The government has invited proposals for new Enterprise Zones in areas affected by last week’s announcement by BAE Systems of up to 3,000 job cuts at Brough in Yorkshire, and Samlesbury and Warton in Lancashire.
HMRC issued a further reminder last week that penalties for late filing of self assessment tax returns are changing.
Michael Jack and John Whiting have been appointed as the permanent Chair and Tax Director respectively at the Office of Tax Simplification, and will oversee the OTS’s work for the remainder of the Parliament.
The financial sector is ‘under-taxed’ and an EU-wide financial transaction tax would ensure that it makes a fair contribution at a time of fiscal consolidation in the Member States, according to the European Commission.
Accountancy firms were responsible for 67 of the 113 direct tax disclosures made to HMRC under the disclosure of tax avoidance schemes regime during the year to 31 March 2011, according to figures released in response to a freedom of information request.
Tax experts who have been calling for a statutory definition of ‘residence’ for many years have welcomed proposed reforms but flagged a number of issues to be addressed.