HMRC has published its figures for the 2012/13 tax gap, which is the difference between the amount of tax due and the amount collected.
The Irish finance minister, Michael Noonan, announced in his Budget statement on 14 October that the government is putting a stop to ‘double Irish’ corporate tax avoidance arrangements – such as those utilised by multinational corporations Apple and Google – by requiring all companies registered
The proposed government amendments to the NICs (No 2) Bill have been published. The government has tabled nine amendments for the Public Bill Committee on 21 October 2014.
Thirteen year late appeal
After the recent RTI fiasco, where thousands of employees may have had their tax bills miscalculated by HMRC, questions should be asked, says George Bull (Baker Tilly).
Hui Ling McCarthy (Gray’s Inn Tax Chambers) writes that abandoning a statutory appeal when HMRC considers the proper route to be a claim for judicial review is not a decision to be taken lightly, and may lead to unexpected and unwelcome consequences.
Mark Middleditch (Allen & Overy) provides this month’s update, including: the UT decision in The Vaccine Research Limited Partnership; the G20 meeting of finance ministers and BEPS; the targeting of the quoted Eurobond exemption loophole; and the latest HMRC guidance on additional Tier 1 capital for foreign banks
Timothy Lyons QC (Thirty Nine Essex Street) looks at state aid and the European Commission’s investigations into Ireland’s tax ruling over Apple, and Luxembourg’s tax ruling over Fiat.
With this autumn seeing the last political party conferences before the 2015 general election, the three main parties have made promises on tax and spending.
Conservatives:
In a speech to the Securities Industry Conference on 3 October, financial secretary to the Treasury David Gauke MP rejected criticism in international circles that the UK’s patent box facilitates profit shifting.