Since the 1990s the prevailing mantra has been ‘tax follows the accounts’. There is an inherent contradiction in this formula.
The Public Bill Committee on the Finance Bill began its consideration of the Bill yesterday.
HMRC are seeking views on possible changes to rules that determine how non-arm's length sales of gas are valued for the purposes of the North Sea fiscal regime.
Responses to consultation sent a ‘strong message’ that applying the proposed tax exemption for overseas branch profits to all territories, and the inclusion of chargeable gains, would enhance the competitiveness of the UK regime, HM Treasury said.
The Committee of the whole House completed its consideration of the Finance Bill on 4 May, when clauses 4, 10 and 35 were passed without amendment.
The release of the Vickers report on the future of the UK banking industry makes it opportune to make a few observations on the current taxation policy for the banking sector.
Chris Morgan provides your monthly update