The Treasury announced five consultations on 29 November dealing with controlled foreign companies, taxation of foreign profits, profits arising from patents and R&D tax credits:
Treasury ministers know the difference between tax planning, tax avoidance and tax evasion, David Gauke told experts attending the ICAEW’s Hardman lecture.
The Tax Avoidance Schemes (Penalty) (Amendment) Regulations, SI 2010/2743, prescribe increased maximum daily penalties for failure to comply with certain disclosure obligations where a tax tribunal has made a disclosure order.
The number of disclosures of avoidance schemes has fallen in the six months to 30 September 2010, according to provisional figures released by HMRC. Fifty-six disclosures were made, including 48 relating to direct taxes and NICs. There were 99 disclosures in the six months to 31 March 2010.
The European Commission has launched a public consultation on country-by-country reporting by multinational companies.
Only four of the 15 largest banks have signed the Government’s code of practice on taxation for banks, the Chancellor told the BBC on 17 October. The Treasury said last year that it expected all banks operating in the UK to adopt the code.
Pete Miller examines the effect the Bamberg case will have on transactions in securities
‘We have to question what it is that the introduction of a GAAR would really achieve,’ the CIOT has told HMRC.
Claire Falkner on the Australian experience of a GAAR
The tax world has changed since 1997. Judith Freedman challenges some of the reasons often given for opposing the introduction of a GAAR