International 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 

Tax / Greece most difficult country to operate a business

Greece is the most challenging country to do business with a fragmented tax system and complex compliance requirements, but the world’s largest economies are the most complex and unpredictable places for multinational firms to operate in

Tax / UK overseas territories top tax haven risk list

The UK’s overseas territories and crown dependencies have been accused of harbouring tax havens and accounting for nearly a third of corporate tax avoidance risks globally, according to analysis by Tax Justice Network

Tax / Machinations of follower notices and accelerated payment notices

As part of the government’s clampdown on aggressive tax avoidance schemes, HMRC was given powers to issue follower notices and accelerated payment notices (APNs). Meg Wilson CTA, specialist tax writer at Croner-i, examines their effectiveness and the grounds for cases won by taxpayers

Tax / Multinationals face global digital tax rules to collect missing $240bn

The OECD has set a timetable to develop a global framework for the digital taxation of multinationals with 2020 set as a deadline to finalise the rules, which are likely to include a wider remit than just digital tax to capture intangibles and IP

Tax / France tops list for providing unlawful tax breaks using state aid

The European Commission has issued warnings about more than 380 potentially unlawful tax breaks in the last five years, with France being singled out for contravention of state aid rules, as well as low-tax jurisdictions like Ireland, Netherlands and Luxembourg

Tax / Shell plans to publish global tax strategy to assuage criticism

Multinational oil giant Shell has told members of the Dutch finance committee that it plans to publish details of its global tax strategy following criticism of how the multinational uses the tax system to minimise tax liability and pays zero tax in the Netherlands, where it is headquartered

Tax / CIOT publishes update on rules on taxation of non-doms

The Chartered Institute of Taxation (CIOT) has published further comments from HMRC on the taxation of non-doms, rebasing and the foreign capital losses election rules to clarify complexities over interpretation of the rules

Tax / Funding for EIS and SEIS tax reliefs hits £2.1bn

The number of companies applying to use tax reliefs such as the enterprise investment scheme to attract investors has risen slightly in the last 12 months with over £2.1bn in funding approved as investors look to maximise returns

Tax / What you need to know: diverted profits tax – part 3

In the final part of our series on the diverted profits tax (DPT), Mark Cawthron LLB CTA, tax writer at Croner-i, assesses how Finance Act 2019 changed the DPT rules and use of the profit diversion compliance facility