HMRC have published new guidance on the anti-avoidance provision in FA 2003 s 75A, giving examples of situations where HMRC consider that s 75A does and does not apply.
People who have used EBTs to avoid tax on employment income are being offered ‘products’ designed to shelter funds in current schemes from the effect of planned legislation to counter avoidance of income tax and NICs, according to HMRC.
The Venture Capital Trust (Winding up and Mergers) (Tax) (Amendment) Regulations, SI 2011/660, amend SI 2004/2199 as a consequence of F(No 3)A 2010 provisions made in order to comply with EC state aid requirements, and update
Herbert Smith has announced that Rupert Shiers will join its tax disputes, risk management and advisory practice in May.
HMRC have published revised VAT guidance:
The Treasury has invited comments by 17 March on revised draft clauses, to be included in the Finance Bill to be published at the end of this month, on a facility for meeting the new ‘annual allowance charge’ from the taxpayer’s pension benefits instead of current income.
Multinational companies have paid 86% of all UK corporation tax over the last ten years but the largest 100 companies generally pay less tax than other companies as a percentage of earnings before interest and tax, according to a report published by the Oxford University Centre for Business Taxat
Forty-seven of the UK’s tax reliefs should be abolished because there is no ongoing policy rationale, or they are time expired, or their value is outweighed by the administrative burden, according to the Office of Tax Simplification.
Peter Mantle on Danfoss and claims against the State
Britain’s largest companies paid £5.9 billion in corporation tax, 16.7% of all corporation tax receipts in the year to 31 March 2010, according to a survey conducted by PwC’s Total Tax Contribution team for the Hundred Group of finance directors.