Finance Act: Royal Assent
Global Tax Update:May 2017/United Kingdom
This UK newsletter explains 6 topics including "Finance Act: Royal Assent". (Global Tax Update:May 2017/United Kingdom)
1. Institute for Fiscal Studies general election briefing note on tax revenues
The Institute for Fiscal Studies (IFS) has published a briefing note providing background material for the upcoming general election on how much UK public revenue is currently raised from different taxes, how this has changed since 2010, and what challenges will be faced by a future government.
2. Finance Act: Royal Assent
The Finance (No 2) Bill passed through its remaining stages in the Commons on 25 April 2017. Extensive omissions were made from the Bill as originally introduced. Some of the major omissions include:
- Corporate loss carried forward rules;
- Corporate interest restriction rules;
- The changes to the substantial shareholdings exemption;
- The non-domicile changes;
- The changes on Making Tax Digital and the associated changes regarding trading and property allowances.
3. Criminal Finances Act: Royal Assent
A number of amendments have been made to the Criminal Finances Bill, which inter alia creates offences for cases where a person associated with a company or partnership facilitates the commission by another person of a tax evasion offence, and contains measures to create new offences of failure to prevent facilitation of tax evasion.
4. Double Taxation Treaty Passport scheme: updated terms and conditions
The Government published its response to the Double Taxation Treaty Passport scheme review on 20 March 2017. The scheme will now be made available to all UK borrowers that have an obligation to deduct withholding tax, including UK partnerships, individuals and charities.
5. VAT: revised guidance on holding companies
HMRC have published revised guidance on VAT recovery by holding companies. The guidance, as expected, confirms HMRC’s position on a number of important issues in this area.
6. European Commission working Paper: VAT Implications of Transfer Pricing
The VAT Committee of the European Commission has published a Working Paper on the ‘Possible VAT Implications of Transfer Pricing’. See http://deloi.tt/2oOrKLK