The government intends to legislate in Finance Bill 2016 to bring forward the point at which individuals are treated as deemed domiciled in the UK for IHT purposes to include where they have been resident in the UK for more than 15 out of the past 20 tax years, with effect from April 2017.
The OECD and the United Nations Development Programme (UNDP) have launched a new initiative to help developing countries increase domestic revenues by strengthening their tax audit capacities.
The US-based Center for Freedom and Prosperity (CF&P), joined by representatives from 20 other free market and taxpayer advocacy organisations, sent an open letter warning to the US Congress about the ‘dangers posed to US interests and the global economy’ by the work done on the OECD’s BEPS p
The first Conservative Budget for 19 years sees ‘Osborne unbound’, writes Chris Sanger (global head of tax policy, EY) in Tax Journal. This was ‘a reforming Budget’ which sets out plans for a lower tax future ‘but boosts the exchequer’s coffers greatly in the short term’.
HM Treasury has announced that HMRC’s ‘time to pay’ service will be available to help give breathing space to businesses which are experiencing cashflow difficulties and are unable to pay their tax liabilities as a result of events in Greece and the referendum result.
‘Governments should make better use of environmental taxes’ is the conclusion of the OECD’s latest Global International Tax Dialogue (ITD) conference.
The EC corporate tax action plan, launched on 17 June 2015 (see Tax Journal news, issue 1268), was debated by the European Parliament on 24 June 2015. MEPs asked the EC to accelerate its work in order to deliver legislative proposals.
The EU Council of Economic and Financial Affairs (ECOFIN) has approved and published its report summarising the state of play of its work across all tax issues.