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31 July 2015

HMRC Common Reporting Standard guidance update

As we count down to the January go live date for implementing the Common Reporting Standard (CRS)/Directive on Administrative Cooperation, UK financial institutions are eagerly awaiting detailed guidance from HMRC to resolve a number of implementation issues. A draft version of guidance was expected to be published today, however, due...

Outcomes from the ECJ's judgement on Larentia + Minerva

We had over 300 clients tune into our webcast following the Court of Justice of the European Union (CJEU) decision on the joint cases, Beteiligungsgesellschaft Larentia+Minerva GmbH & Co. KG (C-108/14) (Larentia+Minerva) and Marenave Schiffahrts AG (C-109/14) (Marenave). The Court’s decision concerns the ability of holding companies to recover VAT...

29 July 2015

Court of Appeal allows Volkswagen’s appeal in partial exemption case

The Upper Tribunal decided that the economic reality of the Taxpayer's business was that it was a finance business and as such its overhead costs related only to exempt supplies of finance and the proposed 50% recovery of overhead input VAT could not be fair and reasonable. The Court of...

28 July 2015

GST Bill update: Select Committee submits report to India’s Rajya Sabha

The Select Committee of Rajya Sabha (India’s upper house of Parliament) on the Goods and Services Tax (GST) has submitted the report in the Rajya Sabha on 22 July 2015. The Committee has recommended a modification to three clauses of the GST Constitution Amendment Bill: For the purpose of levy...

21 July 2015

Update on VAT and Corporate Tax in the United Arab Emirates

Following recent press releases quoting the Undersecretary of the UAE Ministry of Finance (MoF) concerning draft Corporate Tax and Value Added Tax laws. There is speculation on the timing and nature of tax reforms in the UAE and across the region. This coverage has included an expectation that the CT...

15 July 2015

PwC Webcast: ECJ’s judgment on Larentia + Minerva

For the many businesses which have been involved in negotiations with their tax authorities concerning VAT recovery by holding companies, the ECJ’s judgment in Larentia + Minerva mbH & Co. KG (C-108/14) will be eagerly awaited. The ECJ diary indicates that the judgment will be published on Thursday 16 July...

10 July 2015

Korea: Offshore e-services providers required to VAT register by 20 July

PwC Korea advises that with effect from 1 July 2015, electronic services such as applications, music, films, etc provided either directly by a foreign service provider, or through an offshore open market app store, are subject to 10% Korean VAT. A simplified VAT registration should be made within 20 days...

09 July 2015

Summer Budget 2015: Keeping the UK a competitive place to do business

Follow @PwC_UK for up to date Budget news #SummerBudget By Stella Amiss So George Osborne delivered his first Conservative Government Budget yesterday and it was stuffed full of new measures in an attempt to make his mark as a Chancellor with a 'big plan'. I hope you found our coverage...

08 July 2015

Budget: Impact of interest relief withdrawals on buy-to-let property

By Robert Walker Today's changes do nothing to address the fundamental lack of supply in the UK housing market and ultimately may backfire and hit people who are having to rent. We could see buy-to-let investors feeling the squeeze and putting up rents. This would have a major impact on...

Budget: Insurance Premium tax increases from 6% to 9.5%

By Ben Flockton and Naomi Saragoussi Increasing the basic rate of IPT from 6% to 9.5% will clearly not be welcomed by insurers. It will add over £12 to the average buildings and contents policy and over £13 to the average annual motor insurance bill. Insurers will also be concerned...

Budget: Chancellor smooths pace of spending cuts but still a lot of pain to come

By John Hawksworth and Andrew Sentance New projections by the OBR show that public borrowing will be lower than expected this year, but will then fall more slowly over the next three years as the Chancellor has smoothed the previous rollercoaster path of planned spending cuts. The total amount of...

Budget: Tax rises for private equity

By Alex Henderson The changes to the taxation of private equity carried interest bring to an end a basis of taxation agreed with HMRC as long ago as 1987 when the industry was in its infancy. This is one of a series of changes that have affected the way the...

Budget: Entrepreneurs lose out from changes to tax on dividends

By Alex Henderson The changes to the taxation of dividends remove the final vestiges of the system introduced in the early 70's where a credit was given for tax paid by the company. The system aimed to relieve the impact of the double taxation of companies and shareholders on distributed...

Budget: Chancellor's Annual Investment Allowance business boost and 'Decentralisation Nation' efforts

By Stephanie Hyde For companies across the UK, the prospect of the Annual Investment Allowance falling to £25,000 may have hamstrung investment and damaged the economy. Now the Chancellor has announced a ceiling of £200,000 it will take some of the pressure off small and medium-sized business when planning investment....

Budget: Changes for the financial services sector

By Matthew Barling and Colin Graham The reform and reduction in the bank levy will be welcomed particularly by those banks with large overseas operations. However, the long term phased nature of the reform coupled with the new profits based 8% corporation tax surcharge means that the overall tax burden...

Budget: Changes for non doms are a 'game changer'

By Alex Henderson The changes for non doms weren't unexpected after the attention they received in the Election campaign, but are a game changer for those affected. Non doms who have been in the UK since 2002 will come within the full UK tax regime in 2017. All their overseas...

Budget: Cut to corporation tax a bold move

By Stella Amiss The cut in corporation tax to 19% 2017-18, and 18% from 2020-2021 is a bold and surprise move. Business weren't calling for a further rate reduction, and it's expensive - £6.6bn over five years. But it sends a clear signal that the Government is pro tax competition...

07 July 2015

Are you ready for the Summer Budget?

Follow @PwC_UK for up to date Budget news #SummerBudget By Stella Amiss Tomorrow’s Summer Budget is the first real opportunity for the Chancellor to put his mark on the nation's finances, unconstrained by coalition negotiations. This is the time to set any major reforms in train so they can bed...

02 July 2015

Trends in Tax Transparency

By Janet Kerr Who in your organisation has an interest in tax transparency and has spent some time over the last year thinking about your public tax disclosures? The answer to this question lies increasingly outside the tax department, a response to greater scrutiny on tax from external stakeholders. Boards,...

19 June 2015

Digital and tax: location, location, location

By John Steveni A couple of weeks ago, I wrote about the challenges of adapting the international tax regime to the digital age. One of the biggest issues that will have to be tackled is around the location of income. As I previously said, the current tax regime dates largely...