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10 October 2016

Funding Making the most of R&D

By Rachel Moore Blockchain technology is developing at lightning speed – so fast that many believe that within five years it will have transformed business, financial services and many other areas of our lives. But this stage of blockchain’s evolution is an expensive, competitive one. Many companies and entrepreneurs are...

04 October 2016

How Blockchain will disrupt Tax - the experts decide

By Mark Schofield Blockchain is being hailed as the biggest digital development since the Internet. Much has been written about how the technology - which allows anything of value to be traded securely through a tamperproof log of events - will transform business. Less has been said about how it...

30 September 2016

PwC comments on the first detail of the business rates revaluation 

By Phil Vernon The Valuation Office Agency releases draft Rateable Values for 1.94 million commercial properties today. This is the first revaluation for seven years and will include changes to the rating system, including a new appeals system.   Phil Vernon, Head of Rating at PwC said:  “Businesses now have...

26 September 2016

Is Patent Box achieving its ambitions?

By Angela Browning Patent Box was introduced in April 2013 to incentivise and reward the active exploitation of patented technology in the UK. This is essentially to promote economic activity and employment. It effectively provides a 10% tax rate for UK companies that are exploiting patented IP rights.   HMRC...

20 September 2016

Are you missing out on R&D tax credits?

By Rachel Moore The latest statistics from HMRC show companies are increasingly turning to Research & Development (R&D) tax credits to help fund R&D activities. Just as a reminder of what this is all about, companies that are engaged in qualifying R&D activities can claim tax reliefs or credits on...

13 September 2016

Employee Benefit Trusts loans and HMRC – taking stock

By Jonathan Preshaw Employee Benefit Trust (EBT) arrangements have been widely used for many years as a way to motivate employees. HMRC letters HMRC have recently issued further guidance on settlement of tax liabilities associated with EBT’s, including a deadline by which settlement is to be agreed. Additionally, many businesses...

05 September 2016

Tech breakthroughs drive business success - but how are you funding your tech investment?

Technology is transforming the worlds of work and leisure – and even transforming itself - and PwC recently released a Tech breakthrough report revealing the top eight essential emerging technologies. While these key emerging technologies, such as Blockchain, artificial intelligence and 3D printing, may not be a surprise to many...

09 August 2016

What are the UK CEOs’ thoughts on tax for the year ahead?

By Andrew Packman In a recent blog on our 19th CEO survey, PwC’s Global Head of Tax, Rick Stamm, looked at the role that tax can play in meeting the ever-increasing expectations that stakeholders have for business around a broad range of issues. PwC’s CEO survey shows that for many...

21 July 2016

HMRC and legacy remuneration tax arrangements – the changing landscape

By Jessica McLellan Recent years have meant a sea change in terms of HMRC’s approach to remuneration tax arrangements such as Employee Benefit Trusts and contractor loan schemes, resulting in new legislation, settlement opportunities as well as HMRC’s preparation of key test cases for Tribunal. The last 6 years have...

15 July 2016

Brexit: Is Cutting Corporation Tax the Right Way to Go?

By Kevin Nicholson Now we have a new Chancellor, it's unclear whether recently announced plans to cut corporation tax further will continue. Does this matter? Certainly the headline rate of tax sends a powerful message internationally. Businesses tell us that tax is an important consideration as they weigh up where...

Why governments are excited about blockchain?

By Justin Blackburn John Steveni and Paul Smith blogged recently about the impact that blockchain will have on the way we do business, and in particular on the global tax system. It’s likely that blockchain will impact on many areas of our lives but one area that’s being watched with...

05 July 2016

Indirect tax implications of a Brexit vote on VAT

By Martin Blanche and Johnathan C Davies As we briefly mentioned in our last post on the indirect tax implications of Brexit, the wider outcomes of the referendum vote to leave the EU are yet to be revealed it is likely that VAT will be impacted. As a tax driven...

01 July 2016

Blockchain – will it revolutionise tax?

Posted by John Steveni and Paul Smith A few weeks ago, construction workers in London unearthed hundreds of Roman writing tablets, including some of the earliest known examples of receipts and IOUs. The find reminded us that, essentially, the way in which we record transactions has barely changed in 2,000...

29 June 2016

What could Brexit mean for UK innovation incentives?

By Angela Browning Many companies have asked me over the past week what Brexit could mean for UK innovation incentives like R&D credits, patent box, EU and national grant funding. Whilst the easy, obvious answer is that it is too early to say, I could go further and say that,...

22 June 2016

Tax risk: Why tax and risk need to speak the same language

By Giovanni Bracco and Robert Gooding You only have to glance at the newspapers in recent months to realise that tax has become a high profile issue. The tax paid by corporates in particular has become a topic of interest, and not just to HM Revenue & Customes (HMRC). The...

13 June 2016

Money for nothing: why pension funds are paying too much tax

By Hazell Hallam Too few pension funds are giving sufficient priority to operational tax risk management, new research from PwC reveals. As a result, many are missing out on enhanced investment returns In theory, the majority of pension funds do not pay tax; in practice, many funds’ investment returns may...

03 June 2016

Cross border trade online: how Brussels plans to change the rules

Should online retailers be able to stop someone from overseas buying from their site? On 25 May 2016 the European Commission set out proposals to ensure people and businesses can seamlessly transact online with fair competition and protection, wherever they're based. The vision is for a Digital Single Market. But...

31 May 2016

Tax Transparency - To whom and for what purpose?

The UK’s biggest companies remain under pressure to respond to the various stakeholders who are interested in their tax affairs. This increased attention on tax is influenced by a number of factors, including media headlines, changes in regulation and reviews into public disclosure by the Financial Reporting Council. All of...

17 May 2016

Nobody puts operational tax in the corner

PwC’s annual asset management tax conference, held in London in May, discussed the future for asset management in a challenging period of regulatory change and market development – and, in particular, what the role of the asset management tax function will look like in that future. It is four years...

16 March 2016

Allowance for micro entrepreneurs

By John Steveni The new £1,000 allowance for micro entrepreneurs is aimed partly to clear up the confusion around what tax must be declared on peer-to-peer income. The allowance isn't restricted to the so called sharing economy, and will apply to all manner of enterprise, whether using your car to...

New measures on tax administration

By Simon Wilks Although the Budget was wide ranging and contained a lot of measures, there were few entirely new measures in the area of tax administration. However, there is renewed focus on avoidance and evasion with combined measures due to produce £12bn yield by 2020. Much of this relates...

Support for small businesses and entrepreneurs

By Natalie Langley The Chancellor announced his intention to put “rocket boosters on the back of enterprise”. It's fantastic to see support for small businesses and entrepreneurs. They account for a significant amount of employment and innovation in the UK and haven't received much attention in recent Budgets. The potential...

Significant change to stamp duty

By Paul Emery Today’s budget represents the most significant change to stamp duty on commercial property for a decade. While changing from a slab to progressive structure will be welcomed, reducing distortion around the bands, the top rate rising to 5% could cause headaches for the higher end of the...

Personal tax measures overview

By Iain McCluskey and Richard Harryman The Chancellor walked a steady line over a fiscal and political tightrope today as he delivered his 2016 Budget. Bound by a commitment to a surplus by 2020, and tethered to his manifesto promise not to increase headline tax rates, his moves could be...

Winners and losers

By Alex Henderson George Osborne has walked a tight rope in his latest Budget with all of the winners being counter balanced by losers. In choosing his losers he's followed some familiar themes. For large corporates the news is definitely mixed, An extra 1% off the rate of Corporation Tax,...

Supporting the oil and gas industry

By Alan McCrae The Chancellor’s announcement of a reduction in tax rates and effective abolition of Petroleum Revenue Tax is a welcome boost for our oil and gas industry, which has been facing exceptionally challenging times over the last 12 – 18 months. Across the North Sea, this will reduce...

Insurance Premium Tax rate rise

By Ben Flockton Whilst arguably modest if viewed in isolation, this latest rate rise of 0.5% (to 10%) will mean Insurance Premium Tax (IPT) will have increased by two thirds in less than a year. Overall, this equates to an additional IPT cost of over £17 on the average motor...

Small business rates reaction

By Phil Vernon Increasing the small business rates multiplier to capture properties with a rateable value of up to £50,000 is a good headline grabber, but will only save business between £160 at the bottom of the scale and £600 per year at the top. However, the decision to permanently...

Restrictions to tax relief for interest payments

By Stella Amiss The Chancellor has set out his stall for how the UK will implement the OECD's recommendations on imposing restrictions to tax relief for interest payments. All UK businesses with borrowings will have to re-evaluate their tax position on the back of today's announcement. The move will likely...

15 March 2016

Budget 2016: What it really means for you?

By Stella Amiss This Budget is an opportunity for the Chancellor to try and lay the groundwork for the uncertain times ahead. Both the domestic and international backdrop cannot be ignored. Whilst this is an opportunity for the Chancellor to enact major reforms and address some of the long trailed...

11 March 2016

Pension tax reform: the race is still on

By Tim Sexton The Chancellor’s surprise briefing through trusted allies that “there won’t be any changes in pension tax relief at all in the Budget” is far from the end of the story. For this Budget at least, the field has changed and the political factors that have delayed pensions...

09 March 2016

The UK CBCR legislation is final, the question is who is impacted and what should you do?

By Peter Barlow On 26 February 2016 the UK published its final country-by-country (CBC) regulations. I have previously discussed What does CBCR mean for you? Five key questions companies need to address now? so the question we are asking today is "do the UK regulations change those plans?" For the...

22 February 2016

PwC Legal event - Transparency in an ever changing regulatory environment - are you ready to disclose?

By Matt Timmons With increased demand for greater transparency in the way global corporations are managed, national governments have been focused on their legislative agendas to introduce key reforms to achieve this. Join us to understand the latest UK legislative developments and the impact these are having on corporate reporting....

15 February 2016

The jury's out on intergenerational fairness

By Laetitia Lynn "Life is so much easier for your generation". The words of a parent or their child? You can argue it both ways. Some baby boomers may now be enjoying healthy, prosperous retirements with holidays a plenty, but this may follow years of frugality, devoid of travel, or...

12 February 2016

Are you ready to publicly disclose?

disclose ownership, PSC register, disclosure rules, internal governance, PwC, control protocols, companies house

28 January 2016

Capital Markets Union – Unlocking the potential for European growth

Join our live webcast 23 February – 15:00 Register here. The Capital Markets Union (CMU) is a European initiative that will change the landscape of the European capital markets. Amongst other things, the reforms that the CMU will introduce will change: public equity markets the securitisation markets; and the landscape...

26 January 2016

A head start on the transition to VAT in Egypt

Draft legislation on the introduction of a VAT system in Egypt is expected to be implemented in 2016 Although the timing is unclear, as a decision will be made by the newly elected parliament, there is an expectation that the current Sales Tax will transition to a Value Added Tax...

21 January 2016

HMRC withdraws Accelerated Payment Notices (APNs) and Partner Payment Notices (PPNs)

Overview HMRC has recently withdrawn a substantial number of Accelerated Payment Notices (APNs) and Partner Payment Notices (PPNs), which it had previously issued to taxpayers. The effect of an APN or PPN is to require payment of tax which is in dispute up front, with no right of appeal. Individuals...

18 December 2015

How will the new patent box regime impact innovation?

By Angela Browning HMRC released draft legislation on 9 December 2015, setting out how patent box will be modified going forward. The positive news is that this broadly follows the structure and content trailed, so there are relatively few surprises for those of you already familiar with Nexus. It is...

04 December 2015

Global Mobility and BEPS - How prepared is your organisation?

By Gemma Buxton The final Base Erosion and Profit Shifting (BEPS) package was published on 5 October 2015. Throughout, the direct implications for global mobility teams has been less publicised but BEPS is just as relevant nonetheless. There will be a number of actions that will affect how organisations deploy,...

19 October 2016

Employee Share Schemes: NIC elections - HMRC consultation outcome

This document is the response to the consultation on the ability to make National Insurance Contributions elections. A NIC election is the means of legally transferring to the employee the Employer’s Class 1 NIC obligation on the occasion of chargeable events in connection with employment-related securities options, and with restricted...

Welsh land transaction tax to include higher rate for additional properties

The Welsh government is to introduce amendments to the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, to enable the land transaction tax to include a higher rate levy for additional residential properties from April 2018. See:

18 October 2016

State Pension age independent review: interim report with questions

This interim report and consultation from the DWP seeks research, insights and evidence to support the continuing independent review. The deadline for comments is 31 December 2016.  Documents  Independent review of the State Pension age: interim report

Corporate failure to prevent facilitation of tax evasion included in Criminal Finances Bill

The Criminal Finances Bill, published on 13 October 2016, amends the Proceeds of Crime Act 2002 and contains legislation in Part 3 for the new corporate criminal offence of failure to prevent facilitation of tax evasion, with separate provisions for UK and foreign tax evasion offences. HMRC consulted on the...

13 October 2016

Jim Harra appointed as HMRC's new Tax Assurance Commissioner

Following organisational changes within HMRC, Jim Harra CB has today (13 October 2016) been appointed as HMRC’s Tax Assurance Commissioner. Jim takes over from Edward Troup who is relinquishing the tax assurance role now that he is Executive Chair with wider responsibility for HMRC.  See:

11 October 2016

New public body offering debt advice, money and pensions guidance to be set up

“We want to make it as easy as possible for consumers to access the financial guidance they need”, say government Ministers. New government body offering debt advice, money and pensions guidance to be set up. Consumers will be able to find the help they need more easily on key financial...

10 October 2016

The Financial Conduct Authority (FCA) publishes proposals on transactions cost disclosure

The FCA has recently published proposed rules and guidance aimed at standardising the disclosure of the transaction costs incurred by pension investments. Consultation closes on 4 January 2017.  See:

06 October 2016

Public Accounts Committee (PAC) to host Global Tax Transparency Summit on 9 December 2016

On Friday 9 December 2016, the Public Accounts Committee will host a Global Tax Transparency Summit to bring together Parliamentarians from across the world to discuss the promotion of tax transparency and the prevention of tax avoidance.

Further certainty on EU funding for hundreds of British projects

Further funding certainty for hundreds of British projects which are reliant on EU funding, announced by the Chancellor.

03 October 2016

HMRC consultation - penalty for participating in VAT fraud

HMRC consultation on whether to introduce a new penalty for participating in VAT fraud. The deadline for responses is 11 November 2016.  Documents Penalty for participating in VAT fraud

Department for Communities and Local Government (DCLC) consults on Business rates revaluation 2017

DCLG is seeking views on the proposed transitional arrangements to phase in changes in business rate bill as a result of the 2017 business rates revaluation. The deadline for response is 26 October 2016.  Documents Consultation on the transitional arrangements for the 2017 business rates revaluation

29 September 2016

OECD sees governments opting for lower corporate taxes

A new OECD report looking at tax reforms across OECD countries in 2015 finds governments giving priority to boosting growth, in contrast to the fiscal consolidation seen over recent years.

Business survey on tax certainty imminent alongside BEPS, growth and transparency work, notes OECD webcast

A questionnaire will be launched in early October 2016 as part of future work on tax certainty, part of the G20/OECD tax policy pillar alongside inclusive growth, and the other pillars on tax transparency and BEPS, According to an OECD Tax Talks webcast on 22 September 2016, the survey will...

The Pension Protection Fund (PPF) announces levy estimate for 2017/18: consultation

The PPF has published its consultation document on changes to the Pension Protection Levy for 2017/18. The consultation document also states that the amount that the PPF expects to collect in 2017/18 – the levy estimate – will be set at £615m. The consultation closes on 31 October 2016.  Body ...

Transposition of the Fourth Money Laundering Directive: HM Treasury consultation

This consultation invites views and evidence to inform government transposition of the Fourth Money Laundering Directive and the Fund Transfer Regulation. The directive seeks to give effect to updated international anti-money laundering and counter-financing of terrorism (AML/CFT) standards set by the Financial Action Task Force. The directive is accompanied by...

23 September 2016

Amending the definition of financial advice: HMT consultation

HM Treasury is consulting on a proposal to amend the UK definition of 'financial advice' to reflect the narrower definition contained in the Markets in Financial Instruments Directive (MiFID), so that individuals will only receive 'regulated advice' when they are offered a personal recommendation for a specific product. This consultation...

22 September 2016

HMRC consults on the draft legislation relating to the Apprenticeship Levy

The draft legislation includes the regulations for the calculation, payment and recovery of the Apprenticeship Levy. The consultation poses two questions: (1) Do the regulations as drafted achieve their objectives as set out above? (2) Do these draft regulations produce any unintended consequences? Responses to the consultation are required by...

Corporate Governance inquiry launched

The Business, Innovation, and Skills (BIS) Committee has announced an inquiry into Corporate Governance. The inquiry will review UK corporate governance, focussing on executive pay, directors duties, and the composition of boardrooms, including worker representation and gender balance in executive positions. The call for written evidence sets a deadline of...

20 September 2016

Pensions Dashboard prototype to be ready by spring 2017

11 leading pension providers will build a Pensions Dashboard prototype by March 2017.   Body: Launching the Pensions Dashboard: City Minister's speech 

Wales introduces Land Transaction Tax Bill

The Welsh government has introduced the Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Bill, which provides for the devolved tax to replace SDLT in Wales from April 2018. The Welsh land transaction tax will broadly mirror SDLT, with the addition of some new anti-avoidance rules and modifications in...

19 September 2016

Worldwide Tax Summaries – Corporate Taxes 2016/17 published

A useful reference tool, to help you manage taxes around the world. It offers quick access to information about corporate tax systems in 155 countries worldwide, in an easily digestible format.   As governments across the globe are looking for greater transparency and with the increase of cross-border activities, tax professionals...

European Commission sets up Task Force for the preparation and conduct of the negotiations with the United Kingdom

The European Commission has set up a Task Force led by Michel Barnier as chief negotiator for the preparation and conduct of the negotiations with the UK under Article 50 of the TEU (Article 50 Task Force). Brussels, 14 September 2016EU News release IP-16-3016

16 September 2016

HMRC proposes new 'Requirement to correct'

Speed read HMRC’s recent consultation sets out a new ‘Requirement to correct’ offshore tax issues before 30 September 2018, when the exchange of information happens under the Common Reporting Standard (“CRS”). After 30 September 2018 taxpayers (including non UK resident trustees and non-resident landlords) that have ‘Failed to correct’ will...

13 September 2016

Egypt: new VAT law published 8 September and takes immediate effect

The new Egyptian VAT law was yesterday (8 September) published in the Official Gazette and has immediate effect.  The initial standard rate is 13% rising to 14% in FY 17-18. Businesses registered under the GST law will be automatically considered registered for VAT purposes, provided their annual turnover exceeds the...

08 September 2016

Revenue Scotland publishes its first annual report

Revenue Scotland has collected £572m in its first full year of operation. Scotland’s devolved tax authority, which is responsible for the administration and collection of Land and Building Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT), revealed the total revenue raised when it published its 2015-2016 annual report and financial...

07 September 2016

Revenue and Customs Brief: Deduction of VAT on pension fund management costs

Following the Court of Justice of the European Union (CJEU) decision in PPG, this brief from HMRC announces that the post-PPG transitional period, during which employers may continue to account for VAT on the costs of pension fund management based on the pre-PPG rules, has been extended to 31 December...

06 September 2016

Worldwide Disclosure Facility: make a disclosure - HMRC guidance

The Worldwide Disclosure Facility is available to disclose a UK tax liability that relates wholly or in part to an offshore issue.

New welfare powers transferred to the Scottish Parliament

The Scottish Parliament has taken on new powers which will allow it to adapt the existing UK welfare system more closely to Scotland’s needs. The parliament will be able to create new benefits in devolved areas and top-up UK-wide benefits including Universal Credit, Tax Credits and Child Benefit.

25 August 2016

Reforms to the taxation of non-domiciles: further consultation

A consultation was published in September 2015 setting out the detail of the proposals to deem certain non-doms to be UK-domiciled for tax purposes. This document provides an update on those proposals and also sets out the detail of proposals to charge IHT on UK residential property. This part of...

24 August 2016

Changes to the taxation of non-domiciled individuals: further detail published

By Dipan Shah On 19 August 2016 HMRC finally published further consultation documents on their proposed changes to the taxation of non-UK domiciled individuals (“non-doms”) which will take effect from 6 April 2017. The deadline for responding to the consultation is 20 October 2016 and we will of course be...

Statutory Residence Test (SRT) - HMRC personal tax guidance

This guidance note gives information on the new Statutory Residence Test (SRT) introduced for tax years 2013 to 2014 onwards and how HMRC interprets the legislation in the context of applying the SRT to an individual’s circumstances. Some amendments have been made for 2016. Document Guidance note for Statutory Residence...

19 August 2016

Reforming business rates appeals: draft regulations for consultation

The Department for Communities and Local Government are seeking views on draft regulations to support the business rates appeals reforms. The deadline for comments is 11 October 2016.  Documents  Check, challenge, appeal: reforming business rates appeals - consultation on statutory implementation

Upper Tribunal decides Icebreaker case in favour of HMRC

The Upper Tribunal (UT) has confirmed the First Tier Tribunal (FTT) decision that the Icebreaker scheme failed. Investors in the scheme were members of 51 partnerships set up by a company called Icebreaker Management. The members of the scheme claimed to be active partners trading in the creative industries and...

Soft drinks industry levy consultation

A consultation on a new UK-wide Soft Drinks Industry Levy that will apply to the production and importation of soft drinks containing added sugar. The consultation closes on 13 October 2016.   Soft Drinks Industry Levy - consultation

18 August 2016

Tax disputes - is now the time to settle?

By Jonathan Preshaw Many disputes involving historic tax planning remain unresolved. Estimates of the number of open disputes vary, but there is no doubt that there are many thousands, and that the tax involved runs to many hundreds of millions of pounds. With that in mind, HMT and HMRC continue...

16 August 2016

Chancellor Philip Hammond nominates Sir Charles Bean for appointment to the Office for Budget Responsibility

The Chancellor has nominated Sir Charles Bean for appointment to the Budget Responsibility Committee (BRC) of the Office for Budget Responsibility (OBR). Led by the Chairman, Robert Chote, the BRC has executive responsibility for the core functions of the OBR and is responsible for judgements reached in OBR economic and...

15 August 2016

Simplification of the tax and National Insurance treatment of termination payments - draft legislation

The government has published a follow-up consultation on draft legislation in response to the summer 2015 consultation on termination payments. This explains the policy underpinning the changes in greater depth. Comments are needed by 5 October 2016. Consultation on draft legislation Simplification of the tax and National Insurance treatment of...

Company car tax for ultra-low emission cars - HMT consultation

This consultation is seeking views on options to refocus incentives on the cleanest cars using the latest technologies. The consultation closes on 20 October 2016. Documents Company car tax for ultra-low emission cars

Salary sacrifice for the provision of benefits-in-kind - HMRC consultation

Consultation on limiting the range of employee benefits-in-kind that attract Income Tax and National Insurance Contributions advantages when provided as part of salary sacrifice arrangements. Comments should be submitted by 19 October 2016. Document Consultation on salary sacrifice for the provision of benefits-in-kind

HMRC to consult on Stamp duty land tax: changes to the filing and payment process

A consultation on proposals to make the stamp duty land tax (SDLT) filing and payment process faster and easier. The consultation closes on 7 October 2016. Document Stamp duty land tax: changes to the filing and payment process