Law and regulation

Tax / OECD cracks down on misuse of preferential tax regimes

The OECD says international efforts spearheaded by its base erosion and profit shifting (BEPS) project to curb harmful tax practices and prevent the misuse of preferential tax regimes are having a tangible impact worldwide, according to its latest report on progress

Tax / Government caves in to pressure on fixed odds betting changes

The government has been forced into a U-turn over the planned timetable for reducing the stakes on fixed odds betting terminals (FOBTs), which will now be introduced in April 2019 following public and political outcry and a ministerial resignation

Tax / What you need to know: annual investment allowance increased to £1m

The £1m annual investment allowance (AIA) limit could translate into an effective annual limit of less than £17,000 due to straddling periods, explains Will Silsby, technical officer at the Association of Taxation Technicians

Tax / HMRC sees 62% hike in disputed tax collected through mediation

HMRC saw a 62% rise in disputed tax collected through the use of mediation last year, collecting £40.8m, up from £25.2m in 2016/17, according to analysis by RPC

Tax / Collins: is the FTSE 100 doing enough to prevent tax evasion?

Jason Collins, partner, and Penny Simmons, senior practice development lawyer at Pinsent Masons, look at what companies are doing to prevent tax evasion and what more can be done

Tax / Rossow: changes to US alimony tax spell confusion

Tim Rossow CPA, principal at Rehmann, discusses the incoming changes to US matrimonial tax, under which where you get married, where you live and where you might get divorced is going to make a big difference

Tax / Stamp duty land tax payment period halved from March 2019

Commercial and residential property owners need to be aware the government is reducing the amount of time allowed to pay stamp duty land tax from 2019

Tax / Insolvency will not afford tax evasion excuse from 2019

The government is to press ahead with legislation in 2019/20 to allow HMRC to make directors and other persons involved in company tax avoidance, evasion or phoenixism jointly and severally liable for tax liabilities that arise from those activities where the company becomes insolvent, following a consultation on the issues

Tax / Construction sector faces VAT reverse charge

The government has published draft legislation detailing a new VAT domestic reverse charge for certain building and construction services, which will take effect from 1 October 2019 and is designed to clamp down on missing trader fraud

Tax / Q&A: professional gamblers and taxable winnings

Croner taxwise tax advisor Vivienne Cheung looks at the income tax liabilities of a professional poker player with no other earnings

Tax / HMRC delays late payments penalty reforms

Planned reforms to HMRC’s penalty regimes for late submission and payment of tax due are to be further delayed while the department considers how best to communicate the changes, with papers published following the Budget indicating there are unlikely to be any change before April 2021 at the earliest

Tax / Disputed tax from big business hits £27.8bn

Figures released today show that the amount of underpaid tax in dispute with the UK’s 2,000 largest businesses increased to £27.8bn in 2017/18, a 12% increase on the previous year, as HMRC steps up its investigative activity

Tax / Budget 2018: amendments to diverted profit tax

This week’s Budget included a measure making a number of amendments to the diverted profits tax (DTP) legislation designed to close tax planning opportunities and to make clear diverted profits will only be taxed under either corporation tax or DTP

Tax / Budget 2018: reform to treatment of intangible assets

Following a consultation carried out earlier this year, the government announced in the Budget that it intends to reform the corporate intangibles regime, including taxing property realised in low-tax regimes

Tax / Budget 2018: extension of offshore time limits

The Chancellor has confirmed that the extension of offshore time limits as announced at Autumn Budget 2017 will form part of the legislation in Finance Bill 2018-19, with the new limit to be set to 12 years from next April
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