International tax

Tax / Increased transparency requirements put tax functions under pressure

Tax and finance functions are struggling to keep up with digital advances, a push towards transparency and global reforms of the international tax system, according to a survey conducted by EY

Tax / Armed forces to be compensated for Scottish tax differential

The Ministry of Defence (MOD) is to compensate thousands of military personnel based in Scotland against being left out of pocket because of differences between the Scottish tax regime and that used elsewhere in the UK, with top-up payments to be made each year

Tax / Inheritance tax accounts IHT400: clarifying the timeline

HMRC has succumbed to pressure from practitioners and estate administrators to provide a timeline for when replies to submitted inheritance tax accounts IHT400 will be received. Rebecca Goldring, manager at Blick Rothenberg explains 

Tax / US tax authority failing to tackle FATCA compliance

Despite spending nearly $380m (£287m), the Internal Revenue Service (IRS) is failing to enforce compliance with the Foreign Account Tax Compliance Act (FATCA), which is designed to ensure US taxpayers report foreign financial assets and offshore accounts

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 / FB 2018-19: HMRC to double offshore investigation time limits

The government is planning to more than double the retrospective time limit during which HMRC can investigate non-payment of income, capital gains tax (CGT) and inheritance tax (IHT) from offshore accounts

Tax / Government releases draft legislation for Finance Bill 2018-19

The government has issued draft Finance Bill 2018-19, including draft legislation for at least 33 significant measures affecting employment tax, simplification of Gift Aid, company car tax liability, Making Tax Digital penalty regime and new rules for tax under IFRS 16 Leases, reports Sara White

Tax / FB 2018-19: EU tax dispute resolution rules out for consultation

The government is consulting on draft legislation to introduce statutory powers to implement an EU directive on tax dispute resolution mechanisms to reduce double taxation risks across EU member states

Tax / 100 countries ready to exchange offshore account information

The OECD has published a new set of bilateral exchange relationships established under the common reporting standard’s (CRS) multilateral competent authority agreement, marking a major enlargement of the global network for the automatic exchange of offshore account information

Tax / Scotland introduces first-time buyer property tax relief

Around 80% of first time home-buyers in Scotland are set to pay no tax on their purchase following the introduction of a new relief on 30 June, the Scottish government has said

Tax / Tax chiefs set up J5 to tackle international tax crime

HMRC has formed an alliance with tax enforcement bodies in four countries to share intelligence and expertise in the battle against international tax crime

Tax / Global tax to GDP ratio hits 26%, says OECD

The OECD has created a global database revealing the level of tax paid in comparison to GDP in 80 countries globally with the median tax-to-GDP ratio worldwide hitting 26.2%

Tax / Airlines hit out at New Zealand tourism tax

An international airline pressure group has appealed to the New Zealand government to abandon its controversial plans to introduce a NZ$35 ‘tourist tax’ for foreigners entering the country