Finance Bill 2016
Global Tax Update:October 2016/United Kingdom
The Finance Bill in the UK passed through all its stages in the Lords on 13 September 2016 and received Royal Assent on 15 September 2016. (Global Tax Update:October 2016/United Kingdom)
This newsletter explains the following topics;
1. Autumn Statement will be on 23 November
The Chancellor has announced that he will deliver his Autumn Statement on 23 November 2016.
2. Finance Bill: Lords stages; Royal Assent
The Finance Bill passed through all its stages in the Lords on 13 September 2016 and received Royal Assent on 15 September 2016.
3. Capital gains tax: negligible value claim fails in Upper Tribunal
The Upper Tribunal has dismissed the taxpayer's appeal in Dyer and another v HMRC which concerns a negligible value claim. The Upper Tribunal agreed with the First-tier Tribunal that the shares in question were of negligible value at 26 January 2009 (the date of the claim), but that they also were of negligible value at acquisition as at 31 October 2007.
4. Draft guidance on Northern Ireland corporation tax: consultation
The Corporation Tax (Northern Ireland) Act 2015 allows for devolution of power to the Northern Ireland Assembly to set a Northern Ireland rate of corporation tax to apply to certain trading income. The Government will set a commencement date for the Act.
5. Consultation on a new penalty for participating in VAT fraud
HMRC have published a Consultation Document seeking views on a range of options for a new penalty to be imposed on those who knew or should have known their transactions were connected with VAT fraud. The consultation explores the case for a new penalty, how it should be structured, whether it should apply to company officers, etc.
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