Tax News

Mazars tax news covers everything tax related in the UK from, VAT to the latest HMRC rulings.

Find monthly updates on taxation in the UK, or search through the archive of our news. For the most up to date tax news and opinions on taxation in the UK, follow our Let's Talk Tax blog:

Let's Talk Tax

Brexit – The tax implications

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.

Tax deductibility of corporate interest expense

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.

The Panama Papers – A new old story?

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.

Beware the Budget Day after the Ides of March

What's in store for this weeks UK budget? Nestling between the infamous anniversary of a leader being stabbed in the back and the pretext for partying that is St. Patrick’s Day, George Osborne may be hoping that his Budget on 16 March will be perceived both as a coup and a cause for celebration. With the apparent recent schism between senior cabinet members around Brexit, this Budget could provide an opportunity for the Chancellor to demonstrate leadership. Will property, non-doms small businesses and corporate tax prove to be the pawns in competing visions of the UK’s future?

Extension of DOTAS Hallmarks goes ahead, with changes

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.

Changes to the taxation of distributions on a winding up

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.

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