James MacLachlan reviews the Budget 2011 Tax Proposals
Most of the changes that affect international corporate taxation have been announced previously and are part of the move towards a ‘more territorial’ tax system. FA 2011 will complete the interim CFC reform, as a precursor to more fundamental reform in FA 2012.
Tax professionals have found a good deal to be positive about in a paper setting out the government’s strategy for tackling tax avoidance – an issue that seems set to assume an even higher profile than it has in recent months.
Gareth Miles reviews the Budget 2011 Tax Proposals
The UK/Turks and Caicos Islands tax information exchange arrangement entered into force on 25 January 2011, HMRC announced.
The Treasury is consulting on possible steps to accelerate the ‘rebalancing’ of the Northern Ireland economy through the tax system.
The main option is to allow Northern Ireland to vary corporation tax rates, the Treasury said, to enable it to attract and expand private investment.
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Jonathan Bridges and Michael Bird examine the types of arrangement that may not give rise to an artificial diversion of UK profits and hence not attract a CFC charge
Next week’s Finance Bill will include legislation to reduce the main rate of corporation tax to 26% from 1 April 2011 and 25% from 1 April 2012. The small profits rate will be reduced to 20%, as announced in the June 2010 Budget, from 1 April 2011.
The European Commission has proposed an optional ‘one-stop-shop’ system allowing companies to consolidate all profits and losses arising across the EU and file a single tax return.