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With his Autumn Statement today, the Chancellor missed an opportunity to encourage investment in the UK. Comparisons to German productivity sadly missed the point at issue around how businesses grow, develop and incentivise business owners and employees alike. The UK may still be open for business and is still highly attractive to inbound investment due to low corporation tax rates and “holding company” incentives but, unless your business invests in housing, transport or digital technology, then it is unlikely the Autumn Statement will get you too excited.
Mazars has been shortlisted for the top 50 Tax Team of the Year, in the this years' British Accountancy Awards. It is a great achievement to be shortlisted, and is testament to the exceptional work and dedication of everyone in the team.
In September 2016, HMRC finally published details of its new disclosure facility – the Worldwide Disclosure Facility (WDF) – which will run from 5 September 2016 to 30 September 2018.
The result of the recent Brexit referendum, in which the UK decided to leave the EU, potentially has very significant economic implications for the country, in particular the UK tax system. However, this is only the start, as the UK will not actually leave the EU for at least another two years, so whilst there is now a period of uncertainty for business, there is also time for the UK to start taking necessary action.
On 26 May 2016 proposals for reforms of corporation tax loss relief were unveiled in a consultation document.
HMRC issued a further consultation document on 12 May 2016 concerning proposals to limit tax relief for corporate interest expense. This is a major issue for larger companies and groups which have interest and related financing expenses in excess of the £2 million de minimis per year.
It is hard to ignore the revelations in the last 48 hours of alleged tax evasion by the rich and powerful following the leak of a huge volume of data from Panamanian legal and trust services provider Mossack Fonseca. Indeed our own Prime Minister, David Cameron faced questions about his father’s historic financial links to the Central American country.