The Finance Bill completed its report stage in the House of Commons on 5 July. Amendments to the following clauses and schedules were agreed:
Richard Clarke and Jessica McLellan provide this month's update on recent HMRC activity, including HMRC's extension of their EBT settlement proposal, a refinement in HMRC's approach to the largest partnerships and record keeping requirements for non-residents using the new statutory residence test
Your monthly review of key international tax issues by Chris Morgan, with comment on the patent box and CFC proposals and the informal consultation on the debt cap, and details of recent cases on EU issues
‘The Dutch banking industry has attacked government plans to impose a €300m annual tax on Dutch banks, arguing that any such levy should be introduced across the European Union rather than by individual countries …
The House of Commons report stage continued yesterday. No amendments were made to the Finance Bill but there were some interesting exchanges on capital allowances and group filing for companies, and a surprise ‘impact assessment’ for the Tax Personality of the Year award.
HMRC are seeking views on how to ensure that genuine losses incurred in business or employment are relieved against income or gains while deterring taxpayers from entering into tax avoidance arrangements intended to exploit the reliefs.
Tax professionals have given a qualified welcome to detailed proposals for reform of the UK’s controlled foreign companies regime.
The Finance Bill began its report stage in the House of Commons last night, when MPs debated the Bill for almost nine hours.
A new clause introducing transferable personal allowances for married couples was defeated by 473 votes to 23.