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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...

05 June 2015

CRS regulatory approaches: four months and four countries

By Daniel Dzenkowski The Common Reporting Standard (CRS) sets a minimum standard for cooperation between jurisdictions in relation to the automatic exchange of taxpayer information collected by financial institutions. The revised EU Directive on Administrative Cooperation in Tax Matters (DAC2) provides the mechanism for adopting CRS in the EU, however,...

27 May 2015

Diverted Profits Tax – what does it mean for you?

By Nick Woodford Diverted Profits Tax (DPT) has been with us now for almost two months and we’re really starting to see the impact that it is having on a wide range of companies. Last week the Australian Government announced that they will be doing something similar, which makes me...

26 May 2015

The taxing question of digital business

By John Steveni Digital technology has changed – and continues to change – our lives. It’s also changed how businesses operate in fundamental ways. But is there really such as thing as a separate, and distinct, ‘digital business’? We now talk about not just ‘the economy’ but ‘the digital economy’...

11 May 2015

BEPS – Strengthening Controlled Foreign Company regimes

By Andy Boucher The OECD have recently released a discussion draft summarising their latest thinking on Action 3 of their BEPS plan, strengthening Controlled Foreign Company (CFC) rules. The key aims are to encourage more territories to adopt CFC rules and, for those who already have such rules, to amend...

05 May 2015

Insurance low risk products should be excluded from CRS

By Daniel Dzenkowski A significant variation to FATCA was introduced by the Common Reporting Standard (CRS) through the exclusion of the $50,000 threshold for 'cash value insurance contracts'. The removal of this threshold presents unique challenges for insurance companies that issue policies that store an incidental amount of value, because...

31 March 2015

BEPS: Recommendations for a best practice tax avoidance disclosure regime

By Simon Wilks The first in a number of papers to be released by the OECD in the next few weeks, the discussion draft published today addresses Action 12 of the OECD’s Base Erosion and Profit Shifting (BEPS) project - to develop recommendations regarding the design of tax avoidance disclosure...

30 March 2015

BEPS: OECD to publish further papers in their action plan

By Mike Cooper By the end of April 2015 the OECD is proposing to publish at least five further papers under its Base Erosion and Profit Shifting (BEPS) action plan. These will be a combination of revised drafts of papers you’ve already seen in part and entirely new papers. As...

18 March 2015

Encouraging further investment in the North Sea

Against a backdrop of maturing oil fields, high production costs, an extremely complex tax regime and low oil prices, the eyes of the oil and gas sector were firmly on the Chancellor to stimulate investment and halt decline.

Investment package a significant boost to the oil and gas industry

By: Alan McCrae Against a backdrop of maturing oil fields, high production costs, an extremely complex tax regime and low oil prices, the eyes of the oil and gas sector were firmly on the Chancellor to stimulate investment and halt decline. George Osborne has responded to the gauntlet thrown down...

Join our live webcast on Diverted Profits Tax - 9 April at 15:00

The UKs Diverted Profits Tax will take effect from 1 April 2015. This is a new tax levied at 25% and if you have sales to UK customers from foreign companies OR UK companies make payments to low tax entities then this new legislation could apply to you. To date...

Increases in National Minimum Wage welcomed

By: John Harding, partner The Government's acceptance of the Low Pay Commission's recommendations to increase the adult rate of the National Minimum Wage to £6.70 from October 2015 is to be welcomed, together with the increase in the Personal Allowance to £10,600 from April. Both of these changes will help...

A Budget for thrifty middle England

By: Iain McCluskey This was a Budget for thrifty middle England – supporting those who are fixing their roofs, saving for homes and getting on in work. For the lowest paid, and many part time workers, the sun still isn’t shining given the personal allowance increase won’t have any impact...

Chancellor ends austerity a year early, with majority of households gaining from Budget

By: John Hawksworth, chief economist The biggest change in the Budget is the Chancellor’s decision to end austerity a year earlier than planned in his Autumn Statement. The projected budget surplus levels out at £7 billion in 2019/20, which is still a healthy outcome but well below the £23 billion...

Cart and horse dilemma on business rates growth

By: Simon Tivey The widening of the business rates retention scheme in specific areas such as Manchester and Cambridge is targeted at helping local authorities support economic growth. The reward for councils and council tax payers in these areas is to keep all the extra business rates that stem from...

New initiatives to help address the housing shortage in the capital and beyond

By: Robert Walker The Chancellor's announcements of new Help to Buy ISAs and housing investment show he wasn't joking about 'fixing the roof' as the sun starts to shine. More detail is needed behind the creation of the 20 new housing zones and investment to tackle the housing shortage in...

Patent Box - OECD hears from business

By: Angela Browning At an informal consultation meeting on 10 March, the OECD heard from businesses regarding the practical application of the Modified Nexus Approach to Intellectual property (IP) and patent boxes. Joined by delegates from member states and the Business and Industry Advisory Committee (BIAC), the OECD welcomed the...

16 March 2015

Budget 2015 – what we could expect

By Stella Amiss With his last Budget before May’s General Election, George Osborne will be looking to strike a balance between championing the government’s commitment to fiscal responsibility, whilst trying to create a more general ‘feel good’ factor by putting something extra in people’s pockets. The Budget presents a crucial...

27 February 2015

Reasons to be cheerful

By Diane Hay For those of you not old enough to remember Ian Drury, one of his most famous songs lists the things that make him happy, including his penchant for cheddar cheese and pickle (among other things probably better not mentioned here). It always makes me smile. So it...