The Government has asked Graham Aaronson, a tax barrister specialising in commercial taxation, to lead a study into a general anti-avoidance rule. In the meantime a number of specific anti-avoidance measures have been announced, some with immediate effect.
Protests against tax avoidance by big business and wealthy individuals have now been held in 23 British towns and cities, the pressure group UK Uncut claimed after a sit-in forced the temporary closure of Arcadia’s Topshop store in Oxford Circus.
Finance (No.2) Bill 2010-11 is now expected to receive Royal Assent on 16 December. It will become Finance (No.3) Act 2010.
The Government will publish on 9 December draft clauses for inclusion in Finance Bill 2011.
A competitive corporate tax system is not just about rates, the Treasury said as it launched five consultations.
RSM Tenon has appointed Rob Brown as Head of Tax at its Bristol office. He joins the firm after 12 years at PwC.
Fiona Cross has joined Chantrey Vellacott DFK as International Tax Partner, following three years as Associate Tax Partner at Vantis.
The top 15 banks operating in the UK have now adopted the Code of Practice on Taxation for Banks, the Chancellor announced. ‘Alongside the Bank Levy, this shows that the Coalition Government is taking action to ensure banks pay their fair share,’ George Osborne said.
‘Many banks, particularly US institutions, had been reluctant to sign up to an extra-statutory code [the Code of Practice on Taxation for Banks] because of uncertainty over its implications,’ the Financial Times reported (30 November).
HMRC announced changes to some of the advisory fuel rates for company cars with effect from 1 December.
The Government has estimated that there are 190 open HMRC enquiries under the controlled foreign companies legislation, said Mark Hoban in a Commons written answer.