HMRC Statement of Practice SP1/11 sets out the UK’s practice in relation to methods for reducing or preventing double taxation, and supersedes the guidance in HMRC Tax Bulletins 25 and 31 (published in 1996 and 1997).
Several countries are tackling aggressive tax planning through improved transparency and disclosure, the OECD said.
A new report sets out a range of approaches, from mandatory disclosure to forms of ‘co-operative compliance’.
HMRC has designated the Stock Exchange of Mauritius as a 'recognised stock exchange' under ITA 2007 s 1005(1)(b) from 31 January 2011. The exchange is also regarded as a recognised stock exchange for inheritance tax purposes from the same date.
Barbados, the Seychelles, San Marino and Trinidad and Tobago fall short of the international standard on exchange of information for tax purposes, the OECD's Global Forum on Transparency and Exchange of Information reported.
The protocol (see SI 2010/2689) to the double taxation agreement between the UK and Switzerland entered into force on 15 December 2010, HMRC announced.
Leading UK banks have said they expect a commitment by government to the creation of ‘a level playing field internationally for UK banks’.
The Authorised Investment Funds (Tax) (Amendment) Regulations, SI 2011/244, amend the Authorised Investment Funds (Tax) Regulations, SI 2006/964, and the Offshore Funds (Tax) Regulations, SI 2009/3001, in order
David Cameron is planning ‘the biggest and crudest corporate tax cut in living memory’ and the banks will be the main beneficiaries, the Guardian columnist George Monbiot claimed yesterday, in a comment piece that has already attracted more than 1,000 comments on the newspaper's website.
‘“UK Uncut worries people like me,” says a multinational executive. “It shows how much raw anger there is out there.
The patent box, the government’s proposed preferential regime for profits arising from patents, will cost over £1 billion a year in lost revenue but will benefit only ‘a handful of firms’ according to the Institute for Fiscal Studies.