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Vinny McCullagh, our Indirect Tax Partner provides regular updates on current hot topics in the world of VAT from our expert team. We focus on useful and commercial indirect tax issues, with content driven by current developments.
On Wednesday 8 April the Labour Party announced that it would abolish ‘non-dom’ residency for tax purposes if elected. There has since been a predictable amount of rather shrill politics.
Labour has said today that it wants to largely abolish non-dom tax status should it form the next government.
We expect the Chancellor will use the pre-election set-piece budget on 18th March to highlight the coalition’s financial achievements and set out his stall for the next parliament.
On 19-20 March, Mazars’ Global Tax Policy Team will attend the public consultation meeting, held by the OECD in Paris, prepresenting the Mazars’ Tax Policy Team’s comments on the Discussion Draft on Action 10 of the Base Erosion and Profit Shifting (BEPS) Action Plan.
On January 21st, Mazars’ Global Tax Policy Team attended a public consultation meeting, held by the Organization for Economic Co-operation and Development (OECD) in Paris, representing Mazars’ comments on the Discussion Draft on Action 7 of the Base Erosion and Profit Shifting (BEPS) Action Plan.
No Christmas schedule is complete without a load of dreary repeats, and that’s what we’ve got with the draft Finance Bill clauses, a repeat of the Autumn Statement with little added to it. So we’ve selected areas that justify more detailed coverage and squeezed the elves, sorry, experts for that little bit more commentary. More will follow as we carve up and digest this year's turkey to test how sage its stuffing is and pull on the consultations to see if they're crackers.
UK businesses will be pleased that some valuable reliefs have been preserved and extended, in particular R&D tax credits. Serial entrepreneurs can welcome the boost provided by the preservation of entrepreneurs’ relief when reinvesting in EIS and SITR.
SDLT saw an anomaly removed but only on residential property.
Global businesses, however, will be far more concerned with increased levels of compliance, complexity and uncertainty.