International tax

Tax / UK multinationals to challenge EU on CFC rules

Over a dozen companies, including BT, Vodafone and GlaxoSmithKline are set to challenge an EU ruling which found that elements of the UK’s controlled foreign company (CFC) regime breach the rules on state aid

Tax / France faces US backlash on 3% digital services tax

France is to introduce a 3% digital services tax, the first European country to do so, and now faces the risk of retaliation from the US, which argues that the levy unfairly targets multinational tech giants

Tax / France plans green tax on airline flight departures

The French government is to introduce an ‘eco-tax’ on all outgoing flights from French airports, which is expected to bring in €180m (£162m) from 2020, to encourage a more environmentally-friendly approach to travel

Tax / Bank and apprenticeship levy raise £37bn since 2010

HMRC has collected an additional £37bn from new taxes introduced over the past decade, according to research from UHY Hacker Young

Tax / New EU rules on tax dispute resolution launched

This week marks the introduction of new EU rules designed to ensure quicker and more effective resolution of tax disputes between member states, in a push to offer more tax certainty for businesses and individuals experiencing double taxation issues

Tax / Tax updates: July 2019

In this month’s round up of tax news concerns over the number of unregulated tax agents, return of film fund tax breaks, small businesses account for largest percentage of tax gap, HMRC cracks down on fake phone calls and France tops list for providing unlawful tax breaks  

Tax / Offshore Brits forced to pay up £560m in unpaid tax

Concerted action to target Brits living offshore who are not up to date with their taxes has nearly doubled the tax yield in two years as HMRC takes advantage of new powers to identify and collect untaxed offshore assets

Tax / Crown Dependencies plan public beneficial ownership registers

Jersey, Guernsey and the Isle of Man have agreed to set up public beneficial ownership registers to improve transparency of company and trust ownership in line with EU efforts to clamp down on money laundering and tax evasion

Tax / Cryptocurrency and taxation in the Netherlands

The popularity of blockchain and its adoption by mainstream industry has focused international attention on the tax treatment of cryptocurrencies. Friggo Kraaijeveld, partner at Kraaijeveld Coppus Legal, examines how the Dutch tax authority treats crypto assets from personal tax to corporate income tax

Tax / UK inward investment double Germany and France

Despite Brexit uncertainties, the UK attracted more foreign direct investment (FDI) than Germany and France combined in 2018, United Nations data shows

Tax / G20 finance ministers commit to digital tax policy by 2020

The G20 finance ministers have signalled their support for the OECD’s ‘two pillars’ approach to tackling global tax issues, and pledged to agree on the introduction of a digital tax by 2020

Tax / Tax liability for non-UK resident companies

The scope of the charge to tax on non-UK resident companies is not only complex but will soon have a broader reach following a series of rules introduced in Finance Act 2019. Paul Davies CTA ACA, tax writer at Croner-i, assesses the changes to tax on chargeable gains already effective and plans to extend this to income tax from 2020

Tax / Common reporting standard raises tax collection rates

International efforts to increase automatic exchange of information on financial accounts has resulted in deposits held by companies or individuals in international financial centres falling by a third in the past decade, analysis by the OECD shows 

Tax / Changes to restriction rules on corporation tax relief released

HMRC has finally published guidance for businesses and tax agents about changes to the restriction rules on corporation tax relief for some acquisitions of goodwill and relevant assets, which came into force on 1 April 2019

Tax / Chancellor calls for global action on digital services tax

Chancellor Philip Hammond is to use today’s meeting of G20 finance ministers and central bank governors in Fukuoka, Japan to underline the need to update global tax rules to reflect the digital world as multinationals operate crossborder and base themselves in low-tax jurisdictions