Tax

News

HMRC appoints interim GC after Aitken’s departure

HMRC has named in-house lawyer David Bunting to replace Gill Aitken as director general of the solicitor’s office and legal services group on an interim basis. Bunting will report to HMRC chief executive Jon Thompson from 1 July while an open recruitment process is conducted to find Aitken’s permanent replacement. Bunting is expected to step […]

A picture of David Green QC who worked at the Serious Fraud Office, to illustrate The Lawyer Hot 100 Career Quiz with David Green QC career

Green QC, David – Serious Fraud Office

A tumultuous 2017 for the Serious Fraud Office (SFO) provided new opportunities to shine for director David Green QC. In his last full year in charge of the body, critics and admirers alike have cited his more “muscular” approach to litigation as a sign of the body’s ongoing success. Securing the future of the SFO […]

Analysis

Featured Briefings

Luxembourg publishes law on VAT grouping

As foreseen in our previous newsflash, the law on VAT grouping has officially been published, last Friday. The text – which provides for an entry into force on 31 July 2018 – modifies the general VAT Law. It now enables Luxembourg entities sharing financial, economic and organisational links to set up a VAT group, thus allowing them to […]

Changes to Entrepreneurs’ Relief: What do you need to know?

By Mark Braude A significant and welcome change to the Entrepreneurs’ Relief (ER) rules was announced in the Finance Bill 2019 last month. It is aimed at shareholders who would otherwise lose their entitlement to ER as a result of being diluted below the 5% required shareholding…

Canada takes next steps towards implementing the MLI

By Laura Gheorghiu  On May 28, 2018, Canada introduced Bill C‐82 ( “Bill “), which, if passed, will bring into force the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (” MLI”). The Bill passed the first reading in the House of Commons on June 20…

Bloomberg Tax Transfer Pricing Forum: Luxembourg – Summer 2018

As a means of increasing innovation and investment, a growing number of countries around the world have introduced preferential tax treatment for research and development and intellectual activities. These regimes provide developed countries with an economic advantage in a highly competitive international tax landscape. In 2015, the OECD released BEPS Action 5 on Harmful Tax […]

Property hijack fraud: new duty for conveyancers?

By Sam McCollum The Law Commission recommends introducing a new statutory duty on solicitors in property transactions. If the proposals are implemented, solicitors will owe a duty to HM Land Registry in respect of identity checks…

Luxembourg tax authorities issue guidance on tax aspects of virtual currencies

On 26 July 2018, the Luxembourg tax authorities published a circular on specific tax aspects of virtual currencies. As it does not consider virtual currencies to be an actual currency, the circular clarifies that Luxembourg tax accounts cannot be prepared and taxable income cannot be reported in a virtual currency…

Kazakhstan: Multilateral convention to implement tax measures to prevent base erosion

By the end of June of this year, Kazakhstan signed the Multilateral convention to implement tax treaty-related measures to prevent base erosion and profit shifting (MLI). The MLI is designed under the OECD-lead effort to help countries counter tax avoidance and speed cross-border of transnational tax dispute resolution…

Tax strategy papers – A glimpse of the future for Irish corporation tax

The Department of Finance has published its Budget 2019 Tax Strategy Group (“TSG”) (“the Group”) Papers. The Group is chaired by the Department of Finance. It members include senior officials and political advisers from a number of Civil Service Departments and Offices. It does not have decision making powers and so its papers outline a […]

The timing and impact of the MLI: Countries’ perspective

The multilateral instrument (‘‘MLI’’) project of the OECD has reached an important milestone; due to the entry into force of the MLI for the five frontrunner jurisdictions on 1 July 2018. Being one of the most revolutionary aspects of the BEPS project, the MLI will modify a large number of existing bilateral tax treaties by […]

Are your bribery procedures accurate? Learnings from a recent case

By Adrian Mansbridge The recent decision in R v Skansen Interiors Ltd is the first time the adequate procedures defence has been mounted in a contested trial and highlights how far you must go to demonstrate reasonable procedures to prevent tax evasion/bribery

Draft legislative proposal introduces a minimum price for CO2

The Dutch government has published a draft legislative proposal for consultation that introduces a minimum price for CO2. The minimum price is introduced by way of a tax levied on electricity producers. The tax is levied per ton of CO2 emission. In the proposal, the tax rate per ton CO2 is calculated each year as […]

Changes to the taxation of UK real estate held by non-residents

In November 2017, the UK Government’s Autumn Budget announced significant proposals relating to the taxation of gains made by non­-UK residents on disposals of UK property. Amongst other provisions, it was proposed that, for the first time, capital gains tax (CGT) would be applied to non­residents’ gains in respect of UK commercial property. CGT would […]

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