This blog explains the numerous tax changes taking place in the constituent countries of the United Kingdom as the central government in Westminster continues the process of devolving powers to local assemblies.
Following pressure from Europe the Financial Reporting Council (FRC) published a new standard, FRS 105 - The Financial Reporting Standard applicable to the Micro-entities Regime for use by those micro-entities choosing to adopt this simpler regime. This new standard is applicable for companies with accounting periods commencing on or after 1 January 2016 with the option for earlier adoption.
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Tags: Legal, Incorporation, United Kingdom, Accounting, Tax, Audit
The Chancellor of the United Kingdom announced in the 2015 Autumn Statement (25 November 2015) changes to UK property tax and relief that will effect landlords and people with additional properties. Changes were announced in relation to:
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- Stamp Duty Land Tax (SDLT)
- Loan Interest Relief
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Tags: United Kingdom, Tax
Under the National Policy Statement on Entrepreneurship in Ireland 2014 it was identified that the business and tax environment for entrepreneurs and investors had become more challenging and that the right conditions must be implemented, with both tax rates and incentives supporting entrepreneurship.
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With tax avoidance at the forefront of Government policy and a major talking point on the international stage at events such as the G20 summit it is not surprising to learn that Her Majesty’s Revenue & Customs (HMRC) are using every tool at their disposal to recoup lost revenue.
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Tags: United Kingdom, Tax, Anti-Money Laundering
In October 2015, the UK Government launched a public consultation on important changes to corporate tax rules designed to prevent large groups from escaping restrictions on the deductibility of interest, proposed in response to the OECD's recommendations in the final report on base erosion and profit shifting (BEPS) Action 4.
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Tags: United Kingdom, Tax
In an opinion issued on 9 September 2015, the US Court of Appeals for the Second Circuit confirmed that the "economic substance doctrine" may apply to transactions involving foreign tax credits.
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Following State aid approval from the European Commission, the United Kingdom has this year enhanced its tax incentive scheme for investments in film and television productions located in the UK.
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Tags: United Kingdom, Tax
Negotiations on the Trans-Pacific Partnership have concluded between the 12 participating Asia-Pacific countries, as announced in Atlanta on 5 October 2015.
The agreement will bring big changes to global trade and will deepen economic ties between the Pacific-rim countries of New Zealand, Mexico, United States, Canada, Singapore, Australia, Brunei Darussalam, Chile, Japan, Malaysia, Peru and Vietnam.
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Tags: Tax, Economy, New Zealand, Partnerships
In June 2015, the European Commission unveiled an Action Plan on corporate tax, which is intended to strengthen the European Single Market, reduce administrative barriers for businesses, and tackle tax base erosion and profit shifting. The central pillar of this plan is the proposed Common Consolidated Corporate Tax Base (CCCTB).
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