporations;
• Peter Vaines examines the private client perspective;
• David Whiscombe on the impact of the chancellor’s announcement on SMEs;
• John Hawksworth provides an economic perspective.