In this month's briefing, Helen Lethaby reviews recent developments including proposed changes to the rules on the deduction of income tax at source and the tax treatment of manufactured payments.
‘The row between charities and the government over cuts to tax relief deepened on Tuesday after Downing Street suggested that some wealthy people were abusing the system.
A union representing senior HMRC staff has questioned the government’s commitment to tackling ‘tax avoidance by big business and the wealthy’.
‘Rotten to the core’
HM Treasury has published a ‘non-exhaustive list’ of changes made to draft legislation on controlled foreign companies between the February 2012 update and the Finance Bill published on 29 March.
The Chancellor has told the Daily Telegraph that he was ‘shocked’ to see that some the UK’s wealthiest people have organised their tax affairs, within the
Wealthy homebuyers have already found ‘loopholes’ to avoid paying the new top rate of stamp duty land tax, the Financial Times reported at the weekend.
‘George Osborne was left “shocked” after an analysis of the tax returns of multi-millionaires which he personally ordered found that they are exploiting loopholes to pay little or nothing at all.
George Osborne told journalists earlier this week that he ‘candidly conveyed’ to the Indian government his concerns over proposed changes to India’s tax code that could reopen a $2.9bn dispute with Vodafone.
Any bank told that HMRC considers it has not complied with the Code of Practice on Taxation for Banks will be expected to acknowledge HMRC’s view in any public pronouncements that the bank makes on its operation of the code, according to a new ‘