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The UK’s largest businesses were charged £59 million in fines by the UK's HM Revenue & Customs (HMRC) in 2017 for ‘careless’ behaviour in their tax affairs, according to figures obtained by Pinsent Masons, the law firm behind Out-law.com. 17 Oct 2018
SPEED READ: Tax indemnities and warranties allocate tax risk on an M&A transaction. A tax deed gives pound for pound recovery, subject to exclusions, for unexpected tax liabilities without the need to prove loss, whereas warranty damages depend upon the... 12 Oct 2018
The MLI is an agreement by over 70 countries which will enable over a thousand double tax treaties to be interpreted in a way that implements the recommendations of the Organisation for Economic Cooperation & Development (OECD) which require changes to...
The substantial shareholding exemption (SSE) applies to companies and exempts certain gains that would otherwise be subject to UK corporation tax following a disposal of shares.
A person or company can penalised if they 'enable' offshore UK tax evasion or non-compliance by others. Policies and procedures designed to prevent companies from committing the corporate criminal offences of failing to prevent the facilitation of tax evasion...
A new UK corporate interest tax deduction restriction applies from 1 April 2017. The new restriction increases the compliance burden, with highly geared groups significantly affected.
From 30 September 2017 it is a criminal offence in the UK if a business fails to prevent its employees or any person associated with it from facilitating tax evasion under the Criminal Finances Act 2017. Businesses need to take action to minimise their risk...
The code of practice on taxation for banks (the code) was introduced in 2009 and applies to banks and building societies. It is designed to change the attitudes and behaviours of banks towards tax avoidance. It encourages banks operating in the UK to adopt...
If international agreement cannot be reached on how to tax digital companies the UK will "go it alone" and introduce its own digital services tax, UK chancellor Philip Hammond said in a speech to the Conservative party conference last week. 08 Oct 2018
Speed read: In the last year a number of new measures have come into force or been announced in the UK to tackle offshore tax avoidance and evasion. The Common Reporting Standard (CRS) means tax authorities will get annual information about accounts held offshore... 04 Oct 2018
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Over the last few years the pressure to increase tax revenues has led to continued complex changes to tax legislation, coupled with a more aggressive approach to tax planning from HMRC. Our team can guide you through the maze of complex rules to help you achieve your business objectives.
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