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On 28 January 2016, the European Commission (EC) announced an anti-tax avoidance package for corporate tax in response to the OECD-G20 agreed BEPS measures.
The Disclosure of Tax Avoidance Regime (DOTAS) has undergone some notable transformations during its lifetime, starting from being an ‘early warning system’ of tax planning for HMRC to now being a central plank of the Government’s attempts to shut down the tax avoidance industry.
The changes to the taxation of dividends from 6 April 2016 will see the differential between the rate of income tax on a distribution (up to 38.1%) and that of capital gains tax (as low as 10%, where entrepreneurs’ relief is available) at its greatest in recent years.
Taxpayers in film schemes have until 11 February 2016 to register for the HM Revenue & Customs (HMRC) settlement opportunity.
On 9 December 2015 the draft Finance Bill 2016 was published, and is open for consultation until 3 February 2016. However, we are still awaiting further draft clauses to appear in the New Year, such as on the apprenticeship levy and the stamp duty land tax 3% surcharge for buy-to-let and second properties.
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.
For anyone focussing on tax changes, the majority of the 2015 Autumn Statement amounted to a long preamble in the form of the now customary summary of statistics on growth, both past and expected. Significantly, the Chancellor was able to avoid making any cuts to tax credits, which will be welcomed by many. However, what was less clear is how this and other measures mentioned will be paid for.
Legislation enables HM Revenue & Customs (HMRC) to demand upfront payment of disputed tax relating to tax avoidance schemes before enquiries and disputes are settled. These powers will severely impact on thousands of taxpayers.