Business tax

Tax / Hopkinson: FTSE 100 faces increasing tax litigation over transfer pricing

The risk of tax litigation is rising for the FTSE 100 as companies increasingly face challenges from HMRC over complex transfer pricing arrangements. Raichel Hopkinson, head of practical law dispute resolution at Thomson Reuters Legal considers how to mitigate the tax risk 

Tax / Record £850m of tax reliefs claimed by creative sector

TV hit ‘Peaky Blinders’ and Gary Oldman’s portrayal of Winston Churchill in the film ‘Darkest Hour’ are just two of dozens of examples from Britain’s world-leading creative sector to have benefited from over £850m of tax breaks in the last year, according to the latest HMRC statistics

Tax / Company car tax: key issues for fleet managers

Nigel Morris, tax director, MHA MacIntyre Hudson examines the current state of company car taxation and the key issues for fleet managers

Tax / £20bn fund for NHS will raise taxes

The Office for Budget Responsibility (OBR) is warning that the Prime Minister’s recent pledge to increase spending on the NHS is likely to put significant pressure on public finances, placing public sector net debt on an ‘unsustainable upward trajectory’, unless the government introduces future tax rises or spending cuts

Tax / FB 2018-19: controlled foreign company rules tweaked for ATAD compliance

Due to the introduction of the EU Anti-Tax Avoidance Directive (ATAD) before Brexit, the government plans to amend the tax rules on controlled foreign companies (CFCs) to ensure ongoing compliance

Tax / FB 2018-19: hybrid and mismatch tax rules amended to meet ATAD

The government plans to amend the rules on the treatment of hybrid mismatches to ensure UK rules are aligned with the EU Anti-Tax Avoidance Directive (ATAD), with draft legislation set out in Finance Bill 2018-19

Tax / Big Four challenged over EU lobbying

The Big Four’s role in providing advice on EU tax policy-making is facing criticism over claims their advice cannot be regarded as neutral as they have conflicts of interest because of their involvement with tax avoidance schemes and relationship with large multinationals

Tax / HMRC trebles overseas contractors’ tax haul to £5.7m

British expats have found themselves in the firing line as HMRC has nearly trebled the amount of tax collected following requests for information to foreign tax authorities, according to specialist payroll firm Access Financial

Tax / FB 2018-19: corporation tax exit charge rules changed to comply with ATAD

The government is planning changes to the UK rules concerning corporation tax exit charges on certain unrealised profits or gains when companies or assets move within the EU or European Economic Area (EEA)

Tax / FB 2018-19: exit charges for CGT can be deferred under new rules

The government is to introduce new rules governing when capital gains tax (CGT) payments must be made to HMRC in respect of exit charges in a bid minimise cash flow problems when companies relocate with the EU

Tax / FB 2018-19: rules on aggressive tax planning disclosure

Companies involved in aggressive, cross-border tax planning arrangements will be required to notify HMRC of those arrangements under new proposed legislation aimed at removing ‘secrecy’ around complex tax avoidance strategies

Tax / FB 2018-19: HMRC to act on profit fragmentation

HMRC is consulting on plans to tackle tax avoidance schemes which move UK profits outside the charge of UK tax, often using offshore trusts and companies, by introducing new rules which will add these profits to the profit of the UK trade

Tax / FB 2018-19: HMRC plans points-based overhaul of penalties for late tax payments

HMRC plans to overhaul the penalties for late payments by businesses and individuals for corporation tax, income tax and self assessment, using a brand new points-based system

Tax / FB 2018-19: ‘Transferable tax history’ for North Sea oil and gas companies

The government is to introduce a transferable tax history (TTH) mechanism for oil and gas companies operating on the UK Continental Shelf (UKCS), as a way of attracting new investment into North Sea late-life assets and encouraging additional production

Tax / FB 2018-19: NICs and income tax exemptions for charging electric cars at work

Businesses which provide charging facilities for employees with plug-in hybrid or electric cars will be exempt from income tax and National Insurance contributions on any liability from providing this service, government has explained through draft legislation, effective from 6 April 2018