HMRC has made welcome changes to the new diverted profits tax, which takes effect from 1 April. As a result, the tax should not disrupt commercially based planning supported by economic substance, writes Shiv Mahalingham (Duff & Phelps).
The Treasury has published its proposed next steps on tackling evasion and avoidance. James Bullock (Pinsent Masons) reviews the detail.
Hints of things to come, by Sophie Dworetzsky (Withers).
The chancellor of the exchequer, George Osborne, delivered his sixth and what he will certainly hope is not his final Budget on Wednesday 18 March 2015.
However many numbers feature in the chancellor’s Red Book, the one that really counts is 50 – the number of days between the Budget
The Financial Times (15 March) reports that the Obama administration’s clampdown on tax inversions by US multinationals has ‘had the perverse effect of prompting a sharp increase in foreign takeovers of American groups’.
The European Commission has presented its new tax transparency package ‘as part of its ambitious agenda to tackle corporate tax avoidance and harmful tax competition in the EU’.
TMA 1970 s 34 and self-assessment
UK resident policyholders sometimes invest in overseas insurance bonds to defer tax liabilities of the insurance policy. The use of these policies is increasingly scrutinised by HMRC, writes Andrew Park (BDO).
HMRC has carried out some spring cleaning on its GAAR guidance. This and other recent developments affecting the City are reviewed by Mark Middleditch (Allen & Overy).