UK: CFC reform – new consultation

UK: CFC reform – new consultation

UK: CFC reform – new consultation Controlled foreign companies (CFCs) in low tax jurisdictions are a headache for tax authorities, with the potential for profit to be earned at a low tax rate and not contribute to the coffers of the government of the parent company’s location.  The potential for profits to be perhaps relocated. Read more

Bloomsbury Professional to publish PwC's flagship financial reporting guidance

Bloomsbury Professional to publish PwC's flagship financial reporting guidance

Bloomsbury Professional and PwC – a new and dynamic international relationship for the publication and promotion of the PwC Manual of Accounting. Bloomsbury Professional will publish PwC’s flagship financial reporting guidance in November 2011. The forthcoming 2012 edition of PwC’s Manual of Accounting suite will contain guidance on new standards including IFRS 10, ‘Consolidation’, IFRS. Read more

Court of Appeal rejects HMRC’s appeal against SHIPS 2 scheme

Court of Appeal rejects HMRC’s appeal against SHIPS 2 scheme

Court of Appeal rejects HMRC’s appeal against SHIPS 2 scheme The latest attempt by HMRC to disallow the SHIPS 2 tax planning scheme has been rejected by the Court of Appeal, although it is unlikely that this decision will resolve the litigation. SHIPS 2 was marketed by Matrix Tax Solutions, and operated in respect of. Read more

Tax Review VAT Roundup

Tax Review VAT Roundup

HMRC confirms change to ‘fallback’ provisions HMRC has published Brief 20/11, which sets out a change in VAT treatment where a business uses a UK VAT registration number (other than for triangulation purposes) to secure zero-rating of goods sent from one EU member state to another, without their arriving in the UK. Under what is. Read more

Home Sweet Home

Home Sweet Home

Home Sweet Home Mark McLaughlin highlights a potential stumbling block for taxpayers seeking to claim capital gains tax relief on the disposal of a residence. The fundamental requirement for an individual to claim capital gains tax relief on the disposal of a dwelling house (or an interest in it) is that all or part of. Read more

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