Tax News
Mazars tax news covers everything tax related in the UK from, VAT to the latest HMRC rulings.
Find monthly updates on taxation in the UK, or search through the archive of our news. For the most up to date tax news and opinions on taxation in the UK, follow our Let's Talk Tax blog:
Let's Talk Tax
Income tax deduction from interest paid overseas
The First Tier Tribunal (FTT) has ruled again that a UK borrower had to deduct income tax from interest paid to a non-resident lender because thesource of interest was in the UK. The case of Ardmore Construction Ltd addressed the same issue, where interest arises, as the earlier case of Perrin and came to a similar conclusion but by a different route. It is clear from these cases that where a debt is owed by a UK-resident person (company or individual) to a non-resident HMRC will press for income tax to be deducted from the interest.
Icebreaker 2: What Matters is what really happens
The recent Icebreaker 2 decision received considerable press attention. The case concerned claims for loss relief by the members of several LLPs. It highlights that it doesn’t matter what documentation says, if what really happened is different.
Trust simplification sees pilot trusts ejected
The proposals to simplify trust exit and ten-year anniversary charges, due to come into effect on 6 April 2015 have been modified in the consultation document ‘Inheritance tax: A fairer way of calculating trust charges’ issued by HMRC on 6 June 2014.
The Fair Tax Mark debate
The public demand for greater transparency on how, when and where businesses pay tax is arguably one of the most critical issues facing tax professionals and their clients today.
Partnerships and LLPs Targeted in Finance Bill
Some members of partnerships and LLPs will face increased tax bills. This year’s draft Finance Bill targets both ‘disguised employment’ in LLPs, and arrangements in mixed partnerships taking advantage of the lower corporate tax rate.
Preserving company’s tax losses on change of ownership
Employment through offshore intermediaries
Changes to the offshore intermediaries rules will clearly identify who is responsible for PAYE, NIC and Real-time Information (RTI) reports. Additional reports will be required to cover cases not included in RTI.
Unapproved employee share schemes simplified
Taxes on employment-related securities (ERS) under unapproved schemes will be simplified in stages in 2014/15.