Law and regulation

Tax / HMRC simplifies claims for group relief for carried-forward losses

HMRC has released a policy note on changes to the rules for relief for carried-forward losses changed which are backdated to 1 April 2017 and are designed to simplify the arrangements for claims for group relief

Tax / Overhaul of corporation tax payments for companies with £1.5m plus profits

Meg Wilson CTA, tax writer at Croner-i, explains the key payment dates for corporation tax payments for the largest businesses with profits in excess of £1.5m as new rules reducing the payment period are set to come into force from 1 April 2019

Tax / IRS updates personal withholding tax rates for US taxpayers

The US Internal Revenue Service (IRS) has released Notice 1036, updating the income tax withholding tables for 2018 reflecting changes to personal tax rates made by the US tax reform legislation enacted in December

Tax / VAT repayment claims clarified after ruling on investment trust companies

HMRC has published a briefing setting its view following a Supreme Court judgment in the case involving investment trust companies  (ITC), which centred on claims made by final consumers against HMRC for VAT that had been wrongly charged to them by their suppliers

Tax / Dodwell and Prosser review key tax changes in 2017

In a busy year of complex tax changes, two Finance Acts set out a raft of new measures for businesses and individual taxpayers. Bill Dodwell CTA ACA, partner and head of tax policy at Deloitte and Kevin Prosser QC set out the key tax developments of 2017

Tax / Paradise Papers law firm takes legal action against media

Appleby, the law firm at the centre of the leak of documents contained in the so-called ‘Paradise Papers, has said it will take legal action against the BBC and the Guardian over their reporting of details of offshore tax-avoidance schemes

Tax / Supporting grassroots sport: tax breaks

Sarah Bradford ACA CTA (Fellow), director of WriteTax, explains how the corporation tax deduction to encourage companies to support grassroots sport works and considers how to make the most of this valuable tax break

Tax / Treasury commits to publishing draft Finance Bill 2018 by July

The Treasury has confirmed the new fiscal calendar, highlighting that the Budget will be the primary fiscal event, supported by a Spring Statement on 13 March and release of draft legislation in July

Tax / Gucci faces tax probe in Italy

Italian high end fashion brand Gucci has been the subject of a police raid over suspected tax evasion amounting to around €1.3bn (£1.15bn).

Tax / Finance Bill reforms cut burden of handling tax on employee expenses

The Finance Bill 2017-18 will contain a number of specific reforms to the taxation of employee expenses, but will stop short of a major overhaul of the current rules, after responses to a consultation earlier this year indicated that they are generally fit for purpose

Tax / Finance Bill 2017-18 published

The government has published Finance Bill 2017-18 legislating for tax changes announced in last month’s Budget, which include plans to introduce a stamp duty land tax (SDLT) relief for first-time buyers, cracking down on offshore tax avoidance and the use of disguised remuneration, and increasing tax incentives for investment in innovation

Tax / Budget 2017: online VAT fraud clampdown extends liability

The government is to extend HMRC’s powers to combat online VAT fraud, with new legislation to be effective from April 2018, the Chancellor announced in the Budget

Tax / Budget 2017: CGT carried interest rules tightened

The Budget includes a measure to remove certain transitional rules that are no longer required for the effective taxation of amounts of carried interest that are charged to capital gains tax (CGT) under the carried interest rules which took effect from 8 July 2015

Tax / Dencher on VAT: is a lean-to an annex or extension?

In Litton & Thorner’s Community Hall [2017] TC 06101, the First Tier Tribunal (FTT) allowed the appeal against HMRC’s decision that zero-rating did not apply to the construction of a lean-to, which amounted to an annex to the original building. Stanley Dencher FCA CTA (Fellow) AIIT considers the ruling

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