Barclays has complained to MPs that it was ‘singled out’ when the government announced retrospective legislation in February to impose a tax liability on what the bank described as a ‘tax-efficient’ repurchase of some of its debt.
The Public Bill Committee on the Finance Bill met on 24 May and the following clauses were agreed without amendment:
The government is consulting on a proposal to ensure that ‘controlling persons’ working for an organisation have PAYE income tax and NICs deducted at source.
The ‘high income child benefit charge’ included in the current Finance Bill is ‘seriously flawed in principle and in practice’, the ICAEW Tax Faculty has warned.
The Public Bill Committee on the Finance Bill agreed clause 7 (corporation tax small profits rate and fractions for financial year 2012), clause 9 (post-cessation trade or property relief: tax-generated payments or events) and clause 10 (property loss relief against general income: tax-generated
Tax campaigner Richard Murphy’s estimate of the UK’s tax gap is ‘misleadingly high’, HMRC has said in a submission to the House of Commons Treasury Committee.
‘Britain’s only listed accountancy firm is to close its specialist tax division in a move that will be regarded as another victory for Revenue & Customs against tax avoidance by the rich.
EU ministers meeting in Brussels last week welcomed the European Commission’s paper on the future of VAT – Towards a simpler, more robust and efficient VAT system ta
Eight taxes would be abolished and replaced by a ‘single income tax’ under reforms proposed today by the 2020 Tax Commission, a joint project between the TaxPayers’ Alliance and the Institute of Directors.
The Commission has recommended that:
HMRC has published a brief guide to proposals for a voluntary cash basis, and simplified arrangements for some expenses, for small businesses run by self-employed individuals and partnerships.