Since our July 2013 blog post “UK Calling on Crown Dependencies for Support in Addressing Tax Avoidance”, there have been many developments on the Mutual Assistance in Tax Matters Act. This blog highlights the guidelines ready for implementation and some of their possible implications.
The Organisation for Economic Co-operation and Development (“OECD”) recently unveiled plans for a new single global standard for the automatic exchange of tax information, following calls from G20 leaders to increase pressure on those evading taxes and to create trust and fairness in the international tax system.
This blog expands on our earlier post ‘UK Corporation Tax – Trading Losses & Reliefs’ and considers the available cross border relief for losses.
When setting up a business, it is important to structure it correctly and be fully aware of all tax obligations so that you can pay the correct amount of tax, as well as claim the business expenses and deductions you are entitled to receive.
Despite its original introduction in 1694 as a temporary tax, the success of Stamp Duty (“SD”) as a measure to raise money for the exchequer has caused it to remain with us in the various forms described below.
This blog is a follow on from a previous post on the “Practical VAT Update - Ireland” and it is advisable that this is read in conjunction with the earlier blog.
Where a company or organisation is liable for UK Corporation Tax and makes a loss from trading, the sale or disposal of a capital asset, or on property income, then they may be able to claim relief from corporation tax in respect of those losses.
Ireland’s favourable Capital Gains Tax seven year relief (“the CGT Relief”) was originally introduced in the Finance Act 2012 and applied to land and buildings purchased up to 31 December 2013. The Finance (No. 2) Bill 2013 proposes to extend the CGT Relief to include purchases of land and buildings up to 31 December 2014.
The UK Non-Resident Landlord Scheme (“NRL”) is a scheme for taxing the UK rental income of non-UK resident landlords, whether they are individuals, companies or trustees.
As set out by Ireland’s Finance Minister Michael Noonan in the publication of Ireland’s International Tax Strategy, which formed part of Budget 2014, it is Ireland’s intention to review its Irish tax residence rules to ensure that a company can no longer be regarded as “stateless” in terms of its tax residence.
© 2014 Pearse Trust