The objective of holding multinationals to account in relation to tax planning strategies – one of six stated ‘possible objectives’ – was discounted by a group of tax experts and practitioners reporting to the OECD in April on the case for greater disclosure of tax information.
Administering tax has become the top regulatory burden for small business owners, according to research conducted by the Forum of Private Business.
The UK has become less attractive in recent years for firms that ‘rely more’ on capital allowances for plant and machinery and industrial buildings, according to research published by the Oxford University Centre for Business Taxation.
Around 500,000 taxpayers are affected by a delay in issuing paper self assessment statements, HMRC said as they announced that those affected will not be charged interest if they make their second payment on account for 2010/11 within 30 days of receiving the statement.
HMRC are inviting comments on a proposed contractual disclosure facility to tighten the department’s procedures for the civil investigation of fraud and identify taxpayers who are not ‘honestly engaged’ with the system.
The Finance Bill received Royal Assent on 19 July and became the Finance Act 2011. Peers debated the Bill on the previous day.
Draft, detailed guidance on HMRC’s ‘refreshed’ Litigation and Settlements Strategy will be published shortly, HMRC have told Tax Journal.
HMRC have published a third version of their FAQs on the ‘disguised remuneration’ legislation in Schedule 2 to the Finance Bill, replacing those published in March.