Business tax

Tax / US tax reform passes through House in milestone vote

The US House of Representatives has passed a bill opening the way to a major reform to the US tax code, including slashing the corporate tax rate, in a milestone vote which means the focus for President Donald Trump’s promised tax overhaul now moves to the Senate

Tax / Supreme Court rules on validity of claim in De Silva case

HMRC should be relieved with the Supreme Court’s decision in the De Silva case as if the outcome had been different the tax authority may have had to repay the many accelerated payments already collected, says Michael Avient, consultant at JS&Co

Tax / HMRC wins landmark De Silva film scheme case in Supreme Court

A £50m tax avoidance scheme which used reliefs put in place to encourage film productions has been defeated in the Supreme Court

Tax / HSBC to pay €300m to settle tax evasion charges

HSBC has agreed to pay €300m (£266m) to the French authorities to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland, details of which were first leaked by one of the bank’s former IT employees

Tax / The practicality of publishing tax strategies for multinationals

As rules stating large companies must disclose their tax strategies commence, Calum Fuller speaks to companies including SSE and Informa about how they are interpreting the requirements

Tax / EU seeks quick agreement on tax avoidance curbs after Paradise Papers

Rules requiring tax advisers to report tax planning arrangements should be agreed and a blacklist of tax havens drawn up after the revelations contained in the Paradise Papers, according to the European Commission’s tax commissioner

Tax / Corporation tax loss relief rules: what you need to know

Lindsay Buckenham, tax director and Ben Moseley, partner at Deloitte, seek to demystify the biggest change to the UK’s corporation tax loss relief rules in a generation

Tax / Small businesses face digital filing early if VAT threshold drops

Proposals put forward by the Office of Tax Simplification (OTS) suggesting a potential reduction in the VAT registration threshold could impose digital record keeping requirements on small businesses earlier than expected, as well as increasing costs and administrative burdens, the Association of Taxation Technicians (ATT) is warning

Tax / HMRC smashes £108m fake eco-investment scam

Six men have been jailed for a total of 45 years for a £107.9m tax crime, which HMRC says is one of the UK’s biggest, based on a fake eco-investment scheme they sold as a tax break for wealthy investors

Tax / No inflation increase to HMRC worldwide subsistence rates

HMRC has confirmed that worldwide subsistence rates for expenses claims for employees travelling outside the UK will not be increased to account for post Brexit currency depreciation or inflation

Tax / EU looking to scrutinise Apple’s tax arrangements

Tech giant Apple’s tax arrangements are in the spotlight once more, as leaked documents from the Paradise Papers outline how the company sought to locate a new low tax jurisdiction after the EU brought pressure on Ireland to end a so-called ‘sweetheart deal’, while the EU is set to re-examine the Irish arrangements

Tax / Film scheme investors fail in £1.3m Vanguard share loss relief claim

Two investors in a film production company have lost their claims for some £1.3m of share loss relief after lengthy analysis at a First Tier Tribunal (FTT), in a further success for HMRC against tax avoidance schemes where there is no clear evidence of a trade being carried out

Tax / Paradise Papers give HMRC more ammunition to curb offshore tax evasion

The Paradise Papers information leak will provide HMRC and other global jurisdictions with further ammunition in the ongoing war against offshore tax evasion, warns Blick Rothenberg

Tax / OECD updates transfer pricing country profiles

The OECD has published updated versions of transfer pricing country profiles (TPCP), reflecting the current transfer pricing legislation and tax practices in 31 countries

Tax / Palmer: Paradise Papers not justification to publish tax strategies

Brian Palmer, tax policy adviser at the Association of Accounting Technician (AAT), argues that the Paradise Papers scandal should not be justification to create legislation compelling wealthy individuals and large corporations to publish their tax planning strategies